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Lower: 2025 Home Equity Review

Written by
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Updated on May 14, 2025

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Lower logo
NMLS: 1124061
Bankrate score

4.0

Rating: 4 stars out of 5
Our methodology
Customer score

4.8

Rating: 4.78 stars out of 5
Read reviews

Find competitive home equity rates near you

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.

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.

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Bankrate insight

You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations. 

However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.

Compare Lower with other lenders

Selected lender
Lower logo
NMLS: 1124061
Bankrate score
Rating: 4 stars out of 5
4.0
Customer score
Rating: 4.8 stars out of 5
4.8
Aven logo
NMLS: 462289
Bankrate score
Rating: 4.6 stars out of 5
4.6
Customer score
Rating: 3.2 stars out of 5
3.2
Connexus Credit Union logo
Bankrate score
Rating: 4.2 stars out of 5
4.2
Customer score
Rating: 0 stars out of 5
N/A

Loan amount

$15,000-$500,000

Up to $400,000 (up to $100,000 in some states)

Starting at $5,000

Min. credit score required

640

640

640

Repayment terms

10-year draw period and up to 20-year repayment period for HELOC

Standard credit card repayment (at least 1% of the statement balance plus interest); with cash-outs, you can lock in payments for 5-10 years

15-year draw/15-year repayment period for HELOC; 5–15 years for home equity loan

Funds available in

17 days

With 7 business days

Within 30 days of application

Recent customer review

Rating: 4 stars out of 5

They were their when I needed information

Anonymous Reviewer

Low offer and extremely high rates and fees

Rating: 1 stars out of 5

They offered me a very low amount compared to other lenders and on top of that offered a rate of 9.99% plus 4.5% cash out ( this cash out is a scam because it is an origination fee...

Heloc

Customer review

Rating: 0 stars out of 5

No reviews available yet.

N/A

Lower customer ratings and reviews

NMLS: 1124061

logo

4.8

Rating: 4.78 stars out of 5

64 ratings

Knowledge
Rating: 4.8 stars out of 5
Level of service
Rating: 4.8 stars out of 5
Professionalism
Rating: 4.8 stars out of 5
Responsiveness
Rating: 4.8 stars out of 5

97% of customers would recommend this lender.

10 of 16 reviews

The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.

Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.

In addition to collecting reviews on-site, Bankrate collaborated with third-party Slice MR to survey 450 users nationwide in July 2024. Bankrate and Slice MR collected, averaged and presented responses to nine questions. Users received an incentive for their feedback. Responses are based on individual experiences, and therefore cannot be verified for accuracy. Submissions with user ratings that are materially inconsistent with written sentiment have been removed. User ratings are unedited and have not been reviewed or approved by lenders, nor do these ratings reflect Bankrate’s own reviews of these lenders.

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.

Search Icon
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Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

They were their when I needed information

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 4 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Lower home equity is the best loan company I have come across to. They provided me a good online platform for swift application with good interest value

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

The lower home equity assisted me in security my home and gives me loan at a very low interest rate. I called a representative and my loan was approved.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

I had a great experience! The application process was completely online and went relatively smoothly while applying. Any questions or concerns I had were quickly answered by there wonderful customer service team. They were able to explain everything in a simplified manner, as just a few things I wanted reassurance on while completing. There were no application fees. There are no annual fees as well! I was pleased with the process as well as the service.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 4 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 4 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Its online application process is very simple and intuitive

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 3 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 3 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

I applied for loan and was quickly responded to and were easy to deal with along the process

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 2 stars out of 5

Anonymous Reviewer
(July 1, 2024)

Could be better

Knowledge
Rating: 2 stars out of 5
Level of service
Rating: 2 stars out of 5
Professionalism
Rating: 2 stars out of 5
Responsiveness
Rating: 2 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Knowledge
Rating: 2 stars out of 5
Level of service
Rating: 2 stars out of 5
Professionalism
Rating: 2 stars out of 5
Responsiveness
Rating: 2 stars out of 5

Simple application process?

No

Closed loan with this lender?

No

Received funds when promised?

N/A

Would you recommend this lender?

No

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

My experience has been neutral

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 3 stars out of 5
Level of service
Rating: 4 stars out of 5
Professionalism
Rating: 4 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

The process was quick and to the point would love to work with them again.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Rating: 5 stars out of 5

Anonymous Reviewer
(July 1, 2024)

it was simple and clear, The application proses were very clear. I delt with the people very well.

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes

Knowledge
Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
Responsiveness
Rating: 5 stars out of 5

Simple application process?

No

Closed loan with this lender?

Yes

Received funds when promised?

N/A

Would you recommend this lender?

Yes