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If you’re considering borrowing money or signing up for a new service, the first step is to shop around to compare options and insurance rates. Online platforms like LowerMyBills play matchmakers by connecting customers with lenders and other service providers. This guide explains how it works.
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Quick Summary
You could use LowerMyBills to easily find out if you could be saving money on your mortgage.
- Easily compare and switch lenders
- Filling out the form takes less than 3 minutes
- Shop for mortgages, mortgage refinancing, or reverse mortgages
An overview of LowerMyBills
Based in Los Angeles, LowerMyBills has been helping consumers shop for loans, refinances, and other products since 1999. The company is not a lender, broker, or online marketplace. Instead, it operates as a middle person to help you search for better deals on services to lower your monthly bills.
Which loan products does LowerMyBills show you?
LowerMyBills lets you research and compare companies that offer mortgage services, credit cards, insurance, home loans, home services, and more. However, its primary focus is on helping homebuyers and homeowners shop for loan options for home purchases and refinancing. How you finance a home could be one of the biggest financial decisions you make, so it's a good thing to spend time researching.
LowerMyBills.com has an entire page dedicated to a roundup of the best mortgage lenders and outlines various products that each lender offers. Here’s a general overview of the loans you can shop for.
Mortgages at LowerMyBills
If you’re looking to buy a home, LowerMyBills can put you in touch with lenders. Factors such as your credit score and debt-to-income ratio (DTI) can impact your ability to qualify. After submitting information with LowerMyBills, lenders reach out directly to give you a rate quote and you can apply for a loan from there.
LowerMyBills lender partners may offer conventional and government-backed mortgages with various terms, and you may be able to choose between fixed and adjustable mortgage rates. Eligibility criteria for each lender and program can vary.
| Loan types | Jumbo loans, conventional loans, USDA loans, VA loans, and FHA loans |
| Loan term | 15- to 30-year terms are most common, but alternatives may be available |
| APR | Varies |
| Credit needed | Varies by lender and loan program |
Mortgage refinancing at LowerMyBills
If your credit score has improved since buying your house or market rates are less than what they were when you purchased a home, LowerMyBills could help you shop for mortgage refinancing. Choosing to refinance your mortgage lets you pay off your old mortgage with a new one that has better terms, lowering your interest rate and monthly payment.
If you have enough equity in your home, you may also be able to do a cash-out refinance. With a cash-out refinance, you can withdraw money from home equity by borrowing more than what you owe and cashing out the difference. This could be an option to consider instead of taking out a home equity loan.
Eligibility requirements for mortgage refinancing with LowerMyBills partners can also vary depending on the lender and mortgage program. Some factors that affect eligibility include your credit score, DTI ratio, loan-to-value (LTV) ratio, and where your home is located.
| Loan types | Conventional loans, USDA loans, VA loans, FHA loans, and special programs |
| Loan term | 15- to 30-year terms are most common, but alternatives may be available |
| APR | Varies |
| Credit needed | Varies by lender and loan program |
Reverse mortgages at LowerMyBills, etc.
A reverse mortgage loan is a unique loan available to adults aged 62 and older with sufficient home equity. Instead of making mortgage payments to pay off the loan, you receive payments from the equity you’ve built up. This money can help pay for medical care and other bills in retirement. If the homeowners move or die, the balance on a reverse mortgage must be repaid, which can be done with proceeds from the home sale.
There are two types of reverse mortgages that LowerMyBills lenders offers: home equity conversion mortgages (HECMs) and private reverse mortgages. HECMs are insured by the government, whereas private reserve mortgages are not. However, private loans may allow you to take more cash out of a home that’s worth a lot of money. For example, AAG issues reverse mortgages and offers up to $4 million in equity with a jumbo loan.
Before taking out a reverse mortgage, be sure to understand the fine print and costs. Fees may apply to reverse mortgages and interest charges can cause your balance to increase over time.
| Loan types |
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| Ways to receive equity payments |
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| APR | Varies |
| Credit needed | Varies by lender and loan program |
What LowerMyBills customers are saying
LowerMyBills gets an A+ rating from the Better Business Bureau (BBB), but some customer sentiment on the website is less than positive. Several complain of repeated ads, calls, messages, and emails about products. If you choose to use LowerMyBills to shop around for financial services, that’s something to consider.
However, customers on Consumer Affairs and Trustpilot who’ve used LowerMyBills report that the service is easy to use and that they were connected with reputable lenders.
FAQs about LowerMyBills
Is LowerMyBills legit?
LowerMyBills is a legitimate company accredited by the Better Business Bureau. It’s not a direct lender, which is something to keep in mind when reviewing borrowing options. LowerMyBills collects information about potential customers and gives it to lenders and other financial service providers. From there, those companies decide whether you’re a good fit for their products.
How much does LowerMyBills cost?
LowerMyBills is a free website — you don’t have to pay to submit information to connect with its partners. However, you’re giving away your data, such as your email and contact information, and companies that work with LowerMyBills can use this information to pitch you products.
What is the HARP mortgage program?
The home affordable refinance program (HARP) program was a government program that ran from 2009 and 2018. HARP helped borrowers refinance their mortgages even if their home's value decreased.
Because this program has expired, it’s not available through LowerMyBills or any other platform. If you want to lower your interest rate or payment on a mortgage, you could consider exploring other options by contacting your current lender or shopping with other lenders that offer refinancing.
Bottom line
LowerMyBills is one of many marketing platforms that helps consumers shop for loans and other personal finance products. If you’re wondering how to get a loan for your next home, using LowerMyBills to compare many options could save you a lot of time.
There’s no fee, so signing up is risk-free. Plus, many people who find lenders through the service have good things to say about the company. With help from LowerMyBills, the stressful process of finding a mortgage or refinancing could be easier and more convenient.