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COVID-19 Related Questions
- Are there alternatives to in-person appraisals?
- Can I close electronically or remotely?
- Will there be delays to closing?
- My employer's operations have changed — are there alternatives to verbal employment verification?
- How have self-employment requirements changed?
About Better Mortgage
- Why choose Better Mortgage?
- Is Better Mortgage a direct lender?
- Will Better Mortgage service my mortgage?
- Does Better Mortgage offer mortgages in my state?
Loan types and products
- What types of mortgages does Better Mortgage offer?
- Do you offer loans for investment properties?
- Do you offer VA or USDA loans?
- Do you offer construction or commercial loans?
- Do you offer HELOCs or second mortgages?
- Do you offer Texas Cash Out Home Equity Loans?
- Do you offer loans for the purchase of foreclosure or bank-owned properties?
- Do you refinance homes that are held in LLCs?
- Does Better Mortgage offer FHA loans?
- What is the minimum FHA loan credit score Better Mortgage requires?
- How do I qualify for an FHA loan with Better Mortgage?
- What is the minimum FHA loan down payment amount Better Mortgage allows?
- What is the FHA debt-to-income ratio limit at Better Mortgage?
- What is a cash-out refinance?
- What does FHA stand for and what do they do?
- What's the definition of a conforming loan?
- What is the definition of a conventional mortgage?
- What is a refinance?
- What are VA loans?
Better Price Guarantee
- What's the Better Price Guarantee?
- What is a Loan Estimate?
- What's the fine print?
- How does Better Mortgage keep their prices so low?
Rates
- How does Better Mortgage determine my mortgage rate?
- Will I get the same rate I was quoted?
- What is included in the monthly payment?
- What are points and credits?
- How do I get the Better Real Estate discount?
- What's the fine print for the Better Real Estate discount?
- What does APR mean in mortgage terms?
- What is a 5/1 ARM?
- What is a fixed rate mortgage?
- What is a loan term?
- What is a mortgage interest rate?
- What is an adjustable rate mortgage?
- What is a rate lock?
- What's the definition of basis points or BPs?
Locking
- What exactly does "locking" mean?
- Can I choose a different rate or loan product after I lock?
- What if I need to break my lock?
- What happens if my lock expires before my loan is complete?
Home purchase loan costs
- Where can I get a cost estimate?
- How much will it cost me to buy a home?
- When will I need to pay these costs?
- Which third-party fees will I be charged?
- Which third-party fees does the seller pay?
- Does Better Mortgage charge pre-payment penalties?
- What does cash to close mean?
- What does amortization mean?
- What is mortgage insurance premium (MIP)?
- What does PITI stand for in real estate?
- What does the principal mean on a home loan?
- What is private mortgage insurance?
Refinance loan costs
- How much will my closing costs be?
- When will I be expected to pay fees?
- What will be the payoff amount of my current mortgage?
- Does Better Mortgage charge pre-payment penalties for refinance?
Pre-approval letters
- What is a pre-approval letter?
- What types of pre-approval letters does Better Mortgage offer?
- How do I get a pre-approval letter?
- How long does it take to get a pre-approval letter?
- How much does it cost to get a pre-approval letter?
- Will my verified pre-approval letter look different than my basic pre-approval letter?
- Is a hard credit pull required to get a verified pre-approval letter?
- Why would my verified income be different than my stated income?
- Why would my verified assets that are used to determine my down payment be lower than expected?
- Who can I contact if I have questions about my verified pre-approval letter?
Loan process
- Will I have a point of contact at Better Mortgage?
- Am I committing to Better Mortgage by getting pre-approved?
- What do I need to do to lock my rate?
- How quickly can I close my loan?
- Do I need to have an escrow account?
- Can I transfer my current escrow account?
- Is my data secure?
- When should I get a real estate agent?
- What does close of escrow mean?
- What does a cash reserve or mortgage reserve mean?
- What is a loan commitment?
- What is a gift letter for a mortgage?
- What is a flood certification?
- What does closing on a house mean?
- What is a closing disclosure?
- What is a co-applicant on a mortgage?
- What is the meaning of co-borrower on a mortgage?
- What does collateral mean on a mortgage loan?
- What does comparable sale or comp mean in real estate?
- What is a contingency in real estate?
- What is the definition of a down payment?
- What is a loan consultant and what do they do?
- What does a loan processor do?
- What is a mortgage note?
- What is a purchase contract in real estate?
- What are qualifying ratios and how do mortgage lenders use them?
- What is a survey in real estate?
- What is a termite letter for closing?
- What is an underwriter and what do they do?
Income
- How do I know if I qualify as self-employed?
- What documents and information are used to verify self-employed income?
- Why do I need to provide a 2-year history of self-employed income? What if I can’t?
- Why would my verified income be different than my stated income?
- How have self-employment requirements changed?
- What is the definition of a debt to income ratio?
Credit scores
- How does my credit score affect my mortgage?
- How can I get my credit report?
- What is a soft credit check?
- What is a hard credit check?
- What if I think my score is incorrect?
- What if I don't recognize a credit line that's listed on my report?
- How do multiple credit checks work?
- How do you choose which credit score to use?
- What if I’m applying with a co-borrower?
- Is my credit score too low to apply?
- What is a FICO score?
- What is a credit check and how is it used?
- What is a credit score?
Appraisals
- What is an appraisal?
- Why do I need an appraisal?
- Can I use or transfer a recent appraisal?
- I know an appraiser. Can he or she complete my appraisal report?
- How long does an appraisal inspection take?
- What is the difference between a home inspection and an appraisal?
- How does the appraiser determine the value of my home?
- If the appraised value of my home goes up, will this affect my taxes?
- What does an appraisal report look like?
- Which home improvements add value to a home?
- Is my appraisal payment refundable?
- What is a home inspection?
- What is the definition of an appraisal?
- What is a loan to value (LTV) ratio in real estate?
- What does market value on a home mean?
Loan servicing
- Who do I contact if I have questions about my loan after closing?
- What are the next steps in my loan process?
- How will my loan be serviced after closing?
- What is the role of a servicer, and what is a subservicer?
- I thought Better Mortgage is a direct lender, not a broker
- Will Better Mortgage help me if there are concerns with my transfer?
- Does this mean I have a new point of contact?
- How do I set up an account for payments?
- How do I make my first payment?
- How long will it take for my credit report to update?
- Looking for your payment portal?
- Is Better Mortgage offering any COVID-19 relief to borrowers?
- I received a postcard asking me to call a toll-free number about an important matter regarding my mortgage with Better. Did Better Mortgage send this?
- What does escrow mean?
Homeowners Insurance
- What is Better Cover?
- Does Better Cover offer other types of insurance?
- Can Better Cover match my current homeowners insurance policy or quote?
- What is homeowners insurance?
- Do I have to use a Better Cover policy, or can I use my own?
- Can I wait to purchase a homeowners insurance policy with Better Cover after my loan has been funded?
- Does Better Cover offer dwelling insurance?
- What should my dwelling coverage be?
- How do I switch my homeowners insurance policy?
- Can I see homeowners insurance quotes after I’ve already uploaded my own policy?
- How do I pay for my new homeowners insurance policy?
- Can I adjust my homeowners insurance coverages?
- Does getting a homeowners insurance quote affect my credit score?
- What is the difference between Replacement Cost Value (RCV) and Actual Cash Value (ACV)?
- What is flood insurance?
- What is condo insurance?
- Why does a mortgage company like Better offer homeowners insurance?
- Does Better Cover have advantages over traditional providers?
- Is homeowners insurance included in a mortgage?
- Is homeowners insurance required?
- What does homeowners insurance protect?
- When do I need to pay my homeowner’s insurance policy in full?
- Are there any deductible requirements for homeowners insurance (HOI)?
- Is Hazard Insurance the same as Homeowners Insurance?
- Do I have to pay homeowners insurance through escrow?
- Is homeowner’s insurance tax deductible?
- How much does homeowners insurance with Better Cover cost?
- What’s the minimum coverage I need with my homeowners insurance?
- What types of homeowners insurance does Better offer?
Title and Settlement services
- What is Better Settlement Services?
- What are title and title insurance?
- Do I need to repurchase title insurance when I refinance?
- What are title fees?
- What does a title company do?
- Can I choose my own title company?
- What is the difference between title and deed?
- What happens at closing, and what should I bring?
- When and how does disbursement happen?
- Is it safe to wire money to a title company?
- Why are taxes paid through the title company?
- How can I get in contact with Better Settlement Services (BSS)?
- What are closing costs?
- What are prepaid costs when buying a home?
- What are settlement costs?
- What is a final walk-through when you buy a home?
- What is a home inspection?
- What is a title in real estate?
- What is a transfer tax?
- What is earnest money in real estate?
- What is occupancy date and is it the same as closing date?
- What is title vesting in real estate?
- What is underwriting?
- What is title insurance?
- Does my spouse need to be on my title insurance?
- What kind of issues can a title search reveal?
- What’s the difference between lender’s insurance and owner's title insurance?
- How do I send money prior to closing?
- Do I need a witness for title insurance?
- Will I get refunded the difference if there was an over collection in property taxes compared to my bill?
- My property taxes are already paid off and there is still a collection in Section F prepaids, what should I do?
- How will I get my cash out funds?
- How will my debts be paid with a debt consolidation refinance?
- My property is in a trust, how does that work in a refinance?
- What is Better Settlement Services and what does a title company do?
Mortgage Basics
- What does home appreciation mean?
- What is the definition of home equity?
- What is a lien on a house?
- Who is Freddie Mac and what do they do?
- Who is Fannie Mae and what do they do?
- What is negative amortization?
- What does a foreclosure mean?
- What does defaulting on a mortgage mean?
- What is notice of default in real estate?
- What is a short sale?
- What is a prepayment penalty?
- What is an investment property?
- What does owner-occupancy mean for a mortgage loan application?
- What is the definition of a primary residence?
- What is a secondary home?
- What is the definition of a condominium?
- What is a HOA?
- What is a PUD?
- What is a co-op?
- What is a first mortgage lien?
Conventional Loans
- What is the Definition of a Conventional Loan?
- Are conventional loans secured/insured/protected by the FHFA?
- Can I convert a conventional loan to an FHA loan?
- Can I finance Rent to Own Purchase on Conventional Loans with Better?
- Can I get a conventional loan for secondary homes?
- Can I get a conventional loan for vacation or investment properties?
- Can I refinance from another loan type (FHA/VA/USDA) to a conventional loan?
- Do conventional loans also have adjustable rate mortgages?
- Is a conventional loan the same thing as a conforming loan?
- What are the Mortgage Interest Rates on Conventional Loans?
- What credit score do I need for a loan with Better Mortgage?
- What do I need to apply for a conventional loan with Better?
- What is the maximum amount I can take out with a conventional loan?
- What kind of loan term lengths does Better offer?
- What types of conventional loans does Better offer?
- When do I need to pay PMI on a conventional loan?
- When should you lock in your rates with a conventional loan?
- Where can I get a conventional loan?
- What is the conforming loan limit for 2022?
Refinancing your mortgage
- Can I roll in my closing costs when I refinance?
- How many times can I refinance with Better Mortgage?
- How will a refinance affect my monthly mortgage payments?
- What closing costs can I expect when I refinance?
- What credit score do I need to refinance?
- What type of refinance loans does Better Mortgage offer?
- Will I need an appraisal for a refinance?
- Can a borrower refinance from another loan type (FHA/VA/USDA) to a conventional loan?
- Can I add a co-borrower to my refinance application?
- Can I add someone to my title but not my refinance loan?
- Can I Use a Gift For Closing Costs On a Refi?
- Can refinancing help lower or remove my PMI?
- I’m refinancing, do I have to make my current mortgage payment?
- I’m refinancing, why do I need to pay taxes and insurance when they aren't due yet?
- What does my debt-to-income ratio need to be at to qualify for a refinance loan at Better Mortgage?
- What income verification documentation do I need to provide for a refinance?
- Why do I need to pay for title insurance & fees again when I refinance on a home I already own?
- Can Better waive the refinance appraisal fee?
- How long does the refinance process take at Better Mortgage?
Cash-out Refinance
- What is a cash out refinance for debt consolidation?
- What are the maximum Loan to Value Ratios (LTV, CLTV, & HCLTV) for a cash out refinance?
- Does the cash from a cash-out refinance count as taxable income?
- Can you use cash out refinance funds to purchase another property?
- What is the maximum cash out refinance formula?
Jumbo loans
- What are the Jumbo Loan amounts offered at Better Mortgage?
- What qualifies as a Jumbo Loan at Better Mortgage?
- What kinds of homes does Better Mortgage offer Jumbo Loans for?
- How do I get pre-approved for a Jumbo Loan with Better Mortgage?
- Does Better Mortgage offer Jumbo Loans?
- Are Better Mortgage jumbo loan rates and conforming rates different?
- Can I buy mortgage points to lower my rate for a jumbo loan at Better Mortgage?
- Does it take more time to close on a Better Mortgage jumbo loan?
- Do I need to pay mortgage insurance if I get a jumbo loan through Better Mortgage?
- What kind of terms are available with Better Mortgage jumbo loans?
- What credit score do I need to qualify for a jumbo loan at Better Mortgage?
- What DTI do I need to qualify for a jumbo loan at Better Mortgage?
- What is the down payment minimum for a jumbo loan at Better Mortgage?
- Can I still qualify for a jumbo loan at Better Mortgage if I have multiple loans?
- What are the mortgage fees for a jumbo loan at Better Mortgage?
- What is a jumbo loan?
- What is a nonconforming loan?
Mortgage points and credits
- Does Better Mortgage allow you to purchase points on a mortgage?
- Can I buy mortgage points to lower my rate for a jumbo loan at Better Mortgage?
- Does Better Mortgage allow you to purchase points on a mortgage?
- Does buying mortgage points increase my closing costs?
- How do I know if buying mortgage points is worth it?
- What are points and credits?
- What is the maximum amount of points Better Mortgage would charge on any given loan?
- What is the most lender credit Better Mortgage offers customers?
- Which loans does Better Mortgage allow you to purchase points?
- When would Better Mortgage consider a rate option "out of bounds" or ineligible?
- What is the lender credit limit at Better Mortgage?
- What are discount points on a mortgage?
- What are lender credits?
Better Cash Offer
- What's the fine print of the Better Cash Offer?
- Where is the Better Cash Offer available?
- How do I make a Better Cash Offer?
- How do I get approved for the Better Cash Offer?
- Am I required to use Better Mortgage for the Better Cash Offer?
- When do I lock my rate for a mortgage for the Better Cash Offer?
- What kinds of properties can I use the Better Cash Offer program on?
- What happens if I get approved for the Better Cash Offer but don't find a home?
- Does the Better Cash Offer have a financing contingency?
- Does the Better Cash Offer have an appraisal contingency?
- Does the Better Cash Offer have a home inspection contingency?
Better Closing Guarantee
- What is the Better Closing Guarantee?
- How do I qualify for the Better Closing Guarantee?
- What is considered closing on time?
- What is not covered by the Better Closing Guarantee?
- What's the fine print for the Better Closing Guarantee?
- Who is eligible for the Better Closing Guarantee?
Better Real Estate
- Are your agents local to the area I’m in?
- Can an agent get notified about their client’s mortgage loan status?
- Can I work with Better Real Estate if I’m not working with Better Mortgage?
- Do I need a real estate agent to buy or sell a home?
- How can I get in contact with Better Real Estate (BRE)?
- How do I qualify for the Better Real Estate discount?
- How much does it cost to sell my home through Better Real Estate?
- What are the benefits of working with Better Real Estate?
- What does a buyer’s agent do?
- What if I prefer to work with a different real estate agent?
- What is Better Real Estate?
- What kind of properties does Better Real Estate work with?
- What’s an Agent Experience Partner?
- Who are Better Real Estate’s agents?
- What does a real estate agent do?
- What is a listing agent and what do they do?
- What's the fine print for the Better Real Estate discount?