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.
Borrowers looking for a user-friendly application process and rate transparency
- 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
LowRates.com doesn’t charge any lender fees. There are, however, third-party fees.
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.
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.
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.
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Breakdown of LowRates.com overall review score
- Affordability: 15/15
- Availability: 14/15
- Borrower experience: 9/10
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.