Is Better Mortgage Legit?

Better Mortgage is a loan service provider that helps people get mortgages and refinancing. They offer various types of loans, including fixed rate, adjustable rate, construction financing, and more.

But is Better Mortgage legit? Better Mortgage is legit. Better Mortgage is a licensed lender that has been in business since 2004. They have an A+ rating with the Better Business Bureau, and they offer mortgages at competitive rates to customers nationwide.

If you’re considering Better Mortgage, I recommend reading this entire post.

Better Mortgage – Legit or Not?

Established exclusively online in 2014, Better Mortgage is a unique company that provides access to all kinds of financial products.

Because the process itself takes place over the internet and requires no face-to-face interactions between customer and lender, it may seem strange or uncomfortable for those who are used to traditional banks with their physical locations and well established reputation as trustworthy institutions.

But what if there was some sort of technology which could ensure complete privacy?

That’s exactly what BetterMortgage offers its customers – an innovative way to make borrowing money easy on anyone looking for sound advice without being able to visit local branches!

Better Mortgage is a company that provides people with the opportunity to get loans without all of the hassle. They have an overall good rating on most review’s websites and there are no major complaints against them.

Better mortgage has been praised for their innovative way they go about getting things done, while still being easy enough for anyone to use it like any other financial institution!

Mortgage Rates And Hidden Fees

The overall cost of the loan is one of the most important aspects to keep in mind when getting a mortgage. You don’t need to be an expert, but it’s crucial that you do some research first.

Better Mortgage has a clean process with no lender fees- there are absolutely NO charges for underwriting or application either.

For those that struggle to come up with the minimum down payment, they can save around $3,600 by not paying traditional mortgage fees. Some mortgages charge these fees throughout the process and some split them over a period of time.

So, when you’re looking for your next home loan or refinance, make sure to do plenty of research on the different lenders out there. Some may have a great interest rate but charge higher fees upfront while others will offer lower rates in exchange for slightly higher up-front costs.

The choice is yours!

Transparent Interest Rates

There are two basic types of interest rates: Fixed Rate and Adjustable Rate.

The fixed rate loan has the same interest rate throughout the life of the loan, which is usually between 10-30 years. This type of loan is good for people who want to know exactly what their monthly payments will be from month to month, but it also means they don’t have any protection if rates go up.

An adjustable rate loan changes its interest rate over time so as long as you continue making your monthly payment then you’ll never have an increase in your monthly bill because your interest rates adjusts with market conditions. It’s important to evaluate whether or not you’re comfortable with this kind of risk.

Better Mortgage provides a variety of mortgage rates to help you find the best one for your needs. Rates are transparent and straightforward.

Better Mortgage has an online calculator on their website that will take into consideration things like duration of loan, value of the house/home, credit score or down payment when calculating for interest rate information.

The mortgage interest rates shown on the website are standard, but can be adjusted to meet your specific needs and situation.

By choosing the right mortgage interest rates, you can reduce your monthly payment which will make it easier for you to pay off that debt in a timely manner.

The Better Mortgage Closing Cost Credit

The typical range of closing costs is between $4000 and $6000 for a purchase. Cash buyers may be able to reduce this cost, but it’s still common these days for lenders to require some cash to cover their back-end expenses.

Better Mortgage has a new offer for borrowers and real estate agents that is sure to be popular. Better Mortgage will give $2,000 in closing cost credits if the borrower works with one of their team members. With terms and conditions of course- but this offer won’t work on refinancing loans.

Getting Pre Approved With Better Mortgage

If you are going to find the perfect home, it’s time for some pre-approval!

The pre-approval process for Better Mortgage is quick and easy!

If you are buying, the online application asks about your search stage: still going to open houses? Making offers on homes or not yet making offers.

For buyers who want a letter of approval before they start their home purchase journey, this tool will help them estimate how much money they can borrow based off their current income level and expenses.

Better Mortgage will get you the best interest rates by ensuring that they understand what type of property it is and how soon you plan to buy.

Better mortgage’s step-by-step process should only take a few minutes, so I recommend giving them a try!

Better Mortgage Qualification Requirements

Better Mortgage follows the rules and regulations set in place by government sponsored enterprises and the FHA, so you can rest assured that your loan will be processed properly.

You’ll need at least 620 credit score (or higher) with 55% debt-to-income ratio or less, as long as no large debts including student loans in collections have been reported on your application within the last year.

And 3% is all that’s needed as a down payment!

Types of Loans Offered By Better Mortgage

Better Mortgage offers a number of types of loans to meet the needs for each individual home buyer.  They offer traditional fixed rate mortgages, FHA mortgages, and more! Here are the different options:

FHA Loans

FHA loans are a type of mortgage that is popular with first-time homebuyers. They are often less expensive than other types of mortgages and can be used to purchase both new and pre-owned homes.

FHA loans are backed by the government, so they have lower interest rates and more flexible lending qualifications than traditional bank loans.

If you’re thinking about purchasing your first home, it’s important to know all about what an FHA loan is before deciding which financing option best fits your needs.

Refinance Loans

A refinance loan is one of several types of loans that you can take out to help with your property. A refinance loan will typically offer a lower interest rate than what you are currently paying.

It might also give you the opportunity to increase the size of your mortgage or make other changes like consolidating debt or adding home equity lines. 

Refinancing your home is a great way to make the most of what you have. You can use it to consolidate debt, lower your monthly payments, or even take advantage of lower interest rates. The decision ultimately depends on what works best for you.

Jumbo Loans

A jumbo loan is the term for a mortgage that exceeds $548,250 (in 2021). It’s also an umbrella term for loans that exceed what banks or other lenders decide as their limit on certain types of mortgages.

Generally speaking, these are loans with balances over $548,250 and/or have risk profiles that require an additional level of scrutiny by the lender.

This can be based on things like your credit score or debt-to-income ratio to name just two factors.

If you’re considering buying a property with a larger down payment than what’s required for a conventional mortgage, ask your lender about getting prequalified for a jumbo loan.

Other Types of Loans

Better Mortgage is not the place to go if you are looking for a VA loan, home improvement loans, or credit cards. They stay true to their company’s name by focusing on providing better mortgages and rates with low fees that can be found within minutes online!

Is Better Mortgage Right For You?

You’re probably looking for a mortgage that best fits your needs.

The mortgage market is changing and it’s time for you to change with it. If you want a competitive interest rate, the best loan adviser, and a better deal on your home purchase, then Better Mortgage is right for you.

For many people, the down payment is a major part of their budget for purchasing something like a home. This can make it difficult to come up with enough money on your own to buy one – so you may need help from some friends and family members in order to get that 20% or more!

Here are some stats of Better Mortgage customers so you can see if they’re the right fit for you:

  • Better Mortgage, a company that provides mortgage services to first time buyers as well as those who are looking for refinancing or home improvement loans, reports that over 30% of all their customers are first time home buyers.
  • The Better Mortgage study reveals that three out of four buyers come up with less than 20% in the down payment for their mortgage.
  • A significant number of buyers are also using credit cards to qualify for a mortgage.
  • Mobile devices are becoming increasingly popular among homebuyers. In 2019, 40% of all Better Mortgage borrowers completed their applications on mobile devices.
  • Better Mortgage recognizes the needs of those who are self-employed professionals, Airbnb hosts, or workers with student loans.

Conclusion

We’ve covered a lot of information in this blog post.

Is Better Mortgage legit? Absolutely!

There are no scam reports about the company and it scores fairly well on all fronts – transparency, ease of use, convenience or variety of loan products. The lack of many fees will save you money which is quite attractive considering rates have been rising steadily for years now.

Whether you are a first-time buyer, looking to refinance your current mortgage or interested in becoming an investor, Better Mortgage is worth considering.

With no VA or USDA loans and more limited credit options than traditional banks, there are some limitations for those who want top of the line services.

However, if convenience and savings matter more to you then this may be just what you’ve been waiting for!