Lower Mortgage Review 2026

Lower overview

Lower was founded in 2018 and has grown from an online-only mortgage lender to support over 100 branch locations across the country. Lower serves 47 states plus the District of Columbia.

Pros and cons of Lower

How Bankrate scored Lower

Affordability: 4.2 stars

Lower’s mortgage rates were comparable to Bankrate’s averages at the time of this review, earning it an affordability rating of 4.2 out of 5 stars.

• Interest rates: Lower tends to offer competitive mortgage rates.
• Down payment: Conventional loans are available with as little as 3% down.
• Fees: Lower charges a $1,299 fee on home purchases and a $1,999 refinance fee, which is waived for existing customers.

Availability: 5 stars

Lower earns a strong 5-star score for its broad product coverage and national footprint.

• Home loans offered: Lower’s mortgage options include conventional and government-backed loans (FHA, VA and USDA), along with home equity products and refinancing. The lender also offers jumbo mortgages and non-QM options like bank statement and debt service coverage ratio (DSCR) loans.
• Footprint: Lower operates in 47 states and Washington, D.C., and has over 100 branch locations nationwide.
• Where to find: You can apply for a mortgage with Lower in person, online or by phone.

Borrower experience: 4.6 stars

Lower’s fast approvals were offset by limited rate transparency, resulting in a borrower experience score of 4.6 out of 5 stars.

• Preapproval and application process: Lower typically provides preapproval within one business day, issues conditional approval in about seven days, and closes purchase loans in an average of 22 days.
• Transparency: Lower publishes its current mortgage rates for most major loan types on its website.
• Customer service: Lower’s customer service team is available 8 a.m. to 9 p.m. ET weekdays and 9 a.m. to 5 p.m. ET on weekends by phone or text.

Images courtesy of Lower Mortgage as of August 13, 2025. Note: Depending on method of contact, your individual credit profile and other circumstances, your experience might differ.

Lower reputation

Lower has an A+ grade from the Better Business Bureau (BBB), although it isn’t accredited by the organization. Thousands of borrowers have had positive experiences with this lender, according to BBB and Trustpilot testimonials.

What Bankrate users say about Lower

Borrowers on Bankrate overwhelmingly report having a good experience working with Lower. One borrower even called out the lender’s “personal experience” that made them feel like they were being “treated like family.”