Lower Mortgage Review 2025

Lower overview

Lower is an online-only mortgage lender with hubs in Ohio and Maryland. In addition to offering mortgages, the lender helps homebuyers save with regular promotions like lender credits and free appraisals.

Pros and cons of Lower

How Bankrate scored Lower

Affordability: 5/5

Lower’s mortgage rates were lower than Bankrate’s averages at the time of this review. That helped bring its affordability score to 5 out of 5 stars.

• Interest rates: Lower tends to offer attractive mortgage rates.
• Down payment: Lower provides conventional loans with a down payment as low as 3 percent.
• Closing costs: Lower charges a flat $1,299 fee on home purchases and a flat $1,995 fee on refinances — and that refi fee is waived if you’re an existing borrower.

Availability: 5/5

Because of its broad product offering and wide geographic reach, Lower scores 5 out of 5 stars for availability.

• Home loans offered: Lower’s mortgage options include conventional and government-backed loans (FHA, VA and USDA), along with home equity products and refinancing. The lender also offers jumbo mortgages and non-QM options like bank statement and debt service coverage ratio (DSCR) loans.
• Footprint: Lower does business in most but not all states. It doesn’t have any branch locations.
• Where to find: You can apply for a mortgage with Lower online or by phone.

Borrower experience: 3.5/5

Lower’s fast approvals were offset by limited rate transparency, resulting in a borrower experience score of 3.5 out of 5 stars.

• Preapproval and application process: Lower preapproves qualified borrowers typically within one business day of applying, issues a conditional approval in seven days and closes purchases in an average of 22 days. It also offers prequalifications.
• Transparency: Lower doesn’t showcase current mortgage rates on its website.
• Customer service: You can reach Lower’s customer service team by calling 833-920-2273 or texting 855-293-1776.

Lower reputation

Lower has an A+ grade from the Better Business Bureau (BBB), although it isn’t accredited by the organization. Thousands of borrowers have had positive experiences with this lender, according to BBB and Trustpilot testimonials.

What consumers say about Lower

Borrowers on Bankrate overwhelmingly report having a good experience working with Lower. One borrower even called out the lender’s “personal experience” that made them feel like they were being “treated like family.”

Refinancing with Lower

Lower offers both rate-and-term and cash-out refinancing options.The lender charges a flat refi fee of $1,995, although that cost is waived for returning borrowers thanks the lender’s Free Refi for Life program.

How to apply for a mortgage with Lower

You can apply for a mortgage with Lower online or by phone at 888-509-8301.