About Better Mortgage
Better Mortgage, found online at Better.com, is a new mortgage lending company that says they wanted to change the way Americans get a mortgage by replacing the old process with thoughtful technology.
How Does It Work?
According to their website, the current mortgage process is broken. The fees they charge their customers are not transparent and can be “simply outrageous” in size. The commission structures of lending brokers incentivize sales and the entire system is designed to make sure that people other than the home buyer are getting the most benefits.
Their service promises customers rates quotes in just three seconds, initial approval in just three minutes, 100% online application process, a team that specializes in support and not sales, and 0% commissions for their loan officers.
Better Mortgage is using their advanced technology to make the loan process easier and more accurate for their customers. To apply, you will have to provide your ZIP code, a credit score range, home value, and down payment or current mortgage balance if you’re refinancing.
Their mortgage tool will match accurate interest rates with potential borrowers so that you will be provided with a list of the loan products you qualify for, along with an estimated monthly payment and annual percentage rate, as well as the fees or credits available with each option.
If customers like what they see, they will be able to lock that loan in place in just 15 to 30 minutes, and it can all be done online.
Using this website to receive a quote is free of charge and they promise to offer customers a variety of products, including 3% down loans for first time buyers to 10% down jumbo loans with no mortgage insurance.
In addition, they offer their customers something called the “Better Price Guarantee,” which states that they will beat a competitor’s offer by at least $1,000 or they will pay you $1,000. If you believe that another lender has a more competitive price, they ask that you send them the competitor’s Loan Estimate within three business days from the date listed on the Loan Estimate.
As a loan provider, there is no such thing as a Refund Policy for a mortgage loan. Often, however, there may be windows of time when customers can cancel their loan and return the principal without any financial penalty. Customers will need to speak with a company representative to see if they loan they have chosen qualifies for one of these policies.
Customer Service Contact Info
Customers who would like to contact Customer Service with any questions, concerns, or complaints can do so by phone at 888-501-3186 or by email at [email protected]
This company appears to have a really positive reputation at this time, with many customers being excited about how quick, accurate, and beneficial this process can be for borrowers.
Unfortunately this service is not available in all fifty states yet. Customers will need to go their website to see what states Better Mortgage is operating in to see if this service is an option for their loan process.
Competitors and Alternatives?
Certainly there are many different mortgage lenders and loan matching companies that claim their primary goal is to give people the best mortgage rates available, like LendingTree.com, and those that are using important technology to better streamline the process of mortgage lending, like Rocket Mortgage.
If you have experience with this company or their products, please leave your Better Mortgage reviews below.
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1 ‘Better Mortgage’ Review
I was pre-approved for my mortgage. We went to find a home and did a contract. Nine days before closing they said we did not have sufficient approval. This should have been addressed prior to 9 days for closing. Our dreams were crashed and we did not close on our home.
They are very disorganized and when you ask a question they just butter up everything and apologize for taking too long. I talked to the manager and he had the nerve to say “I am glad I am here for you to vent”!!!! Very unprofessional. Please do NOT use Better Mortgage.