Generally, prospective borrowers can expect to receive a mortgage commitment letter stating their preapproval in about 20 to 45 days.
Better .com announced it is now doing it in as little as one day. The digital lender recently launched what it calls the “one-day mortgage,” which it describes as a “breakthrough innovation in the real estate industry.”
The company said the launch came after conducting a quiet beta test with a small segment of its customers in January. It has already seen strong interest in the offering, it said, “due to its ability to provide prospective homebuyers with a significantly higher degree of certainty and peace of mind, on top of Better’s industry leading low rates.”
“For the first time ever, Better customers will be able to go online, get pre-approved, lock their rate, and get a mortgage commitment letter from Better, all within 24 hours,” it declared in a news release.
“We spent the first seven years bringing the mortgage industry into the digital era, and executing over $100 billion of fully digital online mortgages,” Vishal Garg, Better founder and CEO, said in the release. “Better’s offerings serve to kickstart the slow, opaque, and costly homeownership process. With One Day Mortgage, Better is revolutionizing the mortgage industry once again by empowering its customers, making it not only cheaper, but also faster and easier to own a home, all in one day.”
Better .com said the one-day mortgages program is available in all 50 states to customers who are salaried employees and who are making a downpayment of at least 3 percent on a conforming Fannie Mae or Freddie Mac mortgage.