LowRates.com Mortgage Review 2021

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At a glance

LowRates.com

NMLS: 3277

4.7

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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; construction and renovation loans; investment property; reverse mortgages
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Nationwide availability

Available in all U.S. state (except Georgia and Massachusetts) and Puerto Rico
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Min. credit score required

620 for conventional loans; 620 for jumbo loans; 500 for FHA loans; 500 for VA loans

Pros and cons

Pros

  • Variety of loans available in 48 states and Puerto Rico
  • TRU Approval program provides complete credit underwriting in under 24 hours
  • Closings in as few as 20 days
  • Down payment assistance available to eligible borrowers

Cons

  • Sun West Mortgage branch locations only available in 20 states and Puerto Rico
  • Corporate website could be more organized and user-friendly
  • Loans not available in Georgia or Massachusetts

LowRates.com overview

LowRates.com (also known as LowRates), is operated by Sun West Mortgage Company, an online and brick-and-mortar lender established in 1980. LowRates.com provides a variety of mortgage options, including:

  • Conventional fixed-rate and adjustable-rate mortgages (ARMs)
  • FHA, VA and USDA fixed-rate loans
  • Jumbo fixed-rate loans
  • Home equity loans and home equity lines of credit (HELOCs)
  • Renovation, construction and investment property loans
The lender also offers rate-and-term refinancing, jumbo refinance loans, FHA, VA and USDA refinancing, cash-out refinancing and reverse mortgages.

Good for

Borrowers looking for a user-friendly application process and rate transparency

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
  • Construction and renovation loans
  • Investment property
  • Reverse mortgages

Lender fees

LowRates.com doesn’t charge any lender fees. There are, however, third-party fees.

Rates 

LowRates.com advertises rates on its website and updates them several times a day. You can get a customized rate quote instantly after answering a few basic questions. 

Reputation

LowRates.com parent Sun West Mortgage Company has an A+ rating from the Better Business Bureau. Sun West Mortgage Company also has a 3.2 out of five-star rating (but only three reviews) from Trustpilot.

Online services

Although there are no online prequalifications or preapproval at this time, borrowers can formally apply for a mortgage through LowRates.com, and also receive support via the website. Additionally, the website offers calculators, including rent vs. buy, affordability and refinance calculators, to help you estimate costs and inform your choices. The lender doesn’t have an app, but you can sign many documents electronically. However, you’ll still need to sign closing documents in-person. 

Minimum borrower requirements

LowRates.com adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) and the Department of Agriculture (USDA).

For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement.

For FHA, VA and USDA loans, minimum requirements are set by the respective agencies. You can find them here:

Refinancing with LowRates.com

LowRates.com offers rate-and-term, cash-out and streamline refinancing, and its refinance rates were below Bankrate’s national average as of July 2021. These rates are updated several times a day. In general, the higher your credit score, the better your rate. 

Not sure if LowRates.com is right for you? Consider these alternatives 

Breakdown of LowRates.com overall review score 

  • Affordability: 15/15
  • Availability: 14/15
  • Borrower experience: 9/10

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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LowRates.com consumer reviews

4.8

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208 reviews

5 stars
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198
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10

Customer service rating

Knowledge
4.9
Level of service
4.9
Professionalism
4.8
Responsiveness
4.8

95% of reviews would recommend this lender

10 of 10 rates honored

Review this lender

Write a review of your experience with LOWRATES.

10 of 160 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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Easy from start to finish

Paul N. | South Carolina | 9/22/2020

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Great Experience!

Travis and Ruby | San Antonio | 10/1/2020

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Awesome Experience!

M Santana | St. Cloud Florida | 10/25/2020

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Great rates

FL Refi | FL | 11/16/2020

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Great experience overall

Alex C | Texas | 11/19/2020

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Brad Freeman was the best

Chris M | Beverly Hills, MI | 12/16/2020

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Amazing Team of Professionals!

Doug Shields | Chandler, AZ | 12/16/2020

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Great Experience

Kandace K | Charlotte NC | 12/23/2020

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Very competitive rates, straight up HONEST.

Gerry P | Phoenix,Az. | 12/24/2020

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Highly professional, knowledgeable and responsive

Yarumi | FL | 12/25/2020

Written by
Dhara Singh
Mortgage reporter
Dhara Singh is a mortgage reporter for Bankrate. She is a former data analyst turned financial journalist who previously worked at Yahoo Finance, CNET, Cashay.com and JPMorgan Chase covering the housing and retirement beats.
Edited by
Mortgage editor