Lower Mortgage Review 2022
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At a glance

4.8
Bankrate Score
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 propertyNationwide availability
Available in 42 states and Washington, D.C. (not available in Alaska, Hawaii, Nevada, New York, Rhode Island, South Dakota, Vermont or Wyoming)Min. credit score required
620 for conventional loans; 580 for FHA loans; 580 for VA loansPros and cons
Pros
- Fully online process
- App designed to help borrowers save for their down payment
- No lender fees on refis for existing borrowers
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.
Rates
Lower publishes mortgage rates on its home page, and those are updated daily.
Reputation
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
- Chase Home Lending review: For a brick-and-mortar option
- Mr. Cooper review: For more niche loan products
- Rocket Mortgage review: One of the largest online lenders
- Costco Mortgage review: For Costco members looking for more rates from other lenders
- United Wholesale Mortgage review: If you’re working with a mortgage broker
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
5.0
3039 reviews
Customer service rating
99% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with Lower.
10 of 1332 reviews
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.
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.
No stress refi - finally
Fast | Phillipsburg NJ | 7/4/2021
Great company to handle my refinance and home equity loan. Personal experience, thorough, clear, helpful discussing all options, always available when I had questions. Estimate to close was sooner than expected!! Thanks guys!!
Great Experience with Sean Farrell and Lower
Max B | Georgia | 7/5/2021
Sean was my mortgage facilitator at Lower and he went above and beyond throughout the entire process. Lower was a great company to work with, but Sean Farrell is the reason why I have my mortgage through Lower. Early in the process we discussed rates, which were still too far out to lock. As soon as...
Got the Loan We Needed at a Great Rate
Chris G | Monroe, GA | 7/5/2021
We we trying to pay off some other debts and refinance the house with one loan and Lower was the only lender we found that would accommodate the amount we needed...and they offered the lowest rate as well. The process was smooth and easy with very few complications. It took longer than we anticipate...
James Patrick Moore is the height of professionalism
Robert | Queen Creek AZ | 7/6/2021
James Patrick Moore is the height of professionalism I have been in the real estate business for 5 years and have dealt with many lenders. James is by far superior to most and truly has his clients best interest. His intelligence and availability are just a couple of the reasons ... Read more
Great rates and super easy process
Easy process | South Carolina | 7/6/2021
Matt from Lower was excellent to work with. The rates were great, and the customer service made the process really quick and easy.
Refinancing with Lower use Adam Holbrook
Justin | California | 7/6/2021
I used Lower to refinance my mortgage for a better rate. I had the pleasure of meeting and working with Adam Holbrook. If you are looking for an honest and trustworthy Loan Officer, Adam Holbrook is the man. I worked with Adam from the beginning to the end of the loan process. I was kept informe...
Great experience
Refinance | Albuquerque, NM | 7/6/2021
From the start of the process to the finish I can honestly say it was a complete pleasure.
Excellent experience
Great customer service | Northern California | 7/6/2021
Jason was great. Explained the process thoroughly, and was easily reachable, even when I had to call him after hours for a question. Loan closed ahead of schedule. I would definitely recommend this lender.
Connor P. goes out of his way to take care of YOU!
Moe H. | Hillsboro, OR | 7/6/2021
I was dealing with another lender that kept asking for higher closing fees despite showing me earlier a better rate. I decided to revisit the refi-option and Lower.com came up with the best rate. Connor contacted me and walked me through the process and I closed in 2 weeks! That's what I call great ...
Amazing Experience
Zoey Iturbe | Miami, FL | 7/7/2021
Working with Noah Thomas was great from start to finish. He was available to answers all questions and concerns. He helped make the process as smooth as possible.