Lower Mortgage Review 2026
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- 50+ mortgage lenders reviewed and rated by our team of experts.
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Our Take
4.5
Lower stands out for its “refi for life” offer: customers who get a purchase mortgage with Lower will have all lender fees covered for future refinances. However, you may still have to pay third-party fees, including title and appraisal costs. Lower offers a wide range of loan types, including construction loans and mortgages for self-employed borrowers as well as HELOCs.
Pros
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Reported average time to close is twice as fast as the industry average.
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Has mortgage options for borrowers with credit scores below 600.
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Offers a wide variety of mortgages, including harder-to-find loan types.
Cons
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Sample mortgage rates are not customizable.
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Average origination fees are high compared to other lenders.
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No mobile app.
Full Review
At a glance: Lower mortgage loan options
Lower, LLC is a nonbank lender based in Columbia, Maryland. Lower makes loans in 47 states and Washington, D.C. Mortgages are not available in Hawaii, New York and Vermont.
Lower offers most major loan types, as well as specialty and harder-to-find loans. Borrowers who need flexibility for alternative approval documentation will find several options.
🏠 Common mortgages
Conventional loans (fixed-rate and adjustable)
Rate-and-term refinancing
Jumbo loans
FHA loans
VA loans
🔑 Specialty loans
Renovation loans
USDA loans
Interest-only loans
Nonwarrantable condo loans
Mortgages for second homes
Mortgages for self-employed borrowers
Reverse mortgages
Professional loans
ITIN loans
Construction loans
Non-QM loans
💵 Home equity
HELOCs
Home equity loans
Cash-out refinancing
» MORE: How to choose a mortgage lender
Lower special offers and discounts
In addition to a wide range of loan types, Lower has some notable selling points. This one stood out in our research:
Home buyers who get a purchase loan from Lower can refinance later without lender fees. (It’s always smart to get more than one mortgage offer to find the best deal, even when a lender offers a perk like “free” refi.)
What mortgages does Lower specialize in?
A lender’s experience with your loan type can make a big difference. We looked at the latest federal data to find the types of mortgages Lower handles most often.
Conventional is the most common, but Lower also originates a lot of government-backed loans, including some USDA loans. FHA loans accounted for 30% of Lower’s total originations in 2024.
How we score Lower mortgages
Each year, NerdWallet writers and editors dig into the latest data and independent research on mortgage lending. Then, we rate lenders based on the categories that matter most to mortgage borrowers.
Lower has a NerdWallet home loans rating of 4.5 stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience | |
Overall star rating |
Ah, so you’re the “read the fine print” type? We got you. Here’s how our scoring rubric works.
Average mortgage rates and fees (30%)
We review federal data (as reported by the lenders) and analyze mortgage lenders’ average fees and interest rates across all loan types. Lenders with the lowest average costs get the highest star ratings. Keep in mind: Loans that are easier to qualify for, like FHA loans, usually have higher rates and fees because lenders see them as a higher risk. Pro tip: Paying some fees upfront can sometimes lower your interest rate.
Mortgage rate transparency (25%)
We look at how easy it is to compare mortgage rates online. Lenders get higher transparency ratings if they show sample rates on their website. (Not all lenders do!) The best ratings go to lenders that offer interactive tools that let you customize a rate quote on your own.
Variety of loan types (25%)
There’s no one-size-fits-all mortgage. Lenders earn top ratings in this category when they offer a large variety of mortgage types. The more variety, the higher their score. A lender earns points for purchase and refinance; fixed and adjustable rates; FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to work with this lender? Top-rated lenders offer helpful features like online applications, multiple ways to get support, a user-friendly mobile app and clear updates about the loan closing timeline.
Lower mortgage bonus points
Lower earned bonus points for targeting first-time home buyers with assistance; for offering mortgages to borrowers with credit scores below 600; and for offering a conventional mortgage for manufactured homes.
Lower mortgage reputation and customer experience
NerdWallet’s star ratings look at objective factors like rates, fees and loan options. To give you a sense of what the borrower experience is really like, we pulled the latest customer satisfaction scores from Zillow, and we contacted the lender’s customer support.
Zillow Mortgage Lender Customer Rating
4.93
out of 5
Excellent rating as of date of publication. Rating reflects more than 9,500 reviews.
Lower mortgage customer service options
Here’s how you can get in touch with Lower. The lender reported that live chat support will become available in early 2026, but as of February, we are not seeing a chat option on the lender’s website yet.
Ways to reach Lower
Physical branches . . . . . . ✅ Phone support . . . . . . . . . ✅ Mobile app . . . . . . . . . . . . 🚫 Online chat (bot) . . . . . . . 🚫 Online chat (human) . . . . 🚫
🤓 Our Nerds say... call, don’t text
Taylor Getler, lead writer, mortgages
Lower lists several different phone numbers. One is for borrowers looking to apply for a mortgage, and two are for customers who need support — one to call, and another to text.
When we called the line for borrowers looking to apply, we were immediately connected with an agent who was able to answer our questions. We were never placed on hold.
When we tried to text the support line, we were sent an automated message that someone would be in contact soon. It took about 30 minutes for a live agent to respond.
» MORE: How to apply for a mortgage
Alternatives to Lower mortgage loans
Our biggest tip: Get offers from at least three different mortgage lenders. Comparison shopping can save you thousands of dollars. You can get rate quotes yourself, or work with a mortgage broker to shop around on your behalf.
If you’re looking for a less common home loan, you may also be interested in PrimeLending or New American Funding.
If you want a lender with options tailored to first-time buyers, consider Bank of America, which offers lender credits up to $7,500 and down payment grants up to 3% of the purchase price (maximum $10,000).
» MORE: Best mortgage lenders
» MORE: Best mortgage lenders
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
