Lender review

Better mortgage review: rates, costs & calculator

An online-only lender that advertises no lender origination or application fees and a fully digital process.

Type
Nonbank lender
Headquarters
New York, NY
Best for
Low lender fees
Volume rank
#44 of 60

Better mortgage rates: what borrowers actually paid

Better prices each borrower individually, but federal loan-level records show what its borrowers actually got. On 1,675 conventional 30-year fixed purchase loans with at least 20% down closed in 2025, the median rate was 6.50% and the median APR was in line with the typical lender's, with $5,588 in loan costs.

Better versus all lenders: median rate, APR versus the market benchmark, loan costs and discount points on 2025 home-purchase loans
2025 home purchasesLoansMedian rateAPR vs benchmarkLoan costsWith points
Conventional · Better1,6756.50%−0.01$5,58864%
Conventional · all lenders700,0826.50%+0.02$5,47653%
FHA · Better8876.25%+0.43$11,30866%
FHA · all lenders516,7296.25%+0.42$11,29159%
VA · Better2576.375%−0.04$8,89472%
VA · all lenders291,3836.125%−0.36$6,55459%
Jumbo · Better1136.50%−0.13$10,32955%
Jumbo · all lenders30,7886.625%+0.00$10,25138%

What the numbers say

  • On conventional loans, Better priced about like the market: a median APR −0.01 percentage points against the benchmark, versus +0.02 for all lenders.
  • Other loan types: FHA in line with the market (887 loans); VA 0.33 percentage points above the market (257 loans); Jumbo 0.13 percentage points below the market (113 loans).
  • Borrowers paid a median $5,588 in loan costs, close to the $5,476 typical across all lenders.
  • 64% of its loans carried discount points, versus 53% overall — ask for quotes with and without points.

How Better compares on conventional loans

Better and peer lenders on 2025 conventional home-purchase loans
LenderLoansMedian rateAPR vs benchmarkLoan costsLender credits
Better1,6756.50%−0.01$5,58835%
United Wholesale Mortgage57,4446.50%+0.02$7,03246%
Rocket Mortgage35,5886.50%+0.01$5,8163%
CrossCountry Mortgage22,9736.75%+0.24$6,67530%
Guild Mortgage14,7426.625%+0.08$5,91815%
All lenders700,0826.50%+0.02$5,47633%

Source: 2025 HMDA loan-level records (FFIEC/CFPB), 30-year fixed home purchases compared like for like. APR vs benchmark = median APR minus the average prime offer rate the week the rate was set; loan costs are borrower-paid. Read the full method.

Better mortgage calculator

Estimate a Better payment: enter the rate from your Loan Estimate, or start from today's 7.18% average 30-year fixed rate. For reference, Better's 2025 conventional purchase loans closed at a median 6.50%.

Inputs
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Estimates only. Adjust any value to recalculate instantly.

Results
Monthly payment savings $234.61 break-even on closing costs in 19 months
Current payment $1,928.20
New payment $1,693.59
Break-even 19 mo
Net savings after 7 yrs $13,004 paid + still owed, incl. closing costs
Lifetime interest change -$15,044
Lifetime interest
Lifetime interest Current loan interest: $375kRefinanced interest: $360k
  • Current loan interest $375k
  • Refinanced interest $360k
Paid so far + still owed Keep current loanRefinance (incl. costs)
Paid so far + still owed: Keep current loan vs Refinance (incl. costs) $0$200k$400k$600k$800k NowYr 8Yr 16Yr 24

You save $235/mo and recoup $4,500 in closing costs after 19 months. Counting what you'd still owe, you come out $13,004 ahead after 7 years. It also adds 3 years of payments, so lifetime interest still falls.

Year by year: what you have paid and still owe (refinance includes closing costs). Net savings = keep total − refinance total.View table
Better mortgage calculator
YearKeep: paidKeep: owedRefi: paidRefi: owedNet savings
1$23,138$247,389$24,823$247,547-$1,843
2$46,277$244,555$45,146$244,913$773
3$69,415$241,478$65,469$242,082$3,342
4$92,553$238,137$85,792$239,042$5,856
5$115,692$234,510$106,115$235,776$8,310
6$138,830$230,572$126,438$232,268$10,696
7$161,968$226,297$146,761$228,499$13,004
8$185,107$221,655$167,084$224,451$15,226
9$208,245$216,615$187,407$220,102$17,351
10$231,383$211,144$207,730$215,431$19,366
11$254,522$205,204$228,053$210,413$21,259
12$277,660$198,754$248,377$205,022$23,016
13$300,798$191,752$268,700$199,231$24,620
14$323,937$184,150$289,023$193,011$26,053
15$347,075$175,897$309,346$186,329$27,297
16$370,213$166,936$329,669$179,152$28,330
17$393,352$157,208$349,992$171,441$29,127
18$416,490$146,646$370,315$163,158$29,663
19$439,628$135,178$390,638$154,261$29,908
20$462,767$122,729$410,961$144,704$29,831
21$485,905$109,212$431,284$134,437$29,396
22$509,044$94,537$451,607$123,408$28,565
23$532,182$78,604$471,930$111,561$27,295
24$555,320$61,306$492,253$98,835$25,539
25$578,459$42,526$512,576$85,164$23,245
26$601,597$22,137$532,899$70,478$20,356
27$624,735$0$553,222$54,703$16,810
28$624,735$0$573,545$37,758$13,432
29$624,735$0$593,868$19,554$11,313
30$624,735$0$614,191$0$10,544

Prefer a full-page version? Open the mortgage refinance calculator.

Better by the numbers

Better by the numbers
Home loans originated (2025)14,567
Total lending (2025)$4.4B
Average loan size$305,040
Approval rate*54.1%
Volume rank (our roster)#44 of 60
Largest marketCalifornia

Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See the mortgage-approval data.

What Better actually lends

89.8% of Better's 2025 loans were conventional, averaging $305k.

What Better actually lends
Share of 2025 loansBetterU.S.
Conventional89.8%78%
FHA8.1%13.2%
VA2.2%8.2%
USDA0%0.6%
Home purchase41.6%52.5%
Rate-and-term refinance9.4%15.3%
Cash-out refinance10.3%14%

Shares of originated loans by loan type and purpose, federal HMDA data (2025). They describe the lender's business mix, not the terms you would be offered.

Better at a glance

Better (Better Mortgage) is an online-only, direct-to-consumer lender founded in 2014 and headquartered in New York.

It operates as a nonbank fintech built around a proprietary loan engine called Tinman, which automates much of the underwriting and lets borrowers move from application to a commitment letter without ever visiting a branch or, if they prefer, speaking to a loan officer.

The company's central pitch is that it charges no lender fees, meaning no origination, application, underwriting, or processing charges, and that its digital pipeline can produce a preapproval quickly, including a self-service "One Day Mortgage" underwriting decision.

In 2024 it layered on Betsy, a voice-based AI assistant that answers questions and walks applicants through steps at any hour.

Where Better's approval rate sits

Better's 2025 approval rate of 54.1% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.

each dot is one of the 60 lenders we review Better ranks 54th-highest of them. HMDA 2025; approval = originated ÷ (originated + denied).

In our 2025 HMDA data, Better reported 14,567 originated loans against 12,354 denials, an approval rate of about 54.1 percent, for roughly $4.44 billion in total volume.

The average loan came to about $305,040, consistent with a lender that leans toward conventional and jumbo borrowers in higher-cost metros.

Its lending was geographically concentrated: California led with 5,364 loans, followed by Florida (3,866), Texas (3,382), Georgia (2,247), and North Carolina (2,049).

Better's corporate history is unusually turbulent for a lender this size. Its founder drew national coverage for laying off roughly 900 employees over a single Zoom call in late 2021, and after a long-delayed SPAC merger the company went public on Nasdaq in August 2023 under the ticker BETR, only to see its shares collapse.

Successive rounds of steep headcount cuts followed. That backdrop is worth weighing alongside the product itself.

Who Better is best for

Better fits a tech-comfortable, financially straightforward borrower who wants to move fast and avoid lender fees.

If you can document income and assets cleanly, prefer uploading paperwork over phone calls, and are financing a conventional or jumbo purchase or refinance in a major market, its digital pipeline and no-lender-fee structure are the draw.

It is a weaker match for anyone who wants in-person guidance or a niche loan program.

Loan programs at Better

Its most notable programs and specialties:

Typical industry minimum down payment by core loan type — Better's own minimums or credit overlays may run higher:

Loan programs at Better
Loan programTypical min. down
Conventional3%
FHA3.5%
Jumbo10–20%
Refin/a

Strengths

  • Charges no lender fees: no origination, application, underwriting, or processing charge
  • Fully digital application with document upload, plus a "One Day Mortgage" fast-track underwriting decision
  • Tinman automation and the Betsy AI assistant allow around-the-clock, self-service progress
  • Approved just over half of applications (54.1 percent) on roughly $4.44 billion in 2025 volume, per HMDA data

Considerations

  • Better operates through a digital platform, and its 10-K lists only corporate offices, with no branch network for in-person help.
  • Better's 2025 HMDA originations included no USDA loans (13,075 conventional, 1,175 FHA and 317 VA)
  • Its parent's 10-K notes a series of workforce reductions that began in December 2021 and an extremely volatile share price since the 2023 SPAC merger.

Where Better lends most

By federal HMDA records, Better's largest 2025 markets were California, Florida, Texas, Georgia and North Carolina. Explore local rates, home prices and down-payment assistance for each:

The verdict

Better is a legitimate, license-backed online lender whose no-lender-fee model and fast digital process can genuinely save money and time for straightforward conventional, jumbo, FHA, or VA borrowers comfortable working through a screen.

The tradeoffs are real: no in-person option, a narrower product set, and a parent company that has been through severe financial and staffing turbulence. Compare its actual rate and closing-cost quote against other lenders before committing.

How to compare Better

Shopping a few lenders is the single most reliable way to save. Before you commit to Better:

  1. Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
  2. Compare the APR, not just the headline rate — it folds in the fees.
  3. Weigh service and loan-type fit, not price alone.
  4. Verify licensing: search Better on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, 549300XY701IELCE5Q08, is not a license number.)

Benchmark whatever you're quoted against today's average rates by loan type.

Better FAQ

Is Better a good mortgage lender?

Better is a licensed U.S. mortgage lender and one of the largest, roughly #44 of 60 in our roster by 2025 volume, best for low lender fees.

On price, its 2025 conventional borrowers' median APR was in line with the typical lender's, with $5,588 in loan costs against $5,476 market-wide.

Whether it's right for you comes down to the rate and fees it quotes — compare its Loan Estimate with two or three others.

What are Better's mortgage rates today?

Better sets rates daily by loan type, credit score, down payment and points, so the rate that counts is the one on your Loan Estimate.

For context, the average 30-year fixed rate was 7.18% in Freddie Mac's survey for the week of November 5, 2026; in 2025, Better's conventional purchase loans closed at a median 6.50%, against 6.50% for all lenders.

How many mortgages does Better originate?

In 2025, Better originated about 14,567 home loans, roughly $4.4 billion in lending, per federal HMDA data — an average loan of about $305,040.

What loan types does Better offer?

Better offers Conventional, FHA, Jumbo, Refi. Notable programs include conventional conforming fixed-rate and adjustable-rate mortgages; jumbo loans for balances above conforming limits; FHA loans.

How do I verify Better is licensed?

Search the company's name on NMLS Consumer Access (nmlsconsumeraccess.org), the official registry of licensed mortgage companies and loan officers; the NMLS ID it shows is also printed on every Loan Estimate the lender issues. (The ID 549300XY701IELCE5Q08 used on this page is the company's LEI, which identifies it in federal HMDA data — not a license number.)

This review is editorial and independent — Better did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.

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