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Discover Home Loans Review: The Nation’s #1 Home Equity Loan Lender


Well, it’s official, there’s a new mortgage player in town, and they go by a familiar name, “Discover Home Loans.”

You may have heard a while back that the credit card issuer was getting into the mortgage game, and now their operations are officially live.

In case your were wondering, they scratched and clawed their way into the mortgage biz by acquiring the loan origination assets of, formerly known as LendingTree.

And despite a brief exit from the mortgage space back in 2015, they continue to offer both mortgage refinance loans and home equity loans.

Even better, they don’t charge an application fee, origination fee, or appraisal fee, and $0 is due at closing.

What Does Discover Home Loans Offer?

  • Rate and term refinances
  • Cash out refinances
  • Home equity loans
  • Terms of 10, 15, 20, and 30 years
  • Loan amounts range from $35,000 to $300,000

Discover Home Loans offers both mortgage refinances and home equity loans.

As far as the refinance option goes, it can be either a rate and term refinance and cash-out refinance, the latter allowing you to tap home equity. And they allow you to borrow up to 90% of your property value.

Their home equity loans can be in the first lien or second position, meaning you can take one out if you have a property that is free and clear. Or you can add one behind your first mortgage as a second mortgage.

They do not offer home equity lines of credit (HELOCs), which differ from home equity loans for a variety of reasons.

The main distinction is a HELOC is a line of credit and a home equity loan is a lump sum you receive at closing.

And while they have a limited loan menu, they do offer a variety of loan terms, including 10, 15, 20, and 30 years.

So if you want to pay off your mortgage earlier to avoid interest, it’s an option. Or if you want to slow repayment to keep monthly payments lower, it’s also an option.

Note that they do not offer home purchase loans, nor do they offer adjustable-rate loans, or any government-backed loans, such as FHA loans, VA loans, or USDA loans.

You’re looking at run-of-the-mill conventional mortgages, along with home equity loans only. The good news is these are the most common types of loans available.

Loan amounts are limited to $300,000, meaning they also do not offer jumbo loans.

What Makes Discover Home Loans Unique?

Well, they claim to have a streamlined application process, meaning it should be easy to apply and get approved for your mortgage.

You can start the process online by putting in some basic information, and then a Discover “mortgage banker” will call you back. That same mortgage banker will be with you from start to finish.

Additionally, they allow you to securely upload documents and check the status of your loan 24/7, via their home loan lending website.

They also consider themselves the top home equity loan lender in the U.S., based on total dollar amount and number of loans, per 2022 HMDA data.

Another perk is that they don’t charge any fees, including $0 application fee, $0 origination fee, and even $0 appraisal fee. We’re talking nothing due at closing.

However, if you pay off your loan balance in full within 36 months of loan closing, you will be required to reimburse Discover for some of the closing costs paid on your behalf, not to exceed $500.

This can include title and recording fees, and mortgage transfer taxes. But if you reside in Connecticut, Minnesota, New York, North Carolina, Oklahoma, or Texas, you’re exempt.

Simply put, Discover isn’t going to change the mortgage world as we know it. Nor do they seem interested in becoming one of the top players beyond the home equity loan space.

Note: If you aren’t charged closing costs, the fees might be baked into the interest rate. In other words, the rate could be higher to compensate. So be sure to shop around and compare both rate AND fees.

Discover Home Loans Rates

The all-important question…and really the only one most people care about, their mortgage rates.

I took a look at their rates online, and they’re currently advertising fixed rates starting at 7.24% APR for first liens and 8.24% APR for second liens.

But the APR can range between 7.24% APR and 11.44% APR for first liens and 8.24% APR and 13.99% APR, depending on loan scenario specifics.

For example, those with lower credit scores and/or higher loan-to-value ratio (LTVs) may be offered higher rates.

Conversely, the lowest APRs may be offered to borrowers requesting at least $50,000 for a second lien or $35,000 for a first lien, assuming excellent credit.

So be sure to test out different loan amounts to see how it might affect the interest rate offered.

As noted, they don’t charge fees but you need to pay special attention to the rate to ensure it isn’t higher to compensate for that lack of fees.

Many home equity lenders do not charge closing costs. But still take the time to gather a few quotes as rates can vary considerably.

Where Does Discover Home Loans Do Business?

Currently, they appear to offer mortgages and home equity loans in 48 states, along with the District of Columbia. In the past, they weren’t available in New York or Utah.

Now they don’t appear to offer home lending services in the states of Iowa or Maryland.

Last year, Discover Home Loans originated about $2 billion in mortgages and home equity loans, with an average loan amount of about $100,000.

They were most active in the states of California, Florida, and Texas.

The company is headquartered in Lake Zurich, Illinois and relies upon a 100% U.S.-based customer service team.

Additionally, they are available seven days a week to help process and fund loan applications. Hours are weekdays from 8am–Midnight ET, and weekends from 10am–6pm ET.

This compares to the typical mortgage company that generally only operates Monday through Friday from 8-5pm.

Discover Home Loans Reviews

Now let’s talk about customer service. While they pride themselves on being easy to use and available day and night, the customer experience seems to leave a bit to be desired.

On the Better Business Bureau (BBB) website their parent company has a rather poor 1.18/5-star rating from about 350 customer reviews. However, this may include their credit card business as well.

And despite the poor reviews, they still maintain an ‘A+’ BBB rating based on customer complaint history.

They also have a 1.1/5 rating over at ConsumerAffairs from just over 20 reviews. Not a large sample size, but not a great score either.

Of course, YMMV. I have been a Discover credit card customer for years and they have always provided excellent customer service.

So hopefully that extends to their mortgage/home equity business as well. Though mortgages do tend to be more complicated than credit cards, meaning expectations may need to be adjusted lower.

To summarize, Discover Home Loans is mostly focused on home equity loans and refinances and is best served for borrowers with straightforward loan scenarios. In other words W-2 borrowers with owner-occupied, single-family homes.

They seem to be easy to work with, though their customer reviews warrant some questions.

If you are self-employed, a real estate investor, or have a more complex financial situation, you might be better-suited going elsewhere for your mortgage needs.

Discover Home Loans Pros and Cons

The Pros

  • Do not charge any lender fees
  • $0 due at closing
  • Advertise their mortgage rates on their website
  • Allow CLTVs up to 90% of property value
  • Can apply for a loan online or by phone
  • Free mortgage calculators, how-to guides, and glossary online
  • U.S. based customer service available seven days a week with extended hours

The Cons

  • No physical branches
  • Limited loan menu (mortgage refinances and home equity loans only)
  • Do not offer home purchase loans
  • Loan amounts limited to $300,000
  • Minimum FICO score of 620
  • Aren’t available in Iowa or Maryland
  • May charge up to $500 in recouped fees if loan paid off within 36 months

93 thoughts on “Discover Home Loans Review: The Nation’s #1 Home Equity Loan Lender”

  1. There is something wrong with Discover Home Loans. We were shopping around to refinance, and of the 3 banks I was talking to, Discover offered the worst rate (3.75% with a quarter point, whereas I got 3.75% with .46 discount points from my current bank). So, long story short, we did not move forward with them, but we decided this at the point between giving my credit card info to pre-authorize an appraisal and before actually signing anything. The “pending” charge for $6.80 was supposed to come off of my credit card if I didn’t sign the papers. But instead it turned into a $400 charge for an appraisal that is never happening. Thankfully Chase Visa’s dispute process will protect me from having to pay. But I can’t get Discover to reverse the charges, or even acknowledge that I’m not refinancing with them. I just found another charge for $20 on my mortgage statement for a payoff statement that they requested! Why am I having to pay for them being dumb and violating RESPA?

  2. Ark,

    I can’t speak for Discover Home Loans, but I can say that they are brand new in the mortgage space so I would expect them to have a lot of kinks to work out. And if their mortgage rates aren’t all that competitive, it may be wise to go with a more tried-and-true lender until they’ve got a few years under their belt.

  3. It shows that they are inexperienced. Their customer service is also terrible. My mortgage company gave me the number of the person who requested the payoff statement, so I called and requested reimbursement for the $20 fee they caused on my mortgage. There is no excuse for jumping the gun and incurring charges for me before I indicated my intent to move forward. None of the other companies I spoke with did this. However, I was rebuffed by Discover and basically told to f* off. What’s more, I cannot find contact information from anyone at the company besides the person who emailed me and who I spoke with on the phone. I want to escalate this issue, but their opacity makes that impossible. I guess they don’t want the business of the friends of people with 800 credit scores, because I will be telling everyone I know to stay far away from this horrible, irresponsible company.

  4. Discover closed my loan quickly taking less then 25 days after changing from Lending Tree loans to Discover Home loans. It is clear that Discover is committed to customer service in the mortgage side of Discover.

    I shopped around for not the best rate but the company that could give me the best service. In 2009 I closed another loan I had that the lender took 63 days to close due to underwriting times. This cost me .50% in added fees making the company the same or worse then others. I learned if someone has the best rate does not mean you will get the best service. When you are talking about a mortgage service matters. ½ of a point on a $300,000 loan is a lot of money. When you get bad service when going out to eat it only cost you time. When you get bad service from a lender it could cost you thousands.

    If Discover goal is closing loans on time $20 fee is nothing. There is two sides of every comment.

  5. I just got off phone with Discover Home Loans and was quoted 3.12% with 0 points for a 15year loan. This was 2nd best of the 4 lenders I have talked to (3.0 being the best). Also, after talking with the 4 different lenders, Discover had the lowest closing fees of the lot.

  6. Ark,

    I have refinanced with Discover, they are required to read you a recorded script before charging you anything, which you have to agree to. As noted this process is recorded, so it’s hard to believe your statements… Not to mention your math is OFF. You stated discover offered you 3.75% for a quarter point (.25%). Then you stated your bank gave you 3.75% for .46% (points). That means the rate you accepted was almost double in points then the one Discover offered.

  7. I had a terrible customer service experience with them – the initial sales person I dealt with was great, quick to review the info – maybe too quick. He never bothered to ask if I had ground rent (I like in Baltimore, it is very common) and we got all the way through the process and he said they wouldn’t cover me. He was up front and honest, but they would not refund my $400 appraisal fee. The customer service went from average to unacceptable as they decided they wouldn’t give me a loan – I get emails addressed to Mr. – my name is Tiffany – (who is reading the loan application now?) and I’m getting very generic ‘sorry, we can’t help you because YOU made a mistake.’ type responses. You aren’t gaining anything here, with all of the other mortgage companies out there – save yourself some hassle and don’t waste your time with Discover Home loans.

  8. Ark, I do not think you make any sense about your mortgage rate search through Discover. As Bill pointed out quarter point is much lower than almost half of the point (.46%). So, Discover was actually a winner. I thought all those borrowers before 2008 mortgage crash became much more educated but I guess this is not the case. Please, if you want to blame the mortgage broker or the lender, compare their APRs and then post it here. That would be more or less real comparison.

  9. Just a quick update to my earlier post about not getting my appraisal fee back. – After I posted it (and reached out on twitter) I got a call from a VP in their customer service department and he was very apologetic and offered to refund my appraisal fee. Sounds like they are getting the customer service kinks out.

  10. These guys seemed very disorganized. The application process was so slow and error prone that I ended up cancelling the refinance. Mistakes included: (1) They sent the appraiser to the wrong address, (2) They listed me as renter rather than owner on my primary residence, (3) They checked “owner occupied” on the investment property that I wanted to refinance. To make matters worse, when I tried to upload my documentation they had a 24 hour web site outage.

  11. I’ll admit that I was a bit hesitant to even use an online clearing house for loans like Lending Tree, and when they turned into Discover Home Loans in the middle of my mortgage refinance, I was really afraid. But, my account manager was pretty on the ball with everything. He stayed in constant contact with me…working hours well beyond normal business hours. Because of the company change, my closing was delayed a bit, but they offered me a reduced rate and a credit toward closing that sweetened the deal. In the end, I closed when I wanted to avoid extra interest charges and finalized things with a 15 year fixed at 3.25. I didn’t feel like there were any hidden fees or surprises, so…all in all, I was pretty happy.

  12. I am set to close with Discover in a few days, and so far I have been very happy with them. I was kept in constant contact with someone (e-mail and phone), was explained all of my potential fees, and my 3.5% interest rate almost half what what I am paying now. My credit is not the best, so I’m very happy for this rate. I did have to provide them with a lot of documents, but that is probably because of my credit issues.

  13. After 30 days I cancelled my Refi because of hidden cost that I was NOT disclosed on my good faith estimate. This was supposed to be an easy 1,2,3 FHA streamline finance instead it turned into a nightmare with this company. My advice would be to stay local where you can have contact with the title company and agent….

  14. pp64 – Great news for you! I’ve spoke with a Discover home loan rep today and we were on the phone for an hour! I’m new to this mortgage stuff, so the guy was being really helpful. From explaining terms to giving me different scenarios if I were to go with this or that.

    I was pretty happy with the service! Now I just have to figure out my numbers and see which is worth it. I don’t plan on paying up front cost for any point reduction.

  15. DISCOVER HOME LOANS: Inconsiderate, unprofessional, rude, with inexperienced staff who are unable to answer questions with a straight answer. I often felt like I was talking to a politician!! When the truth finally did come out my 3.5% FHA was no longer valid and 10% was the new down plus closing costs!!! Why qualify people and get them into contracts for homes, get them into escrow; OVER 30 days and then say…nah just kidding!!! This kind of treatment to consumers should be illegal!! Especially, when the good faith deposit and appraisal fees are paid upfront. And don’t expect them to work with your realtor like they are supposed to not unless you light a fire under them. The initial loan rep who qualified me was great! Wasn’t her fault the big cheese decided to pull the rug out from under her and all her clients!! What a lousey company to work for. Pre-qualification my a- -!!

  16. I had a horrible experience with them. We kept getting the “if you give us this document we will get you approved” line. After two months of this we were denied. We turned right around and got approved two days later with another company. Complete waste of time. Try ANYONE before dealing with Discover Home Loans.

  17. we inquired with lending tree who sent us to discover home loans to refinance our home and possibly get a home equity loan. we informed the agent of all the items we wanted the home equity loan for. we were then told that we needed to pay $400 for an apprasial. when the appraisal report came in, it listed all the things we listed to the agent that we wanted to fix and they used those against us and not only did not give us a home equity loan, but said that we needed to fix all the things we wanted to fix with the equity loan before we could even get a refinance loan. so they took $400 from us, in my opinion, a scam. then today, i get a BILL from my insurance company for $516 for my home insurance because someone from discover home loans called and said that they are now the name on our mortage. we never signed any paperwork to transfer our mortage from bank of america to discover home loans. i am so disgusted with this company, i can’t even form many thoughts right now. i don’t understand how a big company as discover home loans would need my $400, but i guess if they do this to many others, that $400 adds up.

  18. Discover Home Loans were absolutely terrible and clearly lied to us repeatedly. We were told everything was going fine over a two month process. We paid $400 for an appraisal and were told we were approved in writing. Then they asked us to have our accountant prepare a financial statement just for them (very expensive) , then at the very end when all the documentation matched EXACTLY what we had told them from day one they denied us and now will not reimburse us for these expenses. We negotiated reimbursement then they failed to hold up their commitments again. Never do business with these liars.

  19. By the way, we have excellent credit and more than enough income to refi the house we’ve lived in for almost 12 years. What a waste of my wife’s summer and hard earned money.

  20. I would highly recommend your RUN away from this company!!!! I had a horrible experience with them and yes it did end in the result I wanted it to but the process was extremely stressful. I have perfect credit and pay my bills on time and they made me go through a process that took over 40 days and they canceled settlement 3 hours before time and then finally got it all straightened out. I had to provide them everything but blood and that still wasn’t good enough. There are plenty of other banks that don’t put you through hoops like this one and also they pass you off to one person to another. Just horrible!!


  22. Discover Home Loans ruined my life. We moved back into our house as our primary residence after having rented it for two and a half years when my wife moved for a job and we were downsizing. Discover assured me that with my income and my credit score, after we re-established residency (which they said was a prerequisite) I wouldn’t have any trouble with a refi…would be a ‘slam dunk’. Even though I gross nearly 40% of what would be the loan amount, I have virtually no credit card balances and a good credit score, they won’t move forward with a refinance. Now I am back stuck with my ultra-high rate without any rental income and not refi. DO NOT APPROACH OR USE DISCOVER HOME LOANS. They ‘made up’ underwriting rules on the fly to get us to back out.

  23. Interesting comments so far…Discover launched their mortgage business at a difficult time, as mortgage underwriting is a lot more stringent than in years past. This probably explains a lot of the frustration seen above. Couple that with the fact that credit card issuers are usually willing to make things “work” for the customer, and you’ve got a misaligned customer service experience. That is, unless Discover becomes a portfolio lender and makes their own guidelines.

  24. All Discover is, is employees of once was Surepoint Lending. Look them up on line with
    This will give you a idea of who is really behind them.

  25. Wow!! I wish I had researched more!!!! We are tangled up with them now. We applied and were approved, told it would take 3-4 weeks. HA! 2 months later we are still
    waiting to close. They don’t seem to know whats going on.
    I was sent a request for information, sent it that same day, 2 weeks later the information was requested again!! I called them, ‘Oh yeah, I got that’. I talked to her for a long time asking “now do you have everything you need to proceed and get us closed?” she says “I think so”.
    Next day, more stuff. I just don’t know about Discover.
    They are making nervouse and I do not feel comfortable with them anymore. i just hope we close and nothing crazy happens. I am worried!

  26. I have now done two loans with Discover / Lending Tree. I own several houses and have refinanced fairly frequently in the past . These guys are very organized and make the whole process fairly painless with the tons of documentation that go into these. if you are a returning customer, which I am, it is even easier as they already have most of your info. They are the 4th different mrtg banking group that I have used in the past decades and I will keep going back.

  27. I’ve refinanced a couple of times, so I’ve seen bad mortgage companies and good. Even had a company swap a 4% second mortgage for a 8.25% one during disclosure (had a bank auditor friend BEG me to let her help me sue them).

    We had considered doing a refi through both Citimortgage (they had the first mortgage) and my credit union (they have my second), but both annoyed us way too much to continue (Citi especially still wants to offer me a 3.7% loan…). I ended up trying Discover Loan because they spammed me with a sheet of paper (I have their card).

    I was reasonably happy with the process. I thought the house was under-appraised (I always think that), but the loan guy was already prepared for that. Closing costs were a bit on the high side too, but not excessive. I applied 7/31, and the other loans paid off by 9/19, so it was neither speedy nor excessively long. 2.75% rate too (15 years) with a higher LTV, so nothing to complain there.

    I happened to get people working out of the next major city over, so that probably helped matters out. I suspect that some offices are really good, some are decent, and that there are a lot of stinkers out there. Kinda like everyone else in the banking industry.

  28. Caution!! Caution!! We had been shopping around for re-fi rates. called Discover along with other companies; on sept. 27. Gave the basic info to all companies; including discover. Loan rep @ discover ; Mr. Roy Lewis claimed the company was running a special (of course good for that day only), that would credit back the appraisal fee.I advised Mr. Lewis that I was just now shopping and that it would be 2-3 days before i decided. He explained that a $6.00 charge on my credit card would secure the no appraisal fee special. The appraisal fee would be approx $400.00 that would be charged when the appraisal was done then credited back at closing and if I decided to go with another company, to let them know prior to the appraisal being performed and the $6.00 would be the only charge. I agreed; this was approx. 4;30 pm est. later that same evening I received a call back from one of the other companies I had called earlier; Pacific trust; they quoted 1/4 point lower than Mr. lewis @ discover with all other charge’s remaining basically the same. The next morning 7am est. I emailed Mr. Lewis , telling him of our decision to go with Pac trust; and not his company; i did not receive a response so later that morning I called his direct line and left a voice mail; the next morning i still had not received a call or email ,Icalled again this time speaking directly with Mr lewis ; I advised of my decision and he advised my that no further charges(other that the $6.00) would be charged to my card . Approx. 2 days later a pending charge of $400.00 showed up on my e-statement. I called my card co. to protest, they advised it was only pending ; and to call discover back to have them remove the pending status. I did this ; speaking again with Mr. lewis ; he advised “he would take care of it” .. 2days later pending charge was still there ; called Mr. lewis again; again he said ” he would get it took care of “. this time 2 days later pending charge was gone. Problem solved; not quite; now the charge show’s back up as a charge. tapping my account for $400.00 ; I have again call my card company and protested the charge they now tell my that the money will take 7 – 10 days to get back in my account. Discover rep. was pushy and then non responsive when they did not get the deal. I realize that mistakes do happen, however these people were given every opportunity to correct this error and did not. so I can only believe this scam is a good way for discover to make 7-10 days worth intrest….

  29. Before I contact them re refinancing our home, does anyone know if they refinance double wide mobile homes? Ours is on our own 2 acre lot. A lot of companies won’t refinance manufactured homes, unfortunately for us. We are currently paying 8% and a lower % would be wonderful.

  30. Used Discover Home Loans for a Re-Fi. Worst experience I’ve ever had with financing. Made promises they did not keep and cost me more than I wanted to spend for a loan. I’ll take responsibility, it was my mistake to go with Discover.

  31. We went with Discover Home Loans, and it was the worst decision we ever made. They pre-approved us based on the fact that we had just moved to Texas and my husband who had been self-employed for 20 years, stay self-employed to show continued job history. We found a home based on what they told us, put an offer in, sold our house in Virginia, and then they proceeded to give us the run around. They kept asking for more and more information. Christopher Gavin, the loan processor, was absolutley rude and I had the hardest time getting in touch with him. Three days before closing, he stopped communicating with me, and the original processor, who was the only one their with a brain, called and told me that they were denying the loan because my husband was self-employed and they couldn’t “Sell” our mortgage. This was after they told us, that that was the only way. Here we were, planning on moving, planning on having settlement, and because they can’t benefit from it, they deny us. DON’T go with them. They lie, make things sound wonderful, make you jump through hoops and then screw you.

  32. We were preapproved for, found what we wanted, and are now under contract. We had a satisfactory FHA appraisal. They’vs been giving us the run around on forms and document s for weeks. Then they set up a closing date. Monday, for Friday afternoon. Tuesday they started fussiing about wanting the measurements on septic aand well, we got that taken care of. Now they are telling us, the night before closing, they haven’t. Gotten the appraisal back from the FHA appraisal reviewer….. Seriously ran me around for the month, set up the.closing, and we are back to a problem with the appraisal wth…..horrible experience. They are blaiming it on the third party FHA appraisal, saying they won’t honor their close on time guarantee because it is not their fault. They say there is no one the appraisers answer to….again, we have the FHA appraisal in hand and it is for 10% ;more than selling price. SO STRESSFUL!

  33. We were supposed to close with Discover today but their attorney – located in Columbia SC just 45 minutes away fisr called to say they would be an hour late then called 30 minutes after that to say they were not coming and would have to reschedule because Discover had not sent the paperwork. Has anyone else had experience in SOuth Carolina with this company? I am hoping it is as the gentleman fm Kentucky said – your experience may be based on where you are and how close they are?

  34. Discover home loans!!!!!! Everyone PLEASE BEWARE!!!!!!!! I had applied for a loan two months ago. I have a purchase contract that expires November 30, 2012. I was pr-approved and signed the contract that I had to put $1000.00 dollars Ernest money down. I then paid discover 400.00 dollars for a appraisal that had already been done! So now I am at 1400.00 dollars total. I make about 55,000-60,000 a year. I have a credit score of 671! I was just told on November 19, 2012 that the underwriter will not approve the loan. I have had to call discover in Irvine, California just to get someone to call me back to answer my questions! Its the holidays and I have children! Our families lives are upside down and the home we wanted to purchase is not going to happen! I wish I would have tried a different company. So everyone whatever you do don’t mess your dreams up by going through discover home loans. Let me add this also but their website my loan status is completely generic and stays out if date in the loan process. Steer clear I made a BIG MISTAKE!

  35. I comtmented on November 15th — we ended up closing on Thanksgiving Eve. Our closing was scheduled for three (the second time they scheduled it) and the didn’t make a final descion to approve the loan until 1230 that day, didn’t get the paperwork to the title company until after 3… it was a horrid experience. The rate is wonderful, the closing costs were tops…. but the approved us, told us everything was all set, then decided to order a second appraisal…. it was always something. Six weeks of HELL. Yes…we got the house, the payment is perfect, and we saved about 1000 off the closing costs quoted by our bank, but they put us through HELL….ROBERT — OMG… I feel you, we were out $1400 too and they fussed around to the very last minute.

  36. I would use Discover Home Loans AGAIN, if I had to repeat the home-buying process. I began kicking around the prospect of purchasing a home in August and connected with Discover. They pre-approved me, even though I had not planned to purchase until 2013. Lo and behold – I found the perfect home in November. I officially applied for a loan through Discover on November 20th or so, and I am closing tomorrow (December 14). The process has been seamless and the communication between the Discover staff (Jessica Ching and Jonathan Herndon) has been ABSOLUTELY professional and timely. As a testament to their efficiency – they ordered the appraisal two days before Thanksgiving, and we had a completed appraisal and full report less than 10 days later. I got a REALLY good interest rate (even with mortgage insurance – less than 4.2% for 30 yr) with Discover, and they reworked my HUD until I could maximize the usage of my seller’s concession. They worked HARD for me.

  37. Rachel I hope that 1000.00 don’t come back to bite you because mine was the same way to find out in the closing costs they never collected my years worth if mortgage insurance. Just got the bill and I owe 900.00!!!!!!!

  38. They are the worst of the worst. They give you a COMPLETE runaround after perqualifying. Then ask you a million times for docs. You give them and then tell you it’ll be soon. Then they ask you for even more docs. You give them. Then after two months they ask you for the exact same docs. Then they say constantly oh they are here I’m sorry. Then they don’t seem to understand SIMPLE financial things. Such as retirement accounts and other money accounts. Then they say oh your in underwriting. This is well after the promised date by a month. Then it’ll be more docs. Then they reject you EVEN THOUGH you have plenty of income and a credit score in the HIGH 700s!!!!! Then they said they will see if they can make an exception if you give another 10% down!!!!!! So, in essence they have been THE WORST company I’ve ever ever have seen in mortgages. If you come here DO NOT SAY YOU HAVEN’T BEEN WARNED!!!!! AND for those who said they had no trouble you are either making a half million dollars a year, lying, or work for them and trying to make it look like its a good company. THE WORST EVER.

  39. All these reviews are from people that get declined and are not explianing the REAL details as to why there loan was not closed. People do not realize that they should not deposit CASH into there bank accounts or file 2106 expensees to rob uncle sam. There are a million reasons a loan can be delayed or decliined but people wwant to blame the company not themselves. Everyone thinks they walk on water but the reality is your slandering a company without reveling the truth as to what happened. Look up bank of america or any big bank or company for thaqt matter and see there reviews, you could never make everyone happy. Discover is the best lender in the business period. Dont listen to these people

  40. I had a difficult time with Discover in August/Sept., 2012. I hvw never been put through the ringer like I was with them. Several days of nothing and suddenly they need 30 documents right away. They have different people handling different steps and they start asking for the same information — like the data isn’t passed on to the next processor. I literally sent hundreds of documents from the internet to them. They actually held up processing my loan until I gave them an activity document for an account of $7.12. I told them I was not submitting this account for my holdings reported to them, so forget it. Finally, I had to send them an email page for the account that said “Beginning balance $7.12, Ending balance $7.12” for the period they requested. Still they weren’t satisfied because the internet page was page 1 of 2 and I didn’t include page 2. I refused to send page 2 and got into an argument with them. They threatened to dissaprove the loan unless I complied so I sent it — nothing but unrelated ads on the page. When they asked me for items that I had previously submitted, I told them to find them themselves as I had already sent them in and I wasn’t going to do their jobs for them. If I weren’t retired, I probably couldn’t have sent all the documents to them in the time frame requested. But in the end I got a good rate — 2.625% for a 5 year ARM, but I did pay for it time spent and frustration.

  41. We had an EXCELLENT home re-finance experience with Discover Home Loans. From initial phone call to closing it was only 2 1/2 weeks! Their communications were very clear as to what was needed. We used their website to provide all documents needed electronically within 24 hours of starting the loan process. Fees and the process were explained very well. Appraisal was paid for and completed within the first week. The appraisal fee was required upfront and then rebated at settlement into the closing fees/loan. The team worked very hard to complete the loan process and close quickly as to avoid an additional current mortgage payment due date. We are very happy with our experience with Discover Home Loans and our 3% rate! Thanks to Tara who kept us updated at all times and kept the team on task. Once the loan funded, our old mortgage was paid off within 24 hours. :o)

  42. I closed with Discover Home Loans in mid-December 2012. The entire process was extremely smooth and simple. They quickly provided pre-qual letters during my house-hunt. Then, as soon as I had a contract, I uploaded all documents to their online portal. My loan officers were stellar (quick to communicate – thanks Jonathan and Jessica!) and professional. We closed on the home EARLIER than expected.

  43. I have been dealing with Discover Home Loans for over a month now. I’ve literally given them everything they’ve ever asked for, and then some…I feel like the next thing they’re going to ask for is my first-born, a la Rumplestiltskin. I’m getting extremely frustrated – my loan has been almost 4 weeks in “underwriting”, with no end in sight. The closing date has come and gone. No one ever answers the phone, but they’ll call you back seconds after you leave a message. I was pre-approved with them knowing, from literally the very first conversation, of my finances and the unusual circumstances surrounding them (alimony, bartender, self-reporting, cash payments, etc), but have also uploaded every item supporting these so that they know exactly where my money comes from, and where it goes. I’m not trying to hide anything. However, every hour or so, it seems like there’s another “question” that only I can answer, even though it is simple enough to follow the paper trail.
    After 2 weeks in underwriting, they came back saying I needed a co-signer. Fine. I had secured that person within hours, and by the end of 48 hours, I had all that person’s required documents uploaded.
    After calling daily for over a week to see if I could at least get a “guesstimate” of when the loan would either be approved or denied, I was given a follow-up phone call by one of the 4 people working on my loan, who explained she’d been sick. Totally get that people get sick, but no one else is working on this? Seriously? And then she had a list of things that needed “clarified” by the underwriter. All of which was easily found and explained in every document I had uploaded to My Status. Apparently the underwriter couldn’t be bothered to actually look for herself?

    All in all, I’m totally disgusted by what’s going on, and am at the point where I truly don’t care if I get this house or not. This whole process has been frustrating and stressful, and I can certainly say I would not recommend Discover Home Loans to anyone looking to purchase or refinance a home. I know I certainly will never use them again.

  44. Valentina, I’m still waiting to hear. I’ve signed my 2nd contract extension on the house, and the sellers are (rightfully so) wanting permission to continue showing the house. I could’ve refused, but I felt like they also shouldn’t be punished by Discover’s slowness. Right now, I’ve moved out of my house (due to it being sold), moved all my stuff into storage, and am staying at a friend’s house. I just wish I had a yes or no answer, so I can move (pun intended) on with my life! I’ll keep y’all updated.

  45. SO frustrating!!. I have been in the refi process for 60 days. NO ONE has been able to provide me with a guess of when we would close. They keep saying 5-15 days. After threatenting to cancel the loan and move my business to another lender they were non responsive.

    I have given them EVERYTHING they asked for and even sold an investment property dirt cheap because they said it needed to be sold to refi. Now I find out from another lender that was not true.

    Additionally the loan officer Robert Bates made promises and commitments that he could not keep.

    Bottom line, Discover has a bunch of rookies running their home loan division and they could care less.

    I am baffled at why they spend so much money marketing and obviously so little effort on getting loans to close.

    But it did not take long for them to charge my Discover Card for the hefty appraisal fee.

    BUYER BEWARE! Dont waste your time.

  46. STAY AWAY! WHAT A RIP OFF! I applied for a low interest loan with them. They kept me hanging on having me send this paper that paper over and over again for OVER a year. I was not desperate for a loan but I thought for a low rate why not? Finally after a year of being jerked around they offered me a loan HIGHER that they first quoted and higher than my current rate on my house! STAY AWAY! I am out a couple thousand and no loan!

  47. I am in the process of closing my loan with Discover. The original plan was to go FHA 15yrs and our home value was higher than expected we ended up going conventional 15yrs. Now my problem is that I am going to have to pay out of pocket in order to close the loan. I am a bit upset about this because I was told I didn’t have to put any money out of pocket. The lender cost went up $200 and I am being charged for the interest rate I will be receiving. This is my first time refinancing and I’m starting to feel like these costs are coming out of no where. Any comments welcomed.

  48. In Feb of 2013, I applied through lending tree and was referred to Quicken and Discover. Discover at the time took the refinance. We went with a FHA streamline and was quoted 3.75%. I decided to drag my feet watching the market. It is now May of 2013 and refinanced at 3.275% with $1400 in closing costs @ 30 yrs. Which is not bad coming from 6.5%. Discover has been patient with me and when someone I was dealing with was out of the office, another person in the team would contact me and keep my loan on the move. Apparently some of the kinks was ironed out with them.

  49. That’s an amazing rate John. Congratulations! Glad to hear you had a good experience. It should be noted that service will always vary widely with a lender, especially with such a large company with so many employees. But no matter who you’re dealing with, you need to stay on them to ensure the deal gets done quickly and correctly.

  50. So far, so good with them. Love my guy I’m dealing with. So nice and helpful. Hope we can close this deal!

  51. Some of you evidently received some decent customer service… I definitely did not.

    I was approved but due to lack of communication and lack of follow-up by Discover Home Loans Mortgage Banker and her Assistant I was not able to capitalize on the approval

    PROCEED AT YOUR OWN RISK if you deal with Discover Home Loans!

    It was bad enough that I’ll be filing a B.B.B. complaint.

  52. I’m a first time home buyer. I contacted 10 different banks, lenders. I chose Discover because they were very competitive and beat every GFE from all the other companies, after negotiations. They also didn’t tell me one thing and send something different. Everything they said, they did.

    I locked a rate and we closed on time without a problem. Shane Etasami (loan officer) and Amber Thornton (account manager) were very patient, answered every telephone call, walked me through the document process and kept me apprised of everything happening. I’m not that computer savvy so I didn’t use their online document access but they had no problem coping with my internet naivete. I liked that everything was done by the book and they never gave me a reason not to trust them. There were no surprises in the loan documents and when I had questions or concerns, they got right on the telephone to discuss.

    I knew when my card would be charged, when I was no longer eligible for a refund and all the costs up front. There were no surprises and Shane knew after I locked, if I found a better rate with another company, I would leave him. Although I did find a slightly better rate 2-3 weeks into the process, I stayed with Discover because of the calm, professional manner of every employee with whom I interacted. I have enough drama in my life and didn’t need more with my home loan.

    The seller created last minute drama and I almost didn’t close on time, but not because of Discover Home Loans. Everything on my and Discover’s end was done, funded, ready and waiting 3 days early.

    I highly recommend them, especially Shane and Amber in the Irvine, CA office.

  53. Discover told us that the interest rate is higher if you are refinancing more than 1 property, is that true? We were waiting to lock in at a lower rate, on day is was 3.5, we called to lock it in but were told because we were financing 2 properties our rate would be higher…..were we lied to?

  54. Jello,

    If you’re financing two different properties, the rate could be higher for a number of reasons, such as one property being designated as a second home or investment property (they both can’t be a primary residence). Or are you saying it’s a two-unit property? That could increase the rate. Also it could be that your credit score took a hit if refinancing two separate properties.

    There are possibilities like that, but there shouldn’t be a specific rule for refinancing two loans vs. one. Ask them specifically why the rate is higher and let me know.

  55. I’m sorry to hear that several people had such a horrible time with Discover Home Loans but my experience has been the total opposite. They are one of the most professional, hardworking mortgage companies out there with quick turnaround times.

    I am a first time homebuyer and not only were they super patient with me – they also are super fast in the processing (When we submitted the offer, to be competitive, we gave the seller a quick closing date) and frankly, I love their Mystatus page where you can upload your docs. Fast and convenient.

    I would recommend my loan officer (David) and account manager (Shallica) to any of my friends/colleagues.

  56. Well, reading some of these is quite scary as I am in the middle of trying to get financing. They talked me out of using another lender and I am going with these guys and so it been document after document and I’m approved with needing more documents and they’ll be right out with papers and bla bla bla and here I sit waiting and they arent even answering to email at this point. Am giving them a couple more hours as this funding is life-altering stuff for the lifes path my wife and I are on, and then I’m going to their boss.

  57. EXACTLY as predicted by their competitors, Discover was unable to do the loan they proposed on our single family residence. It seems the loan officer “forgot” to include the mortgage insurance in his quote, even after he had assured me his quote was LPMI (lender paid mortgage insurance). Even the Good Faith Estimate was clear in this regard. Whatever his intent, it leaves me feeling that once again someone will say (or not say) just about anything to get your business, especially in this super competitive environment. His excuse was that he works 11 hour days and talks to upwards of 20 different people every day. While trying to stick me with the mortgage insurance, he was still saying we better get this locked in today. Also it was curious that he didn’t know how to spell “principal.” Big waste of time and effort.

  58. To his credit, I see mortgage veterans use principle in place of principal all the time. Not that that’s the issue at hand. Good luck with your loan.

  59. Do Not use this Company! Very unprofessional, horrible in returning phone calls. We have financed homes and rental property for almost 30 years and I have never dealt with such unprofessional behavior. Do not waste your time in dealing with this company!

  60. I have started the loan process with Discover and everything so far has been great. We are going to refi a 1st and 2nd that have a 5.3 and 7.5. Discover gave me a rate of 3.85 on a 15 year fixed. My credit score not the best it’s ever been either, it is around 650 and they are now just recently been able to offer this program to low credit score rating. I hope everthing goes smooth…..

  61. Doesn’t look like things have changed for these folks. Just had clients get their hearts broken. These slugs, namely Tracy Barre, gave them a prequalified letter and we got agreement from the sellers. Twenty minutes after that, Discover Home Loan called and said that they were not able to finance them. Sellers took the other offer, even though it was lower because they had financing from a reputable lender. Bottom line, would not advise any of my sellers to take an offer seriously from someone who thinks they have financing from Discover Home Loans.
    Looks like the lending business is right back where we were 9 years ago, when they got us into this mess.

  62. Do NOT use Discover Home Loans for any of your mortgage needs. The customer service representatives are extremely unprofessional and lack the knowledge required to assist borrowers. Stay away!!

  63. Anyone told by Discover that after one refi you become a member of their “family plan” and all future refi are at no cost? Hard to believe but that was the promise.

  64. Haven’t heard of it, but if you have, do share. And just because it’s no cost doesn’t mean it’s the best deal. It can be no cost with a rate 1% higher than other lenders…

  65. I simply love Discover Home Loans. Everyone I spoke to is professional and provided a timeline of what was needed to close in less than 35 days. I will be closing tomorrow and they gave me a competitive interest rate where I will be saving nearly $550.00 per month. Goodbye Ocwen hello Discover Home Loan. Thanks for everything, I’m simply on cloud 9.

  66. DO NOT, I repeat, DO NOT use this company. They are worse than awful. They have been putting us through the wringer for almost a month and now 4 days before we are supposed to close they have now decided that we have to close out all our credit cards to get the mortgage! We have excellent credit, never missed a mortgage payment in 22 years and never had any credit problems. If we close out the credit cards we then we will no longer have credit. Everyday they were asking for some new document instead of giving us a complete list at the beginning. It also takes several calls before they even get back to you. They don’t deserve to be in the home loan business. They need to be reported.

  67. Colin, my husband and I are waiting on approval from DHI Mortgage in Northern California, however, we were pre-approved by Discover as well. Since this mortgage company is giving us the run around about our rental properties, do you think we can retract our mortgage application and switch to Discover home loans?/ Originally we were told that we could use our 2 rental properties as income, now the mortgage company underwriter is saying ‘no’. Our escrow has been open for 3 weeks and our home closing was slated for the end of september. We just are not sure if we should continue waiting on the underwriter or go ahead and try to switch to Discover. Thanks

  68. Hey Betty,

    If the current lender says no (without exception) then you may have no choice but to try another lender. Not sure if Discover will be any better, but that’s not to say you shouldn’t shop around with them and other lenders. I would just thoroughly explain your loan scenario with whomever you shop with and make sure there aren’t any similar issues that will hold you back. No sense in hiding anything that will come back to bite you later down the road. Just don’t repeat the same mistake twice.

  69. Hey Colin,
    Thanks so much for the advice. We were pre-approved with completely with DR Horton and were told that the approval would not be a problem with our income, FICO, and rental properties. We realized it was a problem once the approval did not come back within 5 days. Then the loan originator says “the rental properties” can’t be used because they are not 70% in equity. We could have paid down our property with $2200 to get under 70% equity in the beginning, if we’d known that. Now, we are waiting for the Mortgage office to call us with good or bad news, so we can apply to another company. We also put down $5000 deposit for our loan, so we are really serious about the home. Do you know of any other companies with good reputations for rental properties? We definitely don’t want to repeat the same mistake, once is enough!! Thanks!!!!

  70. Betty,

    Not sure of a particular lender, but for more complex scenarios, a broker (who can shop around with multiple lenders at once) can be helpful to place the loan in the right hands.

  71. Colin,

    Thanks. Thats what we should have started with instead of the DHI Mortgage Company (the builders). I think we will attempt this and see how it turns out.


  72. Hi everyone I would like give u some very important information about discover home loan

    Date 10/9/2014. Time 12.58pm

    Last 2 day I was talking on the phone with discover home loan agent regarding my home refinance they lady she promise me she ll give me the 3.75% for 20 year fixed and she took my application she run my credit and today she said she need good faith estimate from ur current lender I said what the hack now ur saying u need good faith estimate after u done she said she can offer me 3.89% I want to inform u all guy who is planing to refinance home with discover home loan pls don’t go with discover home loan They r lier they jus wanna collect the information.
    don’t believe agent word until they r not giving u any written. 1st time in my life very bad experience with this lender.
    Aging I wanna let u kno pls think b4 u wanna go with discover home loan.

    Now m working prospect finance group they r awesome guy b4 run ur credit they ll give good faint estimate
    They r offering awesome deal 3.65% 20 year fixed rate and no closing cost And amour which is current lender offer pay off quate.

    Thx all dear who’s reading my review. If u have any question email me.

  73. I had a great experience with Dennis Brown and Discover Home Loans. For 4 years I have been trying to refinance my house and have dealt with multiple banks and mortgage brokers which led to alot of dead ends and frustration. Dennis Brown did not rush the process and after waiting 2 months the refi went through without any difficutly. A breathe of fresh air in the corrupt and putrid banking industry. I have sent multiple people to this gentleman and he has helped them all. Thank you Dennis Brown and Discover Home loans. 15 year fixed 3.375% down from 30 year 5.875% and I am singing and dancing.

  74. Raymond, I am wondering if the interest rate given on your good faith estimate held true for your closing. Thanks!

  75. My experience with Discover was very disappointing to the best. in 2013 I was applying for a mortgage for an investment property and Tony Grandolfo was (the loan originator) and his supervisor never delivered the promise they gave me at beginning despite of my over 780 credit score and complete set of documents they required. it dragged on for over two months. in the end, the time ran out for closing and I had to seek financing elsewhere. two months ago, i applied for refinancing for my own residential property with Discover and the same guy Tony handled my. I ended up with same promise, same saga. two months later, the loan was declined. I will never use discover again.

  76. :( DO NOT USE DISCOVER!!! I’m pretty sure it’s a scam. How else to explain the 3 plus months of headache and broken promises? It would at least make sense …and they still have my $400 appraisal deposit :(

    After 3 months and being ‘so close to closing’ I’m ready to cancel.

    Examples of discover’s crap.
    1) first guy was rude. I called back and asked to work with someone else…I’m fair and give companies a chance even if they have one A-hole.

    2) guy #2 sales manager Paul Morris, apologizes, tells me some stuff about the great service I’m gonna get. sends me to ‘mortgage banker’ Mack Davidson who is a former car valet and band manager (thanks to linkedin). (nothing against car valets but this is my money you’re dealing with). His pitch ‘this is a great company, everything is in-house and streamlined, your refi will close in less than the time we told you, no problem. I can just walk over to a colleague and take care of anything quickly.”

    3) They keep losing my paperwork. I used their ‘MY STATUS’ website and got confirmation of receipt every time. I would also call and email to confirm they had all paperwork as soon as anything was requested. Weeks later they would say, ‘only a couple more documents we need from you’ and it would be the EXACT SAME documents I sent before that they said they got. Where are you putting all my ‘secure sensitive info’ with my ssn on it????? why are you losing it if it is in your computer system? Stacy chadwell (my account manager) gives me some insight. she states that the company accepted so many applications for loans and refi that they are busier than expected. This is about 2 months into the process (should’ve closed at 40 days). Mack denies this and states that my situation is so complicated it confused the paperwork…My mailing address is different than my primary residence. I had sent them a letter stating that, I told Mack that multiple times. He said it shouldn’t be a problem. They are saying this is why they are 3 months late in closing, all my fault apparently.

    4) I get an email from the first guy I talked to when I called discover initally. It is regarding the account of another person with the same last name. OMG! really?? that is unacceptable.

    5)at 3 months…”your loan will close tomorrow, set up a place to meet the NOTARY!!” yay….later that day…
    SORRY WE LIED. the other dept went home early, not ready to close. We’ll call you next week. After I already pulled in a favor from a colleague to cover me at work and looked up a starbucks location to meet the notary and went to get a cashier’s check :(

    6) at first they said no on-site appraisal needed. just online comps. next thing I know 3 months later they suddenly need an on-site appraisal. I have to take time off to meet the lady immediately. she calls me day-of meeting and forgot she even set up the meeting with me over the phone the day before and tries to re-set the time. luckily we found a time that worked for both of us.

    7) Mack says I’m to get my $400 appraisal deposit refunded on my card in 3-5 days. it’s been 8 days so far.

    8) Mack’s supervisor (paul morrison) has no idea what’s going on.

  77. Run from these people! They don’t have a clue what they are doing. We have excellent credit, and gave them every piece of information they asked for within 24 hours. 3 months later, they begin asking ridiculous questions about our taxes, which proved they have no idea what they are doing. They treated us like we were the problem, when in fact, the problem is, they lost paperwork and cannot comprehend a complicated tax return. What a waste of my time!!!

  78. STAY AWAY DON’T do it!!!!!! Discover loans pulls you in with their mailer but when you apply your rate is not what is advertised and they fail to understand your situation. If they really would have been honest with me, i would have avoided taken the loan. Then next business day i wanted to cancel and they refused!!!!

  79. Worst loan experience. After nearly 3 months, I still had not been given a closing date. They repeatedly asked for the same information I had already given. Their customer service is virtually non-existent. Only when I asked if they were legitimate or that wanted to cancel did I receive any sort of response.

  80. This is the worst experience I have ever had with a banking institution. I was pre-qualified on October 24th and told that the equity loan would close in about 45 days. I am now approaching 90 days and was told it would be approved this week according to the “team lead” Felicia Camfield but now the processor who doesn’t respond to any of my communication, Sheila Hawkins, tells me that is isn’t even through the quality check and due to their time line the mortgage statement is outdated as is the title search. They need to pull another title and that will take at least another week before it even goes to underwriting. There is something very fishy about this company. I was approved, had significant income, was told over and over it would be finished within a week or two and now it hasn’t even gone to underwriting. Either Sheila Hawkins is an incompetent or her boss is a liar. Either way, they should both be fired.

  81. This was the worst loan ever, steer clear of Discover Home Equity Home Loans. After obtaining a loan in August of 2019 for 45k and paying over 464 monthly for 8 months we ask to refi our home due to lower interest rates and rolling this in to our 1st loan to get a pay off today of 45179, what we owe them more than we started? We asked if there was a prepayment penalty no, but on the payoff there is a 395 early payoff fee? Shady and awful beware!!!

  82. Wish I’d seen these reviews beforehand. Even with an over 800 credit score 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 had to cancel the loan myself. Hopefully others will look for reviews before applying — steer clear of Discover Home Loans.

  83. 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 against my account. And of course, they were apologizing for any inconveniences that this may have caused. Yet, today, when I called the company to make a payment over the phone, I’ve found out that they have charged me $75.20 in late fees! So they have made a mistake, they have harassed me for almost 3 months, and now they are charging me late fees! This company is extremely incompetent, and it is not owing up to its misdeeds. I would not recommend them to anyone!

  84. Discover Home Loans is a waste if time. They randomly close your file without warning and without notice, while you’re working on gathering the documents they requested. They posted new required documents three days before their closure deadline. I told them it wound take me a few days. When I went to upload their documents, the file was closed.

    Compete waste of time. Awful processes and unhelpful people.

  85. This outfit is total BS. They offered me a rate of 5.99% on Jan 28, 2023 and then dragged their feet for 10 weeks only to offer the loan at 6.49%. I took the loan only because I needed the cash for an investment. They charge $500 to cash out of the loan prior to 36 mos. Well, it was worth it. I could get a loan at 5.49% locally for more cash out, but i needed to finish the interior walls for a walk thru appraisal. Discover did an AI street drive by appraisal and I maxed out at their $300K top end. The actual walk thru appraised value was $200K higher. Discover dragged their feet at every opportunity. Team 1 to team 2, to team 3, etc ad nauseam. Facts were immaterial. They go by a script. And talk about nauseating: their phone reps must be taught every BS platitude in the world. The final analysis was that I took their money and then refinanced at a lower rate for more money later. They were a stepping stone only. I have never dealt with a financial institution that dragged their feet more than this one. Almost as good as dealing with the Federal government.

  86. In Jan. 2022 we had lived in our home almost 30 years and were just 10 months away from paying off our original 30 year, fixed rate fha loan. We needed repairs done to our home and was also looking to buy property in another state to eventually build our homestead to retire on. Our credit was so–so, having a previous bankruptsy almost 7 years earlier, but my husband (sole household income earner) had a steady, long term job, with a good paying income, and we had kept clear of any debt other than our mortgage since the bankruptcy. Discover preapproved us for a cash out refinance on 2/3/22 with the best rate compared to others, 4.25% (especially considering our previous credit problem), without any points or closing costs. They did a drive-by appraisal, and we only wanted about 40% of what they said our home valued at. The process went pretty smooth and we loaded documents very timely as they requested them, and they were available for questions at all times during the process. We closed on the morning of 3/12/2022, with a rep that met us on time at our chosen location, and it went seamlessly in about 45 minutes. We have had absolutely no problems whatsoever then, or now, as our mortgage servicer. We couldn’t be happier.

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