Source: Forbes Advisor —
What Better Mortgage Offers
Better Mortgage originates home loans in all 50 states and Washington, D.C. It’s a subsidiary of Better, a digital homeownership holding company whose other subsidiaries sell home insurance, title services, home improvement loans, home inspections and real estate agent services. As a result, you can obtain these services in addition to your mortgage, making Better a convenient, one-stop option for homebuyers.
The lender publishes its best available mortgage rates on its website. You can customize your mortgage rate quote based on ZIP code and loan type without providing any personal information.
In addition to the products listed above, Better also offers a home equity line of credit (HELOC). Like Better’s home loans, you can apply for a HELOC completely online. There are no lender fees, and qualified homeowners can access up to $500,000.
Loan Types
Better Mortgage offers the following types of mortgages:
- Conventional
- Jumbo
- FHA (30-year term; purchase only)
- U.S. Department of Veterans Affairs (VA) loans
- Investment property loans
- Rate-and-term refinance
- Cash-out refinance
- HELOC
Loan Minimum
Better Mortgage doesn’t publicly disclose whether it has a minimum mortgage amount. Some lenders do not offer small mortgage loans, which can make it challenging for people to buy, renovate or refinance less-expensive homes.
Loan Maximum
Loan maximums depend on mortgage type and qualifications. Customers can borrow up to $3 million on a jumbo loan through Better Mortgage, according to the company’s website.
Loan Servicing
Better Mortgage says it initially services borrowers’s loans in conjunction with The Money Source, a subservicing company. At some point, Better Mortgage may sell your loan to an investor and transfer servicing.
Minimum Borrower Requirements
Here are the basic criteria Better Mortgage requires borrowers to meet.
Minimum Credit Score
You’ll need a credit score of at least 620 for a purchase, rate-and-term refinance or cash-out refinance loan from Better Mortgage. For an FHA loan, you’ll need a credit score of at least 580. For a jumbo loan, you’ll need a credit score of at least 700.
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