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About Us

What is Lower.com?

Lower.com is an online mortgage lender that has funded billions of dollars in home loans. We believe homeownership is the greatest wealth creator in America today. Our goal is to make homeownership more accessible to more people.

How do Lower.com customers rate their experience?

Lower.com delivers a best-in-class customer experience with ratings of 4.8 on Trustpilot, 4.9 on Google, and 4.9 on Zillow. Lower.com also has an A+ rating from the Better Business Bureau.

Where does Lower.com operate?

You can use Lower to get a loan in 45 states (not available in New York, Hawaii, Alaska, Rhode Island, Vermont) and the District of Columbia. At this time, you can’t use Lower.com to get a loan in Puerto Rico or anywhere outside the U.S.

How does Lower.com keep my information safe and secure?

Protecting your personal information is our top priority! We encrypt everything and we’re constantly monitoring our site to make sure it’s secure. We won’t sell your data or use it for anything other than what’s stated in our Terms of Use, SMS Texting, Electronic Documents, Realtor Communication, Non-affiliate Information Sharing Policy, and eConsent Policy.

I want to buy a home. When is the best point in my home search to use Lower.com?

If you’re buying a home, here’s when we recommend using Lower.com:

You’re just starting your home search.
You have a home in mind and want to make an offer.
You already have a signed purchase agreement.
Learn more about home purchase loans and begin your application.

What types of refinancing goals can Lower.com help with?

If you’re considering refinancing, you can use Lower.com to:

Get cash out of your home.
Increase your monthly cash flow.
Consolidate high-interest debt.
Lower your monthly payment.
Explore options for shortening your loan term.
Learn more about refinancing and begin your application.

What can I achieve by accessing equity with a HELOC from Lower.com?

Lower.com can help you access equity with a HELOC to:

Consolidate high-interest credit card debt.
Fund home repairs or renovations.
Pay for college.
Pay off student loans.
Learn more about HELOCs and begin your application.

Loan programs and services

What types of purchase loans can I get with Lower.com?

Lower.com recommends loans you may be eligible for based on the information you provide. When you use Lower.com to buy a home, we may recommend:

Conventional loans
FHA loans
VA loans
Jumbo loans
Down payment assistance programs

What kind of homes can I use Lower.com to get a loan for?

Most people use Lower.com to buy or refinance:

A single-family home
A second home or investment property
Condo, townhome, multi-unit property, manufactured home
We don’t provide mortgages for mobile homes. We encourage you to see if you can get approved for a single-family home.
Give us a call at (305) 796-7869 to connect with our branch manager.

What is pre-approval? How can I use Lower.com to get a preapproval letter?

A mortgage pre-approval is a process that establishes how much you can afford to borrow to purchase a home. Lower.com will review your assets, credit score, and income so we can determine which loans you’re eligible for, how much we can lend you, and what your interest rate could be. You will receive a pre-approval letter once you’ve been pre-approved that you can share with your real estate agent and sellers. It’s never too early to get pre-approved. It’s often easier than most imagine. If you’re ready to start shopping for that perfect home, you’ll understand how much you can afford and will help with your search. If there are some items standing between you and pre-approval, our expert Loan advisors will coach you through the journey.

What’s Lower.com’s “Free Refi For Life” program?

Buy now or refinance now with Lower.com and know you can lower your rate later – for free! This offer waives Lower.com’s origination, underwriting, processing, or administrative fees. You must have closed a previous first-lien refinance transaction on or after December 1, 2018 with Lower. All applications are subject to underwriting and credit approval.

How do I know if I will qualify for a loan?

We look for certain things when we evaluate a loan application. While the approval process is unique to each person, here are some general guidelines.

Ideally, your monthly expenses shouldn’t be more than 50% of what you earn each month, but some loan programs allow for more.
Ideally, you have a two-year work history with proof of current, stable income and/or assets.
There are certain circumstances and programs in which a credit score of 580 is enough, but typically you need a credit score of 620.
Whether you’re purchasing or refinancing, you’ll often need an appraisal. We work with an independent, third-party appraisal management company to order the appraisal for you.

Rates, costs, and appraisals

How competitive are Lower.com’s rates?

Our rates are highly competitive (but your rates are going to vary depending on your finances and the property). Going with the lowest rate might seem smart, given how much interest you pay over the life of a mortgage. But there are times when choosing the lowest rate might not make the most sense. What’s more important than just the lowest interest rate is getting the right mortgage for your situation – and a lender who helps you do that.

What can I expect my closing costs to be?

If you want to estimate how much you’ll need to bring to the closing table, it depends on whether you’re buying or refinancing. If you’re buying a home, plan to have at least 3% of the purchase price for a down payment and between 3% and 6% of the purchase price for closing costs. If you’re refinancing with Lower.com, you might not need to pay out of pocket to close your loan. In many cases, we may automatically roll all your closing costs into your loan to make refinancing more affordable.

How much do I need for my closing cost?

FHA FROM 3.5%
CONVENTIONAL LOANS FROM 3%
VA LOANS: 0%

Loan phases

I just gave all this info, now what?

Awesome—we can’t wait to get started. The info we receive in this phase is the core to the whole process. We’ll take it all in, get an idea of where we can go, then reach out (via phone or email) to get things rolling.

How long does it take to get approved?

Short answer? About 2-4 weeks. Long answer? Every loan is different, and we’re not just saying that. There are so many factors that can speed up and slow down the process, including loan type, documents needed, and external factors, too. On average, the process takes our borrowers about 2-4 weeks. Check out the Lower Process section of this book for more details.

What credit score do I need to get approved?

You can get approved with a credit score as low as 580, as long as you meet our other eligibility criteria. Keep in mind that the score we use might be slightly different from the one you get from your credit card company or other source.

How do I know if I’ll qualify for a loan?

While the approval process is unique to each person, here are some things to consider:

Ideally, your monthly billed expenses aren’t more than 50% of what you earn each month, but there are exceptions.
Your debt-to-income ratio matters.
Ideally, you have a two-year work history with proof of current, stable income and/or assets.
There are certain circumstances and programs in which a credit score of 580 is enough, but a credit score of 620 is usually needed.
Your property will likely need vetted, too. We work with an independent, third-party appraisal management company to order the appraisal for you.

How much money do I need?

Great question! After you submit your information and we ask a few clarifying questions, we’ll deliver something called a Loan Estimate. This three-page, government-regulated document details all of your estimated loan costs. You’ll receive updated Loan Estimates throughout the process, and before closing, you’ll get the final costs in the Closing Disclosures. You’ll be up-to-date on the numbers at all times.

Will this impact my credit?

The online experience you can find at Lower.com involves a “soft” credit check, which won’t affect your credit score. We’ll always get your permission for a “hard” credit check, which is needed for any mortgage loan. Once you’re ready to move forward with a loan, we’ll walk you through the full report.

What’s happening now? Set up phase

In the Setup phase, we’re taking all of the information, documents, and items we’ve talked through, and putting them together to be sent to the approval team. If we haven’t already asked for documents, we will be soon.

I’m in “conditional approval.” What do I need to do?

First, congrats on your loan making it to conditional approval! We call it that because there are steps we need to take, called conditions, before your loan can close. Once they’re cleared, we’ll be one step closer to closing. You’ll know you’re in conditional approval when we reach out either by email or phone. The tasks we need to do in this step will completely depend on your loan. Sometimes, it’s just a quick document to verify something on your file. For example, if you are applying for a loan on your own, but the funds for closing are held in a bank account of a partner, the approval team may just need a copy of a bank statement showing the transfer of funds for closing. That’s just one example. Every loan is different, but whatever is needed, we’ll walk you through step by step.

Verify

If I have questions in this phase, who should I ask?

Your main point of contact at the Verify phase changes from your loan team to your approval team, led by a loan processor. They’ll reach out to introduce themselves when it’s time.

The approval team is asking to contact my boss—is that really necessary?

As with any information we request, every piece comes from a specific need to get your loan closed. (We’re not here to go snooping, we promise.) For example, we may need to reach out to your supervisor to make sure you’re not on maternity/paternity leave, confirm any commission income, or that your title is the same as we have on your application.

We’re getting close to closing, but we don’t have final closing costs yet.

The amount you’re responsible for bringing to close starts out as an estimate and gets narrowed in throughout the process. If it were one flat cost, we could get it to you immediately, but there are a lot of external factors that go into this estimation. We can’t give you a final number until we hear back from every third party vendor, like the title agency, insurance, and taxes.

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The good news is we often overestimate these costs to prevent any surprises close to closing. Just hang tight while we work to get everything reeled in, and we’ll let you know what you’ll need to bring to closing. (It’s always good to have more than you think you may need, just in case.)