LowRates.com Mortgage Review 2022

Written by
Bankrate
Edited By

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At a glance

LowRates.com

NMLS: 3277

4.9

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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 mortgage
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Nationwide availability

Available in all U.S. states (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 both purchases and refinances, conventional and government-insured loans, home equity loans and construction loans.

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 mortgage

Lender fees

LowRates.com doesn’t charge any lender fees. There are, however, third-party fees that’ll be included in your closing costs.

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 about your loan.

Reputation

LowRates.com parent Sun West Mortgage Company has 3.2 out of five-star rating (but only three reviews) from Trustpilot.

Online services

Although there’s no option for an online prequalification 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 versus buy, affordability and refinancing, 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, these 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 a requirement for the borrower to pay for private mortgage insurance (PMI).

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 are typically competitive to the market. 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: 5/5
  • Availability: 5/5
  • Borrower experience: 4.7/5

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.

LowRates.com consumer reviews

4.8

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213 reviews

5 stars
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203
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10

Customer service rating

Knowledge
4.8
Level of service
4.9
Professionalism
4.8
Responsiveness
4.9

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 81 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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Smooth process

Erik B | California | 5/19/2021

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Great customer service!

Carrie | Texas | 5/21/2021

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Fast. Responsive

Responsiveness | Charlotte | 5/22/2021

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Smooth and professional

Julianne DeSimone | Rhode Island | 5/24/2021

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Excellent expertise, always accessible, very professional

Excellent expertise, always accessible, very professional | Orlando Florida | 5/25/2021

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Bethany Evans is amazing!

Alex | NC | 5/25/2021

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Refinance

Quick close on refinance | Gaithersburg | 5/25/2021

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Super Responsive and Follows Through to Finish

Moses | Memphis | 5/26/2021

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Great folks to work with!

M | Lakewood CA | 5/26/2021

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Refinance

Wonderful Experience | Indiana | 5/27/2021