Better Mortgage
Better Mortgage is a direct online lender established in 2016. Its digital platform offers quotes, rates and loan preapprovals online and provides in-house real estate, settlement, inspection and insurance services. Its operating costs are lower than those of traditional banks, and it doesn’t charge lender fees (application, origination and underwriting).
Better offers conventional, FHA, jumbo and refinance loans, as well as home equity lines of credit. Its credit requirements are comparable to those of other lenders. A borrower must have a minimum credit score of 620 and a debt-to-income ratio of no more than 50%.
The company also has an excellent customer satisfaction rating, according to Trustpilot and the BBB. Its customer complaints are typically resolved quickly and effectively. However, it doesn’t offer an in-person application process and only serves borrowers in 35 states. This may be a drawback for those seeking a more personal experience. Its mortgage interest rates are competitive, but it does not offer the best rate in our rankings.
Wells Fargo
Wells Fargo offers a variety of banking services, including checking accounts, savings accounts, certificates of deposit, credit cards, mortgages, auto loans and financial planning. The company also provides commercial banking, investment advising and wealth management services. Wells Fargo is one of the largest banks in the United States, with thousands of locations and a strong presence in every state.
Its services are available to customers who want to manage their money from an in-person branch or through a mobile app. Its online services are easy to use and allow for convenient bill payment and transfers between accounts. However, the bank has had a string of scandals that led to billions in fines and consumer harm. These included charging surprise overdraft fees, denying mortgage loan modifications and causing wrongful foreclosures. Wells Fargo has made changes to its sales practices and leadership in response to the scandals. Customer support is available 24/7 by phone or through its website.
