The fine print

Here’s how we calculate the numbers and other details you may see in our communication.    

Better Mortgage saves purchase customers $20,119 on average over the life of a loan (2024)

Disclaimer: The average lifetime savings estimate is based on a comparison of the Freddie Mac Primary Mortgage Market Survey’s (PMMS) 30-year fixed-rate mortgage product with Better Mortgage’s own offered rate for a comparable mortgage product between Jan ‘24 - Dec ‘24. PMMS is based on conventional, conforming fully-amortizing home purchase loans for borrowers with a loan-to-value of 80 percent and with excellent credit. Better Mortgage’s offered rate is based on pricing output for a 30-year fixed-rate mortgage product with a 30-day lock period for a single-family, owner-occupied residential property and a borrower with excellent (760 FICO) credit and a loan-to-value ratio of 80 percent. Individual savings could vary based on current market rates, property type, loan amount, loan-to-value, credit score, debt-to-income ratio and other variables.

   

Better Mortgage saves refinance customers $3,972 a year on average in loan payments (2024)

Disclaimer: The average yearly payment savings estimate is based on a comparison of our borrowers’ principal and interest payments on their prior mortgage and the principal and interest payments on their new loan from Better Mortgage. The yearly payment savings is an average of the difference between those two monthly payments across all refinance customers between Jan’24 and Dec’24, multiplied by 12 (savings are incurred each month in a year). Individual savings could vary based on current market rates, property type, loan amount, loan-to-value, credit score, debt-to-income ratio and other variables.

   

Better Mortgage’s average purchase mortgage closing time is 12 days faster than industry average

Disclaimer: Better Mortgage’s average purchase mortgage closing time from July 2024 to December 2024 was 32 days. According to ICE Mortgage Technology, the industry average closing time for a purchase mortgage in the same time period was 44 days.

   

Better Mortgage’s average refinance closing time is 13 days faster than industry average

Disclaimer: Better Mortgage’s average refinance mortgage closing time from July 2024 to December 2024 was 32 days. According to ICE Mortgage Technology, the industry average closing time for a refinance mortgage in the same time period was 45 days.

   

By authorizing your real estate agent you can close up to 3 days faster than if you don’t add your agent information

Disclaimer: Closing time comparison is based on the difference between the average closing time for internal Better Mortgage purchase loan files from January 1, 2024 and December 31, 2024 with borrower agent authorization and without borrower agent authorization. Time to close is measured from Preapproval Letter to Close and Application to Close. This comparison is internal and does not reflect industry data.

   

Better Mortgage closes 99%+ of customers on time

Disclaimer: Based on an internal analysis of purchase mortgage loans that closed with Better Mortgage between October 2023 - January 2024. Excludes loans that did not close on the specified closing date as stated in the purchase agreement where the delay was attributable to the acts or omissions of the borrower(s), the seller(s) or a third party, or due to any other factors outside of Better Mortgage's control.

   

Go from locked rate to Commitment Letter in a single day

Disclaimer: Better Mortgage’s One Day Mortgage promotion offers qualified customers who provide certain required financial information/documentation to Better Mortgage within 4 hours of locking a rate on a mortgage loan the opportunity to receive an underwriting determination from Better Mortgage within 24 hours of their rate lock. The underwriting determination is subject to customary terms, including fraud and anti-money laundering checks, that take place pre-closing and which may trigger additional required documentation from the customer. Better Mortgage does not guarantee that initial underwriting approval will result in a final underwriting approval. See One Day Mortgage Terms and Conditions.

   

Get cash in as little as 7 days

Disclaimer: Assumes borrowers are eligible for the Automated Valuation Model (AVM) to calculate their home value, their loan amount is less than $400,000, all required documents are uploaded to their Better Mortgage online account within 24 hours of application, closing is scheduled for the earliest available date and time, and a notary is readily available. Funding timelines may vary and may be longer if an appraisal is required to calculate a borrower’s home value.

   

One Day HELOC: Decision in 24 hrs, cash in 7 days

Disclaimer: Better Mortgage’s One Day HELOC promotion offers qualified customers who provide certain required financial information/documentation to Better Mortgage within 4 hours of locking a rate on a HELOC loan the opportunity to receive an underwriting determination from Better Mortgage within 24 hours of their rate lock. The underwriting determination is subject to customary terms, including fraud and anti-money laundering checks, that take place pre-closing and which may trigger additional required documentation from the customer. Better Mortgage does not guarantee that initial underwriting approval will result in final underwriting approval. See One Day Heloc Terms and Conditions.

   

Save up to $200/mo or more on your refinance

Disclaimer: Potential reduced monthly payments amount based on an internal analysis of Better Mortgage refinance customers who realized actual payment reductions of an average of $649/month upon a rate and term refinance from Jan 2024 – Sept 2024.

   

Lock your refinance rate in as little as 15 minutes

Disclaimer: To be able to lock a rate on a refinance in 15 minutes, customers must: complete all tasks within their Better online customer account that are required to lock a rate; must not have a co-borrower on file; have reported W2 income; be refinancing a conventional loan for a primary residence; and not be a fee simple owner or be in the process of becoming a fee simple owner of any additional real property, other than the primary residence in which the owner is currently in the process of refinancing