Discover Home Equity Loans Review

Rating: 9.1 / 10 (Excellent)
14 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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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
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Farmington, Michigan
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
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Ron L
Nixa, Missouri
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.
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Mayda B
Corona, 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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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