The fine print
Here’s how we calculate the numbers and other details you may see in our communication.
Better Mortgage saves purchase customers $8,200 on average over the life of a loan. (2020-2021)
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 ‘20 - Dec ‘20. 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 $8,200 a year on average in loan payments.(2020-2021)
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’20 and Dec’20, 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.
Average closing time for Better Mortgage is 10 days faster than the industry average.
Disclaimer: Better Mortgage's average closing time from January 2019 to May 2020 was 32 days. According to Fannie Mae, the current industry average closing time is 42 days. See source data
Better Mortgage will save clients who refinanced in 2020 $355,198,860+ a year in loan payments.
Disclaimer: Annual savings in loan payments for each loan are calculated as the monthly principal and interest payment of the borrower’s prior mortgage less the monthly principal and interest payment on their new loan from Better Mortgage, 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.
By authorizing your real estate agent you can close up to 4 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 2020 and 2019 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.
Once you’ve completed your application, lock your rate in as little as 30 minutes
Disclaimer:Better Mortgage’s median time from application completion to lock is less than 30 minutes for customers who locked with our loan officers via telephone. This calculation is based on data from all locked refinance applications between June, 2020 and April, 2021 and their related call times.