Ally Bank
4.5 Bankrate ScoreAlly Bank began offering direct-to-consumer home...
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
Lower, a stamp of Homeside Financial, aims to deliver on its namesake: lower mortgage rates. Along with a variety of loan options, the lender offers other ways to save, including a down payment savings match and a waived refinance fee for return customers.
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.
Loans offered
Conventional, jumbo, FHA, VA, USDA, refinancing and more
Min. credit score required
620 for conventional loans, 580 for FHA loans, 580 for VA loans
Nationwide availability
All U.S. states except Alaska, Hawaii, New York, Rhode Island and Vermont
Min. down payment
3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans
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. It also offers prequalifications.
Fully online process
App designed to help borrowers save for their down payment
No lender fees on refis for existing borrowers
High fees for new borrower transactions
Not available in all states
Lower’s mortgage 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).
Lower’s mortgage options include conventional and government-backed 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.
Lower 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. Its website has various educational and planning tools, as well.
By saving for a home in the Lower app, you can earn more than $1,000 in rewards toward closing costs. (User reviews of the app are mixed, however.) Lower matches each dollar saved up to $500, and the lender also offers rewards for setting up a recurring deposit and referring friends and family.
Lower borrowers qualify for the Free Refi For Life program, which waives the lender’s fees when you refinance.
Lower offers both rate-and-term and cash-out refinancing options.The lender charges a flat refi fee of $1,695, although that cost is waived for returning borrowers thanks the lender’s Free Refi for Life program.
You can apply for a mortgage with Lower online or by phone at 888-509-8301. 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. Here are some tips to prepare for the process:
NMLS: 1124061
5.0
3,164 ratings
This lender has 20 recent reviews.
99% of customers would recommend this lender.
The consumer reviews posted on Bankrate.com ("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.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 750 homeowners nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.
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.
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?
Rates and terms of loan honored?
Closed mortgage with this lender?
Closed on time?
Would you recommend this lender?