Discover Home Equity Loans Review


Rating: 7.8 / 10 (Very good)
5 Customer Reviews - see all reviews
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How is Discover rated?
10/10
Loans
10/10
Qualifications
9/10
Reputation
0/10
Consumer Experience

Discover offers banking and financial services for individual consumers and businesses. The company provides home loans, student loans, personal loans, and home equity loans.

Services and Features

Discover offers home equity loans that can be used for paying medical expenses, debt consolidation, and home improvement. It lets you borrow a portion of your home’s equity with a fixed monthly payment and interest setup.

Discover Home Equity borrowers must have a credit score of at least 620. The company then verifies your credit status, employment and income. Discover provides a loan calculator to estimate the interest and monthly payment on home equity loans.  

Discover has Home Equity Line of Credit that has a variable interest rate and pre-determined loan over a fixed term. It has a 5 to 10 years draw period which lets you withdraw the funds and during the period it is making interest payment only.

Discover includes home equity loan articles and online resources that may be useful to clients and future borrowers. They provide information, tips, financial guides and frequently asked questions readily available on their website.

Services and Features

Home Equity Mortgage Calculator

Refinancing

✔    

Online Quotation

Online Application 

Financial Guide

HELOC Draw Period

5 to 10 Years

Types of Home Equity Loans

Fixed Rate Loans

Home Equity Lines of Credits (HELOC)

Qualifications

Age

at least 18 years old

Credit Score  (Minimum)

620

Primary Home Owner

Accreditations

Member of US Department of Housing and Urban Development

Member of FDIC

Insured by FHA

Approved by Equal Housing Lender

Plan Details

Origination Fee

Free

Closing Cost

Free (In most states)

Maintenance Cost

Not Stated

Application Fee

Free

Variable Rate APR

Not Stated

Fixed Rate APR     

5.99%

Help and Support

Mobile App

Telephone Support

Live Chat

Email

FAQs

Home Equity Loans at Discover

Discover is a good choice for Home Equity because they don’t charge pre-payment penalties, closing cost and origination fee.    

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Latest Reviews

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Chris E
Fort Lauderdale, Florida
3/20/2017
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

S
Scott
Valley Springs, California
2/1/2017
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

S
Stacey
Canton, Michigan
1/27/2017
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

R
Ron L
Springfield, Missouri
1/13/2017
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.

M
Mayda B
9/15/2016
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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