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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If you are self-employed and your income fluctuates year to year it will be difficult to obtain a home equity loan from Discover. Their Ad about we treat you, like you'd like to be treated is not true. We were trying to do a home equity line on a house where we have 80% equity on a $800k house, we also have a second home which has about 700k of equity and other retirement and savings accounts north of $1M. I had a bad year with my consulting practice in 2017 but am back on track for 2018. In every case they took the lowest year of income and highest liabilities, basically called me a liar on my 2018 income and generally were pretty snobby people. It took over 3 hours to pull all... Read More
I have taken mortgages & loans via a slew of banks the past 15 years, and, my experience with Discover for my home equity loan was the worst experience ever. After an over-excited loan officer took down all my details & gave me a "pre-approval" (stating that my credit & income was stellar), it took 2 months of frustration, total lack of communication from Discover, unprofessional requests for the same info multiple times etc. for them to reject my loan. And, the reason was that my debt to income ratio was $500 on the wrong side of things. This is after they refused to consider my annual bonus & nearly $300K in vested stock (with a set distribution schedule) as income. Even to get to this... Read More
WORST SERVICE EVER! Do not even start to do anything with them!!!! Second month playing games - and still on the same spot!!!! I will sign up under each statement of other comments! Just waiting of time!!!!
I tried to be but after 8 weeks of hell and the total lack of support from this company I have canceled my loan. I had to send in documents 2 and 3 times because they always seemed to disappear. My loan officer was never available. I had to do most of my own work on appraisals and payoffs. It is amazing they can charge what they do and do so little. Extremely disappointing and when I close my loan at my new lender for 4 points less I will be paying off and closing my Discover credit card and never do business with them again.
When I read the opening dialog on this site, I could not believe it was addressing Discover HELOC loans. They have the worse customer service; never return emails or phone calls. The "personal banker " I was assigned was great on the first day after gathering the needed initial info on the phone. My first suspicion was the "drive-by" appraisal. What the hell was that? I could go on and on, but please people, be warned....stay away from Discover HELOCs......as other have stated it is a bait and switch operation. Unfortunately I cannot post zero stars so do not be impressed with my one star....only choice I had.
What a joke! 2 months ago we begin the process. “How much is your home worth?” I thow out what I thought might be a bit high but with them doing an appraisal, I thought I’d let them advise me after an appraisal was done. “Home much do you want to borrow”? Again, went about 10K higher than I though I needed, thinking they would tell me based on my equity what I’d qualify for. My FICO is very good, told that the rate (APR) would be 6.29. Ok. The house was “appraised”.... not by an appraiser, but a realtor that did a drive by and pulled lower comps. Their number came in at 520K. So, we aske to dispute this and we hire an appraiser we’ve never met. An appraiser with a state APPRAISERS... Read More
CAUTION! Will Never Do Business With Discover AGAIN! I just received my home equity line of Credit in the middle of May to consolidate some credit cards and start a home improvement project. All but one the cards that Discover was supposed to pay in full was. When I called today to speak with someone regarding this discrepancy, I spent 45 minutes on the phone being transferred 6 different times to get to the right department that could help me. In the end, I was not able to be transferred to the correct department because they continued to transfer me to the incorrect place, repeatedly. By the 6th representative, I find out that the department is now closed. Each time I spoke to some... Read More
I do not recommend this company, and like many other reviews it is by far one of the worst customer service experiences I have ever had. They do not answer basic question, do not return phone calls or emails. And I decided to take my business elsewhere and you would too if your wise. Terrible process and I tried to voice my concerns to a supervisor and never received a phone call back. BEWARE!!! They don't even deserve a star.
i had a terrible experience with Discover Home Equity. There customer service was terrible. They started out good but the service declined. In the end I was very frustrated as they didnt handle my loan properly. I would not recommend this Company.
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 .