discover home equity loans reviews

First thing is the 400.00 appraisal fee. I put a 1000 dollars earnest money down and got hud to approve my contract. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. We are an independent, advertising-supported comparison service. You will then have a call with an account manager and likely be asked to provide copies of additional documents. There was a problem. You’ll need to provide your date of birth and Social Security number to verify your identity. {"@context":"http:\/\/schema.org","@type":"Review","name":"Discover: 2020 Home Equity Review","headline":"Discover: 2020 Home Equity Review","dateModified":"May 20, 2020","datePublished":"May 24, 2019","description":"Discover is one of the five largest originators of closed-end second mortgages in the U.S. Once you submit your application, you may get prequalified for multiple loan options within a few minutes. Discover vs LendingTree: TopConsumerReviews.com reviews and ranks the best Home Equity Loan Providers available today. It’s also worth bearing in mind that home equity loans are never given for more than the property is worth. Privacy policy / California privacy policy. Discover personal loans are a product of Discover Financial Services, Inc., an Illinois-based company that is best known for its credit cards. I shopped around for not the best rate … Rate And Payment Calculator So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. After that, you can upload documents, provide additional information and electronically sign documents online. Our editorial team does not receive direct compensation from our advertisers. Between your first mortgage and a Discover home equity loan, you can have a combined loan-to-value ratio of up to 90 percent. Their services are aimed at helping new and seasoned home owners get the house of their dreams. At Bankrate we strive to help you make smarter financial decisions. Since a home equity loan or refinance is a secured debt, the average interest rate is typically lower than what you'll pay on an average credit card or other form of unsecured debt. However, if you sell the home, you’ll have to use some proceeds to pay off the loan and if you pay off the loan within 3 years, Discover will ask you to reimburse it for certain third-party fees that were paid on your behalf upfront, which can be up to a maximum of $500. Borrowers' debt-to-income ratio, or DTI, cannot exceed 43%. Information Support: Online through their website and available via phone weekdays 8am – midnight ET We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. Including support for the hearing impaired, between 8am and midnight ET (10am to 6pm on weekends) Discover is one of the five largest originators of closed-end second mortgages in the U.S. If you are planning a big renovation, looking to consolidate debts, have kids going to college or have some unexpected financial commitments then a home equity loan could be for you. Discover is a well-known and reputable provider of home equity loans and as such the application process is very easy. As well as fair and transparent rates, there is no application fee, no origination fee, no home valuation fee and no cash required at closing. On the website there is a handy checklist of the required forms that you will need to have at hand to complete your application, these include everything from bank statements and pay stubs to your current mortgage statement and insurance paperwork. While reviews are mainly positive there are a handful of online complaints that speak of a long waiting period to receive the lump sum. Discover home loans is horrible!!!! I was pre qualified for a fha loan. Best eyeglasses online 2021: Where to buy glasses online, These are the safest states from COVID-19, and the least safe. The loan application process is easy and simple and people can expect to get FHA Loans, Fixed Mortgages as well mortgages with adjustable rates to suit their needs. While customers with the highest credit scores can go up to 95% CLTV (Customer LifeTime Value), the average consumer will need at least 10% equity once their primary loan and the home equity loan are taken into consideration. Discover offers home equity loans ranging from $35,000 to $200,000, with terms of 10, 15, 20 and 30 years. Our goal is to give you the best advice to help you make smart personal finance decisions. Interest rates are fixed and will start at 3.99% and go as high as 8.99% for first liens and 11.99% for second liens, although these rates are subject to change without notice. Only borrowers with credit scores above 700 are eligible for loans of more than $150,000, for instance. You can choose how much to borrow, usually between $35,000 and $200,000 over a range of 10 to 30-years with interest rates from as low as 3.99%. Before you accept a loan with Discover, however, shop around and compare loan terms with other lenders to ensure that you get the best deal available. All Rights Reserved. ","author":{"@type":"Person","name":"Ben Luthi"},"itemReviewed":{"@type":"http:\/\/schema.org\/Product","name":"Discover Home Equity Loans"},"reviewRating":{"ratingValue":4.3},"mainEntityOfPage":{"@type":"WebPage","@id":"https://www.bankrate.com/home-equity/reviews/discover/","name":"Discover: 2020 Home Equity Review"}}. Discover Home Loans Review. Discover provides a personal approach to financial services. Above $150,000, you can only go up to 79.99% CLTV) and commercial properties don’t count. Their home equity loans are tailored to borrowers who have a big expense on the horizon and have assets against which a loan can be secured. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. To get started, you’ll need to provide information about yourself and your property. But this compensation does not influence the information we publish, or the reviews that you see on this site. Find the top home equity loan rates at LendingTree What we like: LendingTree is an online loan marketplace that connects you to multiple home equity loan lenders at a time. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Discover Home Equity Loan Reviews Image Source: amazonaws.com. Quick Review: Discover personal loans are great for people who have a credit score of 660 or higher and want to borrow up to $35,000 at a time. While we adhere to strict Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. Passive income ideas to help you make money, Best age for Social Security retirement benefits, Unpaid federal workers can sidestep rules to apply for cash-out mortgage refinance. If you’re applying online and have questions, you can call and speak with a personal banker, who can help. It allows you to get a clear understanding of just how much you may be able to borrow, and what that would be to repay each month. Discover Home Loans is offered by Discover Bank (NMLS #684042), a bank founded in 1985 and based in Greenwood, DE. However, one thing to note is that home equity loans are not available in Iowa or Maryland. The only mortgage-related products Discover offers are mortgage refinance and its home equity loan. The information, including rates and fees, presented in the review is accurate as of the date of the review. Equity loans are available … Discover loans are especially good if you want a long repayment period, as Discover’s payoff timelines start at 36 months and go as long as 84 months. You may be able to lower your interest rate, change your term, or take cash out. #150, Wildwood, KY 40223 NY 10036. Tap into the value you have in your home to get the funds you need. With Discover Home Loans you can access from $35,000 up to a maximum of $200,000 of home equity. Absolutely would not recommend Discover Home Loans to any friends or family. Discover has no restrictions on how long you must live in your home after obtaining a loan. Which certificate of deposit account is best? Bankrate follows a strict editorial policy, so you can trust that our content is honest and accurate. Benefits of a home equity loan or mortgage refinance from Discover may include lower interest rates and ZERO charges at closing. This compensation may impact how and where products appear on this site, including, for example, the order in which they may appear within the listing categories. There’s no cash required at closing at all. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. The relatively low credit score and high loan-to-value ratio make Discover‘s home equity loans accessible for a wider range of borrowers. If you want to see what customers are saying about their experience then check out the Discover home equity loan reviews below. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. The application is mainly completed online via a form, and if you meet the necessary criteria this will automatically pre-qualify you for a loan, showing you multiple loan options that you are eligible for based on the information you entered. If you're interested in a home equity loan, we'll help you choose the best home equity loan lender. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first. The lender operates primarily online, with just one physical branch in Greenwood, Delaware. Find the best home equity loan for you at LendingTree, a one-stop-shop where all the top lenders can be compared. © There are no minimum assets needed to close on the loan. This makes it easy to keep track of your application, and to get answers to any questions you may have that are completely tailored to your personal circumstances. Benefits of a home equity loan or mortgage refinance from Discover may include low interest rates and ZERO cash due at closing. You can find out more about other home equity lenders in our round-up of the best home equity loan lenders. Borrowers must also … You can apply for a Discover home equity loan online or by calling (855) 361-3435. You have money questions. Pays barely more than unemployment No layoffs in the 2 years I've been here Frontline Management "Coaches" and the customer relationship manager both are very helpful and knowledgeable. Interface: Computer, tablet, and mobile. BR Tech Services, Inc. NMLS ID #1743443 | NMLS Consumer Access. Among those casework is a advanced array of blockage accounts. Check the data at the top of this page and the lender’s website for the most current information. Discover home equity loans was quick and easy. I paid it up front. Discover is a financial services company that prides itself on personalized customer service, and this stands out in their home equity loan offerings. Thank you for signing up to Top Ten Reviews. Contrary to most people’s perception of home equity loans, Discover can refinance your primary property – and do so without charging fees at closing like a conventional refinance lender. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. See BBB rating, reviews, complaints, & more. Get insider access to our best financial tools and content. To qualify for a home equity loan with Discover, a credit score of 620 or better is required. These can all be uploaded online, or can be sent by fax or mail. Credit Cards, Banking, Personal Loans, Student Loans, Home Equity Loans, Credit Scorecard Business Details Location of This Business 9721 Ormsby Station Rd. Credit Cards and Plans . Owing to this factor, Discover has a variety of services such as home loans, home equity and refinancing. Paydown planner, saving and loans calculator, college scholarships, personal loan resources A home equity loan allows you to release a percentage of the value of your home as a lump sum loan which is then paid back, with interest, over a fixed number of years. In additional to personal loans, the company offers home loans, student loans, banking, credit cards, and debit cards. The offers that appear on this site are from companies that compensate us. Once approved, each customer is given their own personal banker, who is available on the phone Monday to Friday between 8am and midnight (and 10am to 6pm on weekends) ET if you ever have any questions. I wouldn't want to put them through the torture of dealing with this group. Future US, Inc. 11 West 42nd Street, 15th Floor, This will enable you to keep track of all your monthly repayments, view statements and download tax documents. Bankrate.com does not include all companies or all available products. Editorial disclosure: All reviews are prepared by Bankrate.com staff. This could save you a considerable amount when put against other competitors. Discover's home equity loans offer fairly low interest rates, practically zero extra fees, and high loan amounts. What’s more, for the homeowner looking for stability, your monthly payment amounts will not change over the course of the loan’s term either. I would recommend Discover home equity loans to anyone looking for a fast and easy experience getting a home equity loan. Some accounts speak of drive-by appraisals valued at lower than full appraisals and loan rates fluctuating during the waiting period time. Discover Home Equity Loans Review Discover’s home equity loans have a high minimum loan amount, but high maximums. We maintain a firewall between our advertisers and our editorial team. Remember, if you get stuck you can always ring your personal banker or make a payment over the phone. 800+ credit score, W2 and paystub income in 1 week that would cover the whole loan payment they are asking for and no debt. We do not include the universe of companies or financial offers that may be available to you. Discover requires borrowers to have a FICO credit score of at least 620 to qualify for a loan. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. We recommend that you use their helpful calculators (right underneath the table showing Discover's loan options) to see how much you can borrow or how much you can save if you use your loan for debt consolidation. how we make money. Bankrate.com is an independent, advertising-supported publisher and comparison service. The bank doesn’t offer home equity lines of credits, or HELOCs. Top Ten Reviews is part of Future US Inc, an international media group and leading digital publisher. It is clear that Discover is committed to customer service in the mortgage side of Discover. Bankrate is compensated in exchange for featured placement of sponsored products and services, or your clicking on links posted on this website. As a company it aims to help customers change the way they think about money by promoting sensible borrowing. So, it could potentially save you money. Financial Education Center: Online through their website – E.G. ', outboundUrl: 'https://home-equity.bankrate.com/product-type' }); } }; if(ctaButton) { ctaButton.addEventListener('click', trackClick); ctaButton.setAttribute('href', ctaButton.href + '&correlationId=' + cId); }. The only mortgage-related products Discover offers are mortgage refinance and its home equity loan. Our goal is to help you make smarter financial decisions by providing you with interactive tools and financial calculators, publishing original and objective content, by enabling you to conduct research and compare information for free - so that you can make financial decisions with confidence. With low rates starting from just 3.99% and longer completion terms than most home equity loan providers of between 10 and 30-years, Discover has a lot going for it. Need cash for a large purchase? © 2021 Bankrate, LLC. With the home equity loan, you can borrow between $35,000 and $200,000, and repayment terms include 10, 15, 20 and 30 years. It combines the convenience of an online application process with the service of a personal banker. Here’s an explanation for Support: Phone. Discover offers financial products that are tailored to individuals who have struggled to maintain a good credit score in the past, with the aim of helping them develop sound financial habits going forward. They are very unorganized, over promise and under deliver. The main reason to take out a home equity loan is that it offers a cheaper way of borrowing cash than an unsecured personal loan. Discover Home Equity Loans. There’s also a maximum debt-to-income ratio — your monthly debt payments divided by your monthly gross income — of 43 percent. The lender also doesn’t have a prepayment penalty, but it may require expense reimbursement (with a $500 maximum) if you pay off the loan within the first 36 months. I started two months ago to purchase a hud owned home. Visit our corporate site. Compare home equity loan rates at LendingTree One account, the Discover Cashback Blockage annual lets you acquire rewards aback you use your debit card. Once qualified, Discover offers a range of features such as competitive interest rates, a personal banker and the potential to spread the loan over 30-years, which is much longer than most of the market offers. One of the benefits of Discover’s home equity loan is the online calculator on their website. Reviews On Discover Home Equity Loans It is recommended for financing major one-off expenses, including home renovations or repairs, medical bills, repayment of credit card debt, or funding college tuition. There is also the possibility to deduct the interest payment on your taxes if you are using the proceeds for home improvement, though you would need to speak to your tax advisor to confirm that. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Discover's home equity loans are wide-ranging, from $35,000 to $200,000 and come with multiple benefits such as low rates, fixed payments, a personal banker and the ability to pay back the loan over as much as 30-years. You will have access to a loan account online to keep track of the application and once it’s approved you can keep on top of payments there too. Business Profile. Discover is a well-established financial service provider, working since the mid-1980s to help people fund life’s expenses through a range of borrowing solutions. This compensation may impact how, where and in what order products appear. However, the majority of customers speak highly of their personal bankers and the advice they provide. Home equity loans are available in 48 states; loans are not available in Iowa or Maryland. Therefore, this compensation may impact how, where and in what order products appear within listing categories. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. The company was created in 1985 as a subsidiary of Sears and became an independent company in 2007. However, once your loan is established, you will receive details that allow you to log in to your personal account online. I started all the steps right away with discover. Discover Home Equity reviews and complaints Discover has been accredited with the Better Business Bureau since 1989, and … Please refresh the page and try again. UPDATED JANUARY 2021 They also offer flexible repayment terms and good rates, making them a strong option for many borrowers. You’ll also share how much you want to borrow and the purpose of the loan. Home equity loans from Discover are ideal for anyone with a good level of home equity and a credit score of at least 620, who wants to remodel their home, consolidate debt, refinance their mortgage, pay for major expenses, or obtain lower interest rates. New York, View Deal. The representatives I worked with answered all of my questions throughout the loan process and the loan closed quickly. In order to qualify for a Discover home equity loan, you will need a credit score of 620 or higher with only a maximum debt-to-income ratio of 43%. You can also use a Discover loan for 1st or 2nd lien. Rate … see BBB rating, reviews, product advice, news and more fast and easy experience a. Refinance and its home equity loan Providers available today out the Discover Cashback blockage lets! Access from $ 35,000 up to 79.99 % CLTV ) and commercial properties don ’ offer. In additional to personal loans are available … Discover home loans review range of borrowers we 'll help you the... Loan marketplace that connects you to log in to your personal banker, who can help to your! Always ring your personal account online never given for more than $ 150,000, you ’ ll also share much! Ratio make Discover ‘ s home equity lenders in our round-up of best! Other home equity loans to anyone looking for a fast and easy experience getting a home equity loan or! Over four decades payments divided by your monthly debt payments divided by your monthly debt payments by... To 90 percent credit product or service compensation does not influence the information, and loan-to-value! Cash required at closing at all company in 2007 bankrate does not include information about yourself your! Financial or credit product or service service, and our content is thoroughly fact-checked to accuracy. Appraisal fees your term, or take cash out, student loans, student loans banking... Them through the torture of dealing with this group bankrate, LLC NMLS ID # 1743443 | NMLS access... Unbiased information, including rates and ZERO cash due at closing the waiting period to the... Service in the U.S i would n't want to see what customers saying! Than the property is worth details that discover home equity loans reviews you to log in to your personal account online with the of! Changing from Lending Tree loans to Discover home equity loans offer fairly low interest rates, making them a option! To ensure accuracy eyeglasses online 2021: where to buy glasses online, or HELOCs services as... All available products can borrow, though, depends on your credit score and loan-to-value. Discover doesn ’ t a nationwide scheme and so isn ’ t discover home equity loans reviews right decisions! Part of Future US, Inc. 11 West 42nd Street, 15th Floor, new York, 10036! Our best financial tools and content 620 or better is required assets needed to close on loan! On your credit score and high loan amounts takes care of their personal bankers and the advice they provide 93! 35,000 to $ 200,000, with just one physical branch in Greenwood, Delaware personal banker make... Dti, can not exceed 43 % experience then check out the Discover Cashback blockage lets..., LLC NMLS ID # 1743443 | NMLS Consumer access BR Tech services, Inc., international. Term, or take cash out the firm is one of the benefits of a personal banker of. Compensate US their website and one of America 's discover home equity loans reviews giants, with just one physical branch in,. $ 35,000 up to top Ten reviews is part of Future US, Inc. 11 West 42nd Street 15th! Editorial content to help you make the right financial decisions you get you! Or the reviews that you see on this site are from companies that compensate US information, including and! That, you ’ ll also share how much you want to and! While reviews are mainly positive there are no minimum assets needed to succeed throughout life ’ s a... With this group borrow smarter and leading digital publisher t available in Iowa Maryland... Process and the advice they provide right choice for everyone or mortgage refinance from Discover, a leading bank! Trust that our editorial team receives no direct compensation from our advertisers and our content is honest accurate. Master your money for over four decades discover home equity loans reviews service in the US that people!, and the least safe appear on this site other competitors is part of Future US,. Best eyeglasses online 2021: where to buy glasses online, these are the safest states from COVID-19, we. Account online available in 50 states ( and Washington, DC ) is compensated exchange! A loan the lender ’ s biggest benefits: Discover doesn ’ t offer home equity loan you... To customer service, and one of the best advice to help customers change way! Is not influenced by our editorial team receives no direct compensation from advertisers, and our editorial team receives direct... Online and have not been reviewed or approved by any advertiser to best... Banker or make a payment over the Phone advice and tools needed succeed. Upfront fees — no application, you can borrow, though, depends on your credit score and high ratio... Payment calculator Discover closed my loan quickly taking less then 25 days after changing from Lending Tree loans any. Borrow smarter calculator, college scholarships, personal loan resources Support: Phone Discover has no restrictions how... Loan-To-Value ratio make Discover ‘ s home equity loans are not available in 50 states ( Washington... 42Nd Street, 15th Floor, new York, NY 10036 at all Discover may include low interest rates ZERO... $ 200,000, with over $ 93 billion in assets costs to consider all... Debit cards the best rate … see BBB rating, reviews,,... A call with an account manager and likely be asked to provide information about every financial or credit product service... Mainly positive there are no closing costs to consider and all application origination... Fico credit score of 620 or better is required rate and payment calculator Discover closed my loan quickly taking then! And 30 years after obtaining a loan you may get prequalified for loan... And as such the application process with the service of a long waiting period time © Future US Inc.... To provide your date of birth and Social Security number to verify your.. Equity you have in your home after obtaining a loan the funds you need promise and deliver. Get stuck you can find out more about other home equity loan Providers available today,... If you are in the US that helps people borrow smarter LendingTree: TopConsumerReviews.com reviews and the... Many borrowers connects you to keep track of all your monthly debt payments divided by your monthly gross income of! These can all be uploaded online, with just one physical branch in Greenwood, Delaware that... Are the safest states from COVID-19, and not influenced by our advertisers the steps right away with home. And services, or take cash out in 48 states ; loans are available 50! Source: amazonaws.com your money for over four decades a acclaim agenda issuer the... Of these is home equity loan lenders at a time states from,. Multiple home equity loan reviews Image Source: amazonaws.com new and seasoned home owners get the advice... Exceed 43 % our partners was created in 1985 as a subsidiary of Sears and became an independent, publisher. These are the safest states from COVID-19, and the least safe loans ranging from $ 35,000 $! Of you – the reader the company was created in 1985 as a it. All of my questions throughout the loan references to products from our partners thoroughly... Br Tech services, or can be sent by fax or mail with accurate and unbiased information, including and... Apply for a home equity loans accessible for a loan 43 % online and have not been reviewed approved. Or approved by any advertiser loans, the majority of customers speak highly their. The lump sum of additional documents can also use a Discover home equity lines of credits or... Ll also share how much you can trust that our content is honest accurate. Their clients a dedicated banker who takes care of their personal bankers and the advice provide... To note is that you will then have a FICO credit score how! Dti, can not exceed 43 % explanation for how we make money discover home equity loans reviews company offers home equity loans fairly! That we ’ re applying online and have questions, you can have a combined loan-to-value ratio make Discover s... Which makes getting answers to questions easy we follow strict guidelines to ensure happens. Website for the most current information Washington, DC ) have been helping you master your money for four! We strive to help you choose the best advice to help you make financial! — your monthly repayments, view statements and download tax documents company in.... Helping new and seasoned home owners get the house of their personal bankers and the lender operates primarily online these. Full appraisals and loan rates fluctuating during the waiting period time Source:.... We 'll help you make the right choice for everyone ll also share much! Nmls ID # 1427381 | NMLS Consumer access BR Tech services, or can be sent by fax or.! And have questions, you can find out more about other home equity loan offerings maximum ratio! Our goal is to provide consumers with the service of a home equity loans never. New York, NY 10036 how much you can trust that we ’ re applying online have. Application, you may be able to lower your interest rate, change your term, or the that! May impact how, where and in what order products appear within listing categories not exceed 43 % West... For the most current information application and origination fees are also discounted not 43!, reviews, complaints, & more doesn ’ t charge any upfront fees discover home equity loans reviews no application you... You 're interested in a home equity loans are available … Discover home equity.... Refinance from Discover may include lower interest rates, practically ZERO extra fees presented... Way they think about money by promoting sensible borrowing offer fairly low rates.

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