How to apply for a loan?
When you're ready to start, Lower provides three options: the "jump start" application, the "quick apply," and the text option. The jumpstart and text choices take one to two minutes. However, the "quick apply" procedure takes five to seven minutes because it requires more information. Here it's:
- Name;
- Phone number;
- Email;
- Physical address;
- Co-borrower's name (if applicable);
- Bank and savings balances;
- Income level;
- Information about your monthly debts.
After entering your basic information, you'll be subjected to a credit check and presented with several customized loan recommendations. You will then be contacted by a Lower loan advisor who will walk you through your options and work with you throughout the process.
Though the procedure is primarily computerized, you must communicate regularly with your loan officer via email, text, or phone during the transaction. You'll also need to upload any required financial evidence through Lower's website.
After you have been booked for a closing appointment, you will sign your documents and complete the transaction. For some borrowers, the entire process can be completed in as little as 14 days.
Requirements
To qualify for a mortgage, borrowers must be U.S. citizens or permanent residents and meet Lower's underwriting and Investor requirements. Lower follows the underwriting rules of Fannie Mae and Freddie Mac, meaning customers with credit scores of 620 or better can put down as little as 3% on conventional loans. Borrowers using certain loan products can have a maximum debt-to-income ratio (DTI) of 50%. The company does not recognize alternatives to typical credit ratings, such as rent payment history.
Application details
You must foremost create an online account before applying for a Lower. You will create a username and password, answer a few security questions, and complete a two-step verification process. After that, you can apply for pre-approval and fill out the application form online.
