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Lower.com is an online mortgage lender that has funded billions of dollars in home loans. We believe homeownership is the greatest wealth creator in America today. Our goal is to make homeownership more accessible to more people.
Lower.com delivers a best-in-class customer experience with ratings of 4.8 on Trustpilot, 4.9 on Google, and 4.9 on Zillow. Lower.com also has an A+ rating from the Better Business Bureau.
You can use Lower to get a loan in 45 states (not available in New York, Hawaii, Alaska, Rhode Island, Vermont) and the District of Columbia. At this time, you can’t use Lower.com to get a loan in Puerto Rico or anywhere outside the U.S.
Protecting your personal information is our top priority! We encrypt everything and we’re constantly monitoring our site to make sure it’s secure. We won’t sell your data or use it for anything other than what’s stated in our Terms of Use, SMS Texting, Electronic Documents, Realtor Communication, Non-affiliate Information Sharing Policy, and eConsent Policy.
If you’re buying a home, here’s when we recommend using Lower.com:
If you’re considering refinancing, you can use Lower.com to:
Lower.com can help you access equity with a HELOC to:
Lower.com is an online lender. Because we’re online, we don’t have offices that are open to the public but you can give us a call at (888) 509-8301 to connect with an expert loan advisor
If you’re a current borrower looking to speak with customer support, you can call us at (833) 920-2273 or email us at care@lower.com (Monday - Friday| 9 AM EST - 5:00 PM EST.
Click here to begin your application.
Our online application asks you a series of questions to help us evaluate your eligibility for a home loan. We use your application details and information from your credit report to determine whether we can approve you and provide personalized recommendations to support your goals.
Once you're qualified, our expert loan advisors will help you every step of the way to get your mortgage to closing.
To start your application with Lower.com, we recommend you have the following information on hand:
You can learn more about the documents needed and where to find them.
You can get approved with a credit score as low as 580, as long as you meet our other eligibility criteria.
Keep in mind that the score we use might be slightly different from the one you get from your credit card company or other source.
The online application you can find here involves a soft credit check which won’t affect your credit score.
Once you are ready to move forward with a loan, your expert loan advisor will walk you through the full hard-check credit report. Don’t fret, it’s just a simple and necessary part of the loan process.
We look for certain things when we evaluate a loan application. While the approval process is unique to each person, here are some general guidelines.
If you’re a first-time homebuyer, learn more about how to apply for a mortgage.
Lower.com recommends loans you may be eligible for based on the information you provide.
When you use Lower.com to buy a home, we may recommend:
When you use Lower.com to refinance your mortgage, we may recommend:
Most people use Lower.com to buy or refinance:
If you already have a signed purchase agreement, apply online to get started. Afterwards, one of our expert loan advisors will give you a call so we can speed up your mortgage process.
A mortgage pre-approval is a process that establishes how much you can afford to borrow to purchase a home. Lower.com will review your assets, credit score, and income so we can determine which loans you're eligible for, how much we can lend you, and what your interest rate could be.
You will receive a pre-approval letter once you've been pre-approved that you can share with your real estate agent and sellers.
It’s never too early to get pre-approved. It’s often easier than most imagine. If you’re ready to start shopping for that perfect home, you’ll understand how much you can afford and will help with your search. If there are some items standing between you and pre-approval, our expert Loan advisors will coach you through the journey.
Learn more about how to get a mortgage pre-approval with Lower.com.
Lower.com offers different programs that allows customers to buy a new home before the sell their departing residence.
Under certain circumstances, there can be a no contingency offer placed on the borrower’s vacated Primary Residence. This allows us to exclude the existing mortgage payment in the qualifying debt-to-income ratios for conventional loan programs.
There are also programs that buyers can be offered up to 75% of their current homess value in a 0% interest bridge loan. This allows them to use the equity in their current home for the down payment and closing costs on a new home without selling their current home
This program eliminates the need to simultaneously sell a current home while purchasing a new one, reducing stress and complexity in the process. The sale of the current home is required to be completed within 90 days of closing on the new home.
Not all homes will qualify for this program, speak to a Loan Advisor to confirm your home qualifies
Buy now or refinance now with Lower.com and know you can lower your rate later - for free!
This offer waives Lower.com’s origination, underwriting, processing, or administrative fees.
You must have closed a previous first-lien refinance transaction on or after December 1, 2018 with Lower.
All applications are subject to underwriting and credit approval.
Our rates are highly competitive (but your rates are going to vary depending on your finances and the property).
Going with the lowest rate might seem smart, given how much interest you pay over the life of a mortgage. But there are times when choosing the lowest rate might not make the most sense.
What’s more important than just the lowest interest rate is getting the right mortgage for your situation - and a lender who helps you do that.
If you want to estimate how much you’ll need to bring to the closing table, it depends on whether you’re buying or refinancing.
If you’re buying a home, plan to have at least 3% of the purchase price for a down payment and between 3% and 6% of the purchase price for closing costs.
If you’re refinancing with Lower.com, you might not need to pay out of pocket to close your loan. In many cases, we may automatically roll all your closing costs into your loan to make refinancing more affordable.
Your downpayment depends on your individual preferences (for example: one borrower may want to make a large downpayment to reduce the interest they’ll have to pay while another borrower may want to retain as much of their savings as possible for other expenses) and the loan type. Learn more about how much money to save for each loan type.
An appraisal is often a necessary step in the loan process. Lower will order an appraisal on your behalf, if it’s required for your loan.
By law, appraisers must be an independent third party not affiliated with you or your mortgage company. We don't have any say in the appraiser that's selected and don't own any appraisal companies.
Your first payment will be due on the first of the month. Please refer to Closing Documents and the First Payment Letter. You should also be receiving an email regarding your first payment.
Yes, you will be billed monthly based on your loan activity.
If your first payment is due to Lower you can pay your bill online at: lower.secureconduit.net.
Lower LLC
Attn: Mortgage Payment Processing
125 Town Park NW Suite 300
Kennesaw, GA 30144
Prior to your first payment due date, you’ll receive a mortgage statement and/or a notice of loan transfer in the mail. This will include your new loan number and payment instructions. If you are still unsure of where to send your first payment, you can send it via mail to the address listed above and we’ll get it where it needs to go.
You will need to mail the checks to the corresponding creditors that are listed.
Recommend you include your latest billing statement so the creditor can locate your account.
Regardless of the lender, thousands of loans are sold every day. If this occurs, know it’s completely normal, and won’t impact the terms of your loan. Your loan may be transferred to another company.
If you’ve already sent your payment to Lower, there’s nothing else you need to do. We’ll automatically endorse your payment and send it to your new servicer on your behalf.
Don’t worry, loan transfers are completely normal and won’t impact the terms of your loan. Here are the contact details if your loan was transferred to:
ServiceMac (Lower)
Provident Funding
Valon
This is your loan journey. In almost every phase, led by your loan advisor, we will guide you step by step toward your goals.
Awesome—we can’t wait to get started. The info we receive in this phase is the core to the whole process. We’ll take it all in, get an idea of where we can go, then reach out (via phone or email) to get things rolling.
Short answer? About 2-4 weeks. Long answer? Every loan is different, and we’re not just saying that. There are so many factors that can speed up and slow down the process, including loan type, documents needed, and external factors, too. On average, the process takes our borrowers about 2-4 weeks. Check out the Lower Process section of this book for more details.
You can get approved with a credit score as low as 580, as long as you meet our other eligibility criteria. Keep in mind that the score we use might be slightly different from the one you get from your credit card company or other source.
While the approval process is unique to each person, here are some things to consider:
Great question! After you submit your information and we ask a few clarifying questions, we'll deliver something called a Loan Estimate. This three-page, government-regulated document details all of your estimated loan costs. You'll receive updated Loan Estimates throughout the process, and before closing, you'll get the final costs in the Closing Disclosures. You’ll be up-to-date on the numbers at all times.
The online experience you can find at Lower.com involves a “soft” credit check, which won’t affect your credit score. We’ll always get your permission for a “hard” credit check, which is needed for any mortgage loan. Once you’re ready to move forward with a loan, we’ll walk you through the full report.
An appraisal is often a necessary step in the loan process as it gives us the value of the property to use in loan calculations. We’ll order an appraisal on your behalf if it’s required for your loan.
By law, appraisers must be an independent third party not affiliated with you or your mortgage company. We don't have any say in the appraiser that's selected and don't own any appraisal companies.
We think that’s a smart question. We’re here help you build wealth through homeownership, whether that’s buying your first home or refinancing for the fifth time. So, everything we offer is meant to help you improve your financial situation by building or accessing your equity.
When we start getting into specific loan details like signing the first Loan Estimate, “am I making a smart decision” is bound to come up. If you have this question, know we’re here to walk you through every detail so you can move forward with confidence.
Just get in touch if you have any questions about your specific loan details, or even if you don’t know which questions to ask!
An appraisal is a professional valuation of a property taking into consideration things like the selling price of similar homes in the area, loan requirements, as well as any items needing to be fixed. 9 times out of 10, the appraisal will come close to or match the listing price. For that remaining ~10%, the appraisal can come in lower. In that case, you can negotiate with the seller, bring more money to the closing table or, in extreme cases, walk away from the deal. Check out the details for each option in this article.
From our legal team: You have the right to request a reconsideration of the appraisal if you believe the appraisal report is unsupported or contains errors, the appraisal is deficient due to unacceptable appraisal practices, or the appraisal reflects discriminatory practices.
Yes, but you’ll want to get in touch as soon as possible if you expect to change your loan details. We’ll walk you through what can and can’t be done based on where your loan is, without delaying anything.
Yes. It’s important not to make any major financial decisions during the loan process. Your credit can be checked at any time, and may be checked regularly, so it’s good to be safe and keep those big moves until after your loan closes.
In the Setup phase, we’re taking all of the information, documents, and items we’ve talked through, and putting them together to be sent to the approval team. If we haven’t already asked for documents, we will be soon.
First, congrats on your loan making it to conditional approval! We call it that because there are steps we need to take, called conditions, before your loan can close. Once they’re cleared, we’ll be one step closer to closing. You’ll know you’re in conditional approval when we reach out either by email or phone.
The tasks we need to do in this step will completely depend on your loan. Sometimes, it’s just a quick document to verify something on your file.
For example, if you are applying for a loan on your own, but the funds for closing are held in a bank account of a partner, the approval team may just need a copy of a bank statement showing the transfer of funds for closing. That’s just one example. Every loan is different, but whatever is needed, we’ll walk you through step by step.
Your main point of contact at the Verify phase changes from your loan team to your approval team, led by a loan processor. They’ll reach out to introduce themselves when it’s time.
As with any information we request, every piece comes from a specific need to get your loan closed. (We’re not here to go snooping, we promise.) For example, we may need to reach out to your supervisor to make sure you’re not on maternity/paternity leave, confirm any commission income, or that your title is the same as we have on your application.
The amount you’re responsible for bringing to close starts out as an estimate and gets narrowed in throughout the process. If it were one flat cost, we could get it to you immediately, but there are a lot of external factors that go into this estimation. We can’t give you a final number until we hear back from every third party vendor, like the title agency, insurance, and taxes.
The good news is we often overestimate these costs to prevent any surprises close to closing. Just hang tight while we work to get everything reeled in, and we’ll let you know what you’ll need to bring to closing. (It’s always good to have more than you think you may need, just in case.)
There is a government-required waiting period taking place after you sign the final closing documents. This funding period starts the day after close, and ends midnight on the third business day. So, you won't see the proceeds until 3 business days later.
Because of the order of the process, this is common. Your pre-closing documents (called disclosures) may show different numbers than your original disclosures when we started the process. Here’s what might be causing the shift:
Interest Rate Changes: If there was a delay between the initial quote and the preparation of pre-closing documents, interest rates might have changed. This can affect your loan terms and monthly payments.
Appraisal Value: Your original disclosures were drafted before the property was appraised, so the final loan amount may be adjusted based on the appraised value of your property. If the appraisal comes in higher or lower than expected, it can influence the loan amount, interest rate, or required mortgage insurance.
Credit Score: If there have been changes in your credit score since the initial quote, this could impact the terms of your loan. (This is a good reason to not apply for any credit at any point in the mortgage process.)
Closing Costs: The estimate for closing costs can change as the lender gets more accurate information about third-party fees (like title insurance, appraisals, and attorney fees).
Loan Amount and Term Adjustments: Changes in the loan amount or term can occur based on final underwriting decisions.
Reach out if you have any questions about your specific closing documents and we’ll walk you through them!
Most loans will have a first payment due on the first of the month, but some special programs (like HELOCs) can have different due dates. Make sure to refer to your Closing Documents and the First Payment Letter. You should also be receiving an email regarding your first payment.
If your first payment is due to Lower, you can pay your bill online at:
Payments by check can be made to:
Lower LLC
Attn: Mortgage Payment Processing
125 Town Park NW Suite 300
Kennesaw, GA 30144
It can be, but it’s completely normal, and occurs with an estimated 70% of mortgage loans in the US. So, it doesn’t have to do with anything you’ve done, or your personal details. If your loan is transferred, just know all the loan terms you’ve signed and agreed to stay the same. Where you send your payment changes.
If you are using the money from your refinance to pay off other debts, you will need to mail the checks to the corresponding creditors for those debts to be paid.
We recommend including your latest billing statement so the creditor can locate your account.
The contact information will depend on where your loan was transferred:
ServiceMac (Lower)
Phone: 855-391-7832
Email: support@myclientlower.com
Online: https://lower.myhomeservicing.com/
Mail: P.O. Box 100077 Duluth, GA 30096-9377
Provident Funding
Phone: 800-696-8199
Online: https://www.provident.com/Register
Mail: 1235 N. Dutton Ave, Suite E Santa Rosa, CA 95401
Valon
Phone: 855-218-3690
Email: support@valon.com
Online: https://valon.com/login
All loans are subject to underwriting or investor approval. Some restrictions may apply. This is not an offer of credit or a commitment to lend. Guidelines and products subject to change. Rates and terms may vary depending upon risk analysis, collateral, and other factors. Call 844-645-6937 for details and qualifying information.
© 2024 Lower, LLC | NMLS#1124061 | www.nmlsconsumeraccess.com | 2021 Lower Holding Co. Lower is a family of Companies. Conducts business as Lower.com, LLC in 38 States. Arizona, Arkansas, California, Connecticut, Delaware, District of Columbia, Florida, Idaho, Iowa, Kansas, Kentucky, Louisiana, Maine, Massachusetts. Minnesota, Mississippi, Missouri, Montana (Lowerdotcom, LLC), Nebraska, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma (Lower Mortgage, LLC), Oregon, Pennsylvania, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, Washington, West Virginia, Wisconsin, and Wyoming.
