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Rating by Finanso®

The rating by Finanso® is determined by our editorial team. The scoring formula includes a financial product type as well as tariffs, fees, rewards and other options.

Apply for a Better's loan



Basic eligibility for a mortgage loan includes:

  • Two years’ history of employment
  • A FICO credit score of 620 or higher
  • No history of bankruptcy in the past two years.

Note that to find out the information about home loan requirements, clientele have to visit the company’s website.

Application details

For employed persons, photo identification, past two years employment history, the most recent pay stub, personal tax return and W2 statement for the past years are required. If clientele apply as self-employed persons, they will need to attach 1099 statements for the past year, most recent two years’ personal and business tax returns, a year-to-date P&L and K-1 statement (if you own part of an S-Corporation or Partnership). Take into account that if you are applying for a home loan, other documents may be required.

Applications are generally considered within a day or two.

The reasons for rejection commonly include incongruity of clienteles’ credit score and documents to the requirements, insufficient experience operating in business measured in years.

How to apply for a loan

  1. Click the Apply button.
  2. Customers will be suggested to go to Better’s website and select the Get Started button.
  3. Select either Are you buying? or Refinancing a home? option.
  4. Choose See rates.
  5. Complete the form by answering a few questions.

As they progress through the forms, they approve a soft credit pull. The further step is getting a pre-approval decision and getting in touch with a loan officer.


How quickly does Better Mortgage lock a loan?

Better Mortgage locks a loan within less than three days.

Does Better Mortgage require a down payment?

Yes, the minimum down payment is 3%. It is variable depending on the type of service you are applying for.

Can I qualify for Better Mortgage if I’m self-employed?

Yes, self-employed people can qualify for Better Mortgage. They will need to provide an audited year-to-date profit-and-loss statement, or an unaudited statement along with two business depository account statements. Also, self-employed people may be required to submit information about products and services their business provides, whether it was closed for any period, classified as "essential" or ever received the Paycheck Protection Program (PPP) or other loans/grants because of COVID-19.

Calculate loan payments at Better

Better calculator will allow you to calculate an approximate payment schedule for the loan

Better calculator
Interest rates are given in accordance with the rates of the Better in Washington, D.C. as of 24.09.2022
Loan amount

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50000 $
10000000 $
Loan term

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What to focus on before applying for a loan with Better

To ensure the lender is legitimate, check if it meets the following criteria:

How do you know if a loan company is registered?

The lending company is registered with the US Securities and Exchange Commission (SEC) and has a tax identification number (EIN). Note that tribal lending companies operate under the jurisdiction of tribal laws, and they don't have to register with the SEC. But still, tribes must act under federal consumer protection laws enforced by the Consumer Financial Protection Bureau (CFPB) and Federal Trade Commission (FTC).

According to the FTC requirement, the lending company is registered in your state, excluding tribal lenders abiding by tribal and federal laws only. That is why tribal lending companies can charge interest rates exceeding your state's maximum.

Finally, the State Attorney General can verify the registration of the lending company if you need additional proof of whether it is legitimate.

If a US lending company scams you, please report to local law enforcement, your state attorney general, CFPB, or FTC.

Finanso® also recommends

Learn the total cost of a loan, including:

It will be best to read a loan agreement carefully before signing it. If any part of the agreement seems incomprehensible, do not hesitate to ask the lender about particulars.

Remember that you don’t have to make an immediate decision when considering getting a loan. However, you must be sure that you are ready to repay following your loan documents. If the lender’s terms and conditions are uncomfortable for you, you are free to search for another proposal, as there are about 780 lending companies in the US.

What’s the difference between Better and a bank?

  1. You need to have a good credit history to qualify for a credit card with a bank. In contrast, even bad credit history debtors can borrow money from US lenders with personal or payday loans. 
  2. Interest rates and annual percentage rate for a loan with an online lending company are significantly higher than with a credit card released by a bank.
  3. Applying for an online loan with a lending company doesn’t require paperwork or even visiting their office. Instead, a borrower can apply entirely online and receive money via direct deposit on the next business day.
  4. The online lending business is high-risk for investors, and their capital is not protected from unfair borrowers.
  5. A loan with legitimate loan companies for bad credit is a simple but expensive form of borrowing to resolve financial hardship.
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All Better’s reviews by September 2022
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