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Written by Lorraine Roberte
Edited by Jon Bortin

About Lower

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

Lower is a mortgage lending company that primarily operates online. The company has a number of home loan options, including conventional, FHA, VA, USDA, jumbo and more. The company also offers home loan refinancing. Once you refinance a loan, Lower will handle the fees on all subsequent refinancing loans. Lower is not available in all 50 states, but the company has funded over $3.5 billion in loans, according to its website.

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    • Easy online application
    • Free refinancing after initial loan
    • Loan advisors available weekends


    • Not licensed in all states
    • Limited fee information online

    Bottom Line

    Lower offers home financing and refinancing loans. It’s not available in all states. You can apply and pre-qualify online. There’s no hard credit pull until you decide to buy or refinance. Lower publishes rates online.

    Banner image

    Looking to refinance your mortgage?

    See which lender is best for you!

    View Rates

    What is Lower?

    Lower provides customers with home financing and refinancing loans. The company offers various home loan options, including conventional and government loans, loans for second properties and fixed- and adjustable-rate loans. Customers can speak with a loan advisor and see options without a hard credit check.

    Lower is not available or licensed in:

    • Alaska
    • Hawaii
    • Idaho
    • Maine
    • Montana
    • Nevada
    • New Hampshire
    • New York
    • North Dakota
    • Rhode Island
    • South Dakota
    • Vermont
    • Wyoming

    How does Lower work?

    If you’re looking to purchase a home or refinance a home loan, you can start with the Lower pre-qualification process. The questionnaire asks for some general information, such as your name and contact information, credit score, how much you want to spend on a home, your down payment amount, income information and more. If you want to refinance, Lower asks about your goals (e.g., lower your interest rate, get cash out) and details about your current loan.

    With this information, Lower can provide you with a picture of what you can qualify for with a soft credit pull that doesn’t affect your score. Once you’re ready to purchase or refinance with Lower, the lender does a hard credit check.

    The entire application process can be done on Lower’s website or mobile app. This includes uploading and notarizing documents. If you have any questions during the process, there are loan advisors available at any time to help.

    Lower products

    Lower provides many types of home purchase loans, including:

    • Conventional loans
    • FHA loans
    • USDA loans
    • VA loans
    • Jumbo loans
    • Combination loans

    Lower offers home loans with both fixed and adjustable rates, including 5/5 ARM mortgages. You may qualify for a term length of 10, 15, 20, 25 or 30 years. Lower lends for purchases of first or second homes and investment properties.

    Lower’s refinance loans give you the ability to get cash out of your equity. You can also get a rate/term refinance, which allows you to pay less per month, pay less interest over the life of your loan or both.

    In addition to purchase and refinance mortgages, Lower offers home equity loans. It also has an app-based home savings program called HomeFund, which has a 0.75% annual percentage yield. Lower matches every dollar you deposit up to $500, which you can then use toward future closing costs.

    Lower also helps people find homeowners insurance by searching for the best rates from dozens of carriers.

    Lower cost

    Lower displays interest rates and APRs for purchase loans and refinancing loans on its website. At the time of publishing, Lower showed a 3% interest rate (3.219% APR) on a 30-year fixed-rate purchase loan with a loan amount of $200,001 and 2.25 discount points. The rate was 2.25% (2.644%) on a 15-year fixed-rate loan with the same loan amount and points.

    Because rates change daily and vary based on the applicant, the best way to find out your personal rate from Lower is to speak with a loan advisor. Be sure to ask about fee amounts also; Lower doesn’t publish these online.

    Lower FAQ

    Does Lower charge mortgage fees?
    Lower gives customers a general list of potential lender fees they may experience, including an application fee, appraisal fee, credit report fee, processing fee, survey fee and underwriting fee. The company recommends asking your mortgage loan originator about the fees associated with your loan.
    Does Lower offer a refinance program?
    Yes, Lower offers refinancing to help homeowners get cash out of their home equity or adjust their rate and term. Also, once you buy or refinance with Lower, it covers lending fees on future refinances.
    Can I pay my Lower mortgage online?
    Yes, you can make payments on the Lower website. Click the drop-down menu at the top of the page and select “Make a payment.”
    Where is Lower located?
    Lower is based in Columbia, Maryland.

    Do we recommend Lower?

    Lower provides customers an easy online process for getting a mortgage, but it’s not available everywhere. We like that it has a variety of loan options and publishes rates on its website. You can contact the company for support by phone, text or email at any time. If you’re researching lenders for buying a home or refinancing your current mortgage, add Lower to your list and compare it with other companies to find the best offer.

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