As many first-time homebuyers quickly realize, not all mortgage lenders work the same or have their best interests in mind.
Traditional home loan lenders have inconvenient appointment windows and don’t always offer the best mortgage rates, forcing you to spend time shopping around.
Plus, they tend to drag out an overly complicated approval process that leaves you completely in the dark.
All of this means other buyers can swoop in with an offer that’s better than yours, and faster.
Depending on the housing market in your area, partnering with the wrong lender could cause you to miss out on buying the home of your dreams through no fault of your own.
Sounds pretty unfair, right?
That’s why Better Mortgage hopes to change all this so you can reach your homeownership goals sooner than later.
What is Better Mortgage?
Better Mortgage is an online mortgage broker radically transforming the home loan industry.
Their goal is to turn outdated processes and inefficiencies into a groan of the past.
Vishal Garg, the founder and CEO of Better Mortgage, tried to get a loan for a home he and his wife wanted, but the lengthy process cost them the opportunity to do so.
Many millennials and first-time homebuyers often experience similar situations.
As time passes, their offers become less competitive while a cash buyer, for example, has the chance to snatch up the property almost immediately.
So Vishal made it his mission to update this old-fashioned process and help more people reach their home-buying dreams sooner — and for much less.
Better Mortgage has already funded over $3 billion in home loans across 30 US states, including(*):
- New Jersey
- North Carolina
- North Dakota
- South Dakota
- West Virginia
- Washington, D.C.
So what makes them unique in the home loan world?
What Makes Better Mortgage So Different?
Better Mortgage was built for borrowers of the future.
Their features give homebuyers incredible perks, such as:
Speed, Efficiency, and Convenience
Better Mortgage speeds up the loan approval process so the right home doesn’t slip through your fingers.
With a typical mortgage lender, you have to make an appointment during work hours and visit in person to discuss your borrowing terms.
Then you could get stuck waiting a minimum of three days just to hear if you’ve been approved for your home loan.
And that’s just your first time-sensitive hurdle.
Lenders can also drag out the loan process by as much as three weeks or more once you begin to close on a house.
But that’s not the case with Better Mortgage.
First, you’ll have the benefit of a 100% online application process.
This means you won’t have to stress about leaving work early just to get approved or move through the home loan process.
Simply complete the application at home whenever it’s most convenient.
Initial approval for your home loan takes just three minutes.
By moving the mortgage process online, Better Mortgage streamlines and even removes pesky paperwork standing in the way of your approval.
This means far less time and money being spent by everyone.
And as an online platform, help and information about your loan will be available around the clock.
Thoughtful Technology For Greater Transparency
Despite applying weeks ago, traditional mortgage lenders may keep you in limbo and unsure of anything that’s happening on your behalf.
But on Better Mortgage, applicants have access to a personal online portal to stay totally in-the-loop. You’ll be able to see exactly where you are in the mortgage process from anywhere.
This level of transparency is far from standard with other lenders.
Another striking difference with Better Mortgage is that their team doesn’t work on commission.
No Origination or Commission Fees (seriously!)
Rather than finding you a loan that meets their monthly quota, the Better Mortgage team is focused on finding the best loan for your needs.
And that’s exactly how it should be.
Working with Better Mortgage saves you thousands in commission fees, which may account for upwards of 1% to 1.5% of your loan amount.
This may not sound like much at first glance, but when you do the math on a $500k mortgage, you’re looking at $5,000 in added fees.
You won’t have to lose that money with a loan from Better Mortgage.
You may even score a better mortgage rate too.
Locked-In, Industry-Leading Rate Quotes
There are no low bait-and-switch mortgage rates that soon balloon after you receive an approval on Better Mortgage.
You’ll be quoted industry-leading mortgage rates in just three seconds.
And you’ll be able to lock in those low rates without worrying about them disappearing.
Now, after reading this, you may be thinking:
How Does Better Mortgage Make Money?
Better Mortgage strives to deliver the lowest possible loan costs to consumers.
But if Better Mortgage doesn’t pay their loan officers commission and they don’t charge hidden fees, how do they make money?
And how can they afford to do this?
The answer is simple, according to Forbes (*):
You don’t pay Better Mortgage; Better Mortgage gets paid by the actual institutions buying your loan.
They do this by playing matchmaker, so to speak.
See, Better Mortgage finds well-qualified buyers (like you!) and links them up with financial institutions ready and willing to lend to the right candidates.
Better Mortgage does the heavy lifting for both lenders and homebuyers.
It gives lenders candidates who have already been pre-screened and pre-approved.
And it gives homebuyers the benefit of shopping around for the best mortgage rates without forcing them to do so on their own.
It’s literally a win-win for both parties and an approach that solves a $13 trillion problem in home loans.
Check Out Better Mortgage For Yourself
Better Mortgage may be giving the mortgage industry a much-needed shakeup. But the lightning-fast approval process means you must be sure you’re ready to buy.
Check out this guide next to learn how to prepare for buying your first home before you begin the pre-approval process.
Then, don’t let standard mortgage approvals get in the way of your dream home.
Visit Better Mortgage to compare lending rates, apply for a loan, and finally start your life as a first-time homeowner.