Experience with Better Mortgage

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AerialWombat
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Experience with Better Mortgage

Post by AerialWombat »

I haven’t seen much chatter about this mortgage originator on the site, so thought I would share my current experience for the benefit of others.

I’m in the process of refinancing a new construction property that I purchased 7 months ago from a 4.75%, 30 year fixed that I put 10% down on to a 4.00%, 30 year fixed and I’m also paying additional principal to get to 20% equity to eliminate PMI. Conventional loan. House has not appreciated at all since I bought.

Original purchase loan was through a local mortgage broker. Better.com is one of a number on “online lenders” that are promising to streamline the loan process, and bring down fees.

Pros
-no origination fee
-automated valuation tool potentially eliminates appraisal fee
-very low points compared to other lenders (0.38 pts to get the 4%)
-extremely simple online “task list” and document portal
-single point of contact loan processor
-rapid underwriting approval compared to the other 4 mortgages I have done in last 4 years

Cons
Really, just one: The amount of documentation they’ve requested has far exceeded any other loan I have done. I’m self-employed, so I’m used to greater scrutiny, but their requests have been downright egregious. They have requested proof of things that have never come up before, based on esoteric info they found in public records searches.

For example, they have demanded exhaustive information about my “disposal” of two properties that just doesn’t make sense. One is an old, old address on my credit report that is a property I surrendered in chapter 7 bankruptcy 11 years ago — long past the FCRA time period for having to even discuss my bankruptcy.

The other is an address that I don’t even know how they found, but is for a patch of worthless dirt in the Nevada desert that I bought on eBay years ago. I’ve had to prove that there is NOT a house and mortgage on that land, which has been kind of a ridiculous process.

Some of their inquiries into my business finances have also been a bit overboard, certainly far behind any other lender I’ve worked with before.

Conclusion
I’m happy with the loan terms and low fees, and their people have been great. But their documentation demands have been overboard and excessively intrusive. Maybe this won’t be an issue for those that have a single house or work a job, but business owners and real estate investors may get frustrated quickly.
KT785
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Re: Experience with Better Mortgage

Post by KT785 »

We shopped (and almost chose) them for our purchase mortgage in January/February. At the time, they had some of the most competitive rates and relatively low closing costs compared to most of the lenders we shopped. I also like the folks I dealt with over the phone and the web interface; everything seemed quite polished (and I don't remember an unusual amount of documentation request(s)).

Ultimately, I took their offer to Navy Federal (from whom I'd got an earlier quote) as they said they try to compete with better offers from other lenders. Navy Federal came back with an aggressive offer and because there's no PMI on Navy Fed conventional mortgages even when putting less than 20% down, we went with them. Navy Fed also retains servicing rights which was important to me, having had issues with third party servicers in the past.

Navy Fed may be worth checking out if you qualify for membership--a parent/grandparent with prior military service (amongst other qualifiers) will suffice even if that family member isn't a Navy Fed member.

KT785
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AerialWombat
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Re: Experience with Better Mortgage

Post by AerialWombat »

KT785 wrote: Wed Apr 24, 2019 8:20 am
Navy Fed may be worth checking out if you qualify for membership--a parent/grandparent with prior military service (amongst other qualifiers) will suffice even if that family member isn't a Navy Fed member.
I was in the Navy, so used to be an NFCU member. Unfortunately, they were one of many creditors that I “burned” in my bankruptcy. I have tried going back, but they have an internal policy that a person is banned for life from membership if they have to eat a loan when a member BK’s out.
KT785
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Re: Experience with Better Mortgage

Post by KT785 »

AerialWombat wrote: Wed Apr 24, 2019 11:43 am
KT785 wrote: Wed Apr 24, 2019 8:20 am
Navy Fed may be worth checking out if you qualify for membership--a parent/grandparent with prior military service (amongst other qualifiers) will suffice even if that family member isn't a Navy Fed member.
I was in the Navy, so used to be an NFCU member. Unfortunately, they were one of many creditors that I “burned” in my bankruptcy. I have tried going back, but they have an internal policy that a person is banned for life from membership if they have to eat a loan when a member BK’s out.
Gotcha. I suppose it could still be worth a shot if you haven't broached the subject with them in some time. Another alternative would be evaluating offers from lenders through Costco's mortgage portal if you're a Costco member; I didn't think their rates were terribly competitive with Better Mortgage and NFCU (and some local lenders) but YMMV.

KT785
Last edited by KT785 on Wed Apr 24, 2019 12:42 pm, edited 1 time in total.
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Nate79
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Re: Experience with Better Mortgage

Post by Nate79 »

We just finished refinancing our home with Better. It was a really smooth and easy process. All done online. Questions easy to respond and very digital friendly. I didn't find the questions much more than the questions asked during the original mortgage (which was thru Quicken/Rocket mortgage).

I'm just hoping the servicing goes as smooth as the mortgage process.
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AerialWombat
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Re: Experience with Better Mortgage

Post by AerialWombat »

Nate79 wrote: Wed Apr 24, 2019 12:21 pm We just finished refinancing our home with Better. It was a really smooth and easy process. All done online. Questions easy to respond and very digital friendly. I didn't find the questions much more than the questions asked during the original mortgage (which was thru Quicken/Rocket mortgage).

I'm just hoping the servicing goes as smooth as the mortgage process.
Have they immediately transferred servicing?
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Nate79
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Re: Experience with Better Mortgage

Post by Nate79 »

AerialWombat wrote: Wed Apr 24, 2019 12:31 pm
Nate79 wrote: Wed Apr 24, 2019 12:21 pm We just finished refinancing our home with Better. It was a really smooth and easy process. All done online. Questions easy to respond and very digital friendly. I didn't find the questions much more than the questions asked during the original mortgage (which was thru Quicken/Rocket mortgage).

I'm just hoping the servicing goes as smooth as the mortgage process.
Have they immediately transferred servicing?
They say it takes 10-15 days to transfer servicing and we just completed 5 days ago.
https://better.com/faq/loan-servicing
megabad
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Re: Experience with Better Mortgage

Post by megabad »

Just out of curiosity, how does the Better process compare to your loan 7 months ago? Did they not ask you at all about the old properties or your business? Or was it just more general information requested?
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AerialWombat
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Re: Experience with Better Mortgage

Post by AerialWombat »

Nate79 wrote: Wed Apr 24, 2019 12:52 pm
AerialWombat wrote: Wed Apr 24, 2019 12:31 pm
Nate79 wrote: Wed Apr 24, 2019 12:21 pm We just finished refinancing our home with Better. It was a really smooth and easy process. All done online. Questions easy to respond and very digital friendly. I didn't find the questions much more than the questions asked during the original mortgage (which was thru Quicken/Rocket mortgage).

I'm just hoping the servicing goes as smooth as the mortgage process.
Have they immediately transferred servicing?
They say it takes 10-15 days to transfer servicing and we just completed 5 days ago.
https://better.com/faq/loan-servicing
Good to know, thanks for the info!
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AerialWombat
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Re: Experience with Better Mortgage

Post by AerialWombat »

megabad wrote: Wed Apr 24, 2019 1:40 pm Just out of curiosity, how does the Better process compare to your loan 7 months ago? Did they not ask you at all about the old properties or your business? Or was it just more general information requested?
My other four mortgages the past four years were through traditional local mortgage brokers. They did not ask anything about old addresses, my existing other properties, or detailed questions about my business operations— just tax returns and YTD P&L.
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Tony-S
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Re: Experience with Better Mortgage

Post by Tony-S »

Nate79 wrote: Wed Apr 24, 2019 12:52 pmThey say it takes 10-15 days to transfer servicing and we just completed 5 days ago.
https://better.com/faq/loan-servicing
Were you happy with the final outcome?
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Nate79
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Re: Experience with Better Mortgage

Post by Nate79 »

Tony-S wrote: Tue Jun 25, 2019 3:35 pm
Nate79 wrote: Wed Apr 24, 2019 12:52 pmThey say it takes 10-15 days to transfer servicing and we just completed 5 days ago.
https://better.com/faq/loan-servicing
Were you happy with the final outcome?
They did fine. Closed on time with no issues. The loan servicing was transferred to another company within 30 days.
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Tony-S
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Re: Experience with Better Mortgage

Post by Tony-S »

Nate79 wrote: Tue Jun 25, 2019 4:16 pm They did fine. Closed on time with no issues. The loan servicing was transferred to another company within 30 days.
That's great to hear. I checked bankrate.com and they were the second best rate that came up. The best is a company called "Go" and I am having trouble finding anything about it. There are only 15 or so reviews, all but one excellent so I'm a little skeptical.
Seattler123
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Re: Experience with Better Mortgage

Post by Seattler123 »

You can get a loan estimate from the unknown company and email better mortgage the estimate and they will match it/reduce fees by $1000
Tony-S wrote: Tue Jun 25, 2019 4:20 pm
Nate79 wrote: Tue Jun 25, 2019 4:16 pm They did fine. Closed on time with no issues. The loan servicing was transferred to another company within 30 days.
That's great to hear. I checked bankrate.com and they were the second best rate that came up. The best is a company called "Go" and I am having trouble finding anything about it. There are only 15 or so reviews, all but one excellent so I'm a little skeptical.
Seattler123
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Re: Experience with Better Mortgage

Post by Seattler123 »

I am currently working with Better Mortgage for my refinance. Should be closing in next few days. They've been excellent.

I made the mistake of going with the lowest rate company on bankrate/zillow (onewest/cit bank) and had a really bad experience. I had trouble getting them to respond, but the good thing is due to their slowness, the rates declined further and I was able to lock a better rate with better mortgage, even after accounting for my lost appraisal fee with first lender. I'll be closing around 16 days after starting the process with them (underwriting approval is done).
Seattler123 wrote: Tue Jun 25, 2019 4:23 pm You can get a loan estimate from the unknown company and email better mortgage the estimate and they will match it/reduce fees by $1000
Tony-S wrote: Tue Jun 25, 2019 4:20 pm
Nate79 wrote: Tue Jun 25, 2019 4:16 pm They did fine. Closed on time with no issues. The loan servicing was transferred to another company within 30 days.
That's great to hear. I checked bankrate.com and they were the second best rate that came up. The best is a company called "Go" and I am having trouble finding anything about it. There are only 15 or so reviews, all but one excellent so I'm a little skeptical.
adsfdeek
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Re: Experience with Better Mortgage

Post by adsfdeek »

@ Seattler123, can you share more about your bad experience with CIT bank? I currently see them as the best rate by far but I'm wary about how they are able to be so low (~2.8% versus ~3.0% from competitors on a 15 year fixed when zero-ing out points and fees).

DW and I are first time buyers so we're not sure how to weigh things like responsiveness, average close time, etc. while also trying to find the best mortgage rate. We are actually looking in King County (if relevant to your username) where we expect to potentially need to do things like have a shorter close time to have a competitive offer if we get in a multi-offer situation.

(Apologies if this is a somewhat of a thread hijack–I'm not yet able to direct message users.)
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LadyGeek
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Re: Experience with Better Mortgage

Post by LadyGeek »

adsfdeek, Welcome!

Feel free to start a new thread in this forum and ask for assistance directly. We'll be happy to help.
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TropikThunder
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Re: Experience with Better Mortgage

Post by TropikThunder »

adsfdeek wrote: Thu Sep 26, 2019 7:42 pm @ Seattler123, can you share more about your bad experience with CIT bank? I currently see them as the best rate by far but I'm wary about how they are able to be so low (~2.8% versus ~3.0% from competitors on a 15 year fixed when zero-ing out points and fees).

DW and I are first time buyers so we're not sure how to weigh things like responsiveness, average close time, etc. while also trying to find the best mortgage rate. We are actually looking in King County (if relevant to your username) where we expect to potentially need to do things like have a shorter close time to have a competitive offer if we get in a multi-offer situation.

(Apologies if this is a somewhat of a thread hijack–I'm not yet able to direct message users.)
Not OP but I just closed yesterday on a refi with LenderFI (Snohomish County). Easiest process I've ever experienced. I chose them over Better since the anonymous quote on Better wouldn't work. They do a soft pull and show you what your credit report says for accounts and payments, which is nice, but when I clicked "Show Your Rates" it said it needed more information and told me to call. Pffft.

On LenderFI's website, I put in my details (zip code, property value, amount financed, and estimated credit score) and it spit out the usual set of options (nine different rates with varying credits/points). Their quoted title services were dead on vs Final Disclosure (no bait-and-switch), $0 origination fees, and they were able to waive appraisal since they got a value from Fannie Mae. Twelve days from submitting application to closing. Everything done online or by email, and they sent a notary to meet us for signing.

Mine was a refi so a purchase may take longer and may or may not get an appraisal waiver but they were suspiciously lower than anyone else I looked at and I was pleasantly surprised that they were true to their word.
adsfdeek
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Re: Experience with Better Mortgage

Post by adsfdeek »

Thank you very much, TropikThunder! I'll be reaching out to LenderFI shortly, and I'm also pleasantly surprised to hear the online experience deliver true to their word and efficiently.
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Re: Experience with Better Mortgage

Post by LadyGeek »

FYI - adsfdeek is asking questions here: Experience with CIT Bank mortgages & when are rates not everything? Further assistance can be provided in that thread.

Let's use this thread to help the OP, AerialWombat.
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baseball2horse
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Re: Experience with Better Mortgage

Post by baseball2horse »

I am currently in the middle of a refiance with Better Mortgage and have found it a little bait and switchy but overall okay.

I was able to use a loan estimate from current bank to lock in a low rate and then they did their price matching to beat the closing costs with 1000.

The initial loan estimate from Better however neglected to mention that I would be expected to pay the whole difference between my current loan balance and the payoff amount, which included 45 days worth of interest :annoyed I was annoyed to discover I was going to be expected to pay 1-2k in closing costs instead of the sixty I was first told about. But since this is essentially just replacing the october mortgage payment it seemed alright. When I complained I got the semi-dismissive "Oh that's the OTHER banks payoff amount, not a darn thing WE can do about it." Which was annoying as knowing that the payoff amount is higher than the current loan balance is something they really should've both known about and adequatly informed me of.

Now approaching closing closing, they are closing early than initially expected, which is great, except now I have more pre-paid costs, but for some reason my pay-off amount did not go down by a similar amount, so by my math it looks as though I am double paying interesting for nearly a week. And there's a weird prepaid home owners charge on my final closing disclosure that showed up on none of my loan estimates, and considering I'm waiving escrow shouldn't be there in the first place. I have emailed them about this last bit so we'll see what they say
czr
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Re: Experience with Better Mortgage

Post by czr »

I am looking at consumerdirect mortgage through costco and they are giving $825 Credit for 3.5% 30 year rate for being Costco Executive Membership and Better.com said they can beat it by $1,000 once I get the official loan estimate to them. I'd rather give the guy with the upfront pricing the better deal but mortgage shopping now is intriguing with these new startups.
need403bhelp
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Re: Experience with Better Mortgage

Post by need403bhelp »

TropikThunder wrote: Thu Sep 26, 2019 8:02 pm
adsfdeek wrote: Thu Sep 26, 2019 7:42 pm @ Seattler123, can you share more about your bad experience with CIT bank? I currently see them as the best rate by far but I'm wary about how they are able to be so low (~2.8% versus ~3.0% from competitors on a 15 year fixed when zero-ing out points and fees).

DW and I are first time buyers so we're not sure how to weigh things like responsiveness, average close time, etc. while also trying to find the best mortgage rate. We are actually looking in King County (if relevant to your username) where we expect to potentially need to do things like have a shorter close time to have a competitive offer if we get in a multi-offer situation.

(Apologies if this is a somewhat of a thread hijack–I'm not yet able to direct message users.)
Not OP but I just closed yesterday on a refi with LenderFI (Snohomish County). Easiest process I've ever experienced. I chose them over Better since the anonymous quote on Better wouldn't work. They do a soft pull and show you what your credit report says for accounts and payments, which is nice, but when I clicked "Show Your Rates" it said it needed more information and told me to call. Pffft.

On LenderFI's website, I put in my details (zip code, property value, amount financed, and estimated credit score) and it spit out the usual set of options (nine different rates with varying credits/points). Their quoted title services were dead on vs Final Disclosure (no bait-and-switch), $0 origination fees, and they were able to waive appraisal since they got a value from Fannie Mae. Twelve days from submitting application to closing. Everything done online or by email, and they sent a notary to meet us for signing.

Mine was a refi so a purchase may take longer and may or may not get an appraisal waiver but they were suspiciously lower than anyone else I looked at and I was pleasantly surprised that they were true to their word.
Thanks so much for sharing your experience. I currently have a lock with LenderFi on a refinance, and they include the following form in their disclosures which seems a bit different than other lenders ( bold added for emphasis ). Did your refinance also have such a form and, if so, did it give you any pause? Also, any experience with LenderFi, Inc’s Rate Insurance program?

Thanks so much!

"Intent to Retain Mortgage

No Sales Clause (180 days)

I/We are aware that by signing this form, I/We are acknowledging that we have been completely forthright and upfront regarding my/our current intentions. I/We are acknowledging by signing this form that we have no intent to sell and/or refinance our property within the next 6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be construed as misrepresentation of my/our true intent and could therefore be considered mortgage fraud. I/We are aware that mortgage fraud is punishable by the FBI with possible jail time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we may be held responsible for paying back any credit given to us by LenderFi, Inc. during the course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to participate in LenderFi, Inc’s Rate Insurance program."
TropikThunder
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Re: Experience with Better Mortgage

Post by TropikThunder »

need403bhelp wrote: Sun Jan 12, 2020 11:13 pm Thanks so much for sharing your experience. I currently have a lock with LenderFi on a refinance, and they include the following form in their disclosures which seems a bit different than other lenders ( bold added for emphasis ). Did your refinance also have such a form and, if so, did it give you any pause? Also, any experience with LenderFi, Inc’s Rate Insurance program?

Thanks so much!

"Intent to Retain Mortgage

No Sales Clause (180 days)

I/We are aware that by signing this form, I/We are acknowledging that we have been completely forthright and upfront regarding my/our current intentions. I/We are acknowledging by signing this form that we have no intent to sell and/or refinance our property within the next 6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be construed as misrepresentation of my/our true intent and could therefore be considered mortgage fraud. I/We are aware that mortgage fraud is punishable by the FBI with possible jail time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we may be held responsible for paying back any credit given to us by LenderFi, Inc. during the course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to participate in LenderFi, Inc’s Rate Insurance program."
Mine did have that disclaimer but it didn’t give me any pause, for two main reasons: I honestly had no intention of going through the process again in the next 6 months (it was easy but still didn’t want to do it again); and it’s my understanding that this is how LenderFi is able to have such low costs: they immediately hand off the loan (servicing to Chase and loan itself to FannieMae) and they likely get a chargeback from Chase if the borrower refi’s again quickly. Kind of like if you accept a dealer financing special on a car, they want you to at least make 6 or so payments before you pay it off.

I haven’t made six payments yet so Rate Insurance is TBD.
need403bhelp
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Re: Experience with Better Mortgage

Post by need403bhelp »

TropikThunder wrote: Mon Jan 13, 2020 1:59 am
need403bhelp wrote: Sun Jan 12, 2020 11:13 pm Thanks so much for sharing your experience. I currently have a lock with LenderFi on a refinance, and they include the following form in their disclosures which seems a bit different than other lenders ( bold added for emphasis ). Did your refinance also have such a form and, if so, did it give you any pause? Also, any experience with LenderFi, Inc’s Rate Insurance program?

Thanks so much!

"Intent to Retain Mortgage

No Sales Clause (180 days)

I/We are aware that by signing this form, I/We are acknowledging that we have been completely forthright and upfront regarding my/our current intentions. I/We are acknowledging by signing this form that we have no intent to sell and/or refinance our property within the next 6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be construed as misrepresentation of my/our true intent and could therefore be considered mortgage fraud. I/We are aware that mortgage fraud is punishable by the FBI with possible jail time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we may be held responsible for paying back any credit given to us by LenderFi, Inc. during the course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to participate in LenderFi, Inc’s Rate Insurance program."
Mine did have that disclaimer but it didn’t give me any pause, for two main reasons: I honestly had no intention of going through the process again in the next 6 months (it was easy but still didn’t want to do it again); and it’s my understanding that this is how LenderFi is able to have such low costs: they immediately hand off the loan (servicing to Chase and loan itself to FannieMae) and they likely get a chargeback from Chase if the borrower refi’s again quickly. Kind of like if you accept a dealer financing special on a car, they want you to at least make 6 or so payments before you pay it off.

I haven’t made six payments yet so Rate Insurance is TBD.
Thanks so much for sharing your thought process and experience!
need403bhelp
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Re: Experience with Better Mortgage

Post by need403bhelp »

baseball2horse wrote: Fri Sep 27, 2019 3:12 pm And there's a weird prepaid home owners charge on my final closing disclosure that showed up on none of my loan estimates, and considering I'm waiving escrow shouldn't be there in the first place. I have emailed them about this last bit so we'll see what they say
Thanks for sharing your experience. I'm wondering how everything went after closing? What happened to the prepaid home owners charge? Thanks again!
mav12
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Re: Experience with Better Mortgage

Post by mav12 »

TropikThunder wrote: Mon Jan 13, 2020 1:59 am
need403bhelp wrote: Sun Jan 12, 2020 11:13 pm Thanks so much for sharing your experience. I currently have a lock with LenderFi on a refinance, and they include the following form in their disclosures which seems a bit different than other lenders ( bold added for emphasis ). Did your refinance also have such a form and, if so, did it give you any pause? Also, any experience with LenderFi, Inc’s Rate Insurance program?

Thanks so much!

"Intent to Retain Mortgage

No Sales Clause (180 days)

I/We are aware that by signing this form, I/We are acknowledging that we have been completely forthright and upfront regarding my/our current intentions. I/We are acknowledging by signing this form that we have no intent to sell and/or refinance our property within the next 6 months (180 days).

I/We fully understand that any false or misleading statements on my/our parts could be construed as misrepresentation of my/our true intent and could therefore be considered mortgage fraud. I/We are aware that mortgage fraud is punishable by the FBI with possible jail time and/or monetary penalties.

I/We are aware that if we refinance or sell our home in the next 6 months (180 days), that we may be held responsible for paying back any credit given to us by LenderFi, Inc. during the course of this transaction.

I/We are aware that after 6 months (or 180 days) of on time payments, I/we may be eligible to participate in LenderFi, Inc’s Rate Insurance program."
Mine did have that disclaimer but it didn’t give me any pause, for two main reasons: I honestly had no intention of going through the process again in the next 6 months (it was easy but still didn’t want to do it again); and it’s my understanding that this is how LenderFi is able to have such low costs: they immediately hand off the loan (servicing to Chase and loan itself to FannieMae) and they likely get a chargeback from Chase if the borrower refi’s again quickly. Kind of like if you accept a dealer financing special on a car, they want you to at least make 6 or so payments before you pay it off.

I haven’t made six payments yet so Rate Insurance is TBD.
Do you guys have any updates with the mortgage lenders?
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Re: Experience with Better Mortgage

Post by 2tall4economy »

AerialWombat wrote: Wed Apr 24, 2019 6:41 am Cons
Really, just one: The amount of documentation they’ve requested has far exceeded any other loan I have done. I’m self-employed, so I’m used to greater scrutiny, but their requests have been downright egregious. They have requested proof of things that have never come up before, based on esoteric info they found in public records searches.

For example, they have demanded exhaustive information about my “disposal” of two properties that just doesn’t make sense. One is an old, old address on my credit report that is a property I surrendered in chapter 7 bankruptcy 11 years ago — long past the FCRA time period for having to even discuss my bankruptcy.
This is just the new normal I think. I tried to redo with Bank of America recently, about as mainstream of a bank as you can get, and the equivalent of a proctologist’s exam they subjected me to was incredibly excessive. Some gems:

Get your landlord to provide a document in writing that they will not ask you for the 10 days free rent they provided you when you moved in 11 months ago

Get a letter from your employer stating that your bonus is guaranteed (spoiler alert - that’ll never happen with anyone anywhere) despite about a decade of tax returns showing that, in fact, I always earn my bonuses.

Get a letter from your tenant saying they will never miss any payments for the duration of the lease and they intend to extend the lease 150 days before they are contractually obligated to tell you the same.

Good times.

And when push came to shove they actually couldn’t do the deal despite the suffering they put me through.

I have a handful of rentals so I expectEd more root canals than normal but this is the worst experience I’ve ever had. I have to believe it’s the industry right now based on your post and others.

My decision was just to get rid of the rentals and be a “normal person” by mid next year. The return isn’t worth the hassle. If only the real estate market was more friendly than it is (yes, it’s going nuts right now, but ONLY if you’re buying and selling in the middle of the market - luxury homes - heretofore my rental market - are dragging with too much inventory)

Maybe I’m just getting old. Or lazy... I find I value hassle free as much or more than $ nowadays, depending.

Separately - I did love better.com in that it shows you rates with a Soft check - everyone should do this - and that it’s a real online experience (unlike quicken and sofi that promise but don’t deliver) but other banks all beat them as long as you have a relationship (ie chase will to better.com rate minus a quarter, as will pnc or wells from my experience).

I posted a thread a while ago about my adventures with jumbo loans and they were the pleasant surprise of the bunch.
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AB609
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Joined: Thu Oct 17, 2019 9:02 am

Re: Experience with Better Mortgage

Post by AB609 »

I closed a loan with Better with the past 30 days and found they were pretty easy to work with and responsive. A couple of things I had to write letters of explanation (name of company I work for changed names a couple of time in the past few years but the business and employment were continuous). They also wanted a bunch of info on my side business but I told them to just drop it off my application since I didn't need the extra income to qualify. What I found silly was all they paperwork they had you sign digitally online and then have the closing agent bring a lot of the same stuff to the closing to be manually signed again.
exigent
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Re: Experience with Better Mortgage

Post by exigent »

Just locked a refi with Better Mortgage.

We're currently 5 yrs into a 30 yr fixed mortgage at 3.875% and locked a 30 yr fixed refi at 2.625% w/no escrow, no appraisal, and enough lender credits to cover the closing costs. We had an initial no-cost offer from LenderFi at 2.625% with no appraisal, but it included escrow and would've cost ca. $600 (via reduced lender credit — or a higher rate) to drop it. Better Mortgage got us the same rate and no escrow requirement without the bump in cost, so we rolled with them.

Their web interface is pretty nice, and made the initial to-do list go quickly. So far so good, but we're obviously very early in the process. Looking forward to the savings.
togb
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Re: Experience with Better Mortgage

Post by togb »

I'm having a little trouble with Better. I gave them a loan estimate to match/beat. It's an estimate for a locked rate good for another 5 weeks-- but I signed it 3 weeks ago. He says he can't use it, he needs something dated yesterday or today. Seriously?
exigent
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Re: Experience with Better Mortgage

Post by exigent »

togb wrote: Fri Oct 16, 2020 9:39 pm I'm having a little trouble with Better. I gave them a loan estimate to match/beat. It's an estimate for a locked rate good for another 5 weeks-- but I signed it 3 weeks ago. He says he can't use it, he needs something dated yesterday or today. Seriously?
Rates are likely better now than then so if he's unwilling to play ball, tell him/her that you're prepared to move on. If they won't play ball, don't waste your time.

Out of curiosity, what did the other lender offer you? Rate, term, and closing costs.
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FrugalProfessor
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Re: Experience with Better Mortgage

Post by FrugalProfessor »

I had a good experience with them: https://frugalprofessor.com/better-com-refi-review/
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exigent
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Joined: Fri May 07, 2010 8:49 am

Re: Experience with Better Mortgage

Post by exigent »

FrugalProfessor wrote: Fri Oct 16, 2020 11:36 pm I had a good experience with them: https://frugalprofessor.com/better-com-refi-review/
Yeah, I read some of your content while working through the process, and wound up with a better deal in part thanks to you. Thanks for that.
togb
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Re: Experience with Better Mortgage

Post by togb »

exigent wrote: Fri Oct 16, 2020 10:45 pm
togb wrote: Fri Oct 16, 2020 9:39 pm I'm having a little trouble with Better. I gave them a loan estimate to match/beat. It's an estimate for a locked rate good for another 5 weeks-- but I signed it 3 weeks ago. He says he can't use it, he needs something dated yesterday or today. Seriously?
Rates are likely better now than then so if he's unwilling to play ball, tell him/her that you're prepared to move on. If they won't play ball, don't waste your time.

Out of curiosity, what did the other lender offer you? Rate, term, and closing costs.
2.875%, 30 years, $2814 in closing costs. It's a cash out refi. Evidently the guy was not interested in beating it, kept showing me a loan with points, total of $18K in closing costs. That's okay, I am exploring two other lenders through the Costco program. Naturally as soon as I completed applications, the original lender popped in with a preapproval-- after 15 business days of hearing nothing, the underwriter worked on a Sunday. All three options seem reasonable, so I'm sure one will work out. I do hate this process.
exigent
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Re: Experience with Better Mortgage

Post by exigent »

Just a quick update. We initiated the process with Better on Oct 13th and are now scheduled to close the afternoon of Nov 12th (this coming Thursday). Overall, the process has been painless and they have been great to work with. We’re doing a 30 yr fixed at 2.625% with essentially no closing costs. Fingers crossed that the closing goes smoothly.
exigent
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Re: Experience with Better Mortgage

Post by exigent »

Just had our closing. Appointment was coordinated by Better, they used a local title company and an attorney came out to our house for the signing at the appointed time. Everything went as expected.

In three days, after the rescission period passes, the new loan will be funded and the old one will be paid off. We’ll then get a small amount of cash back from the closing, as well as a $550 refund from Better b/c the appraisal was waived.

All in all, this was by far the easiest and most convenient mortgage experience that we’ve ever had. Knock on wood, of course. But considering we first contacted Better on Oct 13 and we’re able to close on Nov 12... I’m impressed by the speed and efficiency of the process.
exigent
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Re: Experience with Better Mortgage

Post by exigent »

And... Our loan funded today. It’s been handed off to The Money Source for servicing, though I fully expect it to be sold in the relatively near future. Overall, I was *very* impressed with the service provided by Better. As noted previously, this was easily the best mortgage experience we’ve ever had.
exigent
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Re: Experience with Better Mortgage

Post by exigent »

Got our welcome email from The Money Source (who will be servicing the loan, at least initially) last night so I was able to login to the new loan interface. Oh, and Better also refunded the $550 appraisal fee to my credit card since they were able to get the appraisal waved.
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JAZZISCOOL
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Location: Colorado - 5,700 ft.

Re: Experience with Better Mortgage

Post by JAZZISCOOL »

I just posted this on the long LenderFi thread today:

Update: I just closed my refi (with HELOC subordination) with Better yesterday. They used a mobile notary (with mask who waited in her car). It took ~5.5 weeks from application to closing. I also appreciated the fact they didn't add a fee for the HELOC process.

I thought the customer service was good and people were responsive with any questions. Their website portal is easy to use.

They did not need to do an appraisal so removed the $550 appraisal fee on the early loan estimate.

As I noted above, my early correspondence with LenderFi was not very responsive and their costs and rate were not quite as good as than Better. I didn't know that re: LF not subordinating a HELOC so I am happy with my decision to go with Better. This was the easiest refi I've ever done. 2.5% fixed.

Takeaway: for anyone wanting to subordinate their HELOC, I would suggest Better.

Thanks to other BH's who mentioned Better on this forum. That's how I discovered them. Bankrate also rates them highly.

:happy
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