2023 Award Winner
Best for: No lender fees and online application
Rating image, 4.5 out of 5 stars.
Our ratings are based on a 5 star scale.
5 stars equals Best.
4 stars equals Excellent.
3 stars equals Good.
2 stars equals Fair.
1 star equals Poor.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
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Better has the right combination of features and perks, including no unnecessary fees, low mortgage rates, and a fast 100% application process. Better Mortgage does not charge lender fees such as those for origination, application, processing, and underwriting. As a result, Better states that new home buyers save $8,200 and customers who refinance save $8,200 over the life of their loans. In addition, Better states that applicants can get a personalized rate quote in under five seconds and a pre-approval in minutes. This can help homeowners cut their costs while saving time. The lender also offers $150 off closing costs when applying through The Ascent site.
Min. Credit Score
- 620
Min. Down Payment
- 3%
Key Features
- One Day Mortgage. Lock a rate, get a Commitment Letter in 24 hrs. Terms apply.
- Close 10-17 days faster than industry average
- Apply 100% online, entirely on your schedule
- $100 billion in online home loans
- Better Price Guarantee: Better will match any valid competitor's offer, and credit you an extra $100. If Better can't, the $100 is yours to keep.
Loan Types
- Conventional
- FHA
- Jumbo
Fixed Rate Terms
- 10y, 20y, 30y
Adjustable Rate Terms
- 10/6, 7/6, 5/6
It’s hard to find a mortgage lender with the combination of the key factors we covet most:
- A great online application experience
- Competitive rates
- Low fees
Better checks the boxes in these three areas, and more.
Case in point, Better has no origination fees, low rates with a price match guarantee, and incredibly fast approval times.
Pre-approval takes as little as 3 minutes and has zero impact on your credit score.
Click here to see what you can get pre-approved for with Better >>
With all the perks and features they offer, it’s easy to see why Better was awarded 2022’s Best Mortgage Lender Overall by our independent experts. In fact, it also won Best Mortgage Lender for Purchases, Refinancing, and Online Experience. You’ll be hard-pressed to find a better all-around lender (no pun intended).
I’ve personally refinanced my home twice, and both times I used Better. And both times they got me incredibly low rates. I calculate that they will save me $52,354.80 over the lifetime of my mortgage — and the lack of origination fees helped minimize costs!
So whether you’re looking to purchase a home or refinance your existing mortgage, getting pre-approved with Better is definitely worth the few minutes it takes to apply. You might be surprised by how much they can save you compared to other lenders.
$150 DISCOUNT FOR READERS OF THE ASCENT
We worked with Better Mortgage to secure a $150 discount on closing costs for readers of The Ascent (aka, you!). Click here to claim your discount and get pre-approved.
Top Perks from Better Mortgage
Low rates and price guarantee
Better mortgage already consistently beats many mortgage lenders' rates, but its price guarantee ensures the lender will beat competitors. Better will match a competitor's offer and attempt to beat it by $100. If the lender can't, the $100 is yours to keep.
No origination fees
Many mortgage lenders charge for the privilege of getting a loan. Better charges no origination fee, helping you save on your overall closing costs, which can range anywhere from 0.5% to as high as 2% depending on the lender.
Quick loan estimates and pre-approval
After you submit all the required information, you can get a rate quote from Better Mortgage in as little as three seconds and a pre-approval in around three minutes, helping you shop around for lenders quickly.
Lock in your interest rate on demand
Applicants can lock in their interest rate whenever they want during the loan process. Better will hold the mortgage rate for you so you can complete your application with the knowledge that it won't change by the time you close on your home.
100% online application process
It's clear why Better is one of our top-rated online mortgage lenders: Most of the closing process is done completely online (with the exception of signing the final documents). Simply fill out the online application form and submit any necessary documents using the lender's secure system.
Access to a dedicated loan officer
Once you complete the pre-approval process, you'll be assigned a loan officer and will receive contact details. You can contact this person during office hours throughout your loan application process.
Discounts available
Borrowers looking to purchase a home can receive up to $2,000 in lender credits through the Better Real Estate discount program. "Lender credits" refers to the dollar amount by which your closing costs will be reduced if you are eligible for the discount. To be eligible, you'll need to choose Better Mortgage Corporation as your mortgage lender and a real estate agent who was referred to you by Better. This discount can be combined with the discount mentioned above for The Ascent's readers.
$150 off closing costs
Apply for pre-approval through The Ascent site and receive a $150 discount on closing costs. This special perk can help you keep more money in your pocket and reduce the cost of already low fees that the lender offers.
Important
Better is not available for borrowers in Hawaii, Nevada, and New Hampshire. If you live in these states, check out our list of top mortgage lenders.
Our Mortgages Expert
Director and personal finance industry analyst for The Ascent by The Motley Fool, a new online publisher of the year award recipient in 2017. Prior to that, he was a Director for The Motley Fool. He has 15 years of finance experience under his belt and has published over 800 educational and research articles that have appeared on websites such as MSN, AOL, and Yahoo Finance. He holds an MBA in Finance from George Washington University.
We're firm believers in the Golden Rule, which is why editorial opinions are ours alone and have not been previously reviewed, approved, or endorsed by included advertisers. The Ascent does not cover all offers on the market. Editorial content from The Ascent is separate from The Motley Fool editorial content and is created by a different analyst team.
Nathan Hamilton has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Target. The Motley Fool has a disclosure policy.