Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Mortgages Better Mortgage Review Updated Jun 13, 2023 5-min read Reviewed by Christy Rakoczy Reviewed by Christy Rakoczy Expertise: Student loans, mortgages, insurance Christy Rakoczy has been a personal finance and legal writer since 2008. She has a Juris Doctor degree from UCLA School of Law and was a college instructor before she began writing for the web. Learn more about Christy Rakoczy Key Points Better charges no unnecessary fees and no commissions to keep closing costs down.Loan estimates can be obtained instantly online by providing some simple information.You can apply for a mortgage 24/7 and visit the online portal any time to track your progress through the loan process.Better isn’t available in all 50 states and doesn’t offer all loan types. For example, you can’t get a home equity loan, a home equity line of credit, a VA loan, or a USDA loan from Better. Better MortgageLearn MoreEditorial RatingBetter MortgageEditorial RatingWhat we like:No lender feesMinimum Credit Score620Minimum Down Payment3%Term Length Range (Years)15, 20, or 30 yearsOther Loan TypesConventional and jumbo adjustable-rate mortgages, FHA loans, refinance loansSee how Better stacks up against top mortgage optionsCompare Mortgage Options Better works differently than other mortgage companies by aiming to simplify the mortgage application process. It also has eliminated commissions and unnecessary fees, so it will be easier to understand how much you’ll pay, and getting a loan is more affordable. Better offers a wide array of different loan types, including FHA loans that make it easier for low-income borrowers and borrowers with imperfect credit to qualify. This Better mortgage review will cover the key features of Better mortgage loans, so you can decide if borrowing with Better is right for you. In this review: Better Mortgage: By the NumbersThe Pros & Cons of a Better.com MortgageApplying for a Mortgage from Better.comWhat States Does Better Mortgage Serve? Better Mortgage: By the Numbers ConventionalFHARefinanceMin. down payment5%3.5%Not disclosedLoan amounts$3 millionUp to state maximumNot disclosedAjdustable rate options5/1, 7/1, 10/15/1, 7/1, or 10/1Not disclosedLoan terms15, 20, 3015, 20, or 30 yearsNot disclosedFeesNoneNo lender fees from Better. Standard FHA fees applyClosing cost fees of $1,500 – $3,500Min. credit score620580620 The Pros & Cons of a Better.com Mortgage Pros Better has promised to eliminate unnecessary fees and it has succeeded. You won’t pay lender fees or mortgage origination fees, which can save you thousands on closing costs.Better offers a streamlined mortgage application process, and you can complete most steps online. The website is always accessible, and you can even upload financial documents, making it convenient and easy to apply and track the progress of your mortgage loan approval.You can obtain a loan estimate within a matter of minutes by entering your information online. This makes it very simple and easy to shop for a mortgage loan and compare rates between Better and other mortgage lenders. Cons Better isn’t available in all 50 states (such as New York), so some home buyers won’t be eligible.Better doesn’t offer some loan types, such as VA loans, USDA loans, home equity loans, and home equity lines of credit. Applying for a Mortgage from Better.com Better provides fixed- and adjustable-rate mortgages for borrowers looking for conventional or jumbo loans. You can also get an FHA loan from Better. Because FHA loans are insured by the government, it’s possible to qualify with a lower credit score, a higher debt-to-income ratio, and a lower down payment. Better also indicates it will work with buyers who have income from non-traditional sources, and it will provide assistance to borrowers in finding income-based discounts or homeownership assistance programs in their individual states. Applying for a loan with Better is very simple. The steps involved include: Providing basic information about the propertyUndergoing a soft credit check, which doesn’t affect your scoreReceiving details about home loans you could be eligible for, including rates and terms for different mortgage typesTalking with a dedicated loan officer who will provide additional support throughout the application processSubmitting financial documents and information as requestedObtaining an official loan estimate and locking in your interest rate After you have locked in your rate, you can typically close on your loan in just three to six weeks, which is a far shorter time period than it takes many lenders to get to closing. What You Need to Apply Some of the documents you may need to apply for a Better mortgage include: Tax returnsPay stubsBank statements Your lender will also check your credit report, too. What States Does Better Mortgage Serve? Currently, Better issues mortgages in the following states. But it plans to expand into more states in the near future. AlaskaAlabamaArkansasArizonaCaliforniaColoradoConnecticutWashington DCDelawareFloridaGeorgiaIowaIdahoIndianaIllinoisKansasKentuckyLouisianaMarylandMaineMichigan MississippiMontanaNebraskaNorth CarolinaNorth DakotaNew JerseyNew MexicoOhioOklahomaOregonPennsylvaniaRhode IslandSouth CarolinaSouth DakotaTennesseeTexasUtahWashingtonWisconsinWest VirginiaWyoming Not Satisfied? If you’re not sure Better is the perfect mortgage provider for you, check out some of our other resources. It’s always a good idea to get pre-approval quotes from several lenders in order to make sure you’re getting the mortgage that best fits your needs. Other Resources: Best Mortgage LendersMortgage Calculator: Estimate Your Monthly PaymentsMortgage Refinancing Calculator: How Much Could You Save?Best Reverse Mortgage Lenders How We Rate Mortgages At LendEDU, we’ve developed a proprietary rating system that takes into account the weighted average of 12 data points including: The Better Business Bureau rating of the lenderThe lender’s TrustPilot ratingThe number of states where the lender issues home loansThe lender’s total number of licenses and registrationsThe number of regulatory actionsThe number of mortgage loan originatorsThe customer support options that the lender providesThe Zillow rating assigned to the lenderAny other rewards and benefits associated with the mortgage You can read more about our methodology here. 5.00 Better Mortgage