In a competitive housing market, timing is everything — you have to move quickly on opportunities. Closing on time is a must, especially when there are multiple offers.
Two key factors can make a big difference when it comes to a smooth and speedy closing: having a stellar real estate agent and working with a lender that takes the stress out of the process.
Plenty of lenders will promise to move fast when it comes to closing, but in a tough housing market like we’re in right now, the ability to follow through on that promise is more important than ever. That’s why the approach of online lender Better Mortgage is so notable: Better’s promise comes backed by a $2,000 payment if your loan doesn’t close on time, thanks to the Better Mortgage Closing Guarantee.
“Better is great for people who live busy lives,” says Tessa Sliwa, who recently closed a loan with Better Mortgage in Austin, Texas, a notoriously hot market.
What Is the Better Mortgage Closing Guarantee?
The Better Mortgage Closing Guarantee means you’re more likely to close on time — after all, timing is everything when it comes to homebuying, especially in this market. If your loan is delayed or has issues that prevent you from closing on time, you’ll get $2,000 from Better Mortgage.
The Closing Guarantee is another example of how Better Mortgage is changing the mortgage game, along with things like getting rid of commissions and origination fees, offering on-demand rate locks, and providing instant loan estimates — all completely online. The streamlined application can pre-approve borrowers in minutes, and is available in 47 states and Washington, D.C. Better Mortgage is a highly rated mortgage lender by NextAdvisor, which cited its unique borrower incentives and streamlined online platforms.
Here’s how two recent homebuyers benefited from the Better Mortgage Closing Guarantee when they got their home.
Convenience Goes a Long Way
Tessa Sliwa and her fiancé Benjamin bought a home in Austin, Texas, which is a notoriously hot housing market where homes sell quickly.
Sliwa didn’t have the time for in-person meetings and long phone calls, but wanted a mortgage with a low interest rate, fast closing, easy-to-use technology, and support whenever she needed it. She and Benjamin looked at both traditional and non-traditional options before personal recommendations led her to Better Mortgage.
Sliwa also liked the Better Price Guarantee, which matches a competitor’s offer and gets you a $100 credit toward your Better Mortgage loan. If Better Mortgage can’t match the offer, the money is yours to keep. Sliwa says Better Mortgage proactively offered the Price Guarantee when she initially reached out.
But there was no haggling with her loan, and she liked the speed of responses. The convenience, she said, is what really won her over.
Team members reached out and explained they’d guide her through the process and close on her deadline. “The whole process was outlined,” Sliwa says. “There was a checklist. That became very convenient when it came time to close.”
Friends of hers that were buying a home around the same time missed their closing date because the mortgage company didn’t pull through. But Sliwa closed on time .
In a hot market, that’s a huge relief. And with the Better Mortgage Closing Guarantee, knowing you get something if your closing doesn’t happen on time provides some comfort. Not having to use the feature is even better, but knowing you get something if your closing doesn’t happen on time provides some comfort.
Why would Sliwa recommend Better Mortgage? Three things, she says: quick communication, ease of the overall process, and they make you feel good that you’re going to make your closing date.
Sliwa and Benjamin got engaged in their new home soon after their closing. “This house will for sure always have a very special place in my heart,” Sliwa says.
Simplicity Means Everything
Fred Miller, a retired financial advisor and Air Force veteran, bought a home along the St. Clair River in his hometown of St. Clair, Michigan, during the pandemic. “[The house] fit my needs perfectly because it’s a small home and not a lot to maintain. And the price was right because it’s the smallest one in the neighborhood, which is kind of cool. I like that a lot.”
But the 79-year-old Michigan native originally wasn’t so sure a traditional lender would give him a 30-year mortgage. That’s when he went to Better Mortgage.
Miller says he was able to complete the entire process online, and was impressed by the simplicity of the experience. He started with a pre-approval, “and then it was a matter of getting the proper documentation back and forth.”
“In 30 days, we closed the loan and bought the house. That’s incredible.”
Not only did Miller get his mortgage through Better Mortgage with no upfront closing costs, but he also got homeowner’s insurance through Better Coverage, a sister company in the Better family of brands.
“I had a mortgage in 30 days,” he said. “I couldn’t have done it without Better — that’s for sure.”
Had his loan not closed on time, he could’ve been covered by the Better Mortgage Closing Guarantee, which says you’ll close on time or get $2,000. More information on the closing guarantee and its terms can be found on the Better Mortgage website.
Miller says buying the home has brought him peace and reflection after the recent loss of his wife, which was the catalyst for him to downsize to a smaller home. He spends the evenings watching the boats go by on the river and contemplating his next chapter.
When you’ve found the house of your dreams, it’s imperative to act quickly with an offer.
“You want to pick [a lender] that’s going to be able to explain things to you,” Sliwa explains, “but also be at the same pace as you.”
Ultimately, she says, you want someone you can rely on. That, combined with the customer service support, made her feel confident about getting to the closing table, prepared and on time.
Miller said closing so quickly gave him a lot of relief. “I got the house, and I came home and looked around and said, ‘My new home.’ Just where I wanted to be.”
With the Better Mortgage Closing Guarantee, you can start shopping for a home — rest assured knowing a team of mortgage professionals is working hard to get you to the closing table on time.
(Better Mortgage Corp. NMLS # 330511)