Discover Home Loans Reviews

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.