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LowRates.com Mortgage Review 2023

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At a glance

LowRates.com
NMLS: 3277
Editor's take

LowRates.com is good for borrowers interested in quick underwriting or those in need of down payment assistance.

Bankrate Score
Info
4.8
Rating: 4.8 stars out of 5
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Bankrate Score

Customer Rating
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4.8
Rating: 4 stars out of 5

213 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; reverse mortgage

Credit Good

Min. credit score required

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

Location

Nationwide availability

Available in all U.S. states (except Georgia and Massachusetts) and Puerto Rico

Dollar Coin

Min. down payment

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

At a glance

LowRates.com

NMLS: 3277

4.8

Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; reverse mortgage

Location

Nationwide Availability

Available in all U.S. states (except Georgia and Massachusetts) and Puerto Rico

Credit Good

Min. credit score required

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

LowRates.com overview

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 both purchases and refinances, conventional and government-insured loans, home equity loans and construction loans.

Pros and cons of LowRates.com

Pros
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    TRU Approval program provides 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 available to eligible borrowers

Cons
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    Sun West Mortgage branch locations only available in some states

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    Loans not available in Georgia or Massachusetts

Our Editor’s Take on LowRates.com

LowRates.com is good for borrowers interested in quick underwriting or those in need of down payment assistance.

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.

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

LowRates.com customer ratings and reviews

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NMLS: 3277

4.8

Rating: 4 stars out of 5

213 ratings

Info

This lender has 0 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.