topic Re: Better Mortgage in Mortgage Loans

Better Mortgage

Anonymous — Thu, 29 Apr 2021 19:01:10 GMT

Has anyone financed with Better Mortgage? How was the process , speed, difficuty. After closing what was the process,who did they they assigned or sell your loan to for servicing

Re: Better Mortgage

4sallypat — Thu, 29 Apr 2021 23:47:12 GMT

I am in the home buying mode and started looking.

Better had a very good and accurate SP approval that can tell you how much you can afford.

Given the SP approval, I applied for an official desktop UW pre-approval - under Fannie Mae - HP incurred to get the letter you need to show your realtor and sellers that you are serious.

Better has very good - lowest rates, good service, and constant APR changes you can monitor daily.

It's all online and by phone.

Currently we are preapproved for $575K conventional and rates are around 2.875% with 0.5 negative point ($3K closing credit).

If we go up to 3%, we would be 1 point negative ($6K closing credit).

If we drop to 2.75%, we would have to pay 1 point.

Once you are pre-approved, they offer their own network of realtors where if you use them and get the loan, Better will give you $2K in closing cost credit.

Our assigned realtor (Coldwell Banker) has only sent us emails of listings - never met this person and never had taken us out to look at homes.

We are going to waive the $2K credit and go with an independent realtor who is much better - has taken us to at least 20 houses - most of them we couldn't put in an offer due to the huge amount of offers being put in.

Re: Better Mortgage

Anonymous — Fri, 30 Apr 2021 02:20:08 GMT

Better Mortgage has been good to me so far. The realtor they assigned to me took me to see over 10+ homes. My realtor is pretty responsive and is excellent at explaining things to me especially how I am a first time buyer. Got a rate of 2.75% with -134 points.

They are pretty quick in getting things moving along. Made an offer on a home on April 14th, offer accepted April 16th, conditionally approved april 23rd, appraisal done april 27th, set to close May 21st.

As long as you stay on top of your "assigned tasks" the process keeps moving along.

Re: Better Mortgage

vertekal — Fri, 30 Apr 2021 18:41:03 GMT

I was approved thru Better for a $240K FHA loan a few months ago. I had them do a hard pull on my credit and run me thru DU, and it came back appoved. I was told that the approval was good until whatever specific date in June. We had some houses lined up to visit, and figured I'd check Better one last time for whatever reason, and my application was gone. I called the loan officer I'd been working with, he did some digging, but didn't know what happened. He said he'd put a ticket in for IT to research, and that was the last I heard about it. I can only assume that even though they told me June, the approval was only good for 90 days and expired. Better stopped doing FHA in February, so I couldn't even reapply if I wanted to.

On the plus side, I had spoken to 2 different loan officers during the approval process, and both seemed quite knowledgable. The people that answer the phones if you call directly are kinda dopey, though, and can only answer the most basic of questions.

The best part is that they hooked me up with a great realtor, and I continued using him even when I went with a different lender.

Re: Better Mortgage

4sallypat — Sat, 01 May 2021 15:17:39 GMT

In this crazy market (Southern California) where realtors are all over the place, I got a text from Better Mortgage asking me if I had any luck with their realtors they assigned (Coldwell Banker).

I told them they are as helpful as my dog making dinner for me....

Told them I never met them yet and still waiting to see houses.

They immediately called me and are assigning different realtors that are not so overwhelmed.

Re: Better Mortgage

xenon3030 — Mon, 10 May 2021 02:20:32 GMT

Is there a new mortgage rate from Better mortgage?

My current rate is 2.85% (not locked, there is no point to purchase). Before closing, I want to double check whether this rate looks fine. Also, is there a fee to lock the rate?

Re: Better Mortgage

jer2305 — Sun, 30 May 2021 13:02:20 GMT

Curious if anyone has estimates on how much closing costs were with Better? I understand they don't charge origination or application fees which seem to be pretty high with other lenders I've been looking at. I'm getting ready to start the process next week so any guidance would be great! I'm looking at around a $380k purchase price on a single family detached townhome, putting around 5% down. Current FICO is right around 735.

Thanks!

Re: Better Mortgage

Anonymous — Mon, 31 May 2021 05:19:48 GMT

@jer2305 wrote:
Curious if anyone has estimates on how much closing costs were with Better? I understand they don't charge origination or application fees which seem to be pretty high with other lenders I've been looking at. I'm getting ready to start the process next week so any guidance would be great! I'm looking at around a $380k purchase price on a single family detached townhome, putting around 5% down. Current FICO is right around 735.

Thanks!

So far, my closing cost is about 9.3K on a 215K loan.

Re: Better Mortgage

Anonymous — Tue, 01 Jun 2021 00:36:42 GMT

Does that 9.5K include your down payment

@Anonymous wrote:
@jer2305 wrote:
Curious if anyone has estimates on how much closing costs were with Better? I understand they don't charge origination or application fees which seem to be pretty high with other lenders I've been looking at. I'm getting ready to start the process next week so any guidance would be great! I'm looking at around a $380k purchase price on a single family detached townhome, putting around 5% down. Current FICO is right around 735.

Thanks!
So far, my closing cost is about 9.3K on a 215K loan.

Re: Better Mortgage

Anonymous — Tue, 01 Jun 2021 15:51:42 GMT

@Anonymous wrote:
Does that 9.5K include your down payment
@Anonymous wrote:
@jer2305 wrote:
Curious if anyone has estimates on how much closing costs were with Better? I understand they don't charge origination or application fees which seem to be pretty high with other lenders I've been looking at. I'm getting ready to start the process next week so any guidance would be great! I'm looking at around a $380k purchase price on a single family detached townhome, putting around 5% down. Current FICO is right around 735.

Thanks!
So far, my closing cost is about 9.3K on a 215K loan.

Yup, but it also includes ALL other fees, rate buy down, and closing cost monies. My original downpayment was 11.5K but with lender's credits and seller's concession, I only had to bring 9.5K to the table.