Lower Mortgage Review 2026
Lower offers a diverse range of home loans — including conventional, FHA and VA loans — with a convenient online application process.
See how we reached our verdict below.
- Online application
- Lender can come to borrowers’ home or workplace for document signing
- Customer service is available via text
- Not available in all 50 states
- Minimal details on loan products available on the lender’s website
- Personal info required to view mortgage details
Lower mortgage overview
Lower, founded in 2018, is an online mortgage lender based in Columbus, Ohio.
- Areas of service: 47 states and the District of Columbia
- Digital service: Online lender with branch locations throughout the U.S.
- Headquarters: 711 N. High St., Floor 7, Columbus, OH 43215
- Website: Lower.com
Lower rates and fees
Rates
National Federal Financial Institutions Examination Council (FFIEC) data show that Lower’s average interest rate in 2024 was 6.74%, with a rate spread of 0.44 percentage points (up from 0.39 in 2023). Lower falls near the middle of the pack, with rates that are competitive but not among the lowest nationally. The rate spread indicates the difference between a lender’s mortgage rates and the average prime offer rate (APOR), which is the average rate offered to well-qualified borrowers.
Fees
Lower charges flat origination fees on its loans. Lower’s standard origination fees are $1,299 for purchase loans, $1,999 for refinance loans and $750 for VA loans.
Lower doesn’t offer specific discounts to homebuyers.
What types of mortgage loans does Lower offer?
Lower offers a variety of home loans, including:
Lower offers fixed-rate conventional loans with terms of 10, 15, 20, 25 and 30 years, as well as refinancing options that come with free refinancing for life — meaning Lower will cover lending fees for all future refinances.
Conventional loan qualification requirements
Lower doesn’t disclose its specific requirements for conventional loans. But typical requirements include:
- Minimum 620 credit score
- Minimum 3% down payment
- Maximum 50% debt-to-income (DTI) ratio
FHA loans are available to borrowers who need more flexible qualification criteria, specifically when it comes to credit scores.
FHA loan qualification requirements
Lower offers limited information on its FHA loan requirements. But typical requirements include:
- Minimum 500 credit score with a 10% down payment, or 580 with a 3.5% down payment
- Minimum 3.5% down payment with credit scores of 580 or higher; 10% for scores between 500 and 579
- Maximum 57% DTI ratio
- Two years of verifiable employment
Lower offers VA loans backed by the U.S. Department of Veterans Affairs to eligible veterans and service members.
VA loan qualification requirements
Lower’s VA loan requirements include:
- Minimum 500 credit score
- No maximum DTI ratio
- Down payments as low as 0%
- A minimum amount of service, based on the type of service member
- A certificate of eligibility (COE) from the VA
- A consistent two-year employment history (exceptions possible)
- Meeting VA loan limits and property guidelines
Jumbo loans offered by Lower are mortgages for homebuyers seeking amounts that exceed local conforming loan limits.
Jumbo loan qualification requirements
Lower’s jumbo loan requirements include:
- Minimum 660 credit score
- Minimum 10% down payment
- Maximum 50% DTI ratio
- Sufficient cash reserves to cover future mortgage payments
Lower offers both home equity loans and home equity lines of credit (HELOCs). A home equity loan gives you access to a one-time cash lump sum you repay in fixed monthly installments. HELOCs, meanwhile, provide you with a credit line you can repeatedly tap as expenses arise.
You can borrow up to 95% of your home’s value with a HELOC, up to a maximum of $500,000, for access to a larger portion of your equity.
Home equity loan qualification requirements
Lower doesn’t disclose specific requirements for its home equity loans or HELOCs. Still, the lender does charge a 1% to 3% origination fee and requires a $15,000 minimum credit line for HELOCs.
In addition to the products listed above, Lower also offers construction, renovation, debt service coverage ratio (DSCR), bank statement and other non-QM loan programs.
Lower mortgage qualifications
| Credit score minimum | Conventional loans: 620 FHA loans: 500 VA loans: 500 Jumbo loans: 660 |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
| Conventional loans: 50% FHA loans: 57% VA loans: No maximum Jumbo loans: 50% |
| Down payment minimum | Conventional loans: Not disclosed FHA loans: 3.5% VA loans: 0% Jumbo loans: 10% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
Lower doesn’t disclose detailed lending requirements, which makes it difficult to determine how it evaluates borrowers’ eligibility. However, nationwide FFIEC data show that in 2024, Lower approved about 87% of loan applicants, with those approved having an average 84% loan-to-value (LTV) ratio.
Compared to other lenders, Lower’s 13% denial rate suggests a relatively lenient approval process — especially given that a slightly higher proportion of approved applicants had a DTI ratio above 43% than below 40%. This suggests a higher DTI may not be a significant barrier to approval.
How to apply for a Lower mortgage
1. Choose your loan type
Visit Lower.com and select “Buy a Home,” “Tap Into Home Equity” or “Apply Now,” depending on your needs.
2. Get prequalified
Provide basic information online to get prequalified and view potential rates, all without impacting your credit score.
3. Submit a loan application
Complete your loan application for preapproval, where you can lock in your rate and finalize your loan terms.
Find out more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with Lower?
Yes, it’s safe to get prequalified with Lower Mortgage. Prequalification only involves a soft credit pull, but once you submit your application and get preapproved, a hard inquiry will appear on your credit.
Lower’s customer service experience
Lower’s customer service representatives are available Monday through Friday between 8 a.m. and 9 p.m. EST, and on Saturdays and Sundays from 9 a.m. to 5 p.m. EST. But once you’re assigned a loan officer, you can contact them whenever you need them.
- Phone: 888-509-8301
- Email: [email protected]
Existing Lower customers should use the following contact information:
- Phone: 833-920-2273
- Text: 855-293-1776
- Email: [email protected]
You can also submit questions via an online form.
How does Lower compare to other lenders?
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our Lower summary |
Expert review from LendingTree.
Read our Lower vs. AmeriSave comparison |
Expert review from LendingTree.
Read our Lower vs. PenFed comparison |
| Minimum credit score | 500 | 500 | 620 to 650 |
| Minimum down payment | 0% to 1% | 0% to 3.5% | 0% to 3.5% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan.
| 0.44% | 2.63% | 0.72% |
| Loan products and programs |
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| Better for: | Borrowers who prefer an online mortgage experience. | Borrowers who don’t want to pay origination fees. | Borrowers seeking a traditional mortgage lending experience. |
Lower vs. AmeriSave Mortgage
Lower Mortgage and AmeriSave are both online lenders offering streamlined mortgage lending processes. These lenders offer a similar suite of loan products, and both allow borrowers to secure an FHA loan with a credit score as low as 500. But unlike AmeriSave, Lower has physical branches nationwide, allowing you to receive help online or in person.
Read more in our full AmeriSave mortgage review.
Lower vs. PenFed Credit Union
Lower and PenFed Mortgage offer competitive loan products, but they differ in service delivery and features. While Lower stands out to borrowers seeking a convenient online lending experience, PenFed caters to borrowers seeking a more traditional mortgage process. PenFed is also a full-service credit union, making it a good option for people who prefer to manage all their finances in one place.
Read more in our full PenFed mortgage review.
How LendingTree rated Lower Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Lower’s scorecard:
✅ Publishes rates online
✅ Offers standard mortgage products
❌ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
Frequently asked questions
Lower Mortgage’s standout online feature is its fully online application. In addition, the lender offers a secure online portal for easy document uploads and a dashboard for borrowers to track their loan status and receive updates throughout the process.
Yes, Lower Mortgage, founded in 2018, is a legitimate online lender offering a diverse range of home loans.
You can view more info about Lower’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
A Lower home loan typically impacts your credit score, but the effect will likely be minor and temporary if you continue to make all loan payments on time. After getting a mortgage, it’s typical for your credit score to drop by about 20 points and then recover within a year, according to LendingTree data.
Lower holds a 4.7 out of 5 rating on TrustPilot out of more than 2,600 reviews. But while generally praised, some customers rated it poorly, citing issues like poor communication, unresponsiveness and delays that impacted their credit and financial plans.
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