Lower: 2025 Home Equity Review

Lower overview

Lower is an online-only mortgage lender that offers home loans in 40 states and Washington D.C. Founded in 2018, the company is headquartered in Ohio. It is the 30th-largest mortgage lender in the country.

Pros and cons of Lower

How Bankrate scored Lower

Affordability: 4 out of 5

• APR: The lowest HELOC rates at Lower are still higher: At the time of this writing, Lower’s best advertised rate was 8.75 percent, while Bankrate reported a national average of 8.70 percent. It offers no introductory rates.
• Fees: Lower charges a 1 percent origination fee to open a HELOC, plus a $495 application fee. There are no annual fees.

Because of its average rates and an origination fee, we gave Lower a 4 out of 5 for affordability. 

Availability: 4.5 out of 5

• Loan products: Lower only offers one product: a home equity line of credit. It offers no home equity loans.
• Loan minimum: Lower’s credit lines start at $15,000, a slightly lower-than-average minimum. 
• Draw requirement: Your initial draw must be at least $15,000.
• Footprint: Lower’s HELOCs are available in 40 states and Washington, D.C. If you live outside the continental U.S. or in the Northeast (think New York, Rhode Island or Vermont), you’ll need to look elsewhere.
• Credit score: Lower’s 640 minimum is on the low end for home equity lenders. 

Because of its 40-state footprint and low minimums for line of credit amount and credit score minimum, we gave Lower a 4.5 out of 5 stars for solid availability.

Borrower experience: 3.6 out of 5

• Transparency: Lower has some work to do when it comes to transparency. It’s tough to figure out from the website what the minimum requirements are for HELOC applicants in particular. There’s also no upfront information about draw periods or repayment term options.
• Convenience: Lower’s online application is fast. You’ll be able to apply in five minutes.
• Customer service: Lower’s customer service line is staffed Monday through Friday between 9:00 a.m. and 5:00 p.m. EST.

Due to a lack of details about borrower requirements and no customer support on weekends or weeknights, we gave Lower 3.6 out of 5 for its borrower experience.

Lower reputation

Lower has established a solid reputation in the home lending business with superior marks on Trustpilot (4.7 out of 5 based on more than 2,500 reviews), along with outstanding customer reviews submitted to the Better Business Bureau.

What consumers say about Lower

When Bankrate surveyed borrowers about the lender, they gave Lower rave reviews, applauding the company’s straightforward, “simple and intuitive” application process and fast turnaround times. It’s not just the technology, either. Many complimented the company’s team of loan officers for their willingness to educate them about the nuances of HELOCs. “It felt great to work with someone who genuinely wanted to partner with me,” one reviewer commented, “instead of trying to sell me something.”

Home equity loan products offered

Lower offers a variable-rate home equity line of credit (HELOC) ranging in amounts from $15,000 to $500,000, with the maximum amount varying based on your location and loan-to-value (LTV) ratio. Lower allows up to a 95 percent LTV — that is, you can theoretically borrow nearly all your home’s value — which is more than most home equity lenders. (How much you can actually tap, however, depends on your creditworthiness and other factors.)

How to apply with Lower

You can apply for a HELOC via Lower’s website. The initial application only takes a few minutes and doesn’t impact your credit. If you move forward with an application, however, it will be a hard pull. The customer service team is available Monday through Friday from 9:00 a.m. to 5:00 p.m. ET. New customers can call 888-509-8301 for additional assistance.

• Methodology

  To determine a home equity lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.