Lower Mortgage Review 2021

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At a glance

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4.4

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Bankrate Score

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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
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Nationwide availability

Available in 42 states (not available in Alaska, Hawaii, Nevada, New York, Rhode Island, South Dakota, Vermont or Wyoming)
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Min. credit score required

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

Pros 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 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 generally occur in under 30 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 matches down payment savings up to $1,000 for existing depositors.

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 B- rating on the organization’s website. Trustpilot ranks Lower three out of five stars, based on three reviews.

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. The lender’s refinance rate was below the national average as of July 9, 2021. Refi candidates can apply online.

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

Breakdown of Lower overall review score

  • Affordability: 14.75/15
  • Availability: 13/15
  • Borrower experience: 8/10

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.

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Lower consumer reviews

5.0

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2073 reviews

5 stars
4 stars
3 stars
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1 stars
2016
43
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12

Customer service rating

Knowledge
5.0
Level of service
5.0
Professionalism
5.0
Responsiveness
5.0

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 2073 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.

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Great Experience!

Don Pettie | University Place, WA | 10/29/2020

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Professional, prompt, knowledgeable

Rajesh | NJ | 10/29/2020

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Best Refinance of the year!

Sean | Washington | 10/29/2020

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Liam was great!!

Dana Watson | 85234 | 10/29/2020

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Wonderful experience with this company!

Jeff Cartwright | Emerald Isle, NC | 10/29/2020

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Excellent customer service and great rates!

-Stephen Carter | VA | 10/29/2020

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Best Experience I Have Ever Had !!!

Rob | Ft Meade, MD | 10/29/2020

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Great Customer Service

Refinancing in Charlotte | Charlotte, NC | 10/29/2020

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STEVE G. Made Our Home Buying Awesome

Jessi W | Grover, MO | 10/29/2020

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Great success with Lower

Russell | OH | 10/29/2020

Written by
Zach Wichter
Mortgage reporter
Zach Wichter is a 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
Mortgage editor