Lower: 2023 Home Equity Review
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At a glance

NMLS: 1124061
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loan amount
$15,000-$350,000
Min. credit score required
640
Repayment terms
10-year draw period and up to 20-year repayment period for HELOC; 5 years-30 years for home equity loan
Funds available in
17 days
Lower features
Here's a breakdown of some of the benefits and drawbacks of Lower home equity loans.
Lower overview
Founded in 2018, Lower is a direct mortgage lender (also doing business as Homeside Financial) offering purchase mortgages, refinance loans, home equity loans and home equity lines of credit (HELOCs). It is headquartered in New Albany, Ohio.
Lower snapshot
Home equity loan types | Home equity line of credit (HELOC) Home equity loan |
Loan amounts | $15,000-$350,000 |
Credit score minimum | 640 |
Repayment terms | 10-year draw period and up to 20-year repayment period for HELOC; 5 years-30 years for home equity loan |
Average time to approval | 17 days |
How Bankrate rates Lower
Bankrate Score | 3.6 |
---|---|
Affordability | 2.5/5 |
Availability | 3.8/5 |
Borrower experience | 4.5/5 |
Methodology
Lower’s home equity products include a fixed-rate home equity loan and a variable-rate HELOC. Both range in loan amounts from $15,000 to $350,000, with the maximum amount varying based on your location and your loan-to-value (LTV) ratio. Lower allows up to a 95 percent LTV ratio on HELOCs, 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. Lower’s home equity loan, meanwhile, comes with terms of five years to 30 years.
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.
Types of fees charged
Lower’s origination fee varies based on loan amounts. There are no annual fees.
Home equity loan products offered
To be eligible for either a HELOC or home equity loan from Lower, you’ll need a credit score of at least 640. The lender offers prequalifications, which means you can see if you’re eligible for a loan without a hard credit check.
How to qualify for a home equity loan with Lower
You can apply for a HELOC via Lower’s website. If you’re interested in a home equity loan, you’ll need to contact the lender directly by filling out a form online, calling 833-920-2273, emailing care@lower.com or texting 855-293-1776. 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 to get started
You can apply for a HELOC via Lower’s website. If you’re interested in a home equity loan, you’ll need to contact the lender directly by filling out a form online, calling 833-920-2273, emailing care@lower.com or texting 855-293-1776. The customer service team is available Monday through Friday from 8:30 a.m. to 6 p.m. ET.
Lower customer ratings and reviews

NMLS: 1124061
4.9
39 ratings
This lender has 2 reviews.
97% of customers would recommend this lender.
of 2 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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Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?