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LowerMyBills Review

ByBestmoney StaffNov. 19, 2020

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In a Nutshell is a convenient tool for mortgage education and loan comparison. It offers a mortgage calculator and advisory tools for searching for and finding the right lender and rates for you.


  • Free service
  • It takes only a few seconds to answer the sets of questions
  • No obligations


  • Isn’t a direct lender
  • Won’t match you up with specific lenders

LowerMyBills at a Glance: 

Loan TypesFixed- and variable-rate loans, refinancing
Featured LoansFHA, VA, cash-out refinance, HARP
Repayment Terms 30-year fixed, 5/1, 10/1 ARM
Suitable forDecreasing your current payments

Overview offers a free online service for consumers to compare, calculate and analyze their home loan and refinancing options. Users can compare between different types of mortgage and refinance loans and have their current home loan graded – all by filling in a few basic details about themselves.

Suitable For?

This service is suitable for anyone who needs a new mortgage or refinance, and who wants to educate themselves about suitable loan options before speaking directly to lenders. It’s perfect for comparing your options and loan types. 

Loan Features

  • isn’t a direct lender or broker, and it can’t pre-qualify you with any lender. It simply offers a number of handy tools for understanding what type of mortgage is right for you. These include:
  • Mortgage Calculator: This tool allows you to calculate your monthly payments, interest and APR. Just enter your desired loan amount, credit status, and a few other basic details, and this tool will supply you with different mortgage options, including pros and cons for each mortgage.
  • Refinance Calculator: Similar to the mortgage calculator, this tool allows users to see what a refinancing could do for their monthly payments and APR. By using it, users can understand whether or not a refi would save them money.
  • Mortgage Comparison: Allows users to select different mortgages and compare the different benefits provided by each loan in one infographic. Compare between 1 or multiple types of mortgages: 30-year fixed, 15-year fixed, cash-out refinance, adjustable, FHA loans, VA loan, and HARP refinance.
  • Mortgage Analysis: Analyzes your current mortgage to determine if it is the right one or if you should opt for a new one. Just enter your current rate and loan amount, and provide your mortgage goals (e.g., reducing your monthly payments). This tool will grade your current mortgage based on the details you give.
  • Mortgage Advisor: Provides homeowners with customized recommendation based on their individual needs and circumstances. The user provides information about their current mortgage and financial goals. The Mortgage Advisor searches the LowerMyBills network to find the mortgage that makes most sense for those goals, and it provides a detailed recommendation to the user.

The Application Process

As LowerMyBills doesn’t act as a broker or lender, there isn’t really any need for you to go through an application process or to enter your contact details or other sensitive information. To use LowerMyBills’ free tools, all you’ll need to do is fill in the relevant information for that specific tool. 

For example, to use the Mortgage Calculator, simply enter your: 

  • Loan amount
  • Credit profile
  • ZIP code

For the Refinance Calculator, enter your:

  • Estimated current mortgage balance
  • Estimated home value 
  • Credit profile
  • Estimated interest rate 
  • Current monthly payment
  • ZIP Code

For the Mortgage Analysis Tool:

  • Select mortgage goal (from choice of: lower monthly payment, pay less interest, have a shorter term, lower rate, cash out)
  • Enter monthly mortgage payment
  • Mortgage balance
  • Estimated home value
  • Credit profile
  • Interest rate
  • Number of years left on your mortgage
  • Zip code

For the Mortgage Advisor, the form will begin with a few basic questions about your home value, mortgage balance, interest rate, and the property use (i.e. primary residence, secondary home, or investment property). Depending on your answers, it will then lead to a set of secondary questions in order to grade your mortgage. Examples of secondary questions:

  • How you feel about your mortgage payments (should be lower, higher, or there’s wiggle room)
  • Mortgage goal (change monthly payment, change interest rate, pay off faster, cash out)
  • Whether you’ve had any late mortgage payments in the past 12 months
  • How tight or flexible your monthly budget is
  • How many more years you plan to live in your house
  • How many years until retirement

Pros and Cons

LowerMyBills is solely an advisory service, so it won’t match you up with lenders or home loans in the same way as online lending marketplaces. The time to use this service is right at the beginning of your research. Rather than spending time compiling information from multiple sources, you can find it all in the one spot. Whether you’re after a home loan or refi, LowerMyBills can pinpoint the most suitable option for you just by providing some basic information. Based on that information, you can then go in search of a lender from a position of strength.

Repayment Terms

This service provides information on all types of home loans: 30-year fixed rate, 15-year fixed rate, variable rate, FHA loan, and more.

Help & Support

LowerMyBills’ entire service is based around its automated online tools. It doesn’t provide any additional forms of support, though its website is comprehensive. 

Summary provides a completely free service that should be the first point of call for anyone short of time and in need of a home loan or refinance. Through its automated tools, users can calculate, compare and analyze the value of different types of loans for their individual needs.

Physical Address

LMB Services, Inc.

4859 W Slauson Ave #405

Los Angeles, CA 90056

LowerMyBills customer testimonials

AverageReviews 97
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  • author
    humberto galindo
    Feb 08, 2021
    hola necesito la ayuda pero en espanol…

    hola necesito la ayuda pero en espanol por favor


  • author
    D Ransom
    Feb 04, 2021
    I had a terrible experience with and Quicken Loans.

    I had a terrible experience with Quicken Loans NMLS#3030! I pulled my credit report as you suggested through Credit Monitor 4U and printed out the results, which were acceptable. Then I did as you directed and phoned the number for Rocket Loans through Quicken Loans. I told the person who spoke with me that I already had my credit reports but he insisted he would have to pull them himself and asked for my SSN. I gave it to him expecting that he would see the same scores I saw on the printout. Instead, he said, "517 I can't even talk to you." I said that is impossible, I just got my reports and they were ok. I asked what did his report say, and he claimed my student loans were in default. This is not possible because I have an automatic withdrawal each month for one of my loans and the others are in a repayment plan as well. Additionally, all student loan payments have been stopped because of Covid 19. He argued with me and then hung up. I tried to use the chat connection at the website to find out what was going on and received no assistance. Then I called Credit Monitor 4 U and they insist that the reports I printed out were correct, and that the person at Quicken Loans should not have asked for my SSN and that something is not right. I couldn't continue the conversation at that time and said I would call back later to continue the conversation and see if there is something I can do about this apparent scam to get my SSN. I have been waiting on the phone for over half an hour now to have that second conversation. I am absolutely infuriated that I ever responded to your ad.


  • author
    Jan 08, 2021
    Great experience

    I had a great experience with the representatives. Felt little pressure, only a sincere desire to try to help me find a good loan/rate.


  • author
    Ann Marie Githens
    Jan 08, 2021
    was happy

    was happy, then 1:00 appointment did not happen why?, no call or email nothing like my time is not of value. wondering about your company now. called and left message on voicemail still nothing.


  • author
    Teena Watkins
    Jan 03, 2021
    Lower my bills is a sham

    Lower my bills lied about who would provide the refinance to lower my bills. This is just a slick advertising ploy by quicken loans.