Lower.com Mortgage Review

About Lower


We make lower happen—Lower fees. Lower rates. Lower interest. Lower payments. Lower hassle. So our borrowers get a better mortgage experience, for less. With Lower.

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Interest Rates
Fees & Closing Cost
Customer Service

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Working with Lower.com

Lower.com is currently licensed in 27 U.S. states plus the District of Columbia. Those states are:

  • Alabama
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Michigan
  • Mississippi
  • New Jersey
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Virginia
  • West Virginia
  • Wisconsin


Most borrowers will likely start the mortgage application online rather than meeting with a loan officer in person. The application process is mostly digital, and upon completion of very basic information on the website, a loan officer contacts the customer by phone or email to go over possible options.

Lower.com only lends on the following types of properties:

  • Single-family homes
  • Manufactured homes (subject to limitations)
  • Condominiums

Lower.com does not lend on the following types of properties:

  • Multifamily homes
  • Mobile homes
  • Co-ops

Properties can be owner-occupied, second homes or investments.

Lower.com also offers manual underwriting, which may be helpful for borrowers who don’t meet all the lender’s requirements but have compensating factors that make them good loan candidates.

According to Lower.com, what sets the company apart from other lenders is its use of artificial intelligence (AI) to help recommend the right mortgage products. Its proprietary LOAi application uses AI to recommend products based on what other consumers with similar attributes have chosen. This helps ensure customers access a good rate with a vetted lender, no matter the experience level of their loan officer, according to a company spokesperson.

Lower.com mortgage products

Lower.com offers a variety of products for purchasing a home, refinancing a mortgage or tapping home equity.



One noteworthy product is a 5/5 ARM — a hybrid adjustable-rate mortgage for which the interest rate is fixed for the first five years of the loan and can then go up or down every five years. This program allows consumers to borrow up to $1 million with a down payment as low as 5% on a primary residence.



Home equity

  • HELOC: Allows customers to access up to 95% of their homes’ equity for debt consolidation and home improvements.

Lower.com does not currently offer reverse mortgages or high loan-to-value refinancing.

Lower.com special mortgage programs

Free refinancing for the life of your loan: You can refinance into a lower interest rate without lending fees. Keep in mind, however, that other fees may still apply.

The mortgage application process

The mortgage process is mostly electronic, allowing customers to virtually sign all but the final closing documents. Here is a brief overview of the process:

  • Online application: Customers start the application process online via a conversational application requesting the following information:
    • Legal name
    • Phone number or email address
    • Current address and length of time there
    • Information on a co-borrower, if applicable
    • Income
    • Bank and investment account balances
    • Information on expenses, including current housing costs and alimony or child support payments
  • Credit check and disclosures: After entering the above information, Lower.com will ask for permission to check your credit. You’ll need to provide your Social Security number, date of birth and electronically sign the application to agree to the credit check and other disclosures.
  • Loan selection: A loan advisor will contact you to walk through your loan options. You can correspond with the loan advisor via phone, email or text. The lender will also request additional documents, such as W-2s, tax returns and pay stubs, to complete your loan application. You can send these documents to the underwriter via an online portal.
  • Final approval: Your loan advisor will order the appraisal. After receiving the appraisal, the loan officer will finalize your loan approval.
  • Loan closing: The loan advisor will work with you to schedule a closing time and location. The closing may take place at your realtor’s office or at the title company. Closing a refinance or HELOC can even happen in your own home with the assistance of one of Lower.com’s network of notaries. According to a company spokesperson, the company can close a loan in as few as 14 days.

Communication during the process

After the initial online application process, a loan officer will contact you to guide you through loan selection and the final approval and closing. The loan advisor will be your primary contact throughout the process for any program, rate or fee questions.

Pros and cons of a Lower.com mortgage


  • Interactive website with a conversational application to start the process.
  • Single point of contact through approval and loan finalization.
  • Ability to refinance your Lower.com mortgage with no lender fees if interest rates drop.
  • Allows up to 95% loan-to-value (LTV) ratios with a HELOC for debt consolidation or home improvements. Most lenders only allow up to 85% of your home’s current value.


  • Website lacks detailed information on specific loan products and rates available.
  • Multifamily, co-ops or mobile homes are not allowable property types.
  • No reverse mortgages.
  • No installment home equity loans.

Editorial Note: Parts of this article were reviewed by a lender to ensure accuracy prior to publication. The overall conclusions, recommendations and opinions are the author’s alone.