“Better Forever” incentives are also not offered by Helocs to borrowers applying through third-party platforms such as Lendingtree, Creditkarma, Bankrate, and Nerdwallet.
Inman on Tour: Increase the volume of real estate success in Nashville! Connect with industry pioneers and top speakers, gain powerful insights, cutting-edge strategies and valuable connections. Increase your business and achieve your most audacious goals – all with Music City Magic. Please register now.
Better Mortgage aims to do more repeat business by offering to abandon the $995 origination fee when refinancing a previous customer or obtaining another purchase loan.
The “Better Forever” loyalty program, announced Wednesday, will be applied to past and future customers who have been doing business with better mortgages since January 1, 2019.
Vishal Garg | Better
“Homeowners deserve confidence in the interest rates tied to the mortgage, not just when they complete the transaction, but also the interest rates tied to the mortgage to match the lifespan of the loan,” Better founder and CEO Vishal Garg said. I mentioned it in. “When it gets better forever, we can help you begin to benefit from today’s purchases and refinances, without fear of missing out on a better rate tomorrow.”
I say it’s better. Borrowers say they have to wait at least six months before refinancing to qualify for a “better eternity,” and the loyalty program includes home equity loans and home equity credit lines (HELOCS). He says that there is no.
Additionally, the Better Forever Origination Fee exemption is not offered to borrowers applying through third-party platforms such as LendingTree, CreditKarma, Bankrate, and Nerdwallet.
“Come directly to us so we can offer this transaction!” We offer better advice on that website.
In the past, Better has been looking for partners in Ally-to-Business (“B2B”) for up to half of their origination from partners like Ally Financial. Ally generated a $1 billion mortgage in 2023 through a partnership with Better and is also an investor for the company.
However, Ally announced in January that it would fire hundreds of employees and withdraw its mortgage business.
Ally’s “Powered by Better” direct consumer mortgage website has notified visitors that they are no longer accepting applications.
Source: Allyhomeloans.com.
“All good things end,” a message from the website notified visitors on February 5th. “We are discontinuing mortgage products. We need to close 5/27.”
In addition to the loan initiation fee, the Consumer Financial Protection Bureau (CFPB) typically includes credit report, valuation fees and title insurance fees.
Many lenders offer “costless” refinances. This may include accepting higher interest rates than borrowers are otherwise eligible, or adding closure fees to the loan amount.
On Veterans Day, we announced the addition of a VA Interest Rate Reduction Refinance Refinance Loan (VA IRRRL) to our product lineup, predicting that interest rate pullbacks could potentially renew interest on refinances.
A streamlined process will allow borrowers to refinance existing VA loans with no valuation, assets or income verification requirements, providing easier credit qualifications to help homeowners secure lower interest rates. You can do it.
“We are optimistic about a more favorable interest rate environment, so we can simplify the refinancing process for veterans and help those who served our country save money and secure a financial future. I’m proud of it,” Garg said in a statement.
Get your INMAN Mortgage Brief Newsletter delivered to your inbox. A weekly summary of all the biggest news in the world of mortgages and closures, which takes place every Wednesday. Click here to subscribe.
Please email Matt Carter
