Discover Home Loans Review
Discover Home Loans Review
70 Customer Reviews - see all comments
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Discover is an Illinois-based financial services company. Founded in 1985 by Sears, Discover is now an independent corporation that offers banking and financial services, including home equity loans and mortgage refinance loans, to individual consumers and businesses.
Discover Home Loans
Home Equity Loan
Latest Discover® Reviews
Won’t use Discover Home Equity loans again. Not only my interest rate was incredibly high, I was one day passed the 10 day payoff date so they said. I had to pay another day of interest. Even though the check was dated within the time frame. Didn’t matter. Probably someone overlooked the check and didn’t process it in time. Yet paying the142.68 was in collections. Never late, I was on the phone being passed back n forth from collections to customer service. Then the wonder why the check was t processed in time. 10.99 interest with a credit rating of 720. Don’t use them.
Worse Company that does HELOC loans. Wasted weeks of my time and many agents didn't know their loan guidelines. Wish I could give them a 0.
This is by far the absolute worst Company to apply for a Home Equity Loan. You are assigned to a processor and a banker and they do absolutely nothing except prolong the approval process with erroneous requests or information. The team is lazy and it’s clear they do not care about processing loans. I have never experienced such poor customer service. You are better off taking your business elsewhere. It will surely save you a great deal of time.
Cancel my loan called them gave them my loan id is 101001200 then they te they could not find my loan number im stopping my i will just going to bank for loan so i can keep an eye on it the guy was very helpful then i looked down some the pages my loan was 35000 and they had it at 25000 im paying 80000 for 35000 thanks any i will notify lifelock if something hinky is going on
I would give them zero stars, if it were possible. Back in August they credited my payment to a wrong account, and as a result started a collection process against me. Even though I submitted a snapshot of my banking statement clearly showing that the payment has been collected by the Discover Home Loans, and then followed it up with the payment trace info number, company ID, as well as the name of the intermediary, they still claimed that it was insufficient to locate the payment. Accordingly, I was being bombarded with threatening letters and harassing phone calls. A few days ago, I've received an apologetic email stating that they've found the missing payment and have applied it... Read More
I would give Discover a -5 if I could. First of all, they recorded my Deed of Trust incorrectly (with an address of a house I owned previously), the made me run through the hoops to even talk to anybody. What should have taken a week took a month. And then finally, they refused to remedy the error that THEY made and told me to correct the deed I would have to hire a lawyer. Worst. Company. Ever..
Even with an near perfect credit score, low debt, and annual salary near the amount I was looking to borrow, they still dragged their feet, had me dealing with at least 5 different people during the loan process, sent emails and mailings requesting information already submitted, and ultimately totally wasted one month of my time before I was forced to cancel the loan myself. Hopefully others will look for reviews before applying -- steer clear of Discover Home Loans.
Reading the comments just on the first page tells me this 4.5 star rating is absolutely false. I have purchased and refinance mortgages over 12 times in life and this was the ABSOLUTE worst experience ever. Discover staff lie to you, they constantly request additional items, they take months to do what others do in 4-5 weeks, take weeks after closing to disperse funds to your account, and have the strangest requirements (like contacting my HOA to have them purchase and show some sort of liability insurance that no lender ever needed before) ... If I had to do over again I WOULD CHOOSE ANOTHER LENDER!!!! With credit scores in the 800's I cannot believe everything we went through.
My husband and I refinanced with discover 5 months ago. At that point in time our property taxes and insurance were supposed to be added. They were not I am still having to call once a month to try to have my property taxes added II did I had to pay them myself the 1st quarter. Every time I call I get a complete run around. I stayed on the phone the last month that I called to make sure that they received the bill they confirmed with me they had the bill and that they would take care of it and any late fees associated with it. My property taxes were due in August . I see that they're still not paid so I called back again. Now waiting on approval because they're delinquent! Not delinquent... Read More
Discover loans is horrible if you want to pay off principal early . I was told after a $10,000 early payment that I had to request a "recast" to decrease my interest payment. Then they told me they weren't granting recasts at this time. So I'm paying interest on higher principal . seems illegal to me.
Applied for a home equity loan. After waiting almost 8 weeks I find out they appraisal comes back insanely low. They just drive by and have zero information on your home as in upgrades and new items (such as the roof). Slow service and horrible appraisal used. At least come in the home or ask for pictures.
I took out an equity loan with Discover to pay off all my credit debt and have some cash to use on making repairs to my home. The process went smooth with no delays in the process. All the reps I spoke with were friendly and answered all my questions. I am totally satisfied with this company in taking out a loan.
I have had a Discover Home Equity Loan for 3 years, and never been late or missed a payment. However, when I recently tried to refinance my primary loan, the process was completely sabotaged by Discover Home Loans, who now for 3 months have refused to "subordinate" my home equity loan to the new lender (meaning the home equity loan takes "2nd position" behind the primary lender, which is SOP). Moreover, their communication is terrible, and the few times I have actually communicated with anyone they only say they are moving to a new system and things are slow. But in the meantime, I have lost hundreds, if not thousands, of dollars (not to mention many hours in emails and phone calls) in... Read More
We applied for a home equity loan on June 1. Our personal banker, Natalie, was great, and explained the loan amount, terms and loan process. They immediately sent us a request for documents online. We uploaded all of our documents right away. We had one hiccup, wherein one of the paystubs didn't show employer information so more verification was needed from employer regarding income. June 8, we moved to the processing stage. Our processor, Susie, was great and responded quickly to our emails and kept us informed with weekly emails. June 25 we received an email we were in final review. On June 29, we received an email that our loan was fully approved. The same day, we received an... Read More
On Saturday April 3, 2021 I applied for a Discover Home Line of Equity Loan. I completed the application online, and by Monday morning I received a phone call from Heather, my “personal banker. Heather asked me to confirm some info, and worked with my numbers to get my Debt to Income ratio to under 40% (which is their requirement to continue with the loan process. Since this was a consolidation loan against the equity in our home, my DTI % was easy to reach. After confirming the information on my application, she explained that I would receive an email with e-sign signatures needed, along with a disclosure with my loan amount, interest rate and other misc numbers. I needed to upload... Read More
After I wasted 2 months working with Discover home loans I can only tell you to avoid them and run away.!!! No words can describe the incompetence. I asked for a email to complain they told me they did not have such person that I could email - This is speaking to both Loan officer and Customer support and supervisor.
You pulled a hard inquiry without my permission - you guys have ZERO flexibility - I was willing to pay the original loan down to your 200K maximum at Close of escrow
not before !!
You SUCK !! I am glad to give my business to another lender at half of your rate
There's a reason I will never get a discover card, I don't need you !
No they harassed me so bad and for 2 months they kept asking for additional paperwork and I sent them my entire life I finally told them to forget it. It was ridiculous
bat none the WORST BUSINESS PRACTICES of any company that is in business. the reason for my harsh review: I had hail damage in March of 2020. My insurance company inspected the damage. Sent me a check for the damages. It was made out to me & Discover Home Loans as they have an interest in the property because they are the mortgage holder. I then had to endorse the check & send it to them for purposes of disbursement upon repairs being made. They made disbursements of several thousand dollars to me without verifying if they were even for the repairs . At the completion of repairs there was still a balance of several thousands of dollars owed to me. I made several requests to have the... Read More
Getting the Home Loan on my paid in full house was the easiest part of dealing with Discover. Trying to pay in advance has been nothing but a headache. I can no longer pay online and when I paid three months in advance at once, my monies did not get applied, but held until I called to see why my principal had not decreased. I have made four attempts to pay in advance just to be told on the 4th or 5th attempt, that "they" cannot accept payments if mortgage is paid 4 or 5 months in advance already. Refinancing as soon as possible, this is ridiculous, if you pay your bills in advance this is NOT the company to work with,
Total lack of communication. After approval and submitting all documents as requested, my "loan team" would not respond to any of my emails. Then I was notified they closed my application due to MY lack of communication?! They alternated for 2 months between telling me I was approved and nothing more was needed from me and at the same time sending me notices that they were unable to reach me (completely untrue!). I wasted a lot of time and effort, as well as a hard pull on my credit, for absolutely nothing.
HORRIBLE COMPANY TO DEAL WITH. I OWN MY OWN HOME AND HAVE A 805 FICO SCORE AND A DTI LESS THAN WHAT THEY REQUIRED. I SUBMITTED ALL OF THE DOCUMENTATION ASKED. THEY WERE NOT RESPONSIVE AT ALL. THEY WOULD NOT KEEP ME UP-TO-DATE ON WHERE THIS STOOD. A MONTH LATER THEY OFFER ME A "COUNTEROFFER" OF 16,000 LESS AT A 3+ PERCENT HIGHER INTEREST RATE!!!!!!! i TOLD THEM NOT INTERESTED AND HUNG UP. TOTAL WASTE OF A MONTH OF MY TIME WITH A COMPANY I WILL NEVER DO BUSINESS WITH AGAIN. BEWARE!!!! IF SOMETHING SOUNDS TOO GOOD TO BE TRUE, IT USUALLY IS. THAT IS THE CASE HERE. DONT TRUST THEM.
HORRIBLE COMPANY TO DEAL WITH. I OWN MY OWN HOME AND HAVE A 805 FICO SCORE AND A DTI LESS THAN WHAT THEY REQUIRED. I SUBMITTED ALL OF THE DOCUMENTATION ASKED. THEY WERE NOT RESPONSIVE AT ALL. THEY WOULD NOT KEEP ME UP-TO-DATE ON WHERE THIS STOOD. A MONTH LATER THEY OFFER ME A "COUNTEROFFER" OF 16,000 LESS AT A 3+ PERCENT HIGHER INTEREST RATE!!!!!!! i TOLD THEM NOT INTERESTED AND HUNG UP. TOTAL WASTE OF A MONTH OF MY TIME WITH A COMPANY I WILL NEVER DO BUSINESS WITH AGAIN. BEWARE!!!! IF SOMETHING SOUNDS TOO GOOD TO BE TRUE, IT USUALLY IS. THAT IS THE CASE HERE. DONT TRUST THEM.
This company is rediculous... They ask for proof a loan is paid off that I'm still paying on. My pay increases and they say it decreased from what they had on file. They ask for a Condo PUD document and I don't live in a Condo. I'm getting the impression they haven't a clue what they are doing... Everytime I submit all of the documents they want, they ask for another one... I have an 805 Fico score and owe nothing on my mortgage yet I'm being treated like I'm a credit risk... If I didn't have so much time invested in this process I would stop it. Beware...
I feel so betrayed. I applied for a second mortgage and paid spent 3 months paying off 2 creditors and getting my credit score up. Because of the pandemic and a lot of medical bills I needed a second mortgage. The last 3 months I have hardly had any money in my checking or savings but 6 months ago, I had $10,000 in my savings. Now, with no letter, no nothing, they denied my loan, gave me no other options and did not even communicate with me. i signed the papers today and when I called to find out why my interest rate went from 10.99% to 11.99% I was told I DID NOT GET THE LOAN AND THERE ARE NO OTHE OPTIONS. NO COMMUNICATION, NO EXPLANATION. i do a lot of charity work and rescue... Read More