LowRates.com Mortgage Review 2022
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At a glance
NMLS: 3277
4.9
Bankrate Score
Loans offered
Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term, cash-out and streamline refinancing; home equity line of credit (HELOC), home equity loan; construction and renovation loans; investment property; reverse mortgageNationwide availability
Available in all U.S. states (except Georgia and Massachusetts) and Puerto RicoMin. credit score required
620 for conventional loans; 620 for jumbo loans; 500 for FHA loans; 500 for VA loansPros and cons
Pros
- Variety of loans available in 48 states and Puerto Rico
- TRU Approval program provides complete credit underwriting in under 24 hours
- Closings in as few as 20 days
- Down payment assistance available to eligible borrowers
Cons
- Sun West Mortgage branch locations only available in 20 states and Puerto Rico
- Corporate website could be more organized and user-friendly
- Loans not available in Georgia or Massachusetts
LowRates.com overview
LowRates.com (also known as LowRates), is operated by Sun West Mortgage Company, an online and brick-and-mortar lender established in 1980. LowRates.com provides a variety of mortgage options, including both purchases and refinances, conventional and government-insured loans, home equity loans and construction loans.
Good for
Borrowers looking for a user-friendly application process and rate transparency
Loan types
- Conventional
- Jumbo
- FHA
- VA
- USDA
- Fixed-rate
- Adjustable-rate
- Rate-and-term, cash-out and streamline refinancing
- Home equity line of credit (HELOC)
- Home equity loan
- Construction and renovation loans
- Investment property
- Reverse mortgage
Lender fees
LowRates.com doesn’t charge any lender fees. There are, however, third-party fees that’ll be included in your closing costs.
Rates
LowRates.com advertises rates on its website and updates them several times a day. You can get a customized rate quote instantly after answering a few basic questions about your loan.
Reputation
LowRates.com parent Sun West Mortgage Company has 3.2 out of five-star rating (but only three reviews) from Trustpilot.
Online services
Although there’s no option for an online prequalification or preapproval at this time, borrowers can formally apply for a mortgage through LowRates.com, and also receive support via the website. Additionally, the website offers calculators, including rent versus buy, affordability and refinancing, to help you estimate costs and inform your choices. The lender doesn’t have an app, but you can sign many documents electronically. However, you’ll still need to sign closing documents in-person.
Minimum borrower requirements
LowRates.com adheres to the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) and the Department of Agriculture (USDA). For conventional loans, these key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger a requirement for the borrower to pay for private mortgage insurance (PMI).
For FHA, VA and USDA loans, minimum requirements are set by the respective agencies. You can find them here:
Refinancing with LowRates.com
LowRates.com offers rate-and-term, cash-out and streamline refinancing, and its refinance rates are typically competitive to the market. These rates are updated several times a day. In general, the higher your credit score, the better your rate.
Not sure if LowRates.com is right for you? Consider these alternatives
- Philadelphia Mortgage Advisors review: This regional lender offers the ability to upload documents and track loan status online.
- Direct Home Lending review: Similar to LowRates.com, this lender tends to complete underwriting within one day.
- Texas Trust Home Loans review: Like LowRates.com, this lender doesn’t charge hidden fees, but is only available in a handful of states.
- Optimum First Mortgage review: This lender consistently earns high marks from borrowers.
- Anchor Home Mortgage review: This broker, who can help you find the right loan for your needs, also has helpful educational resources online, including a glossary.
Breakdown of LowRates.com overall review score
- Affordability: 5/5
- Availability: 5/5
- Borrower experience: 4.7/5
Review methodology
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.
LowRates.com consumer reviews
4.8
213 reviews
Customer service rating
95% of reviews would recommend this lender
10 of 10 rates honored
Review this lender
Write a review of your experience with LOWRATES.
10 of 42 reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
To help serve you with relevant information the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
Low Rates does it again!
Joshua | 23116 | 7/8/2021
I originally got my loan with Low Rates and the experience was a pleasant one, as Aaron Bahadori educated and assisted me along the way. When it came time to refinance to remove the PMI, Aaron again helped me navigate the process. At first it appeared that the value of my home would not be enough,...
Second Refinance with Jacob Wilson and LowRates
John M. | Raleigh, NC | 7/8/2021
We closed our second refinance with Jacob Wilson of LowRates.com in June 2021 after closing one in November 2020. The second one was a cash out. Each time Jacob was responsive and helpful in answering our questions and updated us regularly during the process. We also were impressed with the incredi...
Quick and painless!
Caryn | Houston | 7/9/2021
Taylor was a breath of fresh air! After being strung along for months by another company, we found lowrates.com and took a chance. Taylor made it easy. He was always available to answer questions and keep things moving. Within 3 weeks we were signing the closing documents! Highly recommend!
Ryan Wiskes and Melissa Masserant: excellent, helpful, responsive, knowledgeable
Fantastic working with Ryan Wiskes and Melissa Masserant at lowrates.com | Indiana | 7/10/2021
Ryan Wiskes and Melissa Masserant were able to help me quickly refinance at the lowest possible rate. They beat all other lenders by thousands of dollars in costs/points on the rate. They also helped me close under special circumstances away from home, with no added inconvenience to me, finding a ...
Smooth process and Bethany Evans was fantastic
Great customer service | Maryland | 7/12/2021
Our entire refinance process went so smoothly – and was completed in only 3 weeks! Our refinance rate and closing costs were also very competitive. Bethany Evans, our mortgage consultant, was absolutely outstanding! She regularly kept us informed of the status of our loan application, increased...
Strong communication
Fred | Tampa, FL | 7/16/2021
I worked with AmyKaye Stacy and Lindsey Blitvich during my loan process, second mortgage I haves done with Low Rates and Lindsey over the past several years. I have been extremely pleased both times with regards to their communication throughout the loan process. They keep you informed of what next ...
Great Experience So Far
Private | Private | 7/20/2021
Taylor Wilson was great helping me out with my loan. There were a couple of surprises along the way but those were resolved thankfully. So all good so far.
Very Helpful Customer Service
Abbey | San Antonio, Texas | 7/21/2021
Taylor and Jen were both great to work with. They answered my questions late at night, early in the morning, etc. They were even available on weekends. Plus I got the rate I asked for, which is great!
Great experience
Paul D | Cary, NC | 7/23/2021
Great rate, low closing costs and great folks to work with.
Amazing customer service.
Outstanding | Wilkes | 7/27/2021
Bethany is amazing. She went above and beyond to make sure my refinance process went as smooth as possible. We had a few hiccups along the way but she always kept me informed with every step along the way. I would and will recommend her to others who are looking to refinance. Will totally be using h...