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Mortgages Mortgage Review

Updated May 02, 2023   |   6 mins read

Key points:

  • Lower is an online lender that offers home loans for purchasing, refinancing, and other purposes.
  • Borrowers can complete Lower’s loan application online or via text.
  • The lender uses AI to recommend the right mortgage products for each individual borrower.
  • HELOCs and debt consolidation loans are also available.

A company looking to satisfy all of your home needs

  • Mortgages: Purchase or refinance
  • Other products: Save money for a home and earn a match up to $1,000, get matched with real estate agents to buy or sell a home, or compare home insurance options is an online mortgage lender that offers a lower-hassle, tech-driven mortgage experience, as well as a streamlined, simplified closing process.

The company uses artificial intelligence tools to recommend the appropriate mortgage products for each borrower, and the application is a breeze. Want to see if a mortgage from is right for you? Keep reading to find out.

In this review:

What products does offer? offers home purchase loans, mortgage refinancing, and home equity lines of credit, as well as debt consolidation loans. And currently, Lower is offering borrowers free refinancing for life once they’ve bought or refinanced a home with the company at least once. mortgage loans

Lower offers a variety of home purchase loans, including conventional, FHA, VA, and USDA mortgages. A 5/5 adjustable-rate mortgage is also available for buyers looking for more flexibility.

Conventional mortgages’s conventional mortgage loans are best for borrowers with good credit and a solid down payment. With a 20% down payment, borrowers can avoid costly mortgage insurance and lower their monthly payment (and annual mortgage costs) significantly.

FHA loans

FHA loans are a good option for first-time buyers, buyers with less-than-great credit, and buyers with little saved for a down payment. They require only 3.5% down, and their qualifying requirements are less stringent than on other loans.

VA loans

VA loans are strictly for veterans, military members, and their spouses. For those eligible to receive a VA loan, they offer some of the lowest interest rates on the market. These loans are only available through approved VA lenders ( being one of them).

USDA loans

Lower’s USDA loans can be a smart choice for homebuyers looking to live in a rural part of the country. These loans require no down payment, come with flexible credit standards, and are only available in certain designated areas.

Check the Department of Agriculture’s eligibility map to see if your community qualifies. mortgage refinancing also offers a variety of refinancing options, including conventional, VA, FHA, and USDA refinancing, as well as cash-out refinancing.

The lender also offers debt consolidation refinancing, allowing borrowers to roll all of their credit card, student loan, and home debt into one single loan and payment. Lower’s refinancing options require just 5% down (or 5% in home equity).

>> Read more: Best Mortgage Refinance Companies

Pros & cons of


  • Offers an easy online- or text-based application process
  • Uses AI technology and data to make personalized mortgage recommendations
  • Manual underwriting available for borrowers who don’t have traditionally good credit
  • Variety of loan programs and products to choose from
  • Free refinancing for life (after the first initial loan)
  • They claim to offer lower rates than bigger banks and lenders


  • Sparse website with very little information or guidance available publicly
  • Only available on primary residences, so rental real-estate investors aren’t eligible
  • Not available in all 50 states
  • No home equity loan options

  • SuperMoney offers a free comparison tool where you can review mortgage lenders side-by-side
  • Check out reviews from real customers to see which lender has the strongest recommendation score

Eligibility & application information

Though Lower hasn’t made its eligibility requirements public, it does offer details on its general borrower demographics, which can help you decide if a Lower loan might be right for you.

Average borrower  
Age 38
Annual household income $84, 132
Credit score 705
Loan size $232,989
Top ratio DTI 25.52%
Bottom ratio DTI 40.16%

According to the stats, the average borrower has an above-average income and takes out a moderate-sized loan at just under $233,000.

The average credit score of 705 is largely considered “good” by most standards. For reference, the average FICO score across all lenders and loan types was 735 in December 2019.

Where is available? is licensed to issue mortgages in 37 U.S. states, as well as Washington, D.C.:

  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Georgia
  • Illinois
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Nebraska
  • New Jersey
  • New Mexico
  • North Carolina
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • South Carolina
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Washington
  • West Virginia

How to apply

Lower offers three options when you’re ready to get started: the “jump start” application, the “quick apply,” and the text option. The jumpstart and text options take just one to two minutes, while the quick apply process takes five to seven, as it requires a little more information.

At this stage, the most you’ll need to provide is your:

  • Name
  • Phone number
  • Email address
  • Physical address
  • Co-borrower’s name (if applicable)
  • Income level
  • Bank and savings balances
  • Information about your monthly debts

Once you’ve filled out your initial details, you’ll submit to a credit check and will see a variety of personalized loan recommendations. You’ll then be connected with a Lower loan advisor who will walk you through your options and work with you throughout your entire transaction.

Though the process is largely electronic, you’ll need to talk with your loan officer via email, text, or over the phone periodically throughout your transaction. You’ll also need to provide any requested financial documentation by uploading it to Lower’s online portal.

Once your loan has been underwritten, you’ll be scheduled a closing appointment, where you’ll sign your documents and finalize your transaction. The whole process can take as little as 14 days for some borrowers.

Other info you need to apply

As with any mortgage loan, you’ll be required to submit a number of financial documents when you apply for a loan with Lower.

This will likely include:

  • Tax returns
  • W-2s or 1099s
  • Bank statements
  • Pay stubs
  • Statements for any assets, 401(k)s, IRAs, or investment accounts

You’ll also need to provide a copy of your state-issued I.D. Depending on your job and financial scenario, there may be additional paperwork required as well.

Where to find alternatives

Though is a promising option for many homeowners and would-be buyers, it’s not right for everyone. If you’re not located in an eligible state or your credit isn’t up to par, there are dozens of other lenders you might consider.

Check out our guide to the nation’s best mortgage lenders to start your search.