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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User Reviews

Star Rating

4.2

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10 Reviews

Review Breakdown

5 grade

70%

4 grade

10%

3 grade

2 grade

10%

1 grade

10%

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Nathaniel Scott Souderton, PA

Discover has been with my family for over 10 years. My mom had a credit card with them and now I have one too. Overall, it's a great company. I can view my bill 24/7 and schedule payments from my bank or directly on their website. They present all the necessary information in a clear, precise format and I can view my statements quick and easily. Love that I get to put my CashBack bonus amount to my card as a bill credit and have the option to convert it to an e-gift card with many merchants.

3 years ago

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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.

3 years ago Edited September 14, 2021

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Morgan Welch Brandon, FL

I absolutely love Discover! I have been a loyal customer for over 10 plus years. I love their cash back program their customer service for the most part is good and they always work with me when problems arise. However, to me they do not have the best competitive rates for mortgage loans.

2 years ago Edited June 17, 2022

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Wendy Shaw Queens, NY

I wonderfully dedicated loan team. Awesome customer service. Explain to me the different types of loans ,uses, and the pros and cons of each one. Easy to understand my options. Not to mention No fees. ZERO origination fees. ZERO appraisal fees. ZERO application fees. They made buying a home stress free!!

2 years ago

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JaylenOlivia Savannah, GA

I have been using discover since I was 18 and it was one of the best choices I made. I always recommend them for any finance needs. It boosted my credit score way better than any other companies and the customer service is amazing.

2 years ago Edited January 14, 2022

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Tara Gillispie Philadelphia, PA

It pays to Discover! I never thought I would be able to have my own mortgage, but Discover made that possible for me. Their customer service is amazing. It’s always a pleasure dealing with them.

2 years ago

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Shelton Germaine Rogers, AR

I am normally a HUGE discover fan. I use them for several accounts. I tried to use them for a refinance recently, I have over $150k in equity in my house and I just wanted to trim the years down from 14 to 10. Discover wouldn't even finance the full balance. I ended up going with another company. The process was easy, I would consider using this company again should the need arise.

2 years ago

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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!

5 years 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.

3 years ago

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Gia Regina Waco, TX

I was surprised that Discover card wasn’t accepted at some of the stores locally. However, my initial credit line was sufficient and I do recommend Discover card.

2 years ago Edited March 30, 2022