Discover Home Loans Review
70 Customer Comments & 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.
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70 Customer Comments & Reviews
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We spent in excessive of 7 weeks working with Discover. We were originally to it would be a 6-8 week process, so we were patient……. the beginning of the process went smoothly, we supplied all the documents they requested with no issues, we did like the upload on the website it made that process smooth. Then one day we were told they were just waiting on our appraisal. Later that afternoon I took a look on the website and noticed a message that our loan was denied, no reason and no other statement. I contacted our advocate there and she told me it was denied because our house had a for sale sign in front of it and it was listed for sale. I was completely and utterly shocked....it was... Read More
I too was immediately approved and submitted all documents on the first day. The next day I was congratulated on having moved to the next stage, Document Collection. Since my wife and I both own the house (different last names), we had to apply jointly. We both had credit scores of well over 700, made more than enough money and had 100% on time payment history for the past 5 years. Five years ago, my wife had to go through bankruptcy for medical reasons. The company knew this as it immediately showed up in her credit report. They started writing letters asking for more and more information even though my status in Document Collection never wavered from "we have all we need". A week... Read More
After reading nothing but negative reviews on here I felt the need to share my experience. I applied for a home equity loan online with Discover. I was immediately able to upload all required documents to their loan portal. I was never asked to re-submit documents. It took approximately two weeks from the time I submitted the docs for my application to move to underwriting. The underwriting process then took four days and was approved without issue. The next day I e-signed my docs and within a couple of hours someone called to setup an appointment for a notary to come to my house with the docs to sign. The whole process couldn’t have been more seamless and hassle-free.
The process was not “simple”. Lots of hoops. Not unlike getting a reg mortgage. Also had 3-4 personal bankers. Should have been one. We should have closed in 30 days but we were still getting through paperwork which I got back same day every time. 814 credit score and 52 percent equity. But once paperwork was done it was smooth. I Like the no fees up front and a competitive rate which I did bargain to get down and borrowed more than I needed to get it down more. They sent a closer to the house to close it and the money comes after three day cooling off period.
Funny they have a 9.1 out of 10 when all I read about them is negative. My loan was extremely long for a 40k equity loan on a home with 62% equity and score of 788. After the first 2 weeks I bounced loan people to number 6 even though the first said she would be doing the loan from start to finish. All I can say is this company seems to invent reasons why they can't loan money rather than actually make loans. Recommendation would be to run not walk to another lender who is here to make loans, don't waste your time with a company who obviously paid to appear as legit.
Do yourself a huge favor and go to a traditional bank. I'm not sure why they wanted to ORIGINAL NOTE from a home equity I took out years ago, but they did. After 3 weeks of going back and forth, I withdrew from the process and went to my own back. From application to closing with my own bank I was done in a week and a half...far less than discover would have done. And guess what? They had no idea why I needed an original note from 20 years ago.
Steer clear-unless you ask for and receive a copy of the repayment schedule of your loan, be prepared as they will only post about 10% of your monthly payment towards your principal for over a year now. Please prior to using this service KNOW your repayment information as for clear understanding of how much of your payments they will be paying down the loan initially with. This is ridiculous as these loans are NOT unsecured but home equity loans
OMG....... I can't express in appropriate language what a mess this process was,how I wish I had read the reviews before we started the process. In our defense we had a personal loan thru Discover was a great experience, loan paid in full without any issues,so we thought we would do the HEL what a joke..... People don't do it!, I'm telling you don't do it. We were assigned about 7 different loan people,not one knowing what the other one did. The page they get you to sign in on and upload documents never worked...never! The msg it started out with was the same msg we had 6 weeks later,.... I know ! Why did we continue to hang in there? You keep thinking it's just a glich,but it wasn't this... Read More
ZERO OR NEGATIVE STARS WOULD BE A PREFERRED RATING Don't waste your time with this horrible load service. Lashanda Fennel and her partner Stephanie Lipscomb were a complete nightmare to work with. Poor communication, continued to ask for the same documentation over and over. Emails NEVER ANSWERED. Some answered after 7 days. Really? Went as far as adding the "Discover Home Loan" name to our home insurance policy PRIOR TO A LOAN APPROVAL!!!!!!!!!!!!!!!!!! THAT IS A NO NO. Then told us after 4 months of back and forth that they could not extend the loan to us. Thank fully we no longer needed their assistance as we found a great way to get out from under their awful services. Do NOT... Read More
Discover HELOC is the WORST!!! Save yourself the time, trouble and stress and RUN!!! When I started the process I was preapproved and told that the process would take 6-8 weeks. I given a list of documents to provide and I turned them in the same day. Over the next two weeks, I was given the same list of documents to provide, in part or in full several times! I can't tell you how many times I provided the SAME information! Every time I called for an update, I was told that everything was in order and looked good. About 7 weeks into the process, I started calling daily as it seemed we were no closer to closing that in weeks prior. I was then given a counteroffer and told that... Read More