Wondering what's happening with home affordability? See "The income needed to buy a home in the top 50 metro areas" covering the third quarter of 2023.

Wondering what's happening with home affordability? See "The income needed to buy a home in the top 50 metro areas" covering the third quarter of 2023.

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Rocket Mortgage vs. Better Mortgage:
Which One Is Best?

Lashay Lewis | May 30, 2023

In today's fast-paced world, online mortgage lenders have become a popular choice for many borrowers due to their convenience and streamlined application process.

Two lenders who dominate the online mortgage lender landscape are Rocket Mortgage and Better Mortgage. While both lenders offer a fully digital application process, each has its own strengths and unique features. To help you decide which of the two mortgage providers is your best fit, we’ll do a comprehensive comparison between Rocket Mortgage and Better Mortgage based on their loan processes, loan types, and customer support.

Rocket Mortgage vs. Better Mortgage

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LENDER Rocket Mortgage Better Mortgage
[ 4.7 / 5 ]
[ 4.6 / 5 ]
  • Fixed-rate loans
  • Adjustable-rate loans
  • Jumbo loans of up to $2.5million
  • Cash-out refinances
  • Jumbo loans of up to $2.5million
  • FHA loans
  • VA loans
  • YOURgage custom term loan
  • Home equity loans
  • Fixed-rate loans
  • Adjustable rate loans
  • Jumbo loans of up to $3 million
  • Cash-out refinances
  • FHA loans
  • VA loans
  • Home equity lines of credit (HELOCs)
  • Conventional loans: 3%
  • FHA loan: 3.5%
  • VA loans: 0%
  • Jumbo loans: 10.01%
  • Conventional loans: 3%
  • FHA loan: 3.5%
  • VA loans: 0%
  • Jumbo loans: 10.01%
  • Conventional loans: 620
  • FHA and VA loans: 580
  • Jumbo loans: 680
  • Conventional loans: 620
  • FHA loans: 580
  • Jumbo loans: 700
AVERAGE TIME TO CLOSING 30–45 Days 21-42 days
  • Well-rated and easy-to-use digital app
  • Offers a wide array of loan options including first-time homebuyer programs
  • Offers customizable loan terms with YOURgage program
  • No origination, application, processing, or underwriting fees
  • Quick closing times that beat the industry average by 17 days
  • Features a One Day Mortgage program in which you can lock your rate and get a commitment letter in just 24 hours
  • No in-person services
  • Doesn't offer USDA loans or HELOCs
  • Charges relatively high origination fees
  • No physical locations
  • Doesn’t offer USDA or home equity loans.
  • May transfer your loan for servicing after origination
Years in Business 38 years 7 years

Rocket Mortgage vs. Better Mortgage: An In-Depth Lender Comparison

A fully digital online process should come with strong customer service, the right loan options, and favorable mortgage rates and fees. In this section, we'll conduct an in-depth comparison between Rocket Mortgage and Better Mortgage to examine how each lender complements its online application process. By evaluating their customer support, loan programs, and loan processes, you'll have a comprehensive understanding of which lender aligns with your needs.


Company Overview

Rocket Mortgage

Rocket Mortgage is the largest lender in the United States with a strong focus on leveraging technology to simplify home financing. In 2022, the company originated over 464,000 loans worth $127.58 billion, an impressive feat that speaks to its industry-leading expertise.

Based in Detroit Michigan, Rocket Mortgage is licensed in all 50 states and the District of Columbia. The lender offers a broad menu of financial products, including fixed-rate and adjustable-rate conventional loans, government-backed loans, and home equity loans.

Rocket Mortgage offers a Verified Approval and features a Rate Shield program that allows you to lock in your rate for 90 days. The company’s ability to combine cutting-edge technology with a customer-centric approach has earned its position as the go-to choice for home financing.

Better Mortgage

Better Mortgage is a digital mortgage company that is leveraging technology to make home-buying cheaper and more transparent. Launched in 2016, the online lender has quickly grown to become fully licensed nationwide.

According to its founder and CEO, Vishal Garg, the fintech company has funded over $100 billion online home loans, making it the fastest-growing mortgage lender in the country. The lender offers a fully online loan process supported by non-commissioned loan officers.

With Better, you can get a basic pre-approval within three minutes. The lender doesn’t charge lender fees and offers a variety of guarantees, setting itself apart for its commitment to customer satisfaction.

Better Mortgage is particularly notable for its fast underwriting process. With their One Day Mortgage program, you can receive a fully underwritten commitment letter within 24 hours.


Loan Process

Rocket Mortgage

To get started visit Rocket Mortgage's website or mobile app and create an account, which requires providing basic information and confirming your email. After account confirmation, you can begin the pre-approval process by answering financial, personal, and home-buying goal questions.

Based on the information provided, Rocket Mortgage will display a variety of loan options that can be customized by adjusting the loan term or interest rate. To get a verified approval, you'll need to upload necessary documents such as pay stubs, W-2 forms, tax returns, and bank statements.

Rocket Mortgage can automatically retrieve financial and employment information from various institutions. The system automatically underwrites your loan to give you a verified approval. You can lock in your interest rate for 90 days with the Rate Shield program as you shop for a home.

Once you’ve found your ideal home, use the digital platform to complete the loan application. You can upload and e-sign any additional required documents, correspond with loan officers, and monitor the entire loan process to closing.

Better Mortgage

To start your loan application with Better Mortgage head to their website and click on "get started". You’ll be prompted to answer basic questions about the property you’re looking to purchase.

After submitting personal information, Better Mortgage will run a soft credit check to give you a basic pre-approval in just 3 minutes. The basic pre-approval gives you an estimate of how much you may qualify for.

When ready to proceed, you can generate a verified pre-approval by uploading documents that prove your income, assets, and credit history. This may include recent pay stubs, W-2 forms, tax returns, and bank statements. The lender will run a hard credit inquiry to give you a verified approval. Just like Rocket Mortgage, you can link your accounts to provide documents, reducing the burden of gathering paperwork.

Once you’ve found your home you can lock in your rate. At this point, the lender will assign you a non-commissioned loan officer to guide you through the remaining underwriting process, home appraisal, and closing.

Better Mortgage’s customer portal allows you to complete any tasks, lock your loan, e-sign documents and check your loan status. The lender promises quick closings in as few as 21 days.

Better Mortgage offers four guarantees, including the Better Price Guarantee and the Better Buying Guarantee. With the Better Price Guarantee, the lender promises to give a $100 credit if they can't match a competitor's rate. The Better Buying Guarantee offers up to $3,500 in lender credits if the borrower uses Better a second time within three years of closing. Similarly, the lender offers Better Closing and Appraisal Guarantees.


Loan Types

Rocket Mortgage

Rocket Mortgage offers an extensive range of mortgage options that cater to the diverse needs of homebuyers, including first-time homebuyers. You can choose from 30-year or 15-year fixed-rate mortgages, or adjustable-rate mortgages with a fixed rate for 7 or 10 years before the rate adjusts every six months.

For greater flexibility, YOURgage mortgage allows you to personalize your loan term to match your needs, with terms ranging from 8 to 29 years.

Additionally, Rocket Mortgage originates government-backed loans such as FHA and VA loans along with jumbo loans of up to $2.5 million. While this lender doesn't offer USDA loans or home equity lines of credit, it does provide home equity loans.

Moreover, Rocket Mortgage offers first-time homebuyer assistance programs to help make the home-buying process more accessible. The Purchase Plus program provides up to $7,500 in lender credits, while the BorrowSmart Access program offers a $3,000 credit toward a down payment.

Better Mortgage

While Better Mortgage’s loan programs may not be as extensive as those of Rocket Mortgage, they offer options for home purchasing and refinancing, including conventional, jumbo, FHA, and VA loans, which come with both fixed and adjustable rates.

Fixed-rate mortgages are available for 30-year, 20-year, and 15-year terms, allowing borrowers to keep the same interest rate throughout their loan period. Adjustable rate mortgages come in 10/6, 7/6, and 5/6 options, with a fixed interest rate for the first 10, 7, or 5 years before adjusting every 6 months thereafter.

For high-value properties, Better Mortgage offers jumbo loans of up to $3 million. The lender also provides HELOCs of up to $500,000, allowing homeowners to tap into their home equity.

Finally, for borrowers seeking government-backed loans, Better Mortgage offers FHA and VA loans, though USDA loans are not available.


Customer Support

Rocket Mortgage

Rocket Mortgage is known for its exceptional customer support, having been ranked highest in customer satisfaction for Primary Mortgage Origination by J.D. Power for 12 consecutive years, from 2010 through 2022.

The lender offers several educational resources and mortgage calculators, to help you make informed decisions and become a more knowledgeable customer.

If you need assistance, Rocket Mortgage's customer support is available 24/7 through phone, chat, or email. Their team of knowledgeable and friendly experts is always ready to answer your questions and guide you every step of the way.

Better Mortgage

Better Mortgage offers round-the-clock customer support through phone and email. Compared to Rocket Mortgage, Better’s support stands out for its focus on personalization and transparency. The lender assigns each borrower a dedicated loan officer who serves as their primary point of contact throughout the loan process.

Better Mortgage also offers a FAQ section on its website that answers common questions and concerns. They also have a "Better Real Estate" service that connects homebuyers with experienced real estate agents who can help with the home search and purchasing process.



Both Rocket Mortgage and Better Mortgage offer a completely online mortgage experience with competitive rates. Rocket Mortgage may be a good option if you value a wide range of loan programs including home equity loans with flexible loan terms, or access to first-time homebuyer assistance programs. With an excellent customer satisfaction rating and 24/7 customer support, Rocket Mortgage is a solid choice for anyone seeking a convenient and efficient mortgage process.

On the other hand, if you're a price-conscious tech-savvy homebuyer who prioritizes a fast underwriting process, then Better Mortgage may be the way to go. They don't charge lender fees and offer several guarantees, including the Better Price Guarantee, that ensures you get a cost-friendly mortgage loan.

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