Discover Home Equity Loans Review
Discover is an Illinois-based financial services company. Founded in 1985 by Sears, Discover offers banking and financial services, including home equity loans and HELOCs, for individual consumers and businesses.
ConsumersAdvocate.org Rating: 8.1 / 10 (Excellent)
#8 in Home Equity Loans
8 Customer Reviews - see all reviews
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The worst process ever. I have excellent credit and have had Discover personal loans in the past. Those processes are flawless. The Home Equity Loan process was a nightmare. I was approved immediately and the the fun began. If you read the previous reviews my experience is more of the same which tell me that Discover does not read their reviews nor do they care. My paper work was all submitted with in 3 weeks of acceptance. The person working on my loan did not submit my application and paper work to the under writers until the last minute which allowed the loan application to expire. They said they could do another application however the interest rate has now gone up. I told... Read More
Highlands, North Carolina
Although initially helpful, the process was drawn out for almost two months with a change in the terms. The document download portal was inconsistent not allowing all of the transmissions to be accepted online. The fax proved insufficient, so I resorted to mailing information. The communication by phone was virtually nonexistent and emails were answered 2-3 days later. I received the documentation in the mail for my signature and I called with questions to Ashley and she made it seem like my questions were irrelevant. She said it didn't matter about the paperwork although it stated that it had to be signed and returned by August 17. After I get an email from Christine saying she would... Read More
San Diego, California
Deborah Richards NMlS ID 1523119 Discover home equity . Do not use her she our right ignores phone calls and emails and is also incompetent as she forgets what she has said previously to you if youre lucky to get hold of her. As I dont want to write out again my whole list of complaints I will just copy and paste what I emailed her. I need you to to get in touch with me via email and let me know an exact date and time this week when you will be available to talk. You have ignored several of my emails previously. I will be filing a complaint to NMLS and to Discover. Here is the basis of my complaint 1. You falsely stated the debt to income ratio percentage to me... Read More
Fort Lauderdale, Florida
We already have a Home Equity loan from Discover. The first time around was a nightmare. Then we decided to refinance. It took almost 3 months. The processor was incompetent. Always calling us for different forms. He would never give us updated information on the loan and the status. They kept telling us that it was still in Underwriting.. After we complained several times that person was fired and now we have another processor. All we wanted to do is lower our rate. So when we called they said that they are overwhelmed with loans and would get to ours. When they finally got to our loan there trying to tell us that our debt to income was above their guidelines. I think that they were upset... Read More
Valley Springs, California
My wife and I are in our late 50's, retired, and have excellent income. We have owned many homes, and have acquired many different loans over the years, so have a good understanding of the process. We Started our loan process October 22,2016. Like the previous review, we were told six to eight weeks. Wanted all of our paper work filed immediately, which we did, we were approved etc. etc. Then the fun started! We were handed off to various loan agents who lied, pointed fingers at each other, stalled, claimed things were done, when they weren't, and never returned phone calls! When we call to try to talk to a supervisor, we are told a variety of things, everything from they've gone home for... Read More
Started the process for a loan on 7/25/16. Sent all the required documents then crickets. I have had to constantly follow up and NO ONE there has ever heard of returning a phone call. Every time I call to ask for a status they say they will get back to me and then I have to follow up a week later to be told they will get me another update. The reps have told me that my loan has just fallen through the cracks and they are super busy. Like it is no big deal. So FRUSTRATING!! Now here we are on January 26, 2017, still no loan and they just called me to tell me they were changing their loan offer but holding the interest rate. Too little to late. Closing my credit card account right... Read More
I started the process for a discover home equity loan on 26 September 2016 and as of 12 January 2017, we still have not gotten a closing date. When I initially applied, I was told by my personal banker that it would take approximately 6-8 weeks and it has almost doubled that. I cannot get an answer to when it might close, and no one seems to want to return my phone calls. I have now been assigned a different personal banker and also a different processor without an explanation as to why the changes were made. If you are not in a hurry and have several months to complete this process, then feel free to utilize this company.
Los Angeles, California
I was so disappointed by the entire experience. I had to actually cancel my application half way through. NO follow up, NO communication...I literally had to call 3 people to get any updates, same questions asked by numerous people, documents faxed over and over. I would NEVER allow this kind of company to hold a mortgage on my home...RUN FAST!!
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