Lower Reviews
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About Lower
Lower is an online mortgage lending company providing options for buying, selling, insuring and saving for a home. The company’s home purchase options include conventional, FHA, VA, USDA and jumbo loans. It also offers refinancing, including rate-and-term and cash-out loans. You can get prequalified without a hard credit check. Lower is available in 47 states and Washington, D.C.
- Prequalify without a hard credit check
- Publishes fees online
- No refinance lender fees after initial loan
- Support available via text
- Not licensed in all states
Helpful Reviews
Application process
Lower Mortgage offers an online application. You can begin the prequalification process by responding to a few short questions and authorizing a soft credit check that won’t affect your credit score. Loan advisors are available by phone or text to answer your questions about the application process.
After you get prequalified, the next step is preapproval. You’ll need to upload financial documentation (like W-2s and bank statements) to Lower Mortgage’s online loan portal at this point. Once Lower has all your documents, you can expect to receive a preapproval letter within one business day.
Lower application features
| Features | Availability |
|---|---|
| Online application | |
| Mobile document upload | |
| Physical branches | Over 600 branch agents in local markets |
| Minimum rates published on website | |
| Rate lock | 15 to 360 days |
| Prequalification (no hard credit pull) | |
| Certified approval letter |
Loan types
Lower offers a variety of mortgage products, including fixed-rate conventional loans, jumbo loans, FHA loans, USDA loans, VA loans, combo loans and other nontraditional loan programs.
You can also refinance your home loan with Lower, whether you’re aiming to cash out or change your rate or term. Lower finances loans for first and second homes and investment properties with term lengths of 10, 15, 20, 25 and 30 years.
The company posts daily rates on its site. The following figures, accurate on the date of publication, are based on a $350,000 loan with a 70% loan-to-value ratio:
| Loan Type | Rate | APR | Points | Monthly payment |
|---|---|---|---|---|
| Conventional 15-year fixed | 5.375% | 5.787% | 2.125 | $2,836 |
| Conventional 30-year fixed | 5.875% | 6.136% | 2.250 | $2,070 |
| Conventional 15-year refinance | 5.250% | 5.752% | 2.500 | $2,813 |
| Conventional 30-year refinance | 5.875% | 6.167% | 2.375 | $2,070 |
HELOC and home equity loans
If you’re already a homeowner and interested in cashing in on your equity in the property, you might consider a home equity line of credit (HELOC) from Lower. It allows you to borrow up to 95% of your home equity (up to $500,000).
Requirements
Lower requires a 620 credit score for a conventional loan; FHA loans require a credit score of at least 500. Jumbo loans generally require a higher credit score, often 700 or above, and a larger down payment, typically between 10% and 20%. These requirements may vary based on loan terms and property type.
The down payment you’ll need also depends on the type of loan. A conventional loan often requires at least a 3% down payment, while an FHA loan requires a 3.5% down payment. VA and USDA loans don’t require a down payment.
Lower generally looks for a debt-to-income ratio of 36% or lower for conventional loans and 43% or below for FHA loans.
National mortgage requirements by type
| Minimum credit score | Minimum down payment | Compare with other lenders | |
|---|---|---|---|
| Conventional | Typically 620 | Typically 3% | Mortgage lenders |
| FHA | 500 | 3.5% with a credit score of 580 | FHA lenders |
| VA | Set by lender (often 580) | 0% | VA lenders |
| USDA | Set by lender (often 640) | 0% | USDA lenders |
Cost and fees
Origination fees and closing costs vary with Lower Mortgage, ranging from $0 to 3% of the loan amount. Lower lists the following possible fees with its loans:
- Application fee
- Appraisal fee
- Credit report fee
- Discount points
- Escrow deposit for property taxes
- Flood certification fee
- Homeowners insurance
- Pest inspection
- Processing fee
- Recording fees
- Survey fee
- Title search fee
- Transfer taxes
- Underwriting fee
One feature of note from Lower is its “Free Refi for Life.” Once you get a purchase or refinance loan from Lower, it covers lender fees on all future refinances with the company. Lower says you can expect to save $1,500 on each future refinance loan.
FAQ
How does Lower work?
If you’re looking to purchase a home or refinance an existing loan, start with the Lower prequalification process. The questionnaire asks for some general information, including your credit score, how much you want to spend on a home, your down payment amount and income info. If you want to refinance, Lower asks about your goals (e.g., lowering your interest rate, getting cash out) and details about your current loan.
Lower can then give you an idea of what you qualify for after a soft credit pull. 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 documents. If you have any questions during the process, there are loan advisors available to help by phone and chat.
Is Lower legit?
We like that Lower has a variety of loan options and publishes rates on its website. You can contact the company by phone or text to get help from a loan advisor. 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.
Where is Lower available?
Lower is available in 47 states and Washington, D.C.
Still have questions?
Lower Reviews
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- 4,895,222 reviews on ConsumerAffairs are verified.
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- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Reviewed May 15, 2026
Nicolas **. This loan officer was outrageous. He helped me in every way with getting all my paperwork done. I will definitely give him a thumbs up as being one of the best loan officers I ever worked with.
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Reviewed Feb. 10, 2026
Refinancing our home loan was quick and easy. Geoff was very helpful and informative and explained each step along the way. I definitely recommend Lower and Geoff ** if you’re looking to refinance your home loan!!
Reviewed Jan. 15, 2026
Matthew is very knowledgeable in this industry. Helped me with different situation to buy the house. Very patient and didn’t push nothing that I didn’t like. I could choose between people I wanted to work with and advise me for my best outcome. Thank you Matthew!
Reviewed Aug. 29, 2025
I started 3 different mortgages with Lower.com. Every single one of them has gone through servicing changes about every 1.5-2 years. In all but 1 (where they sold off 1 loan to some other company, thankfully), every time they did a service change it was going from Lower.com to Lower.com and just moving addresses. Every time it would require a new loan number and they would provide the minimum 2 weeks notice for the move and then complain that my payment was late.
I still have 2 loans with Lower and I lost count how many times how many address changes they have sent me. If someone is starting a class action lawsuit, I would like to help your cause! They seem to be doing this on purpose just to generate late fees and profits. I have tried to keep up with the servicing transfers but there have been so many. They also refuse to answer the secured email messages in their own web access and so far it auto responds that I need to call in to talk to someone??? Hopefully someone else likes this company, I do not. I do not recommend anyone should start a loan with Lower.com.
Hello , We strive to provide the best service for all individuals and your feedback is taken seriously. We apologize for any shortcomings in your experience during loan servicing and the transfer process. It is an industry standard for mortgage loans to change servicers. Of course their a regulations in place to protect you as a customer during these servicing transfers. Feel free to contact us directly at customerservice@lower.com. Thank you - Lower Serving Team 855-332-7130
Reviewed July 14, 2025
I would not recommend this company to my worst enemy. They have been an absolute nightmare to deal with. I got set up with a competent person named Jay that asked me for a bunch of documents and then just ghosted me. Talk to and was promised by three others that they would look into my file and they never did. The company just steals your information. Do not trust or fall for their false advertising and save yourself some time and go with a reputable company with competent loan officers.
Reviewed April 16, 2025
The process in getting a HELOC started out great. The loan officer was very friendly and accommodating. As the process continued things started to get worse and worse. The original 10-14 day timeline was a dream as we were nearing 30 days and still without answers. Starting at day 16 I called and/or emailed every 2 or 3 days. I was being told “tomorrow, it should be ready tomorrow” that was clearly a canned response. I chose this company based on their word that 10-14 days max is all I would have to wait. Finally they have said I am on the last stage, ready for final signature. “You are signing today” but here we are and no paperwork.
I’ve been strung along on this ride for a month and I just want to know when or if I’ll get the funds. Starting the process over with a new company will result in my contractor abandoning the project. By the way, I have an 811 credit score and a debt to income ratio of approx 34%. I’m an ideal candidate for a loan. So, my review is this: if you are looking for funding quickly don’t use Lower. If you aren’t in a hurry then it’s probably fine.
Hello Randall, Thank you for providing your feedback. We want to apologize for any unmet expectations. Per our records their were various factors that were out Lower's direct control. You should receive your funds after the banks open on Monday (4/21). We have shared your experience with the appropriate parties. If you would like to provide more information, please contact us at your earliest convenience at care@lower.com. Thank you - Lower.com Customer Care
Reviewed March 1, 2025
I had an awful experience with Lower Mortgage LLC. Not only did they charge me for services without clear communication, but they also mishandled my personal and financial information. Despite my request to have my credit card details and personal data removed from their system, I received no proper confirmation or assurance that my information was deleted or protected from third-party sharing.
The worst part? They denied my mortgage just two days before closing, even though they had already made their decision two weeks earlier and failed to inform me in a timely manner. Their complete lack of transparency and professionalism caused unnecessary stress and financial strain. To make matters worse, they relied on AI to make their lending decision and flagged my application negatively due to a name change, without ever reaching out to me for clarification. Instead of verifying simple details, they allowed an automated system to dictate my financial future with no accountability. A mortgage company should be honest, communicative, and willing to work with their clients—Lower Mortgage LLC is none of those things. If you want a lender that values its customers and makes informed decisions, stay far away from Lower Mortgage LLC.
Reviewing your file, we were unable to verify your income.
If you are able provide the needed documents then we can restart your file.
The charge you received was for the appraisal for the home you were looking to purchase, which Lower does not retain. Our appraisal management team, saw you had flagged the charge with your bank, so we will not be able to refund you.
If you name changes, it would need to be documented correctly, per government regulation.
We do not share your information with any-third party companies, unless it for specific to your transaction.
Reviewed Jan. 10, 2025
Troy, the lending officer from Lower, was really good. He answered all the questions on time. He was perfect. I was very comfortable working with him. The rates and terms they offered were good, too. They could have given me a lot more money, but they were good though.
Reviewed Jan. 9, 2025
Lower was the mortgage company that I was given to when I got my mortgage. I was working with a realtor and they were assigned to me when I got the loan. The application process was pretty easy, it took about three weeks altogether including underwriting. Their customer service was good and I think the rate and terms I got was great.
Reviewed Jan. 9, 2025
We wanted to refinance to try to get all our mortgages up under one umbrella. Lower pretty much made it simple. We were told what we needed to provide as far as paperwork and documentation. And the rep sent us the documentation to sign, and it was pretty much a smooth process, which took no more than a couple of weeks.
He would regularly call every couple of days to give me updates on everything and where we are, and if there was anything additional that I needed. And I even had contact information to reach out to him if I did have any additional questions, so the communication was great. I didn't have any problems getting in touch with him or them reaching out to me.
I got my needs met. The concerns that I had and the things that I was trying to get done, they took care of it. They worked it out for us and we got to a better place because of them.
Lower Company Information
- Company Name:
- Lower
- Company Type:
- Private
- Address:
- 8131 Smith's Mill Rd
- City:
- New Albany
- State/Province:
- OH
- Postal Code:
- 43054
- Country:
- United States
- Website:
- www.lower.com
