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LowRates.com Mortgage Review 2024

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At a glance

LowRates.com
NMLS: 3277
Editor's take

LowRates.com strives to offer exactly what its website promises: lower rates. It stands out for its TRU approval program, which turns around underwriting in less than 24 hours, speeding up the closing process for borrowers. It works with applicants in most states and some U.S. territories.

Bankrate Score
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3.7
Rating: 3.7 stars out of 5
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Customer Rating
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4.8
Rating: 4.81 stars out of 5

213 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 500 for VA loans

Location

Nationwide availability

All U.S. states except Georgia and Massachusetts

Dollar Coin

Min. down payment

3.5% for FHA loans, none for VA loans and USDA loans

At a glance

LowRates.com

NMLS: 3277

3.7

Rating: 3.7 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states except Georgia and Massachusetts

Credit Good

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 500 for VA loans

LowRates.com overview

LowRates.com provides a variety of mortgage options, including both purchases and refinances, conventional and government-insured loans, home equity loans and construction loans.

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Bankrate insight

LowRates.com is operated by Sun West Mortgage Company, an online and brick-and-mortar lender established in 1980.

Pros and cons of LowRates.com

Pros
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    Complete credit underwriting in under 24 hours

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    Closings in as few as 20 days

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    Down payment assistance

Cons
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    Sun West Mortgage branch locations only available in some states

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    No mortgages in Georgia or Massachusetts

Our Editor’s Take on LowRates.com

LowRates.com strives to offer exactly what its website promises: lower rates. It stands out for its TRU approval program, which turns around underwriting in less than 24 hours, speeding up the closing process for borrowers. It works with applicants in most states and some U.S. territories.

How Bankrate scored LowRates.com

  • Affordability: LowRates.com is transparent about its rates, which were slightly lower than Bankrate’s averages at the time of this review.
  • Availability: This company lends in all but two states, as well as Puerto Rico and the U.S. Virgin Islands, and offers a range of loan products for various needs.
  • Borrower experience: You can easily compare LowRates.com offers with others via the lender’s website, as well as initiate a request for a quote or apply for a loan.

Affordability: 5.2/10

LowRates.com’s rates are competitive compared to Bankrate’s averages, and it advertises current offers online and updates rates several times a day. You can get a customized rate quote instantly after answering a few basic questions about your loan. In addition, LowRates.com doesn’t charge any lender fees. There are, however, third-party fees that’ll be included in your closing costs.

Availability: 10/10

>LowRates.com is available in all U.S. states (except Georgia and Massachusetts), Puerto Rico and the U.S. Virgin Islands. The lender offers conventional and jumbo mortgages, along with FHA, VA and USDA loans. It also provides home equity lines of credit (HELOCs), home equity loans, construction and renovation loans, investment property loans and reverse mortgages.

Borrower experience: 7.1/10

LowRates.com parent Sun West Mortgage Company has an A+ rating from the Better Business Bureau, with high marks from customers. The lender has been in business for more than 40 years. You can apply for a mortgage through LowRates.com, and also receive support via the website. Additionally, the site 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 some closing documents in-person.

How to apply for a mortgage with LowRates.com

You can apply for a mortgage with LowRates.com online or by phone at 844-LOW-RATE.

Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with LowRates.com

LowRates.com offers both rate-and-term and cash-out refinancing options.

Compare LowRates.com to other lenders

LowRates.com
Rating: 3.7 stars out of 5
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3.7

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

620 for conventional loans, 700 for jumbo loans, 580 for FHA loans, 500 for VA loans

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3.5% for FHA loans, none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states except Georgia and Massachusetts

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

LowRates.com customer ratings and reviews

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NMLS: 3277

4.8

Rating: 4.81 stars out of 5

213 ratings

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This lender has 0 recent reviews.

Knowledge
Rating: 4.9 stars out of 5
Level of service
Rating: 4.9 stars out of 5
Professionalism
Rating: 4.8 stars out of 5
Responsiveness
Rating: 4.8 stars out of 5
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95% of customers would recommend this lender.