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Better Mortgage Refinance Review


Rating: 8.3 / 10 (Excellent)
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New York’s Better Mortgage was established in 2014 for the purpose of making the mortgage lending process simpler and quicker, for both home purchase or refinance. They’re committed to total transparency, with no hidden fees or commissions. Customers can obtain quotes in under five minutes, and be pre-approved in one business day.

Better Mortgage Refinance is a fully online digital direct lender that is dedicated to simplifying the mortgage lending and refinance process, by making it completely online and fully transparent. They don’t charge any origination or commission fees, and set their rate locks by their borrower’s timeline. Verified pre-approval is given in as little as one business day, and rate quotes in three minutes.

Types of Home Refinancing Mortgages

Better Home Refinance doesn’t offer Home Equity Loans or Reverse Mortgages at this time, but they do provide:

  • Fixed Rate Mortgage
  • Adjustable Rate Mortgage

Qualifying for Mortgage Refinance

Currently, Better Mortgage can only offer mortgage refinance loans to customers with credit scores of 620 or higher, which they calculate according to the median score from all three credit bureaus (Transunion, Experian, and Equifax). Though every loan requires slightly different documentation depending on the borrower’s financial details, apart from credit score, Better Mortgage also asks for:

  • 2 years of W2 forms and personal tax returns
  • The most recent 2 months of paystubs and bank statements (from all accounts)
  • Updated insurance policies

Closing costs are based on the specifics of each loan, but Better Mortgage Refinance does mention that their average costs range from $1,500-$3,500. At least three days prior to closing, the company promises to send a fully itemized list of closing costs, which generally includes:

  • Points or credits, determined by the customer when they set their rate
  • Third-party settlement fees, as noted on all loan estimates and disclosures
  • Per diem, or a pre-paid interest from the date of closing to the end of the month prior to your first payment
  • Escrow payment, when applicable

Additional fees include an appraisal and potentially an HOA questionnaire fee (if your home is in a condominium or has a homeowner’s association), and a subordination fee, if you have a home equity line of credit or second mortgage.

Better Mortgage Refinance also asks for:

  • 2 years of W2 forms and personal tax returns
  • The most recent 2 months of paystubs and bank statements (from all accounts)
  • Updated insurance policies

Why Refinance your Mortgage with Better Mortgage Refinance

Better Mortgage Refinance is dedicated to helping their customers go through the mortgage refinance process in a timely manner, which can be as quick as three weeks, from start to finish (average time is 51.42 days). This can happen, in part, because they’re committed to ensuring that their initial underwriting review takes place in under 48 hours. This means that once all the necessary documents are digitally submitted, the customer can continue the next steps within a two-day period. Finally, with their Better Price Guarantee they will beat a competitor’s offer by $1,000 or pay the $1,000 directly to the customer. The combination of Better Mortgage Refinance’s competitive rates and the availability of their professional loan consultants, have resulted in excellent customer reviews across multiple different platforms.


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Better Mortgage Refinance

Our Partner
8.3 / 10
  • Fully Digital Application Process is Quick and Easy
  • Obtain mortgage refinance loans for as much as $3 million
  • Arizona, California, Colorado, Connecticut, Florida, Georgia, Illinois, New Jersey, North Carolina, Oregon, Pennsylvania, Washington, and Washington, D.C.
  • Since January 2015, Better has originated $607 million in loans
  • Obtain quote in as little as 3 minutes, and verification in 24 hours
  • Total transparency: $0 commission, $0 hidden fees