Better Mortgages Full Review
Better Mortgage is an entirely online lender which has provided over $31 billion worth of home loans since it was founded in the year 2016. The company is headquartered within New York City, Better.com provides mortgages in 46 states as well as Washington, D.C.
Better Mortgage was recently named one of the top mortgage lenders online by NextAdvisor because it provides unique incentives for borrowers and an easy-to-use online platform that allows borrowers to obtain a mortgage pre-approval in a matter of minutes. Some disadvantages include that the lender isn’t in all states and doesn’t offer the most popular mortgage choices. Learn more about applying to Better Mortgage.
The Best Mortgage: Types of Loans, and Products
Better Mortgage has several loan options for homeowners who are looking to purchase a home or homeowners who wish to refinance their existing mortgage. Here are the various kinds of loans that are that are available with Better Mortgage right now:
- Conventional lending
- Federal Housing Administration (FHA) loans
- Jumbo loans
- Refinance loan
- Loans with fixed rates
- Loans with adjustable rates
- Present Rates From Better Mortgage
The borrower will need to find a different lender if they’re looking for more specific options like renovation loans, construction loans or line of credit for home equity and mortgages insured by either the U.S. Department of Agriculture (USDA loans) or the Department of Veterans Affairs (VA loans). Better isn’t able to provide the mortgage that is required for homes manufactured, multi-family houses that have five or more units, co-ops, or mixed-use properties.
If you’re in a position to locate the right home loan to meet your requirements, you might be eligible for one of the incentives offered by lenders to customers. The borrower can receive credits of up to $2,000 when they choose an Better Real Estate agent and mortgage lender. Based on its Price Promise Better will match any competitive offer and give you an additional $100 if you can find an offer that is better. In a new feature, Better now guarantees that all purchase loans are closed on time. In the event that they fail to close within the timeframe, Better will pay the customer the sum of $2,000. The incentives could be attractive If you’re thinking about your alternatives.
There is also a choice between adjustable-rate and fixed-rate mortgage (ARM) loans for conventional and Jumbo mortgages. If you choose to take out an ARM using Better Mortgage, your interest rate is fixed for the initial five, seven and 10 years. Once the fixed period has ended the rate can increase or decrease every six months or a year, according to the conditions for the loan.
Homebuyers who meet the criteria to obtain a substantial amount of money are able to get a loan of as much as $4 million. This is a larger loan limit than the lenders.
Better Mortgage Transparency
Better Mortgage’s site is simple to navigate and provides the complete online experience from finding an agent to getting a mortgage to searching for insurance. The prospective borrowers are able to apply for and receive a personalized rate quote and pre-approval letters within minutes. If the borrower has issues or require assistance, loan professionals can be reached via telephone however Better does not have in-person branches like some of its competitors do, therefore meeting face-to-face isn’t an option.
The site also features an online blog that covers topics related to homebuying and FAQs, and calculators to assist buyers determine the amount of home they are able to afford. The site does not provide in-depth information about what is the required credit score required and the debt-to-income ratio for loans, probably because the requirements are different in accordance with the borrower’s the location, and the current market.