
Aven
4.6 Bankrate ScoreLearn more about Aven
Lower is a good option if you want to tap the highest possible amount of equity — as much as 95 percent of it, a good 15 percentage points more than many lenders. Of course, you have to have sterling financials, and not mind a completely digital banking experience.
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.
Because of its average rates and an origination fee, we gave Lower a 4 out of 5 for affordability.
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.
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 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.
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.”
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.)
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.
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.
Selected lender
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NMLS: 1124061
Bankrate score
4.0
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
4.8
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.
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![]() NMLS: 462289
Bankrate score
4.6
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
3.2
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.
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![]() Bankrate score
4.2
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
N/A
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.
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Loan amount |
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$15,000-$500,000 |
Up to $400,000 (up to $100,000 in some states) |
Starting at $5,000 |
Min. credit score required |
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640 |
640 |
640 |
Repayment terms |
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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 |
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17 days |
With 7 business days |
Within 30 days of application |
Recent customer review |
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They were their when I needed information Anonymous Reviewer |
Low offer and extremely high rates and fees 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 No reviews available yet. N/A |
NMLS: 1124061
4.8
64 ratings
97% of customers would recommend this lender.
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.
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Simple application process?
Closed loan with this lender?
Received funds when promised?
Would you recommend this lender?
Anonymous Reviewer
(July 1, 2024)
They were their when I needed information
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
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
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
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.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
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.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Its online application process is very simple and intuitive
Closed loan with this lender?
No
Would you recommend this lender?
Yes
Closed loan with this lender?
No
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
I applied for loan and was quickly responded to and were easy to deal with along the process
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
Could be better
Closed loan with this lender?
No
Would you recommend this lender?
No
Closed loan with this lender?
No
Would you recommend this lender?
No
Anonymous Reviewer
(July 1, 2024)
My experience has been neutral
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
The process was quick and to the point would love to work with them again.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Anonymous Reviewer
(July 1, 2024)
it was simple and clear, The application proses were very clear. I delt with the people very well.
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes
Closed loan with this lender?
Yes
Would you recommend this lender?
Yes