Discover
Is This Your Business?4.2
6.2
Overall Score
Author: Kaitlyn Short
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.
Top Ranked Companies
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.
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.
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.
