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Discover®️ Home Loans Mortgage Refinance Review


ConsumersAdvocate.org Rating: 4.6 / 5 (Excellent)
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Discover is a financial services company best known for its credit cards, but it also offers other banking products, including checking and savings accounts and home loans. The company is headquartered in Riverwoods, Illinois, and has been in business since 1985.
 
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How Do We Rate Discover?

Breakdown

5.0/5
Loan Variety
4.5/5
Ease of Process
4.0/5
Customer Service and Reputation
4.9/5
Discounts and fees

Our Overall Rating: 4.6 / 5 (Excellent)

Discover offers fixed-rate home equity loans, which may be used to tap into a home’s equity as a second lien mortgage or refinance a primary mortgage. Its website doesn't go into a lot of detail, which isn't unusual for mortgage lenders. But it means those hoping to learn more about Discover's products and how it stacks up to its competitors will have to set aside some time to call the company and discuss their options or complete the online application form to see if they can get pre-qualified.

Loan Options

Lender Type
Bank
Loans Offered
Rate & Term
Cash-out
Maximum Loan Size
300,000
Fixed Year Terms
30 Year Fixed
20 Year Fixed
15 Year Fixed
10 Year Fixed

Loan Variety - 5 / 5

Although Discover doesn't offer a conventional mortgage refinance, consumers can refinance their primary mortgage with one of Discover's home equity loans to change their rate or term or to take out cash. The company offers fixed-rate home equity loans, which may be used to tap into a home’s equity as a second lien mortgage or refinance a primary mortgage. Consumers can borrow anywhere from $35,000 to $300,000, which should suit most borrowers, though those hoping to refinance more expensive homes will have to look elsewhere.

Application Process

Ease of Process - 4.5 / 5

Discover does not require the applicant to pay any fees at closing. There may be fees in servicing such as late fees, early loan payoff costs (reimbursement of some closing costs), etc., depending upon the borrower’s subsequent actions. Discover accepts credit scores of 680 and above. They look at your full credit profile, including debt-to-income ratio, how much equity you have in your home, your income, and your credit score, among other things. To determine exactly what terms Discover can offer you on your home refinance, consumers should contact the bank directly, apply online or visit their website. The company offers loan calculators on its site that can be used to get an approximate idea of what they may qualify for.

Discover Reputation

Memberships & Regulatory Info.

Memberships
FDIC
Nationwide Mortgage Licensing System ID
684042
Nationwide Mortgage Regulatory Actions
5
NMLS Collection Date
2020-03-25
CFPB Total Mortgage Complaints
105
CFPB Collection Date
2020-03-25

Online Reviews

Trustpilot Trustscore
2.2
BBB Rating
A+
BBB Positive Reviews
12
BBB Negative Reviews
89
BBB Neutral Reviews
0
Date Collected
2020-03-25

Customer Service and Reputation - 4 / 5

Discover's large customer base means some complaints are to be expected. Discover doesn't have an unusual amount of complaints compared to many of its competitors and it still maintains an A+ rating with the Better Business Bureau due to its prompt handling of complaints. Hopefully you won't have to deal with your mortgage lender too much once you've completed your refinance, but if you're concerned about customer service, you can try calling Discover to assess their customer service yourself before signing up or explore a few other options.

Contact & Additional Information

Homepage URL
https://www.discover.com/
Company Phone
(855) 361-3435
Headquarters Address
2500 Lake Cook Rd., Riverwoods, IL, 60015
Year Founded
1985

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Customer Comments & Reviews

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J
James C
12/28/2020
What is the refinance interest rate? Do you do 15-year fixed rate loans?

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