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Discover®️ Home Loans Mortgage Rates Review


ConsumersAdvocate.org Rating: 4.3 / 5 (Excellent)
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Discover is a financial services company founded in 1985 and based in Riverwoods, Illinois. It's best known for its credit cards, but it's also begun expanding out into banking services, like savings accounts, home equity loans and mortgages.
 
VIEW RATES

How is Discover®️ Home Loans rated?

Breakdown

4.0/5
Lender Types
4.4/5
Available Mortgage Types
4.4/5
Customer Experience
4.5/5
Reputation & Transparency

Overall Rating: 4.3 / 5 (Excellent)

Discover is one option worth exploring if you're interested in a fixed-rate conventional mortgage and you have a credit score of at least 620. It stands out for its transparency and its minimal fees, but you may only borrow up to $200,000, which could eliminate Discover as an option for some. If you are interested in seeing what it has to offer, you can fill out its online quote form and see all of your choices, including the most updated interest rates.

Discover®️ Home Loans Loan Specifics

Available Mortgage Types - 4.4 / 5

Discover offers conventional, fixed-rate mortgages ranging from $35,000 to $200,000. That's a more narrow scope than many of its competitors have, but it will undoubtedly still appeal to many borrowers. Interest rates are reasonable and Discover doesn't charge origination or appraisal fees, nor does it require any cash due at closing. This could make it a more affordable option for some borrowers than other lenders with a wider array of mortgage options.

Types of Mortgage Loans Offered

  • Fixed Rate 10 Year
  • Fixed Rate 15 Year
  • Fixed Rate 20 Year
  • Fixed Rate 30 Year

Minimum Loan Amount

$35,000

Discover®️ Home Loans Customer Experience

Customer Experience - 4.4 / 5

Discover offers an online mortgage application, like most large, national banks with an online presence. It also offers a number of calculators and other help resources, which are useful for borrowers who might not be sure what documents they need or how much they can afford to borrow. You will have to provide your Social Security Number to get a quote, which some mortgage lenders don't require to see your options, but this helps Discover provide you with the most accurate information possible.

Online Features

Online Application
Yes
Online Quote
Yes
Additional Tools and Resources
Mortgage Calculator
Affordability Calculator
Help Articles
Document Checklist
SSN Required for Quote
Yes

Discover®️ Home Loans Qualification Requirements

Qualification Requirements - 4.5 / 5

Discover is more transparent about its qualification requirements than many of its competitors, providing strict minimum credit score and debt-to-income ratio requirements that all applicants must meet if they want to be approved. This can save you some time because you won't have to fill out an application to find out if you're eligible for a Discover mortgage. The requirements are hard limits, but they're not too stringent and the majority of borrowers should still be able to get approved with Discover.

Key Requirements at a Glance

Minimum FICO Score
620

Additional Qualification Requirements

Other qualification requirements include a history of responsible credit use, verifiable employment and income, and a debt-to-income (DTI) ratio of 43% or less.

Discover®️ Home Loans Lender Reputation

Reputation & Transparency - 4.5 / 5

Discover has been around for over three decades and it has established a pretty strong reputation in the industry, earning it an A+ rating from the Better Business Bureau. It's received its share of complaints like all large banks, but it's actually received fewer criticisms than some of its competitors, suggesting that overall, it does a pretty good job of keeping its customers happy.

Key Facts

Lender Type
Bank
Year Founded
1985
BBB Rating
A+
BBB Positive Reviews
13
BBB Negative Reviews
94
Trustpilot Rating
2.0 out of 5
Collection Date
2020-06-24

Complaints & Regulatory Actions

Nationwide Mortgage Licensing System ID
684042
The Nationwide Mortgage Regulatory Actions
5
Consumer Financial Protection Bureau Complaints
6,249

Company Profile

Full Name
Discover®️ Home Loans Mortgage Rates
Company Website
https://www.discover.com/
Headquarters
2500 Lake Cook Rd., Riverwoods, IL, 60015

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