Lower Mortgage

Lower Mortgage Review

Lower Mortgage is offered by Lower (NMLS #1124061), a direct lender founded in 2018 and based in Columbia, MD. Lower Mortgage are available in 50 states (and Washington, DC).

Key Takeaways

• 4 different mortgage programs offered. Lower Mortgage offers FHA, USDA, VA, jumbo, conforming, and conventional mortgages.
• Financing for a variety of property types. Offers home loans for manufactured, single, and multi-family homes.
• Standard interest rates types. Lower Mortgage offers adjustable-rate mortgages and fixed-rate mortgages.
• Considers personal use and investment properties. Financing available for primary homes, vacation homes, and even investment homes, such as rental properties.
• Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
• Maximum LTV. Lower Mortgage has a maximum loan to value ratio of 75%.
• Good credit required. You will need a credit score of at least 680 to qualify.

Lower Mortgage Pros & Cons

Lower Mortgage FAQ

What is the maximum loan term you can get with Lower Mortgage?

Lower Mortgage offers mortgages with terms ranging from 15 to 30 years. Having the option of longer terms allows borrowers to take on larger loan amounts while keeping monthly payments more affordable. However, the longer the term of your loan, the more interest you will pay.

What mortgage rates does Lower offer?

Mortgage rates change daily based on market conditions and vary significantly depending on the loan type and the length of the term. For instance, fixed rate mortgages will typically have a higher interest rate than mortgages with variable rates, and jumbo loans usually have higher mortgage rates than conforming conventional loans. Find the best interest rate available to you by getting quotes from three or more mortgage lenders before choosing a home loan.

Lower Mortgage offers home loans with APRs starting at 4.875% and up to 5.5%.

Do they charge mortgage origination fees?

Yes, Lower Mortgage may charge a loan origination fee.

What mortgage programs are available?

Besides conventional mortgages, Lower Mortgage offers the following mortgage types:

• FHA loans: FHA loans are mortgages insured by the FHA. They offer competitive mortgage rates and have less stringent eligibility requirements. However, borrowers must pay a mortgage insurance premium. For instance, you can apply for an FHA loan with a credit score as low as 580. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
• Jumbo loans: Any mortgage with a loan amount above the conforming loan limits set by the Federal Housing Finance Agency ($726,000 as of 2023).
• USDA loans: A zero down payment mortgage loan with low mortgage rates for suburban and rural homebuyers. The USDA doesn't require a minimum credit score, but most mortgage lenders require a minimum credit score of 640.
• VA loans: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses. VA loans offer competitive mortgage rates, and don't have a minimum credit score. However, the mortgage lenders that offer them will typically require a credit score of at least 640.

What property usage types does Lower Mortgage allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Lower Mortgage allows the following property usage types: 

• Primary home
• Secondary homes and vacation properties
• Investment properties and house flipping projects

What is the customer service phone number?

The customer service number for Lower Mortgage is (833) 920-2273.

What is the support contact email?

The support contact email for is care@lower.com.