Both Better.com and Bank of America Mortgage offer a range of mortgage products and services, catering to different borrower preferences. Better.com stands out with its fully digital application process and competitive interest rates, making it suitable for tech-savvy borrowers seeking speed and transparency. Bank of America, on the other hand, provides the flexibility of applying through multiple channels and offers an extensive branch network for those who prefer in-person assistance. The choice depends on individual needs and preferences regarding application methods, customer support, and loan options.
| Attribute | Better.com | Bank of America Mortgage |
|---|---|---|
| Interest Rates | Competitive rates updated several times daily, assuming a credit score of 760 and a 20% down payment. APRs closely align with Bankrate's national averages and are competitive, coming in at 0.04 percentage points below the average prime offer rate (APOR) in 2023. | 30-year fixed: 6.625% (APR 6.857%), 15-year fixed: 5.625% (APR 5.981%), 5y/6m ARM: 6.375% (APR 7.052%) (as of July 2, 2025, for borrowers with 740+ credit score) |
| Loan Options | Conventional, FHA, VA, and jumbo loans, as well as home equity loans and HELOCs. Offers fixed-rate and adjustable-rate mortgages and refinancing options. Does not offer USDA loans or mortgages for modular homes, co-ops, mixed-use properties, or multi-family homes with five or more units. | Conventional, jumbo, FHA, VA loans, fixed-rate and adjustable-rate mortgages. Does not offer USDA loans. |
| Down Payment Requirements | Conventional loans: As low as 5% for qualifying borrowers. FHA loans: Minimum 3.5% down payment. VA loans: 0% down payment. Jumbo Loans: The minimum down payment is 10.01%. | Conventional loans: minimum 3%, FHA loans: minimum 3.5%, VA loans: no down payment required, Affordable Loan Solution mortgage: as little as 3% |
| Closing Costs | Typically range from 2% to 5% of the loan amount. Includes lender fees, third-party fees, and prepaid items such as taxes and insurance. Better.com does not charge lender fees. | Include lender fees, third-party fees, and prepaid items. Closing cost calculator available for estimates. |
| Application Process | Fully digital online application process. Pre-approval can take as little as 3 minutes. Technology is designed to make the mortgage process faster. | Apply in person at a branch, online, or by phone. Digital mortgage platform available. |
| Customer Service and Support | Customer service team at 415-523-8837, Monday through Friday from 8 a.m. to 8 p.m. ET. Dedicated to providing a fast, transparent digital mortgage experience backed by superior customer support. | Large branch network and lending specialists available by phone. |
| Online Tools and Resources | Mortgage calculators, rent vs. buy calculators, and a learning center. | Rate chart with tailored rate estimates, closing cost calculator, and mortgage calculators. |
| Pre-Approval Process | Streamlined online platform. Pre-approval can take as little as 3 minutes and does not impact your credit score. Offers basic and verified pre-approval letters. | Easy to apply for mortgage prequalification online, over the phone, or in-office. |
| Refinancing Options | Offers refinancing options. | Rate-and-term and cash-out refinancing options. Also offers fixed- and adjustable-rate refinance loans, FHA refinance loans, and VA refinance loans. |
| Loan Servicing Experience | After closing, loans may be transferred to a different servicer. | Not available |
| Geographic Availability | Available in all U.S. states and Washington, D.C. but not in Puerto Rico. | Licensed to lend in all 50 states. |
| Credit Score Requirements | Conventional loans: 620. FHA loans: 580. VA loans: 620. Jumbo loans: 700. | Minimum 620 for conventional loans. FHA loans may be available with a minimum score of 580. Best rates and terms go to borrowers with credit scores of at least 740. |