Better mortgage review 2026

With low rates and a rate-match guarantee, Better is a great option for saving money on your mortgage. Plus, the online lender's loan officers don't operate on commission, so you won't face high-pressure tactics.

We also like that Better's speedy approval process and closing timeline can get you into your new home faster.

While Better doesn't offer many special loans aimed at lower-income buyers, the HOPE grant can help eligible borrowers with up to $5,000 toward a down payment or closing costs.

Better offers conventional, jumbo, FHA, VA and Fannie Mae and Freddie Mac mortgages in all 50 states and Washington, D.C. It also offers refinancing, home equity loans and home equity lines of credit. It does not issue USDA loans.

• Fixed-rate: With a fixed-rate mortgage, borrowers have the same rate for the duration of the loan term. Better offers fixed-rate terms of 10, 20 and 30 years.
• Adjustable-rate: Adjustable-rate mortgages (ARMs) start with a fixed interest rate for a set period and then adjust at regular intervals. Better offers adjustable-rate terms of 5/6, 7/6 and 10/6.
• FHA:  Backed by the Federal Housing Administration (FHA), these loans only require a 3.5% down payment for borrowers with a 580 FICO score or 10% for borrowers with a 500 credit score.
• VA: Veterans and service members can apply for this lower-rate mortgage without a down payment or private mortgage insurance.
• Jumbo loan: A jumbo loan exceeds the conforming limits set by the Federal Housing Finance Agency. Better issues jumbo loans for up to $3 million.
• HomeReady: Backed by Fannie Mae, this mortgage requires just 3% down and has lower financing and PMI costs. You should earn 80% of the area median income, have a credit score of 620 and a debt-to-income ratio of 50%.
• HomeOne: Backed by Freddie Mac, this fixed-rate mortgage for first-time homebuyers requires only 3% down and has no income or geographic requirements.

• Minimum credit score: 620 for conventional loans, 580 for FHA loans
• Minimum down payment: 3% for conventional loans
• Debt-to-income ratio (DTI): Better requires a DTI of 50% or less.

Better has a variety of unique features that benefit homebuyers.

HOPE Grant

Homebuyers who meet income requirements can qualify for a credit of 2% off the purchase price (up to $5,000) to put toward closing costs or a down payment. Applicants should have a 620 credit score and put at least 3% down. First-time buyers will need to take homeownership education courses.

One Day Mortgage™ 

Borrowers who lock in their rate can get a commitment letter from Better within 24 hours. Other lenders can take up to two weeks to give final approval.

Better Real Estate discount

You can save up to $2,000 on closing costs by using a real estate agent referred by Better Real Estate. (Not available in all states.)

Rate match guarantee

If you get a better offer from a competitor, Better will match its rate or give you a $100 credit.

Better offers cash-out and rate-and-term refinancing in all 50 states and Washington, D.C. It offers home equity lines of credit (HELOC) in all states except Texas but does not provide home equity loans.

• Credit score: 620
• Debt-to-income ratio (DTI): Better prefers a DTI ratio of no more than 50%. 
• Home equity: You should have at least 3% home equity to get approved for refinancing.
• Home appraisal: A complete appraisal is not required for most refinance loans or HELOCs.

Better received an A from the Better Business Bureau, based on corporate transparency, truthful advertising, response to consumer complaints and other factors.

Better has expansive customer service hours, including evenings and weekends. Customers can call (415) 523-8837 or email hello@better.com for questions and assistance 8 a.m. to 9 p.m. EST Monday through Friday and 9 a.m. to 9 p.m. EST Saturday and Sunday.  

Here's how Better stacks up to two top mortgage providers.

Better vs. Guild Mortgage

Better tops Guild Mortgage on affordable rates, but if you're looking for a variety of loan options, Guild offers USDA loans and physician loans, which Better lacks.

Both have options for first-time homebuyers, but borrowers can be approved for Guild's Zero Down loan with nothing down, while Better's lowest-down-payment mortgage requires 3% upfront.

And if time is of the essence, Guild's Homebuyer Express program guarantees closing in 17 days, compared to an average of 22 days with Better.

Better vs. SoFi

These two online-only lenders both boast below-average rates, but Better has a rate guarantee, putting it slightly ahead of SoFi.

SoFi is a full-service bank, though, so you can enjoy having all your financial accounts in one place and could even qualify for a customer discount.

If you work with SoFi's partner real estate network, you may score a rebate of up to $9,500 after closing — a much bigger perk than the $2,000 credit for using Better Real Estate.

SoFi also has stronger customer service, including an app and more intuitive website, an online chat option and Sunday phone hours.

You can apply for a Better mortgage online or speak with a loan agent at 415-523-8837, weekdays from 8 a.m. to 10 p.m. ET and Saturdays from 11 a.m. to 6 p.m. ET.

Once you answer basic questions about your financial history, Better will run a soft credit check and get you a preapproval offer in as little as three minutes.

The One Day Mortgage option can enable you to get verified preapproval, which carries more weight, within 24 hours. You'll need to supply tax returns, pay stubs, bank statements and other financial documents.

Once you find the home you want, you can request a rate quote and begin the closing process. Better says its closing timeline averages just 22 days, nearly half the industry average.

Better is a great choice for affordability: It has some of the lowest rates in the market and borrowers will save even more by not being pressured by mortgage officers on commission.

Better is an online-only lender, though, and your mortgage may be transferred to a third party for servicing. If you value an in-person experience and lender continuity, you may want to investigate other options.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online options and customer satisfaction. 

In addition, we incorporate findings from independent sources, including lender scores from the J.D. Power U.S. Mortgage Origination Satisfaction Study and ratings from the Better Business Bureau.

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