Better Mortgage review 2026

Core Insights - Better Mortgage offers a consolidated digital experience for home-buying services, including rapid loan approval and various financial products, making it a strong contender in the mortgage lending market [1][5][29] Product Offerings - Better Mortgage provides a range of home loan products, including conventional loans, FHA loans, VA loans, and various home equity options [6][9] - The "One Day Mortgage" promises loan commitments within 24 hours and claims to close loans 17 days faster than the industry average [5] - Better Mortgage also offers a unique Bank Statement HELOC, which is beneficial for self-employed borrowers as it requires only bank statements for qualification [13][14] Target Audience - The company appears to cater more to home buyers with some savings or home equity rather than first-time buyers with limited funds, as it does not prominently promote low-down-payment programs [2][8] - Better Mortgage's focus on speed and digital processes may appeal to borrowers in competitive real estate markets [1][8] Interest Rates and Costs - Better Mortgage scored 3 out of 5 stars for both home loan rates and total loan costs, offering a near-median mortgage rate of 6.5% and total loan costs of approximately $5,012.97 in 2024 [22][32] - Sample interest rates are based on borrowers with a 760 or higher FICO score and a 20% down payment, with rates potentially adjusted by discount points [19][32] Application Process - The application process is designed to be quick and user-friendly, with a three-minute preapproval feature and an uncluttered online experience [23][24] - The company utilizes an AI assistant named Betsy to enhance customer service during the application process [25] Comparison with Competitors - Compared to Rocket Mortgage, Better Mortgage emphasizes quick loan commitments and fast closings rather than first-time home buyer programs [29] - Better Mortgage offers both HELOCs and home equity loans, while competitors like loanDepot focus on different service bundles [31]