LowerMyBills.com

LowerMyBills.com

 4.0/5 (241 ratings)
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About LowerMyBills.com

LowerMyBills.com (NMLS: #167283) is a mortgage comparison site that connects individuals to possible mortgage lender matches. LowerMyBills.com is not a mortgage lender and will not directly provide a loan for your new home purchase or refinance. Along with lender comparisons, LowerMyBills.com also offers homebuying resources and tools, such as a mortgage calculator.

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    Overall Satisfaction Rating

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    Pros

    • Free to use
    • Helpful mortgage calculator and tools
    • In-depth editorial guides

    Cons

    • Not a direct lender
    • Limited lender matches

    Bottom Line

    LowerMyBills.com is an option for individuals who want to compare lenders. If you are looking for exact rates and terms, it is best to contact a specific lender directly.

    Top LowerMyBills.com Reviews

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    Rated with 5 stars
    Verified

    I'm a veteran. … It led me to Rocket Mortgage, and it worked out. The process took exactly about a month, and I love the man who helped me out. … He really acted like he cared, an...

    Read full review
    Rated with 4 stars
    Verified

    I had a very seamless experience. I really enjoyed working with them. From the time I filled out the information with them to closing was 11 days. I’m very satisfied. My home mort...

    Read full review

    Rates

    Since LowerMyBills.com doesn’t originate loans, you won’t find direct rates on the site. Instead, you can use the mortgage calculator to input your desired loan amount, credit score and ZIP code to get an estimated rate. Remember, just because you see an estimated rate on LowerMyBills.com does not mean it will match you with a lender with that rate or that you will qualify.

    Mortgage rates are constantly changing based on the current market. Rates will vary per lender and are based on your creditworthiness, down payment amount and other factors. It is important to compare rates from different lenders to ensure you are getting the lowest rate possible.

    LowerMyBill connects people with lenders that offer both fixed-rate and adjustable-rate mortgages (ARMs). With a fixed rate, you’ll have the same interest rate over the length of the loan. ARMs provide an initially low fixed rate and then adjust regularly according to a benchmark index and margin specified by the lender.

    Application process

    With LowerMyBills.com, you can search for a home loan lender at any stage of the homebuying or refinancing process. The questionnaire takes less than five minutes to complete, and asks questions about your desired loan amount, credit score, down payment and employment. It will also ask for personal contact information, such as your name, email address, home address and phone number.

    LowerMyBills.com promises not to spam you or send physical mail to the address provided. After you enter your information, the website shows you potential lenders along with links to get started with the loan process.

    Steve, a reviewer on ConsumerAffairs from Texas, said he refinanced a loan using LowerMyBills, ultimately choosing Rocket Mortgage: “I was looking to get a lower interest rate with the refinance and not really looking to saving any money in terms of monthly premium, but overall, on the term of the loan, I am saving in interest savings. LowerMyBills did a great job.”

    Loan types

    LowerMyBills helps people find both home purchase and refinance loans. These may include conventional loans and government-backed loans, such as FHA and VA loans. Once you answer the questionnaire online, the company matches you with compatible lenders.

    Refinancing

    If you’re using LowerMyBills.com to kick off your mortgage refinance, it’s important to research your matches on an unbiased review site to ensure the lender is well-rated and has competitive rates.

    Once matched on the site, you will immediately receive an email from the lender, where you then have to answer all of the questions again for the lender’s automated rate tool.

    The historically low interest rates of 2020 and 2021 made refinancing a mortgage a smart move for many. In 2022, rates are steadily increasing, and interest in refinancing is decreasing.

    HELOC and home equity loans

    When you input that you want to refinance your home through LowerMyBills.com, you may be shown lenders with home equity loan or home equity line of credit (HELOC) options.

    It is best to go through a helpful HELOC or home equity buying guide first that points to unbiased reviews and gives thorough insight into rates and requirements.

    Requirements

    Using LowerMyBills.com to initiate your mortgage search requires only basic information. Once you choose a match, you will be asked to enter additional personal and financial information.

    To increase your chances of getting a preapproved loan, you should have a good idea of your financial standing, including your credit history and monthly budget. Trying to finance more house than you can afford will lead to loan rejection. Additionally, having a strong credit score and a low debt-to-income (DTI) ratio will increase your chances of approval.

    National mortgage requirements by type

    Min. credit scoreMin. down paymentCompare with other lenders
    ConventionalTypically 620Typically 3%Mortgage lenders
    FHA5003.5% with 580 credit scoreFHA lenders
    VASet by lender (often 580)0%VA lenders
    USDASet by lender (often 640)0%USDA lenders

    Cost and fees

    Using LowerMyBills.com is free. If you connect with a lender and move forward with the mortgage process, you will learn about loan costs and fees. Loan charges, including closing costs, vary depending on your lender. After you apply, the lender will give you a form called a Loan Estimate, which gives projected loan costs.

    FAQ

    What is LowerMyBills.com?

    LowerMyBills.com is an online hub for mortgage resources, tools and lender recommendations. It is not a mortgage lender and does not originate loans.

    Is LowerMyBills.com legit?

    LowerMyBills.com is a legitimate business and resource. While the website has useful general information, it’s not completely clear how many lenders it works with, so you may choose to explore brokers and other lenders while searching for the best offers.

    Where is LowerMyBills.com available?

    LowerMyBills.com is available online nationwide.

    LowerMyBills.com Reviews

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    How do I know I can trust these reviews about LowerMyBills.com?
    • 4,188,850 reviews on ConsumerAffairs are verified.
    • We require contact information to ensure our reviewers are real.
    • We use intelligent software that helps us maintain the integrity of reviews.
    • Our moderators read all reviews to verify quality and helpfulness.

    For more information about reviews on ConsumerAffairs.com please visit our FAQ.

    Page 1 Reviews 0 - 5
    Rated with 4 stars
    Verified Reviewer Verified Buyer
    Original review: July 4, 2022

    There was a whole lot of work that went on when I transacted with LowerMyBills. Then, while I put in some information, I started getting calls from all kinds of loan companies. And I just went back with the company that I already financed with. But I was happy with my experience.

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    Rated with 5 stars
    Verified Reviewer Verified Buyer
    Original review: April 13, 2022

    Their website was real good. Usually, we talk to them directly, so all my questions were answered. My loan officer was Allan. He was real confident, and he knew his stuff. He took the time to answer any questions we came up with. If we ever had a question, he gave me a direct line to call him and it didn't ever seem like we were a bother.

    Be the first one to find this review helpful

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: March 17, 2022

      I'm a veteran, and there was something about a veteran benefit for mortgages. It led me to Rocket Mortgage, and it worked out. The process took exactly about a month, and I love the man who helped me out. His name is Dallas, and he did an awesome job. He was very personable, and he wasn't salesman-y, which that rubs me the wrong way. He really acted like he cared, and when we had some glitches or questions, he was always right there. He is really good at what he does.

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      Rated with 4 stars
      Verified Reviewer Verified Buyer
      Original review: March 10, 2022

      Navigating their site was pretty easy. The service enabled me to learn about refinancing our house and it would have offered the information needed to make some kind of a decision about it one way or the other.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: Feb. 9, 2022

      I refinanced my house and I went through Rocket Mortgage. LowerMyBills helped me find it. The representative worked with me on getting a lower rate and we ended up knocking 10 years off of my loan so that was good.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: July 19, 2022

      I paid off a couple of bills using LowerMyBills and their website was good.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: June 3, 2022

      It worked out fine with LowerMyBills. I was contacted right after I filled out the little questionnaire.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: May 19, 2022

      Everything was pleasurable, easy, and very simple. We did a refi and LowerMyBills got us over to Rocket. There was good communication between us and Rocket Mortgage and everything worked out great.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: May 14, 2022

      It was perfect with LowerMyBills. If you need help, that's the place to go.

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      Rated with 5 stars
      Verified Reviewer Verified Buyer
      Original review: May 7, 2022

      I was seeking a lender that would loan me money and navigating through LowerMyBills.com was fairly easy. The approval was around a week.

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      Start your home buying journey. Get matched with an authorized partner.

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        LowerMyBills.com Company Information

        Company Name:
        LowerMyBills.com
        Website:
        www.lowermybills.com