Discover Home Equity Loans Review

Rating: 9.1 / 10 (Excellent)
16 Customer Comments & Reviews - see all comments
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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.

How is Discover rated?


Consumer Experience

Overall Rating: 9.1 / 10 (Excellent)

Discover can be an excellent option for good-credit borrowers, due to their low rates and flexible terms. They can lower monthly payments, and since they require zero cash at closing, as well as waive origination and application fees, refinancing with Discover can be quite advantageous financially.

Discover Loans

Lender Type
Loan Types Available
Home Equity Loan
Minimum Home Equity Loan
Maximum Home Equity Loan
Home Equity Loan Max Term
20 years
Home Equity Loan Fixed Rates Starting At
Waived Fees
Origination Fee
Closing Fee
Application Fee

Loans - 9 / 10

Discover offers home equity loans with very flexible terms, and waived origination, closing, and application fees. Loans can range between $35,000 to $150,000, with a variety of plans (10, 12,15, or 20 years),and fixed rates as low as 5.49% APR. These terms are excellent but they do depend, obviously, on the borrower's specific circumstances.

Discover Qualifications

Loan Qualifications
Property Appraisal
Proof of Employment
Primary Residence
Minimum Credit Score

Qualifications - 9.2 / 10

Discover's requirements are fairly standard in the industry, including financial history, a property appraisal, and proof of employment. Though their stated minimum credit score is 620, most approved borrowers tend to have scores well upwards of that, around 740.

Discover Customer Experience

Total Consumer Financial Protection Bureau Complaints
Total CFPB Complaints/Originations
Site Features & Technology
Home Equity Calculator
Online Application
Online Quote

Consumer Experience - 9 / 10

Discover provides an online application and quote, as well as an easy-to-use home equity calculator. Other online tools include a monthly payment calculator, debt consolidation calculator, and application checklist. Their website is easy to navigate and informative. Customer complaints focus on lack of communication wth loan officers.

Discover Reputation

Total Originations (in millions)
Number of Originations
Average Mortgage Size
Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Nationwide Mortgage Licensing System ID
Nationwide Mortgage Regulatory Actions
Trust Pilot Rating
7.7 out of 10
BBB Rating
Number of BBB Positive Reviews
Number of BBB Neutral Reviews
Number of BBB Negative Reviews
Date Collected

Reputation - 9 / 10

Discover is mainly a credit card issuer, but has expanded into the lending industry. As a credit card company, their reviews and reputation is generally positive, with customers focusing on their friendly service. It remains to be seen how their reputation holds up in this new arena.

Additional Details

Homepage URL
Company Phone
(855) 361-3435
Headquarters Address
2500 Lake Cook Rd, Riverwoods, IL, 60015
Mailing Address
2500 Lake Cook Rd, Riverwoods, IL, 60015
Year Founded

What We’re Hearing From Our Readers
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Customer Comments

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Nancy G
Miami Beach, Florida
I do not recommend this company, and like many other reviews it is by far one of the worst customer service experiences I have ever had. They do not answer basic question, do not return phone calls or emails. And I decided to take my business elsewhere and you would too if your wise. Terrible process and I tried to voice my concerns to a supervisor and never received a phone call back. BEWARE!!! They don't even deserve a star.
4 People found this helpful.

Caroline F
Myrtle Beach, South Carolina
i had a terrible experience with Discover Home Equity. There customer service was terrible. They started out good but the service declined. In the end I was very frustrated as they didnt handle my loan properly. I would not recommend this Company.
4 People found this helpful.

Los Angeles, California
What a joke! 2 months ago we begin the process. “How much is your home worth?” I thow out what I thought might be a bit high but with them doing an appraisal, I thought I’d let them advise me after an appraisal was done. “Home much do you want to borrow”? Again, went about 10K higher than I though I needed, thinking they would tell me based on my equity what I’d qualify for. My FICO is very good, told that the rate (APR) would be 6.29. Ok. The house was “appraised”.... not by an appraiser, but a realtor that did a drive by and pulled lower comps. Their number came in at 520K. So, we aske to dispute this and we hire an appraiser we’ve never met. An appraiser with a state APPRAISERS... Read More
2 People found this helpful.

Atlanta, Georgia
CAUTION! Will Never Do Business With Discover AGAIN! I just received my home equity line of Credit in the middle of May to consolidate some credit cards and start a home improvement project. All but one the cards that Discover was supposed to pay in full was. When I called today to speak with someone regarding this discrepancy, I spent 45 minutes on the phone being transferred 6 different times to get to the right department that could help me. In the end, I was not able to be transferred to the correct department because they continued to transfer me to the incorrect place, repeatedly. By the 6th representative, I find out that the department is now closed. Each time I spoke to some... Read More
2 People found this helpful.

Sugar Grove, Illinois
This has been a nightmare! The loan officer quoted me one monthly rate and at closing was given a completely other rate, When I called her to question this she had me on mute and heard her whole conversation where she told her coworker she was sure what she was doing. The paid off the wrong accounts and has been a mess. Looking for a new mortgage asap. Stay away from Discover! Negative stars .
2 People found this helpful.

Carlsbad, California
They get zero stars. This has been the worse experience DO NOT USE THEM! I wish I found this site and read the reviews before Instarted my loan. I have their card and figured it would just be easier to obtain my heloc through them. I started on July 31. I have been in the industry for many years and know what I am doing so Immediately gave them all documentation needed. The service is extremely poor and not sure if loan officer dropped the ball or what but now on October 16 had to complain and ask to speak to a manager to see what is going on. They seem not to know what is going on and processors would say speak to personal banker then the personal banker would say speak to the processor... Read More
1 People found this helpful.

Debbie E
Philadelphia, Pennsylvania
Well I have read these reviews and agree with every single thing they have said. We started 6 weeks ago we are nowhere near the end I’m sure and like others have said for example, the initial person put on my employment history some company that I never even heard of, on my application and when I called him on it he said I did it !! I never even heard of this company I’ve only worked for 3 companies my entire life and they made it 4. I actually like the loan officer I have now she seems decent but the underwriting is a mess. And I had received two loans from them soooo easy that’s why I went to discover but for HE?!? their interest rate is so bad I’m embarrassed to write it down here,... Read More
1 People found this helpful.

Joe S
McHenry, Illinois
It has been a somewhat slow process, but this is expected as it's not up front, in your face, banking. We submitted the paperwork, provided what was needed and the process took off. We were asked twice more for further documentation, then met with the Notary Public, signed the papers and the financials were processed within a week. If you want someone to baby-step you through each part of the process, spoon feeding you status daily, this is probably not the loan for you. If you want a company you can trust to take care of the details for you, this is the company for you. The ONLY issue we had was uploading documents. Chrome, with 6 various extensions, would not let this happen. Not... Read More
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Decatur, Georgia
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
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Darlena E
Durham, 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
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Our Partner
9.1 / 10
  • Home Equity Loans with Zero Origination Fees
  • Loan amounts from $35,000 to $150,000
  • Low fixed rates
  • 10, 12, 15, 20 or 30 year fixed terms
  • Zero cash due at closing