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Better Mortgage Refinance Review


ConsumersAdvocate.org Rating: 5 / 5 (Excellent)
8 Customer Comments & Reviews - see all comments
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Founded in 2016 and based in New York, New York, Better Mortgage Corporation currently offers home loans to residential customers in 44 states. Homeowners can obtain refinance rates and pre-approval in as little as 3 minutes.
 
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How is Better Mortgage Refinance rated?

Breakdown

5.0/5
Loan Variety
5.0/5
Ease of Process
5.0/5
Customer Service and Reputation
5.0/5
Discounts and fees

Overall Rating: 5 / 5 (Excellent)

Better is an online lender that is dedicated to simplifying the refinance process with increased transparency along the way. The company doesn't charge origination or commission fees, and it sets its rate locks according to each borrower’s timeline. It takes 3 minutes to obtain refinance rates from Better, and verified pre-approval is offered in as little as 1 business day.

Loan Options

Lender Type
Lender
Loans Offered
Rate & Term
Cash-out
Refinance
Loan Programs
Conventional
Fixed Year Terms
30 Year Fixed
15 Year Fixed
10 Year Fixed

Loan Variety - 5 / 5

Consistent with its focus on doing a few things very well, Better refinances homes with existing mortgages, but doesn’t offer home equity loans or reverse mortgages at this time. Refinancing is available through both fixed and adjustable-rate mortgages. The company doesn't refinance property that's held by an LLC.

Application Process

Minimum Credit Score
620

Ease of Process - 5 / 5

Currently, Better only offers refinance loans to homeowners with credit scores of 620 or higher—or 680 or higher for a cash-out refinance. The company calculates your score as a median of your scores from all three credit bureaus (Transunion, Experian, and Equifax). Better also asks for 2 years of financial statements, such as W2 and/or 1099 forms. Depending on how the homeowner earns money, they may request their 2 most recent tax returns as well.

Closing costs are based on the specifics of each loan, but Better states that their average costs range from $1,500-$3,500.

At least 3 days prior to closing, Better promises to send a fully itemized list of closing costs—which generally includes points or credits, third-party settlement fees, and escrow deposit, as well as prepaid interest, taxes, and insurance.

Prior to these closing costs, homeowners must pay for an appraisal as well.

Better Mortgage Refinance Reputation

Memberships & Regulatory Info.

Nationwide Mortgage Licensing System ID
330511
CFPB Total Mortgage Complaints
14
CFPB Collection Date
2019-12-10

Online Reviews

Trustpilot Trustscore
4.4
Date Collected
2021-04-06

Customer Service and Reputation - 5 / 5

Better helps their customers go through the mortgage refinance process in a timely manner, which can be as quick as 3 weeks; from start to finish. The average loan closing time with Better is 32 days, which is 10 days faster than the industry average. Once all the necessary documents are digitally submitted, the homeowner can continue the next steps within a 2-day period.

Better's competitive rates and the availability of professional loan consultants to help borrowers through the lending process have earned the company and excellent score on Trustpilot. Better is not rated by the BBB.

Contact & Additional Information

Year Founded
2016

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8 Customer Comments & Reviews

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Uju
11/16/2021
This is the worst company. No communication. The agent assigned (Rasheed Siddique )to me did not contact me through out. I contacted the company . This is the worst, I wish I went with a different company. I am supposed to close Friday and now I get an email saying I have 30mins to make that happen. I have literally been calling these folks back to back

vadimkhalin
11/9/2021
can't resolve any issue regarding the loan,Not calling back for fhones calls

S
Scott R
9/16/2021
I call BS on any of these 5 Star ratings. We've been at if for 6 weeks and they just keep asking for more/ new info. I don't think they can get a deal done even with decent credit, plenty of equity & a responsive customer. Please refi with anyone else. You were warned.

Anil T
5/18/2021
We used them and they had wrong information, valued our house at 90K less than the one we ended up using and had endless numbers of requests. It seemed like they wanted us to do all the work and most of the work was not needed. 2 weeks into the session we went to another re-finance company and within 2 weeks closed the refinance, while Better.com with 5 x more information provided was still asking for more. We ended up losing $475 with the required house inspection, where the inspector forgot to take all the pics and told us to take them and send it to them! We did, but then they said couple of things that came out of nowhere and wanted more proof then the letter of proof that we didn't... Read More

A
Angela S
3/29/2021
I found Better.com on Bankrate.com. I checked the box for them to send me info, and "Better" calls me and transfers me to someone from Lower.com. I asked if they were the same company and was told no. They somehow stole me from Better.com...??

cuomoluc
12/22/2020
Very disappointing experience with Better. com. First, I was not told all the fees and charges that will be added to my new loan until almost closing time. Then, I was mistreated by one of their customer service representatives because I was asking questions about last min charges (I just wanted to understand the charges, I am a teacher with little or none background in finance. According to the voice recording (every time I called) that conversation was recorded. Hopefully managers have the chance to listen to it and train employees to not to pressure customers to close without providing adequate information. Ultimately a mortgage loan is a big decision and borrowers should feel... Read More

Dylan W  
Official Response

Head of Social Media of Better Mortgage Refinance
I'm so sorry to hear about your experience with us, but thank you for leaving an honest review. I'm going to have our Client Success Team reach out to you to discuss further.
L
Looney4clooney
10/16/2020
We have worked with ten mortgage companies on many properties over the years. Better.com was the WORST. They bounce you around to different “team members” and it’s impossible to get anyone on the phone. Lastly, they change the origination fee at the end towards closing—surprise! Close to one thousand extra dollars. Two words: NEVER AGAIN.

R
Rachel S  
Official Response

Customer Representative - Better.com of Better Mortgage Refinance
Hi Looney4clooney, I’m so sorry to hear about your experience with Better, but thank you for leaving an honest review. We'd like to help make some resolutions, but since we are unable to publicly discuss the specifics of your situation, please reach out to us at support@better.com to discuss further. Sincerely, the Better Team.
drmarkhensley61
8/1/2020
Refinanced with better, the process was smooth outstanding customer service, highly recommend!

Dylan W  
Official Response

Head of Social Media of Better Mortgage Refinance
Hi Mark, I am thrilled to hear you enjoyed your experience with us. Thank you for choosing Better, and we hope to work with you again in the future! Sincerely, the Better Team

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