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3 User Reviews
LAST UPDATED: August 18th, 2021

Discover Home Loans, which is a subsidiary of Discover Financial Services, began issuing loans in 1986. The company focuses its efforts on customer satisfaction and retention.

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The Good

  • No Closing Costs
  • Customer Communication
  • Mobile App

No Closing Costs

Perhaps one of the best things about Discover Home Loans is that it does not charge fees or closing costs, which can save borrowers thousands of dollars.

Customer Communication

Although taking out a home loan can be unfamiliar and confusing, customers of Discover Home Loans can be confident that they will be updated throughout the entire process. The company frequently communicates with its customers to ensure that they understand what is going on with their loan.

Mobile App

Discover Home Loans offers a mobile app for Apple and Android devices that allows borrowers to view and manage their loan, as well as access tools and resources, while on the go.

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The Bad

  • High Interest Rates

High Interest Rates

As of December 2016, for a borrower with excellent credit purchasing a $250,000 home with a $50,000 down payment and a 30-year fixed rate loan from Discover Home Loans, the interest rate comes out to be 4.99 percent, which is the highest disclosed rate out of all of the home loan companies we have reviewed.

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The Bottom Line

Discover Home Loans does not charge closing costs and provides frequent loan updates and a mobile app. However, the company's interest rates are some of the highest in the industry.

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Star Rating

3.7

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3 Reviews

Review Breakdown

5 grade

67%

4 grade

0%

3 grade

0%

2 grade

0%

1 grade

33%

Sentiment Criteria

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Quality

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Review Source

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Fr. Ron Nuzzi South Bend, IN

DISCOVER is a good business partner. I use a traditional credit card as well as some loan services. The cash back awards at 2% are really great and amount to free money of you pay your bill in full all the time, or alternatively, as a 2% discount on your finance charges if you don't. Quick and easy access to customer service agents on the phone. Their mortgage rates tend to be a bit higher than others, so I have not engaged them for those services.

1 month ago

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Chauna Northport, AL

IT HAD BEEN THREE MONTHS. JANUARY- MARCH . EXCUSES, EXPLANATION OF INCREASE IN INCOME, CAN'T ACCEPT 30 DAY PAYOFF AFTER I HAD TO GET A 2ND. THIS WAS THE WORSE EXPERIENCE EVER. TO FIND OUT THEIR LIMIT TO LOAN $35000. Yes I have a Discover card.

5 months ago

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Review Source

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Kymberlee Yack Orem, UT

we love working with discover! they were so awesome when we needed a loan to put down on our house we just bought! definitely will be going with them in the future!

2 years ago

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