LowRates.com Mortgage Review 2023

Breakdown of LowRates.com overall score

• Affordability: LowRates.com is transparent about its rates, which are slightly lower than Bankrate’s averages.

• Availability: This company lends in all but two states, as well as Puerto RIco, 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.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

Affordability: 5/5

LowRates.com generally makes good on its promise: The lender’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: 5/5

LowRates.com is available in all U.S. states (except Georgia and Massachusetts) and Puerto Rico. 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: 4.5/5

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. 

Although there’s no option for an online prequalification or preapproval, 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.

To get started with LowRates, you can contact 844-LOW-RATE or fill out an online form.

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.

Alternatives to LowRates.com

• Direct Home Lending review – Similar to LowRates.com, this lender tends to complete underwriting within one day.
• Texas Trust Home Loans review – Like LowRates.com, this lender doesn’t charge hidden fees, but is only available in a handful of states.
• Optimum First Mortgage review – This lender consistently earns high marks from borrowers.