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Discover Home Equity Loans Review


Rating: 9.1 / 10 (Excellent)
12 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?

Breakdown

9/10
Loans
9/10
Qualifications
10/10
Reputation
9/10
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
Bank
Loan Types Available
Home Equity Loan
Minimum Home Equity Loan
$35,000
Maximum Home Equity Loan
$150,000
Home Equity Loan Max Term
20 years
Home Equity Loan Fixed Rates Starting At
5.49%
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
620

Qualifications - 9 / 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
17
Total CFPB Complaints/Originations
0.09
Site Features & Technology
Home Equity Calculator
Online Application
Online Quote

Consumer Experience - 8.5 / 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)
$3,821
Number of Originations
18,000
Average Mortgage Size
$212,000
Memberships & Accreditations
Equal Opportunity Lender
Insured by Federal Housing Administration
Nationwide Mortgage Licensing System ID
684042
Nationwide Mortgage Regulatory Actions
5
Trust Pilot Rating
7.7 out of 10
BBB Rating
A+
Number of BBB Positive Reviews
6
Number of BBB Neutral Reviews
0
Number of BBB Negative Reviews
42
Date Collected
2017-08-17

Reputation - 10 / 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.

Discover 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
1960

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12 Customer Comments & Reviews

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N
Nancy
Plano, Illinois
10/31/2017
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 .


Joe S
Woodstock, Illinois
10/20/2017
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


L
LG
10/19/2017
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


Debbie E
Philadelphia, Pennsylvania
10/3/2017
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


S
Suzanne
Decatur, Georgia
8/15/2017
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


D
Darlena E
Franklin, North Carolina
8/5/2017
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


M
Mildred B
San Diego, California
7/26/2017
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


C
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
1/31/2017
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
Livonia, 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



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 or 30 year fixed terms
  • Zero cash due at closing