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Lower: 2024 Home Equity Review

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At a glance

NMLS: 1124061

Bankrate Score
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4.0
Rating: 4.0 stars out of 5
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Bankrate Score

Customer Rating
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4.9
Rating: 4.9 stars out of 5

48 ratings

Moneybag

Loan amount

$15,000-$350,000

Credit Good

Min. credit score required

700

Rates

Repayment terms

10-year draw period and up to 20-year repayment period for HELOC

Funds available in

17 days

Benefits

  • Lower provides both HELOCs and home equity loans, which might be appealing to a wider range of borrowers. Some lenders only offer one of these options.
  • With a HELOC from Lower, you could tap up to 95 percent of your home’s value, significantly more than what many other lenders allow.

Drawbacks

  • Many lenders, especially banks, offer discounts for setting up autopay. Lower offers autopay, but not with a discount.
  • If you tap your home equity through Lower, you’ll have to take out at least $15,000. This might be more than you’d like or need to borrow.

Home equity loan products offered

Lower offers a variable-rate home equity line of credit (HELOC) ranging in amounts from $15,000 to $350,000, with the maximum amount varying based on your location and loan-to-value (LTV) ratio. Lower allows up to a 95 percent LTV, which is more than most home equity lenders. (How much you can tap, however, depends on your credit and other factors.)

The HELOC has a 10-year draw period and a repayment period anywhere from five years to 20 years.

Types of fees charged

Lower charges a 1 percent origination fee, plus a $495 application fee. There are no annual fees.

How to qualify for a HELOC with Lower

To be eligible for either a HELOC or home equity loan from Lower, you’ll need a credit score of at least 700. The lender offers prequalifications, which means you can see if you’re eligible for a loan without a hard credit check.

How to apply with Lower

You can apply for a HELOC via Lower’s website. The customer service team is available Monday through Thursday from 9 a.m. to 6 p.m. ET and Fridays, 9 a.m. to 4 p.m. ET.

How Bankrate scored Lower

Affordability 8/10
Availability 9/10
Borrower experience 7.1/10

Lower customer ratings and reviews

logo

NMLS: 1124061

4.9

Rating: 4.9 stars out of 5

48 ratings

Info

This lender has 11 recent reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 4.9 stars out of 5
Responsiveness
Rating: 4.9 stars out of 5
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98% of customers would recommend this lender.

of 11 reviews

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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.

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