Home Buying » Mortgage Lender Reviews » Better Mortgage Review 2021
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Better Mortgage Review 2021

Better Mortgage is perfect for a borrower that has little time to be on the phone and that has access to a computer. Their loan products are for borrowers that have average to above average credit scores, no liability delinquencies, with reasonable income and assets.

We may receive compensation from companies that appear on this page. This may impact how and where products appear on a page (including, for example, the order in which they appear). It doesn’t affect our unbiased editors’ opinions. our opinions are our own.

Better Mortgage Review


Better Mortgage is perfect for a borrower that has little time to be on the phone and that has access to a computer. Their loan products are for borrowers that have average to above average credit scores, no liability delinquencies, with reasonable income and assets. Better doesn’t charge any lender fees, they do offer $1,000 cash offer if they are unable to beat any competitor’s rate or within $1,000 of their closing cost fees.

However, make sure you read the fine print on this offer because there are contingencies, including the fact that they rescind or modify this offer at any time they see fit with or without prior notice. All-in-all, this mortgage company has a great website and full proof system but might need to work out a couple of kinks with their communication skills.

Better Mortgage review

On Better Secure Website

Funding Options

– Fixed / Variable Mortgage
– Mortgage Refinancing

Minimum Credit Score




Reputation - Customer Ratings & Complaints

  • A on BBB: BBB assigns ratings from A+ (highest) to F (lowest). BB ratings are based on information in BBB files with respect to factors such as business's complaint history with BBB, type of business, time in business, transparent business practices and more.
  • 3.94/5  on BBB customers reviews (491 reviews): BB customer reviews allow customers to post positive, negative or neutral reviews based on lender's experience.
  • 4.6/5 on Trustpilot (251 reviews) TrustScore is also an overall measurement of reviewer satisfaction, represented numerically from 1 to 5.
  •  J.D Power: We considered 2020 J.D. Power’s primary mortgage as well as J.D. Power’s claim satisfaction survey. Better wasn't rated in the 2020 research, but you can get an overall view of top lenders in the mortgage market.
  •  J.D Power offers the most comprehensive and independent study of customer satisfaction. The study aims to help consumers and issuers to understand user opinions and ratings of the largest mortgage origination companies. It covers customer satisfaction, terms,  communication, transparency and more.

J.D. Power U.S. Consumer Satisfaction Study 2020

Products, Fees, and Conditions

Better Mortgage offers fixed-rate loans ranging from 15 to 30 years and adjustable rate (ARM) loans ranging from 5 to 10 years. You can either choose from Conventional or Jumbo because those are the only products they allow at this time.

Better Mortgage has as little as 3% down payment for Conventional loans and 10% down payment for Jumbo loans with no mortgage insurance. Their minimum credit score is 620 but that may change depending on the type of loan you are getting and the amount you can afford. This also may change the pricing on your loan as well. This flexibility is great for people who don’t have a lot of money to put down, especially if they are first time homebuyers.

Pros & Cons



Application Process

The loan process starts exactly as it says on their website, “Online”. You start by clicking on “Rates” at the top of the page and then you will select your type of mortgage, “Purchase” or “Refinance”, after that, you will need to click on “Get Started” at the top of the right corner.

1_Better Mortgage_Get started 2_Better Mortgage_Are you buying or refinancing a home

You will then be asked a series of questions in which your application or pre-approval then begins.

  3_Better Mortgage_Questions1  4_Better Mortgage_Questions 2    

Once your application has been officially completed, you will then be contacted by a loan originator who will pull your credit to see what loan terms you qualify for.

6_Better Mortgage_Address 5_Better Mortgage_Personal information

Once you have completed that phone call, you will be asked to send in specific documentation, which on their website, (if the LO has not already told you) they have a section under “Resources”, at the bottom of the page, you will click on “Getting your Docs in a Row” which will give you a specific list of documentation to send in depending on your employment, asset, and other debt obligations you may or may not have.

 7_Better Mortgage_Consent 8_Better Mortgage_Difficulty checking your credit 

From there you should have a smooth ride to the closing table unless you decide to negotiate. Betters average loan turn times are between 30 and 40 days with an average of 60-day rate lock.

Alternatives Lenders

We’ve summarized some of the most popular mortgage lenders which can use as an alternative to the Better mortgage:

Also known as Reali Loan, founded in 2011, headquarter in San Francisco and available in 12 states only, Lenda Mortgage is one of the top-notch lenders in the lending industry. The Bank has no physical branch; this implies that all the lending process is done solely online, and the application process is fast. This Bank provides an easy, transparent and free of fees and commission home loans. Reali also provides loans for both investment and residential properties.

Lenda Mortgage offers refinance loan, purchase loan, and fixed-rate loan of 15 years and 30 years. However, at this time, the Bank does not provide the following loans; jumbo loans, adjustable-rate, home improvement loan, home equity loan, or government-backed loans.

To obtain a Lender Mortgage loan, the borrower must have a minimum credit score of 620 and a minimum down payment of 5 %.

Pre-qualification for a loan at Lender Mortgage only takes a few minutes, and this will give an overview of the type of Mortgage you are qualified for. To be pre-approved for a loan, the borrower will need to provide information about their down payment, very important and submit pay stubs.

Overall, Lenda Mortgage has outstanding reviews from customers and was rated A+ by the Better Business Bureau.

New American Funding Mortgage is ideal for individuals looking for safe and secure loans backed by the government. To be eligible for this loan, you will need to have a minimum credit rating of 700, and the minimum down payment is 3%. The lender was founded in 2003 in California, and it has, from its humble beginnings, grown to become a top lender in the US. New American Funding is present in 48 states and has over 200 branches.  

Some of the loan options provided by the lender include FHA, USDA, and VA government-backed loans. Jumbo loans, refinance loans, interest-only loans, and purchase loans. They also provide individuals with access to community loans that may not be provided by non-bank lenders. It is rated as a top 30 National lender in the US and enjoys a large market share in the state of Texas. You can start the loan application process online or in person, but the lender employs a physical underwriting process as it enables them to reach underserved markets.

New American Funding Mortgage is rated A+ by the Better Business Bureau. This should put your mind at ease if you want to do business with this highly-rated lender. 

Sofi Mortgage is a solid loan partner for the best loans in the market. The name Sofi is an abbreviation of two words, “Social” and “Finance.” The Company specializes in personal finance, and their products are geared towards providing financial empowerment for individuals seeking loans. They require a minimum credit score of 660 and a minimum down payment of 10% for customers seeking to collect a loan. They provide full digital support for clients and do not require private mortgage insurance for jumbo loans.

Some of the loan plans offered by the provider include Jumbo loans, adjustable-rate mortgage, FHA loans, VA loans, cash-out refinance, and fixed mortgages. The initial process to get a loan can be started online, and once the preapproval has been passed, you will be assigned a loan officer who will work you through the loan process. 

If you would like a quote for rated and fees, you will need to fill out a form online because Sofi mortgages do not have any available quotes on their website. It has an A rating from the Better Business Bureau, which is a testament to the company's efficiency in delivering on its promise. Sofi Mortgage is a trusted market leader in the lending space. 

Better – About The Lender

Better Mortgage is based in Manhattan, New York with 2 offices and a total of 200 employees. Since their opening, they have funded $30 million from 17+ investors and do business in 18 states and DC. Their main focus is still solely on making the process easier and more self-efficient to get pre-approved and generally apply for a mortgage online.

This company still seems to be an up and coming business that has some flaws in its customer service and meeting deadlines but since this company was based off of a technological point of view, the system seems to be doing exactly what it was supposed to do, which is, make the pre-approval and application process smooth, uploading documents easy, and have all the tools of looking for a mortgage right on.

Mortgage Reviews Methodology

The Smart Investor’s selection of mortgage lenders for inclusion here was made based on our evaluation of the products and services that lenders offer to consumers who are actively shopping for the best mortgage. We also look at types of loans and what specific products are available. Finally, we look at the ability to get information online and to carry out online processes as well as customer service, rate information and complaints that have been filed.