Discover Home Loans Reviews

Very disappointed in that they advertise an online appraisal is all that is required. After applying they then changed the requirements for a drive by appraisal. This actually meant meeting with an individual and answering several questions while they took many pictures of all angles of the house and property. Several days later I was informed of a requirement for an extensive interior and exterior appraisal of the house. The loan officer informed me that there was no available data online for the appraisal.

I have done business with Discover multiple times successfully but this most recent loan process was very messy and extremely slow. Underwriting asked HIPAA protected questions and for documents provided previously. I had to teach underwriting how to read a pay stub. Website is not updated timely. Requests for esign documents - same documents requested to be signed multiple times to only have notary bring paper copies to sign. Once closed it takes two weeks to receive funds. Very frustrating experience.

I recently applied for a home equity loan through Discover Home Loans and unfortunately had a very disappointing experience. When I submitted my first application, they ran my credit and asked for several documents, which I promptly provided. Due to an unexpected delay, I missed the deadline, and I was told I would need to reapply. What I wasn’t told is that they would run my credit again without notifying me resulting in two hard inquiries.

Discover Home Loans will promise you all the right things to harvest your information, but they are unlikely to see you through to closing. You will spend weeks responding to their emails, uploading your personal information, filling out forms, answering questions, and jumping through hoops before your information is even reviewed by an underwriter who will not communicate with you. Instead, you will receive a denial via email and find your application closed, often outside business hours when no one is available to explain. You will communicate with some of the nicest salespeople who will make you believe you're just one document away from moving to closing. However, these individuals have no influence over your approval and cannot assist you when you are ultimately denied a loan.

This company needs major communication training between the bankers and the underwriters. Wasted weeks trying to get a clear response on what exact documentation they needed as I sent them everything else in a timely manner, and NO ONE could give me a straight answer. I withdrew my application and went with Figure Lending- sooo much better!!! My LOC was funded in days.

Had no issues with my equity loan. Process took about 5 weeks. Everything was done online except closing which was done at my home. Funds were deposited into my account a week after close. I was kept up to date along the way. All in all a very smooth process.

Discover Home Loans is trash. They are so compartmentalized that you will speak to 100 people, going over the same information so many times. As well, the people you do speak with can only follow transcripts and check boxes. They cannot answer questions outside of their narrow domain. You will spend countless phone calls, speak to hundreds of people, spend money for documents you do not need, only to be declined for asinine reasons like the PREVIOUS owner of the house paid a mortgage payment over thirty days late even though their payment history has nothing to do with you or your payment history or your credit rating. In my case, the person was actually dead. Yet, you cannot speak to anyone who can use any common sense. If your scenario does not fit their boxes, months later after time, frustration, and money, you will be denied. My experience was literally horrid!

Worst company. They drag you along for 5 weeks and then say no. The process for buying a home is easier than trying to get a Discover home equity loan. Most incompetent people. Avoid this company at all cost.

Worst place to get a home equity loan. Customer service has left the building. They don't care about your credit. They won't return your calls. They act like it's their money. You be better off going to the dollar store or walmart. I'm done with Discover Home Loans for life.

I wouldn’t consider this company when it comes to home equity loans. First off, my loan was pre-approved and went through the process. Carlos at the Arizona office had no clue when it came to emails. I’ve sent him a lot of paperwork that they required but then they want me to send it again and again. It’s the constantly stress of it all. They would tell you that everything is fine but make up stuff saying you're over this amount while it was their fault not giving us the correct amount being owed. They made this process long and unsatisfactory. They just rejected my application before closing which is unethical. I had provided them what they wanted but don’t want to listen. I would give them a 0 if it was available.

This process was unfair and disgrace. After pulling my credit from all 3 credit bureaus and asking 20 docs, I was rejected and given the reason by mail that it was due to my property type not eligible... When I called to learn more, they changed the reasons. The issue is with the condo building insurance doc. I was told that this went to the "fraud dept" and here it ended. No one contacted me asking anything. There was no fraud or anything wrong. Maybe they wanted a different doc and I misunderstood but no one followed up asking anything.

We tried to get a 2nd mortgage with Discover Home loans. We always had a good experience with their credit cards so figure why not. Well they requested more documents than I have ever seen in my life. I am self-employed and own two companies. My husband is a w2 employee. We worked at all the requested for months. They stated we were perfect for the loan. Our credit is in the 700’s. After 40 calls back and forth our banker said we looked great, she was submitting to underwriting. They denied us in about 1 day and claimed our debt to income was double what it is.

Discover Home Loans are a bunch of incompetent morons. I’m an over 800 credit score with a debt to income ratio of 24%. Sent them all documents requested. Only to have to do it 10 different times. While speaking to a different person every time I called. Was extremely frustrating. Don’t waste your time with them.

I provided them reams of documentation, had a hard credit pull, 700 credit score, and personal banker told me everything. Looks good. Five hours later check website saying declined and my personal banker will call... never did. Guess I will wait for the vague denial letter. Wasted my time.

From application to funding (including weekends and the 3 day cooling off period) was 16 days! Yes, just 16! I only had two brief phone calls (one within an hour of applying to go over information and a second to set up for a notary to come to me to close) but otherwise everything was completed on their portal which was incredibly user friendly. I have already suggested this option to a friend who mentioned she wished there was a way to get to some of her equity. Unlike another company that would charged and financed 5,000 in fees, Discover charged me $0!

I applied for a Heloc with Discover home loans. What a sham! I have over 290 grand in equity in my home and was requesting 60 grand for home improvements. My credit score is 735. My income is 220 grand per year. You would think there would be no issue getting approved! WRONG!!! After 2 months of sending re-sending and re re sending many different docs and getting different responses from different account reps I was finally told yesterday all was in order. This morning received an e-mail stating that my loan was not approved!! What a total disgrace the way this company works! Take a word from someone who wasted much time, much effort and many hours of effort! Stay away at all costs!!

I have been working with this company for 2 months now. They had received all the documents that they had requested from me and I was told the loan was approved then came back and stated because my husband and I only had one checking, we needed two accounts. They couldn't do the loan. We have savings and other accounts and the income was there but their requirements are two separate accounts. I'm advising to not waste your time with this company!!! Other companies can help you. :):):)

My wife and I have always used Discover Credit Card and we expected the same great experience with Discover Home Loans. However, the lack of communication and clarity from them was overwhelming. Despite the difficulties, we had almost made it to the finish line when the loan officer informed us that an issue with the title needed to be resolved before the application could move forward. My wife quickly reached out to the title company we had used before and shared with them what Discover's title company was requesting. She obtained the Affidavit fairly quickly and sent it in. A few days later, we received an email stating our application had been closed.

This is the most incompetent group of people on the planet. So disappointing because every experience I have had with Discover in the past has been outstanding. Apparently this is a totally different and autonomous group. They completely screwed up the escrow part of my loan and despite being given the correct information, denied that it was received (even with proof of past emails) and refused to fix it. They lied to the FTC (and shame on them for believing it) when I reported it and I have spent months trying to get this fixed. Now just waiting until I can refinance without some ridiculous penalty, which they will not even allow me to do. Stay away from Discover Home Loans at all costs!!!

I’ve been dealing with the processing stage for over a month now. I got in all my paperwork they wanted within the first few days. I co-signed a loan for my son’s car and they required 12 months of payments proving he was paying. I sent them 10 months letting them know he has not had the car for a full year. It was a bunch of back and forth with emails and phone calls for them to finally tell me they don’t need the statements now unless he’s had the car for at least a year. They let me know what they would include in my loan consolidation plus how much I would get in cash for home improvements. I ok’d that only for them to contact me a couple weeks later telling me they are rescinding the offer and giving me a counteroffer.

I'm trying to get a HELOC. I meet all the requirements easy. They've stopped communicating with me and set expectations that it would go way faster than it has. Not expectations much at this point. Regret choosing them for this.

Went for loan. Supplied necessary documentation which took forever due to request. Denied based on debt ratio, which they were told in the beginning. Wasted our time and money. Help the rich not the need.

Discover Insurance Dept sent my premium payment to wrong insurance. I received a cancellation notice from insurance company, so I paid out of pocket. When I called they assured me that the payment had been sent. Weeks passed, still no payment. After calling over and over again, an agent told me my payment was sent to wrong place. Now they are taking an additional premium from my escrow and raising my mortgage to accommodate for their mistake. I don’t have enough in escrow but I’m told my mortgage payment will increase until wrong insurance company sends the money back. Wrong company actually cashed the mistaken check. WHOSE fault is this.

My husband died on May 16th. I called them 4 or 5 days after (first week was a blur) to see if I can delay the auto draft payment on May 22nd and let him know he had died and just asked for a bit of grace. After being transferred numerous times and having to tell of his passing again and again, I was finally told the auto draft was canceled. I was not told any additional information. Then on June 8th I received a voicemail asking for my husband or I to call them even though I had informed them (several times/people) of his passing 3 weeks prior. I retried their call, only to be transferred 3 times, having to tell each of his passing answer the security questions and everything I talked to people about 3 weeks ago.

All I want is for Discover to send an email to State Farm (**) saying that Discover no longer cares whether I have flood insurance or not. Simple. Logical. I have FEMA proof that I don’t need Flood Insurance for my Home Loan. Also, NFCU, Wells Fargo, and State Farm knew I didn’t need it. Some of the almost 8 acres is low, but has no buildings on it. I think Discover's 'policy' to require Flood Insurance if any of the land is in a flood zone is related to them taking my interest on escrow, which is illegal in 15 states.

After uploading dozens and dozens of documents and speaking with representatives, we would get another call a few days later asking for the same information. This bank has no idea what they are doing. Every time you speak to someone different which is I'm sure part of the problem. It looks good on paper (no fees) but that comes at a cost of your sanity. Choose a local bank and avoid Discover.

We had a check for our roof replacement from our insurance company. Since it was over ten thousand dollars we were told to sign and mail it to loss draft at Discover. It has been almost a month since we sent it to them. They have sent us about 1/3 of our money and the new roof has been on our house now for 3 weeks. We had to pay the roofers out of our pocket 14,000 since Discover is not sending us our insurance money. We have never been late on a payment and owe only about 130,000 on a 650,000 home. Fortunately we have the money to pay the roofers out of pocket. But would never recommend using them for a mortgage. There are no local offices and they appear to do as they please on their own time frame. Use someone local. I'm going to now. Don't care what anyone says these people are rude and drag their feet. Switching banks or just paying them off and done with them. Will never use anything from them again!!

Applied for a Home Equity Line of Credit (HELOC) through the Discover.com website. Submitted a HELOC application, credit was ran. Then Discover tells me they don’t offer HELOCs loan. Neg hit to credit. Discover refused to provide letter for me to dispute to inquiry.

Discover promised a quick and easy process to get a equity loan, but only delivered a long, drawn-out disappointment. They made it seem like things were going well in the process. Along the way they kept wanting more and more documentation and then kept coming up with excuses to extend the process. In the end, after over a month of trying to get the loan done, they used a faulty appraisal to kill the deal and end the loan process with me. They wasted my time and lowered my credit score for nothing.

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.

I applied for a home equity loan with Discover bank the third week of 01/2018. I was instantaneously told I passed the credit check. The first loan officer I spoke to requested 3 documents. I am a senior citizen retired from the U.S. Postal Service and I told Sara **, the aforementioned loan officer that I did not have the computer or wherewithal to communicate and transmit documents electronically. Her answer was, "We will work with you". My husband and I proceeded to fax information via a UPS store. We had to call OPM and TSP to get documents they required.

Aggravation and frustration I would use to describe this loan process. This is not a solution-oriented company. Seems like a fast, efficient process at the beginning. Desktop appraisal was good and my banker said we should be good-to-go. I work in the mortgage industry, so what she was telling me sounded like we were confidently moving forward.

My daughter in law tried to refinance her house with this organization. What a poorly run organization, 37 phones call from 22 different people asking same questions, like "Key Stone Kops ", one hand does not know what other hand is doing. Papers all signed - loan complete - after settlement, another person called asking more questions, then said they were not doing loan, remember settlement has been done and over with. Could not even get phones numbers right, cannot read information submitted properly, got no idea how companies or LLC's are organized.

Contacted Discover Home Loans because of the good reviews I read, but after dealing with them I would never recommend them again. Spoke to lender Brad ** and at our first conversation he was great, after a few days of not hearing from him I left several messages and emails and he would not return my calls. After speaking with his supervisor about the matter, he returned my call and stated that my application was denied due to missing documents. After gathering all the missing documents, he stated I did not have. I recalled him and he did not want to help me. He just wants an easy process without doing any additional labor or going beyond to help their consumer. Very disappointed with Discover and more with their unprofessional associate Brad **.

I spoke to Sharon **, the Discover Home Loans mortgage broker and tried to get an FHA pre-approval and this is what happened. It took them a week to even start reviewing the financial documents I provided. She only replied when I sent her a follow-up email. She did not know the rules of the FHA program at all. In my case, it was the fact that the business income used for the loan amount calculations is the average income for the last 2 fiscal years, rather than current income. After a week, she replied that the loan was not pre-approved by the manager because my business had started less than 2 years ago, which is incorrect. So she either messed up the information I had given her or made up this excuse.

I tried to work out a mortgage refinance with them but after over a month of having to deal with people that I didn't know, and getting calls from Lending Tree, then discover and seeing closing costs go up and up I backed out. They have a way of adding charges and not call them "closing costs" but it adds up fast. Like most lenders they promise many things but in this case come through on none of them and of course keep any money that you put down up front. Please do yourself a favor and just pick another lender.

My home loan from Discover home. My home loan application with Discover Home Loans was serviced by Mark **. He assured me that there would be no out of pocket expenses needed from me. He first stated the $400 appraisal fee would be credited back to my Discover Card - it was not. Then he stated I needed to about $1800 for other fees, but not to worry as I would get at least about $1500 back from escrow. I did not - I only received about 550.

Discover changed my representative and delayed arranging the appraisal I paid for by more than two weeks. When underwriting finally approved the loan, I was told that my rate lock had expired earlier that week and that I would have to renegotiate higher rates and fees. I did everything they asked promptly. My rep "escalated" my problem to his supervisor, and is now not returning my calls. Help!

Discover home loans - Worst service I ever had. If you are prepared to work harder than the service workers at Discover, have lack of communication and deal with a service offering institution that does not know the rules, regulations and how to process loans, this is the place for you.

We were denied subordination of HELOC so that we cannot refinance our first mortgage and save $300/month. The subordination request was declined because of the decrease in the value of the property. The Combined Loan to Value ratio increased from 71.81% at the time our loan was opened to 89.27%. We appealed the denial but were not granted and were told heaviest weighted criterion was no more than 10% increase in CLTV. The CLTV understandably is increased due to housing market downturn. I can't imagine that many folks can have anything other than an increase in CLTV. Of course by not subordinating, they are still in second position and their exposure is essentially the same either way. We could pay closing costs originally planned to wrap into 1st refi amount. Given current economic climate, this defies common sense and amounts to a no subordination policy and a rip off for the subordination review process fee ($150). Our ability to pay is solid (government pension). If we could refinance, we could contribute to economic recovery and/or pay more principal on HELOC.