LowerMyBills.com

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.

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.”

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.

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

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.