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Low VA Rates Review: A Mortgage Lender That Is Everything VA


Sometimes mortgage companies come up with unique or clever names, and other times they just name themselves after exactly what the offer, which seems to be the case with “Low VA Rates.”

Yes, there’s a mortgage company bearing that name that does quite a lot of business originating VA loans.

A couple of similarly-named lenders include Lower Mortgage and LowRates Mortgage.

But unlike most other mortgage lenders, they are highly focused on just one type of loan, which might be a good thing if you’re in the market for a VA loan.

After all, they should have the loan process down pat and might be competitive to other lenders in the pricing department as well. Let’s find out!

Low VA Rates Fast Facts

  • Direct-to-consumer mortgage lender
  • Specializes in VA loans (mostly refinance loans)
  • Founded in 2013, headquartered in Lindon, Utah
  • Employs about 40 loan officers
  • Originated roughly $1 billion in home loans last year
  • Most active in Texas, Florida, and Georgia
  • Currently licensed in 48 states and the District of Columbia

Low VA Rates, LLC is a direct-to-consumer mortgage lender, meaning you’ll likely being business with them over the phone and/or via email while using an online loan portal.

As noted, they are all about one type of mortgage, the VA home loan, which is only an option for eligible veterans, active duty, and National Guard.

Additionally, they mostly originate refinance loans (around 90% of total volume), so they’re hyper-focused on existing homeowners who have or want another VA loan.

Despite only offering one type of mortgage, they still managed to fund about $1 billion last year, which is pretty impressive.

They appear to be most active in the state of Texas, followed by Florida, Georgia, North Carolina, and California.

Currently, they are licensed in 48 states and D.C., with Massachusetts and New York the exceptions.

How to Apply for a Home Loan with Low VA Rates

  • You can call/text them directly or visit their website to get started
  • They also have six physical locations in a handful of states
  • It appears you need to fill out a short contact form and wait for a callback
  • Then you can complete a digital mortgage application powered by Ellie Mae

To begin, you can either call/text them, visit their website, or go to a physical location if one is located near you.

At the moment, they only have six locations nationwide, including branches in Hawaii, Missouri, Nevada, Texas, and Utah.

You’ll likely apply via their website using a digital mortgage application powered by Ellie Mae, which lets you link your bank accounts and employment info, eSign disclosures, and check loan status 24/7.

This should make it easy to fly through the loan process, especially since they are a LAPP-approved lender with the authority to close your loan on their own via a faster home appraisal.

They say you can get pre-qualified for a mortgage in 10 minutes or less, and once approved, you’ll be able to manage your loan via the borrower portal.

All in all, they should offer both speed and convenience, along with multiple channels to communicate based on your preferences.

Loan Programs Offered by Low VA Rates

  • Home purchase loans
  • Refinance loans
  • VA loans
  • VA jumbo loans
  • VA construction loans
  • VA streamline refinance
  • VA cash out refinance
  • VA energy efficient mortgage
  • VA hybrid loans: 3/1 and 5/1 ARMs

If you weren’t sure by now, Low VA Rates offers VA loans in just about every flavor you can imagine.

You can get one to finance a home purchase, to finance the construction of a new home, or to refinance an existing home loan if you want a lower interest rate and/or cash out.

Most of their VA refinance loans are rate and term refinances, meaning they result in a lower mortgage rate, though they also offer a cash out option as well.

Their dual-close construction loan involves two separate loans with their own closing dates, including a short-term construction loan and a long-term VA mortgage loan.

It’s also possible to get a VA loan that exceed the conforming loan limit, and a VA energy efficient mortgage, known as a VA EEM.

They offer VA streamline refinances, known as Interest Rate Reduction Refinancing Loans (IRRRL), for those looking to qualify more easily and speed through the loan process.

In terms of loan type, you can get a fixed-rate mortgage such as a 30-year or 15-year fixed, or a hybrid ARM, including a 3/1 ARM or 5/1 ARM.

Those in need of a conventional, FHA, or USDA loan can apply via their sister company Elevate Mortgage Group.

So if you indicate interest in one of those loan types, you’ll likely be referred to that company.

Low VA Rates Mortgage Rates

One slight negative is that Low VA Rates doesn’t publicize their mortgage rates on their website, which seems kind of hard to believe. With a name like that, you’d expect them to.

However, this doesn’t mean their rates are any less competitive – you simply need to get in touch with a licensed loan officer first in order to obtain pricing.

This isn’t out of the ordinary, but it is a little surprising since they lead with the words low and rates in their company name.

The same goes with lender fees, which don’t appear to be listed on their website. It’d be nice to know what they charge, such as a loan origination fee, application fee, etc.

The good news is they offer a so-called “Low APR Guarantee” whereby they’ll give you $250 if they can’t beat a competitor’s rate and fees (collectively mortgage APR).

Of course, you’ll need to provide a Loan Estimate (LE) from another lender and show them that the interest rate is actually locked.

If they can’t beat it, you’ll get $250 once your loan funds with the competing lender and you provide the final Closing Disclosure (CD) and mortgage note within 10 days of the lock expiration.

Low VA Rates Reviews

On Zillow, Low VA Rates has a solid 4.89-star rating out of 5 from over 700 customer reviews, with many indicating that the interest rate received was lower than expected.

On Trustpilot, they have a similar 4.9-star rating from almost 1,900 reviews, with 88% of reviewers categorizing them as “excellent.”

On Google, it’s another excellent 4.8-star rating from more than 1,200 customer reviews, which is a testament to their consistency.

Lastly, they’ve got a 4.1 out 5 rating based on the opinion of 2,300+ people on Facebook, which while not as strong as their other ratings is still considered good.

They are an accredited company with the Better Business Bureau (since 2017), though they’ve currently been assigned a “not rated” grade while their profile is being updated.

An additional 300 or so customer reviews on the BBB website give them a 4.82/5 rating, which is once again in line with their other mostly stellar reviews.

In summary, LVR might be a good option if you’re in need of a VA loan and want a low rate, whether a prospective home buyer or an existing homeowner, or if you have a trickier loan scenario where a VA loan expert could be of good use.

Low VA Rates Pros and Cons

The Good

  • Specialize in VA loans only
  • Offer lots of different types of VA loans others might not
  • Offer a digital mortgage application
  • Can track loan progress 24/7 via online borrower portal
  • Are a LAPP-approved mortgage lender (faster appraisal process)
  • Excellent customer reviews from past customers
  • BBB accredited business
  • Free mortgage calculators on their website
  • Veteran scholarship program

The Maybe Not

  • Not licensed in MA and NY
  • Do not offer loan types other than VA loans
  • Need to speak to someone before you apply
  • Mortgage rates and lender fees not listed on their website

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