Generally, every people have a dream of buying a luxurious home or property on their own. They may not have sufficient money to purchase the desired asset instantly. At such situation, people would go for availing a mortgage or loan.
What is Mortgage?
The mortgage is a legal agreement signed between a lender and debtor while borrowing money. The lender may be a bank; individual, company etc. who lends money for interest with the possession of debtor’s property. The main condition is that the title of the property becomes lender’s one when the debtor fails to pay the money within a certain period.
Difference between Loan and Mortgage
The loan is a relationship between a lender and debtor. The lender may be a bank which provides a certain amount of money to the debtor on interest. The debtor should pay the loan within the tenure date.
The mortgage is a kind of loans that are obtained with the security of a real estate or personal property. The debtor has to pay the amount on installments and get back the property that is provided as a guarantee.
In this article, you can know about the better mortgage reviews 2019 and understand whether it is good mortgage lender for you or not.
What about Better Mortgage?
Better Mortgage is one of the leading digital mortgage lenders in the mortgage industry. Better is a direct lender that works with buyers to carry out the complete mortgage process ranging from application to issuing the loan.
Better Mortgage is an online platform in which the debtors can apply and get the pre-approval instantly. After the completion of these processes, the debtor has to upload the financial details, e-sign documents and can communicate with the mortgage consultant. With this better mortgage, you could save your time and money.
Where Better Mortgage is available?
The better mortgage lender is California based mortgages that are available in various states such as Arizona, Colorado, Florida, Georgia, Mississippi, Iowa, District of Columbia, North Carolina, New Jersey, Texas, Washington and still more.
What type of Mortgage can you get from Better Mortgage?
According to the Better Mortgage Reviews, you could obtain the conventional and jumbo fixed rate mortgages.
The conventional loans have certain purchase limit and it can be found with the location of the home in the county. The jumbo loans are meant for the people who are planning to buy a luxurious home that cross the limit. In a better mortgage, you can get the jumbo loan with a fixed rate and ARM loans.
In a fixed-rate mortgage, the interest rate of the loan remains the same throughout the lifetime. Better mortgage provides the fixed rate mortgages for 15 years, 20 years, or 30 years.
So, you can have the same principal amount and interest rates every month. The property buyers can choose any of these options. The better mortgage issue the fixed rate mortgages for single family, multi-family, condos, and planned unit development (PUD).
In the adjustable-rate mortgage, the interest rate of the loan will change after the initial fixed period. The better mortgage provides their clients with 5/1, 7/1, and 10/1 adjustable rate for a mortgage.
In the given data, the first number denotes the number of years your rate is fixed, 1 indicates that how many times your rate will increase or decrease in a year. ARM has a lower initial interest rate and so the homebuyers prefer this type for reselling or flip a house for a few months.
The homeowners who are looking for a new loan can get the support of better mortgages. It offers the loans with free of origination fees and so you can pay only the closing costs.
Better Mortgage Loan Process
The better mortgage is an online process and so visit the official page Better.com in which you can start by clicking the Get Started button. Then you have to select the Purchase or Refinance option which shows a page with various scenarios like I am thinking about buying.
After that Better mortgage carries out three-minute process to get the pre-approval with the gathered information. This provides you the results for how much you can borrow from Better. If you complete the full loan application it makes the process with given relevant information.
Steps in Better Mortgage Process
Step 1: Provide the property information, income details, and financial assets
Step 2: Better takes credit pull without affecting your credit score
Step 3: You will get the mortgage options based on the information provided by you.
Step 4: You will be connected with a loan expert to give you the additional support
Step 5: Complete the tasks and receive the official loan estimate and interest rate.
- Complete online process with human support for your need
- Can finish the mortgage process in a single platform
- Can choose the loan pricing, adjusting fees, and discount points at different interest rates
- Don’t want to pay commissions for the loan officers
- No origination fees or charge for the application, underwriting
- Can receive the pre-approval letter in 24 hours
- Higher value properties can get 10% with no mortgage insurance on jumbo loans….
- Not available in all states across the country
- Don’t have a brick and mortar service location
- Don’t offer FHA, FA, USDA loans
- Don’t offer home equity loans….
Better Mortgage provide you well-managed customer support through both digital and in-person support. In case of any queries, the Better Mortgage officers will response as soon as possible and make it clear for you. Also, you can ask for questions regarding mortgage for your personal use. They give the customer support service on 24*7 basis for you.
Better Mortgage a good choice or not?
Based on various mortgage lender reviews it is proven that Better Mortgage is a good choice for clients than other mortgage lenders. The lending tree mortgage is one of the mortgage lenders which connect you with the group of lending companies. Whereas the better mortgage itself a mortgage lender and so you don’t want to involve in such risks.
The other fact that shows better mortgage the best option is that it does more research on debtor information and understands what kind you are. So, you will avail the affordable mortgage from better mortgages.
Thus, these are the facts that confirm Better Mortgage Lender is one of the reliable sites for getting the Mortgage with your property. Go through these reviews and make a plan for Mortgage to fulfill your dream!