LowRates.com Mortgage Review 2020
By Erik J. Martin
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4.4
4.9
Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.
LowRates.com, which also operates as Sun West Mortgage, is an online and brick-and-mortar lender that was established in 1980. LowRates.com provides a variety of mortgage options and loans for homebuyers, 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
Nationwide availability
Available in all U.S. states except Georgia and Massachusetts; also available in Puerto Rico
Minimum credit score
620 for conventional mortgages; 500 for FHA loans; 500 for VA loans; 620 for jumbo fixed-rate loans
Loan types
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), reverse mortgage loans, renovation loans, construction loans and investment property loans; refinancing options include rate-and-term refinancing, cash-out refinancing, jumbo refinance loans, FHA refinance loans, VA refinance loans and USDA refinance loans
Pros
- Variety of loans available in 48 states and Puerto Rico (not available in Georgia or Massachusetts)
- Fast approvals: True Approval program provides complete credit underwriting in under 24 hours
- Closings in as few as 20 days
- Down payment assistance available to eligible borrowers
- No fees charged for online loans
Cons
- Physical branch locations only available in 17 states
- Sun West Mortgage corporate website could be more organized and user-friendly
- Loans not available in Georgia or Massachusetts
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LowRates.com overview
Loan types
- 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
Lender fees
LowRates.com doesn’t charge fees for online loans. Loan applications via its 800-number or at a branch location can range from $995 to $1,450 but vary by loan type.
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) and the Department of Veterans Affairs (VA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher). Depending on the loan, a minimum down payment of 3 percent is required (zero down for VA and USDA loans).
Get started with LowRates.com
Borrowers can apply in person in 16 states (Arizona, California, Colorado, Illinois, Maryland, Michigan, Minnesota, Missouri, Nevada, New Jersey, North Carolina, Oklahoma, Oregon, Tennessee, Texas and Virginia) and Puerto Rico, online or by phone.Hours
LowRates.com consumer rating and reviews
98% recommended
Customer Service Rating