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  • Better Mortgage Company

    Has anyone had any experience with this company?

    My wife and I are buying our first home as an attending. Basic details are....

    Personal debt: 33K @ 2% (car loan, I know....but my wife waited 9 years with 3 kids to get a van, and she wanted one that would last the next 20 years, so we bought new and wanted to save money for down payment)
    Student loans: None
    Personal credit ratings: 750+ for both of us
    Salary: 325,000 starting August 9th (I know, too early to buy a house, wait one year, but renting a house is about 4K/month and wouldn't even be that nice. My wife's family lives in the area, and I am pretty sure she rather have me unemployed than not live near her parents)

    Wee got offered...

    Home Price: 626,000
    Down payment: 100,180 (16%)
    Locked Rate: 2.625%, 30 years, fixed, 4391 in credits towards closing

    I have started loading the relevant documents etc on line and all seems to be going smoothly

    This rate almost seems too good to be true...

  • #2
    Why does that rate seem too good to be true? Have you shopped around on rates? You've gotten a quote from Better Mortgage Company. I would highly recommend getting a quote from Best Mortgage Company.

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    • #3
      does this include PMI? The rate sounds reasonable. Not awesome out-of-this-world. We refinanced a couple months ago at 2.5% for a 30-year jumbo but I believe rates have only gone up since then so 2.625% sounds good.

      With no student loan debt I think the purchase is reasonable. Pay off the car by the end of 2021. If your wife would rather you be unemployed than not live with her parents, who will be paying this mortgage if you are unemployed?

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      • #4
        Shop around for rates if you're worried. It is mystifying why things can be so different from one lender to another, but I think your rate is fine. If you are a costco member, use their site to connect you to a company that is more likely to get you no-BS fair deal (at least it did for me).

        I've finished uploading my refi documents last week for 15-yr fixed at 2.25% with $2200 lender credits with no PMI; due to rising housing costs my 18% equity on current mortgage is now 40% on the refi, which probably helped my rate.

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        • #5
          Don’t think anything is wrong with rate or company. But know your market. Some markets care about the lender as in the seller wants to know you’re actually going to close on time and these online lenders aren’t always so easy to pick up the phone and get someone on the line ASAP. There are also stories of better asking for lots of documents. Certain banks/lenders (bbva, SoFi I believe) consider you special because you’re a physician and don’t want endless documents, tax returns, etc. In some markets that is worth way more than .125% lower rate

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          • #6
            Originally posted by JBME View Post
            does this include PMI? The rate sounds reasonable. Not awesome out-of-this-world. We refinanced a couple months ago at 2.5% for a 30-year jumbo but I believe rates have only gone up since then so 2.625% sounds good.

            With no student loan debt I think the purchase is reasonable. Pay off the car by the end of 2021. If your wife would rather you be unemployed than not live with her parents, who will be paying this mortgage if you are unemployed?
            PMI is my question too.

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            • #7
              I refinanced with Better in January. I shopped for rates/costs and they were the best I found. It was such an easy and smooth process. I recommend them, although will point out the obvious that a refinance is different than a purchase.

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              • #8
                Better was easy to refi with. Their servicer is terrible.

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                • #9
                  There will be a PMI (not a physician loan). In this case, it is 48.50 per month. I do not expect to pay it for long as I intend to overpay a lot of mortgage early and then transition to the normal payment schedule.

                  So far working with Better has been ok. Overall, very easy interface to use; however, they did struggle a bit with the transition from residency salary to attending salary. However, after a phone conversation, they understood. Still waiting for them to finish the final underwriting period.

                  Better beat TDBank
                  - 2.875, 30 years, fixed, no PMI, no points

                  Better beat rocket mortgage
                  - 2.725, 30 years, PMI, no points

                  Better beat homefinity
                  - 2.625, 30 year, PMI, 2,000 dollar credit.

                  Hopefully, they finish the underwriting quickly, and this stressful process ends.

                  Comment


                  • #10
                    Originally posted by FIREshrink View Post
                    Better was easy to refi with. Their servicer is terrible.
                    Which servicer is that? I refinanced with Better back a few months ago and they immediately sold my loan to someone else (Mr Cooper) who has been fine. I hadn’t even made my first payment yet and it had been sold.

                    I tried Better and LenderFi, and after not hearing back from LenderFi by the date they said everything would be done, two unreturned emails, and an unreturned phone call went with Better. Of the two, Better was definitely better.

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