Better.com Expands Mortgage Offerings for Veterans through VA Interest Rate Reduction Refinance Loan (VA IRRRL)

Better.com launches streamlined refinancing solution to empower eligible veterans and active-duty service members to reduce monthly payments

NEW YORK--(BUSINESS WIRE)-- Better Home & Finance Holding Company (NASDAQ: BETR) (“Better.com”), the leading digital homeownership company, today announced the addition of VA Interest Rate Reduction Refinance Loan (VA IRRRL) to their suite of mortgage products. VA IRRRL is a streamlined refinancing solution designed specifically for eligible veterans, active-duty service members, and surviving spouses. This program, backed by the US Department of Veteran Affairs, allows borrowers to refinance their existing VA loans with no appraisal, asset or income verification requirements, and offers easier credit qualifications allowing homeowners to secure lower interest rates and reduce their monthly payments on an expedited timeline.

The VA IRRRL is a refinancing option available through the VA loan program for eligible active-duty service members, veterans, and their surviving spouses. This program simplifies the refinancing process by reducing paperwork and eligibility requirements, allowing you to lower monthly mortgage payments through a reduced interest rate or to secure a fixed rate instead of an adjustable or variable rate.

Better.com has digitized and automated the VA IRRRL process, reducing time and costs—to deliver greater value to Veterans. Whether you prefer a fully digital experience or want guidance from a loan officer, Better.com adapts to your needs. This is especially beneficial for active-duty service members and veterans, who can complete the entire loan process online, close remotely whether deployed overseas or at home, and take advantage of extended call center hours. Additionally, they can access Betsy™, Better.com’s voice-based AI loan assistant, with 24/7 support to answer loan questions.

“At Better.com, we are committed to honoring veterans for their service. The addition of VA IRRRL allows Better to give back to veterans and their families through mortgage offerings that make homeownership simpler and more affordable,” said Vishal Garg, CEO of Better.com. “As we look ahead with optimism to a more favorable interest rate environment, we are proud to simplify the refinancing process for veterans, helping those who have served our country save money and secure their financial future.”

This program is ideal for homeowners looking to lower their monthly payments, lock in a better interest rate, or to switch to a fixed rate from an ARM or variable rate. To qualify, borrowers must currently hold a VA loan in good standing. The VA IRRRL features a fixed-rate loan option and a reduced funding fee of 0.5%, which can be waived for certain disabled veterans and surviving spouses. Additionally, closing costs can be conveniently rolled into the new loan, eliminating out-of-pocket expenses.

By accessing a proprietary marketplace of investors, Better.com can offer competitive interest rates. Veterans, active-duty service members, and qualifying spouses are encouraged to check their eligibility and see how much they can save with a VA IRRRL at www.better.com/va-irrrl.

About Better.com

Since 2017, Better Home & Finance Holding Company (NASDAQ: BETR; BETRW) has leveraged its industry-leading technology platform, Tinman™, to fund more than $100 billion in mortgage volume. Tinman™ allows customers to see their rate options in seconds, get pre-approved in minutes, lock in rates, and close their loan in as little as three weeks. Better’s mortgage offerings include GSE-conforming mortgage loans, FHA and VA loans, and jumbo mortgage loans. Better launched its "One Day Mortgage" program in January 2023, which allows eligible customers to go from click to Commitment Letter within 24 hours. Better was named Best Online Mortgage Lender by Forbes and Best Mortgage Lender for Affordability by WSJ in 2023, ranked #1 on LinkedIn’s Top Startups List for 2021 and 2020, #1 on Fortune’s Best Small and Medium Workplaces in New York, #15 on CNBC’s Disruptor 50 2020 list, and was listed on Forbes FinTech 50 for 2020. Better.com serves customers in all 50 US states and the United Kingdom.

For more information, follow @betterdotcom.

Disclaimer: Refinancing may cause your finance charges to be higher over the life of the loan.

View source version on businesswire.com: https://www.businesswire.com/news/home/20241111551877/en/

Nneka Etoniru

better@avenuez.com

Source: Better Home & Finance Holding Company

FAQ

What is Better.com's (BETR) new VA IRRRL program?

Better.com's VA IRRRL is a streamlined refinancing solution for veterans, active-duty service members, and surviving spouses to refinance existing VA loans with reduced paperwork and eligibility requirements, offering lower interest rates and reduced monthly payments.

What are the key features of Better.com's (BETR) VA IRRRL refinancing?

Key features include no appraisal, asset, or income verification requirements, fixed-rate loan options, a 0.5% funding fee (waivable for disabled veterans), and the ability to roll closing costs into the new loan.

How has Better.com (BETR) digitized the VA IRRRL process?

Better.com has automated the VA IRRRL process with options for fully digital experience, remote closing capabilities, extended call center hours, and 24/7 AI support through Betsy™.