Lower: 2026 Home Equity Review

How Bankrate scored Lower

Affordability: 4 stars

• APR: The lowest HELOC rates at Lower are still higher: At the time of this writing, Lower’s best advertised rate was 8.75%, while Bankrate reported a national average of 7.99%. It offers no introductory rates.
• Fees: Lower charges a 1% origination fee to open a HELOC, plus a $495 application fee. There are no annual fees.

Because of its average rates and an origination fee, we gave Lower a 4 out of 5 for affordability. 

Availability: 4.8 stars

• Loan products: Lower offers home equity loans, HELOCs and cash-out refinances, in addition to home purchase loans.
• Loan minimum: Lower’s credit lines start at $15,000, a slightly lower-than-average minimum. 
• Draw requirement: Your initial draw must be at least $15,000.
• Footprint: Lower’s HELOCs are available in 47 states and Washington, D.C.
• Credit score: Lower’s 640 minimum is on the low end for home equity lenders. 

Because of its 47-state footprint, low minimum amounts for lines of credit and accessible credit score requirements, we gave Lower a 4.8 out of 5 stars for solid availability.

Borrower experience: 4.3 stars

• Transparency: Lower has some work to do in this area. It’s tough to figure out from the website what Lower’s minimum HELOC requirements are. There’s also no upfront information about draw periods or repayment term options.
• Convenience: Lower’s online application is fast. You’ll be able to apply in five minutes.
• Customer service: General customer service can be reached at 888-509-8301 Monday through Friday from 8:00 a.m. to 9:00 p.m. EST, and Saturdays and Sundays from 9:00 a.m. to 5:00 p.m. EST.

Due to a lack of details about borrower requirements, we gave Lower 4.3 out of 5 for its borrower experience.

Lower reputation

Lower has established a solid reputation in the home lending business with superior marks on Trustpilot (4.7 out of 5 based on more than 2,600 reviews), and outstanding customer reviews submitted to the Better Business Bureau.

What Bankrate users say about Lower

When Bankrate surveyed borrowers about the lender, they gave Lower rave reviews, applauding the company’s straightforward, “simple and intuitive” application process and fast turnaround times. It’s not just the technology, either. Many complimented the company’s team of loan officers for their willingness to educate them about the nuances of HELOCs. “It felt great to work with someone who genuinely wanted to partner with me,” one reviewer commented, “instead of trying to sell me something.”

• Methodology

  To determine a home equity lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.