LowRates.com Mortgage Review 2021

By Erik J. Martin

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.

At a glance

LowRates.com

NMLS: 3277

4.8

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Loans offered

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
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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; 500 for FHA loans; 500 for VA loans; 620 for jumbo fixed-rate loans

Pros and cons

Pros

  • Variety of loans available in 48 states and Puerto Rico
  • 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

  • Branch locations only available in 16 states
  • Sun West Mortgage 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 and operating 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
The lender also offers rate-and-term refinancing, jumbo refinance loans, FHA refinance loans, VA refinance loans, USDA refinance loans, cash-out refinancing and reverse mortgages.

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
  • Rate-and-term refinancing
  • Jumbo refinance loans
  • FHA refinance loans
  • VA refinance loans
  • USDA refinance loans
  • Cash-out refinancing
  • Reverse mortgages

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).

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LowRates.com consumer reviews

4.7

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81 reviews

5 stars
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74
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7

Customer service rating

Knowledge
4.6
Level of service
4.8
Professionalism
4.6
Responsiveness
4.8

91% of reviews would recommend this lender

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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 refi at a low rate

Alex H | Columbus, OH | 4/18/2020

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Shawn Martin and Lynise Howie at LowRates.com

A very happy customer | Myrtle Beach | 5/1/2020

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Easy ReFi

ABailey | Addison Township, MI | 5/4/2020

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Low rate, professional service

S Carlson | Minnetonka, MN | 5/4/2020

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Fast and Easy Refi

Derrick J | Charlotte, NC | 5/6/2020

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Great Experience - Thank you!

Jon Caplis | Baltimore | 5/9/2020

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Excellent service and smooth refi

Happy Denver Client | Denver | 5/15/2020

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Great experience

EJ | Connecticut | 5/23/2020

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A Pleasure to Work With

Dave | Cincinnati, OH | 6/10/2020

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Great experience

JR | Charlotte, NC | 6/18/2020