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Lower Mortgage Review 2023

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At a glance



Rating: 4.2 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; investment property


Nationwide Availability

Available in 42 states and Washington, D.C. (not available in Alaska, Hawaii, Nevada, New York, Rhode Island, South Dakota, Vermont or Wyoming)

Credit Good

Min. credit score required

620 for conventional loans; 580 for FHA loans; 580 for VA loans

Pros and cons

Checkmark Pros

  • Fully online process
  • App designed to help borrowers save for their down payment
  • No lender fees on refis for existing borrowers

Close X Cons

  • High fees for new borrower transactions
  • Not available in all states

Lower overview

Lower is an online-only mortgage lender with hubs in New Albany, Ohio and Columbia, Maryland. In addition to offering mortgages, the lender offers homebuyers help with saving for a down payment and securing homeowners insurance. The lender preapproves qualified borrowers typically within one business day of applying, issues a conditional approval in seven days and closes purchases in an average of 22 days. Lower also offers prequalifications. Notably, existing borrowers qualify for the “Free Refi For Life” program, which waives the lender and application fees, and the lender allows you to earn rewards of more than $1,000 toward the down payment using the Lower app.

Lower is good for

Borrowers looking to maximize their down payment savings and a fast closing timeline

Breakdown of Lower overall score

  • Affordability: Lower’s rates are slightly higher than Bankrate’s averages, but its fees are consistent regardless of loan amount.
  • Availability: Lower is available to borrowers in the majority of states (one notable exception being New York), and it offers a range of purchase, refinance and home equity options.
  • Borrower experience: Lower has very high marks from the Better Business Bureau and customers on Bankrate. Another standout: Its down payment savings app.


To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

Affordability: 4/5

Lower’s rates aren’t as low as Bankrate’s averages, but the lender’s flat-fee structure could mean you save money even if you need a jumbo loan. For purchases, Lower charges a flat $995 fee, and for refinances, a flat $1,695 fee. One big perk: That refi fee is waived if you’re an existing borrower. The lender displays current rates on its website so you can easily make comparisons.

Lower also aims to help you save with its app, which features the option to put money (“HomeCash”) aside for your down payment in an FDIC-insured, interest-bearing account. You’ll be able to earn an additional $1 for every $1 you deposit, up to $500. You can only apply these funds to a home purchase mortgage through Lower, however, and you can’t put them toward the purchase until they’ve seasoned for one year (after your first deposit).

Availability: 4.3/5

Lower’s mortgage options include conventional and government-insured loans (FHA, VA and USDA), along with home equity products and refinancing. If you need a bigger loan for a pricier home, the lender also offers jumbo mortgages and investment property loans.

Note, though: Lower isn’t licensed to lend in every state. Be sure to check availability before requesting a preapproval from this lender.

Borrower experience: 4.6/5

Lower boasts $23 billion in loan volume and has an A+ grade from the Better Business Bureau, although it isn’t accredited by the organization. Thousands of borrowers have had positive experiences with this lender, according to Bankrate, BBB and Trustpilot testimonials.

If you’re interested in a mortgage through Lower, you can apply for a loan via its website, and often e-sign documents for added convenience. The lender offers customer support by email and phone, with business hours from Monday to Friday, 8:30 a.m. to 6 p.m. ET. Its website has various educational and planning tools, as well.

Refinancing with Lower

Lower offers mortgage refinances for a flat fee of $1,695, although that cost is waived for existing borrowers. Refi candidates can apply online.

Alternatives to Lower

Lower consumer reviews



Rating: 5 stars out of 5

3178 reviews

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About consumer ratings

Customer service rating

Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Rating: 5 stars out of 5
Rating: 5 stars out of 5

99% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with Lower.

of 379 reviews

The consumer reviews posted on ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

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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Written by

Jeff Ostrowski

Senior mortgage reporter

Jeff Ostrowski covers mortgages and the housing market. Before joining Bankrate in 2020, he wrote about real estate and the economy for the Palm Beach Post and the South Florida Business Journal.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor