Lower: 2024 Home Equity Review
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At a glance
NMLS: 1124061
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Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loan amount
$15,000-$350,000
Min. credit score required
700
Repayment terms
10-year draw period and up to 20-year repayment period for HELOC
Funds available in
17 days
Benefits
- Lower provides both HELOCs and home equity loans, which might be appealing to a wider range of borrowers. Some lenders only offer one of these options.
- With a HELOC from Lower, you could tap up to 95 percent of your home’s value, significantly more than what many other lenders allow.
Drawbacks
- Many lenders, especially banks, offer discounts for setting up autopay. Lower offers autopay, but not with a discount.
- If you tap your home equity through Lower, you’ll have to take out at least $15,000. This might be more than you’d like or need to borrow.
Home equity loan products offered
Lower offers a variable-rate home equity line of credit (HELOC) ranging in amounts from $15,000 to $350,000, with the maximum amount varying based on your location and loan-to-value (LTV) ratio. Lower allows up to a 95 percent LTV, which is more than most home equity lenders. (How much you can tap, however, depends on your credit and other factors.)
The HELOC has a 10-year draw period and a repayment period anywhere from five years to 20 years.
Types of fees charged
Lower charges a 1 percent origination fee, plus a $495 application fee. There are no annual fees.
How to qualify for a HELOC with Lower
To be eligible for either a HELOC or home equity loan from Lower, you’ll need a credit score of at least 700. The lender offers prequalifications, which means you can see if you’re eligible for a loan without a hard credit check.
How to apply with Lower
You can apply for a HELOC via Lower’s website. The application will take five minutes to complete. Call 833-519-9579 to apply. The customer service team is available Monday through Thursday from 9 a.m. to 6 p.m. ET and Fridays, 9 a.m. to 4 p.m. ET.
How Bankrate scored Lower
Affordability | 8/10 |
Availability | 9/10 |
Borrower experience | 7.1/10 |
Lower customer ratings and reviews
4.6
72 ratings
This lender has 25 recent reviews.
94% of customers would recommend this lender.
of 25 reviews
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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
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