Better.com offers a range of home financing products, including home equity lines of credit (HELOCs), home equity loans, and mortgages (FHA loans, VA, and more). While it has been in business for less than ten years, the company has grown to fund more than $100 billion in home loans, and its easy online servicing makes it accessible to a wide range of potential borrowers.
Better also has one of the fastest approval decision times in the industry with its One Day HELOC program. Borrowers can get a loan decision in as little as 24 hours if some conditions are met. For these reasons, the company finds itself listed in our annual review the best home equity loan providers.
Pros
Approvals in as little as 24 hours and funds within seven days
Borrowers can access up to 90 percent of their home’s equity
HELOCs available for second homes and investment properties
Cons
HELOC draw periods max out at three years
The best rates are reserved for top credit scores
Borrowers must draw $50,000 or 75% of the available line to start
Better.com Home Equity Loan Features and Benefits
Better.com offers a range of financial products and services, but it is not the most affordable option around, with rates that typically exceed the national average by at least a point. That said, the lender’s generous equity policies and super-fast turnaround times on approvals and loan funding make it one of the most convenient and accessible options on the market.
- Borrowers can get home equity lines for second homes and vacation properties
- Better’s mortgage rates are often more than one percent higher than the national average
- No prepayment penalties or origination fees (other closing costs required)
- Entirely online application and direct connection to resources, including real estate agents
- Borrowers can access up to 90 percent of their home’s equity
Better.com Home Equity Loan Editorial Rating
Trusted Company Reviews Rating Score for Better.com: 8.1
We rated Better.com highly for its fast turnaround times, convenient website, and generous equity policies. While its loans can be slightly more expensive from an interest rate standpoint, buyers are not required to pay origination fees, and they can pay off the loan early with no prepayment penalties. Its customer service is fast, and agents are generally able to resolve issues with one phone call.
| Interest Rates | Loan Amount Range | Minimum Credit Score | Term Lengths |
| 9.125% | $50,000-$500,000 | 680 | 30-year fixed rate |
What We Like
Better.com’s online application is quick and easy. The company also offers a solid level of customer service, and its phone reps are consistently rated as being helpful and knowledgeable. Better.com also operates in all 50 states, making it accessible to a much wider range of potential borrowers.
What We Don’t Like
Better.com rates are often at least slightly higher than the national average. Despite the company’s excellent customer rating scores, it’s essential to carefully review the terms before signing.
About Better.com Home Equity Loan
Better.com is one of the newer entrants in the home loan market, having been around for less than ten years. Despite that youth, the company offers home equity loans, HELOCs, and mortgages in all 50 states, and it has an intuitive website where customers can check their accounts, apply for new loans, and more. It offers home equity loans of up to $500,000 and allows borrowers to access as much as 90 percent of the equity in their homes, making it one of the more generous lenders.
Better.com Home Equity Loan Terms and Conditions
HELOC borrowers must withdraw at least $50,000 from the line to start, but interest is only charged on the drawn amount. The One Day HELOC program gives applicants a loan decision within 24 hours, but they must have locked in a rate and provided all of the necessary documentation for the loan to pass through the underwriting process.
Better.com Home Equity Loan Requirements
Better.com requires borrowers to have a credit score of at least 680 to qualify for a loan. Depending on the type of loan product, a down payment of at least three percent may be required.
How to Apply for a Home Equity Loan From Better.com
Better.com’s loan application process happens entirely online. Borrowers must have their employment history, income verification, home insurance, and other information in line before starting to apply for a mortgage or home equity line of credit. The One Day HELOC program has more specific requirements that are outlined during the application process. Borrowers need a minimum credit score of 680 for loan approval, though some loans and amounts may require higher scores to qualify.
Better Home Equity Loan Reviews from Customers
Better.com scored surprisingly well in customer reviews, earning an average of 4/5 stars on some platforms. Customers praise the company’s fast loan approval times and professional staff, with many noting constant communication throughout the application and closing processes. People like the lender’s easy-to-use website, saying that uploading documents and navigating through pages is straightforward.
The company has received negative reviews, though there are fewer of them. One of the most common complaints is Better.com’s pricing, which surprised some borrowers, costing them thousands more than expected. Others expressed frustration with being handed off to a third-party servicer after the fact, some of which have less-than-adequate customer service.
Better.com Vs Rocket Mortgage
Rocket Mortgage is likely the closest competitor to Better.com’s product offering. Both operate entirely online and offer loans in all 50 states. Rocket Mortgage is more established than Better and has a broader product offering, and one of the most significant benefits is that the company services its loans in-house. Despite its forward-looking online approach, Rocket is more like traditional lenders when it comes to speed, where it can take two times longer or more to close and fund the loan.
| Rocket Mortgage | Better.com | |
| HELOCs? | Yes | Yes |
| Minimum Credit Score | 680 | 680 |
| Mobile App? | Yes | No |
| Maximum Loan Amount | $500,000 | $500,000 |
Better.com holds itself a position on our list of the best home equity loans available. However, customers often end up paying slightly higher APRs than those found with other lenders. While not a guarantee, borrowers may be able to get a better interest rate by shopping around. Here are the other contenders on our best providers overview.
- Lendingtree review
- Upstart Mortgage HELOC review
- Discover home equity loan review
- Rocket Mortgage home equity loan review
Frequently Asked Questions
Is it hard to get approved for a home equity loan?
What is one disadvantage of a home equity loan?
What could disqualify me from getting a home equity loan?
Source
Logo image source: better.com
After earning an MBA, Chris began writing about tech and finance as part of his work as a bank analyst and consultant. Wanting to pursue his first love in life, Chris jumped ship and turned his focus to the automotive industry, first as a freelance writer for Forbes, J.D. Power, The Drive, and U.S. News & World Report, before starting YourTestDriver.com and the America on the Road Radio Show. Chris brings more than ten years of experience in product reviews, in-depth analyses, and news, and has been recognized as a significant contributor in building the future of the automotive media field.
Chris Teague
Last Updated: March 3, 2025
Editorial Reviews
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