Whether you are borrowing for a first home, a second home or an investment property, Lower.com offers purchase and refinance loans with fixed or adjustable rates. Choices include conventional loans, such as jumbo loans, and government-backed loans, including:
- Federal Housing Administration mortgages.
- U.S. Department of Agriculture mortgages.
- Veterans Affairs mortgages.
Other options are a 5/5 adjustable-rate mortgage and a combination loan, which is two separate loans from a single lender to a borrower, often to save on private mortgage insurance. If you’re in the market for a mortgage refinance, Lower.com has rate-and-term and cash-out refinancing as well as home equity loans and lines of credit.
Prospective borrowers can start the application process by providing Lower.com basic details about income, employment and assets to prequalify online. If you prequalify for a loan, you can see estimated rates with no effect on your credit score. If you do decide to move forward with an actual application, you will then give Lower.com permission to pull your credit.
If you move forward with an application, expect to upload documents and electronically sign paperwork as part of the lender’s all-digital experience. Borrowers can text, call or email for help, and someone can even come to your work, home or apartment for a signature.
Loan terms, fees and conditions will depend on whether you are buying or refinancing a home with Lower.com.
Lower.com lists some of the lender fees that may accompany your purchase or refinance loan but does not disclose amounts. You could have to pay an application fee, an appraisal fee, a credit report fee, an escrow deposit for property taxes, a title search fee, a pest inspection fee and a flood certification fee, among others.
Users saving for a home in the Lower app can earn more than $1,000 in rewards toward closing costs. Lower.com will match each dollar saved up to $500, and then there are opportunities to earn bonus rewards for activities like setting up a recurring deposit, referring friends and family, or using a referral code.
Lower.com follows guidelines from Fannie Mae and Freddie Mac for conventional loans and from the FHA and other agencies for government-backed programs.
Minimum credit scores for Lower.com applicants are in line with the general guidance of major loan programs:
- An FHA loan requires a minimum FICO credit score of 580.
- A VA loan has no minimum credit requirement but typically requires a minimum FICO score of 620.
- A conventional loan requires a minimum FICO score of 620.
Lower.com operates in the District of Columbia and in these states: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, South Carolina, Tennessee, Texas, Utah, Virginia, Washington, West Virginia and Wisconsin.
Lower.com received an A rating from the Better Business Bureau but is not BBB-accredited. The lender also earned 4.9 out of 5 stars, an excellent rating from Trustpilot, based on more than 1,800 reviews.
The Consumer Financial Protection Bureau in 2021 did not receive any mortgage-related complaints about Lower.com.
Lower.com offers customer support by phone, by text and directly on its website.
Call customer service at 833-585-1385 from 9 a.m. to 6 p.m. Eastern Time Monday through Thursday and from 9 a.m. to 4 p.m. on Friday. Ask questions anytime by sending a text message to 855-293-1776 or emailing email@example.com.
You can also submit a form on the lender’s website to request that Lower.com contact you.
Lower.com has an all-digital borrowing process. You can prequalify for a loan, upload documents even from your phone and electronically sign paperwork. Some borrowers may prefer to speak with a representative, but they are not required to do so.
The lender’s website features a Home Readiness Quiz, tips on homebuying and a variety of loan calculators. Borrowers can make a mortgage payment online. Also, the Lower app will allow you to sign up for a HomeFund account.
- People who want a completely digital loan process.
- People who intend to refinance with their lender and save on fees.
- People who want an incentive to save for a home.