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Lower Mortgage Review 2022

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At a glance



Rating: 4.8 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, Lower allows borrowers to deposit savings toward a down payment and helps them secure homeowners insurance. Lower preapproves qualified borrowers typically within one business day of applying, and closings occur on average in 21 days. Lower also offers prequalifications. Notably, existing borrowers qualify for the “Free Refi For Life” program, which waives the lender and application fees, and allows you to earn up to $500 toward the down payment using the Lower app.

Good for

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

Loan types

  • 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

Lender fees

For purchases, Lower charges a flat $995 fee, and for refinances, a flat $1,695 fee. One big perk: That $1,695 fee is waived for existing borrowers.


Lower publishes mortgage rates on its home page, and those are updated daily.


Lower is not accredited by the Better Business Bureau, but has a C+ grade from the organization. On Trustpilot, Lower has a 4.9 out of five stars (or “Excellent” rating).

Online services

Borrowers interested in Lower can apply online, and the lender offers both preapproval and prequalification. Customer support is offered both by email and phone. Lower’s website has various education and planning tools, and its app is designed to assist borrowers with planning and saving for their mortgage. Lower also offers e-signature for documents.

Minimum borrower requirements

Lower follows Fannie Mae and Freddie Mac’s underwriting guidelines, so borrowers with credit scores of 620 or higher can put down as little as 3 percent on a conventional mortgage. Borrowers can have a maximum debt-to-income ratio (DTI) of 50 percent with certain loan products. Lower does not accept alternatives to traditional credit scores, like history of rent payment.

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.

Not sure if Lower is right for you? Consider these alternatives

Breakdown of Lower overall review score

  • Affordability: 5/5
  • Availability: 5/5
  • Borrower experience: 4.3/5

Review methodology

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.

Lower consumer reviews



Rating: 5 stars out of 5

3177 reviews

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99% of reviews would recommend this lender

10 of 10 rates honored

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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

Zach Wichter

Mortgage reporter

Zach Wichter is a former mortgage reporter at Bankrate. He previously worked on the Business desk at The New York Times where he won a Loeb Award for breaking news, and covered aviation for The Points Guy.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor