Joe Schwartz | Mortgage Loans Editor
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Those looking for the best terms and rates for purchasing or refinancing their home can expect quality service at Better. Better is an entirely digital mortgage lender that prides itself on helping homebuyers and homeowners find the best purchase or refinance loan based on their goals, making the process both affordable and transparent.
Founded in 2014, Better has automated much of the mortgage process. This drastically reduces the cost to originate and allows Better to pass as much of those savings as possible onto the customer and invest in customer satisfaction. Their website contains a host of resources to prepare and educate customers including an easy-to-read rate chart. When ready to apply, the process takes very little time, and applicants can receive a loan approval within an hour.
When purchasing a new home, buyers often want the most simplified process possible and at Better the process is extremely simple. Better's application process is entirely online and only takes about 3 minutes for house hunters who are looking for a basic pre-approval. The online form requires basic information such as ZIP code, credit score range, home value, and down payment. Those interested in refinancing will need to fill in their current mortgage balance as well.
After submitting the form, Better displays a screen of different rates and terms. You can look for the mortgage rate that suits your budget and proceed to the preliminary approval process. Next, you will need to provide documents concerning property information, borrower information, and current mortgages (for those looking to refinance). This process takes just a few minutes, after which Better gives a menu of available loan products with an estimated monthly payment rate and annual percentage rates. Closing the loan after that can then take as little as 15 to 30 minutes.
Despite these extensive benefits, there are a few drawbacks. As of now, Better only lends in 19 states and doesn't offer FHA, VA, or USDA loans.
Right from the Better.com homepage, prospective buyers can click on the “Check Today’s Rates” link and input their zip code, credit score range, home value, and down payment amount. In seconds, a number of different loan options will appear, with an overview of monthly mortgage rates according to rate type, APR, and repayment period. Better’s rates are backed by the Better Price Guarantee, which promises that Better won’t just match a competing price, but beat it by $1,000. Better doesn’t charge any fees for origination or commission, and there are no prepayment penalties on any Better mortgages.
Better Mortgage has a range of payment terms. Better’s fixed-rate loans for purchase or refinance have terms of 15, 20, or 30 years. Adjustable-rate loans are on offer in 5/1, 7/1, and 10/1. Prospective buyers or those who are looking to refinance can view payment terms on the Better.com website. When refinancing, Better customers can expect to save an average of $3500 in transaction costs alone.
The Better Mortgage platform makes it extremely easy for customers to find the information they are looking for, whether researching a mortgage or already a borrower. Better offers a single, dedicated loan officer to every applicant to help you through the loan process. In general, you can get in touch with Better’s customer support by email, phone, or schedule a convenient time for a representative to call you back using the online form. Both your loan officer and general customer support are available from 9AM to 9PM ET Monday-Thursday, 9AM to 6PM ET on Friday, 12OPM to 4PM ET on Saturdays, and 12PM to 6PM ET on Sunday. The website and social media page also contain resources discussing a host of related topics such as home buying, refinancing, affordable lending, and for first-time homebuyers.
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