Overall Score 4.4 out of 5

Overall Score 4.4 out of 5

Personalized Score out of 5


When it comes to refinance loans, Discover aims to provide a transparent financial service that gives customers the freedom to achieve their goals. Whether you need to lower your monthly rates or need cash to pay for home improvement projects, Discover can help.

Review Highlights:

  • No origination or closing fees
  • Informative website that gives customers a clear idea of their options
  • Customer service is available seven days a week

Ratings Highlights

As long as your credit score meets their requirements, Discover is definitely a company to consider for your refinance loan. Given their commitment to not charging origination or closing fees, their costs make it worth the effort to get a quote from them -- and their straightforward application makes doing just that simple.
Loan Variety
Loans Offered Include: Fixed, conventional cash-out,10 to 30-year terms
Discover's loan options are fairly well-rounded so long as you want a fixed-rate loan. They have several terms available so homeowners can customize a loan to their unique needs. If you want an adjustable-rate refinance, however, this may not be the choice for you.
As far as costs go, Discover comes out about average overall -- they have slightly higher APRs generally, but they do not charge origination or closing fees, which can help even things out.
Customer Service
Customer service with Discover gets a high rating. Their site is informative and full of resources, including helpful cost calculators for homeowners to use before committing to a loan. Additionally, their customer service is available seven days a week via phone, and customers that do apply for a refinance will have a team of licensed professionals assigned directly to them.
Company Reputation
As a whole, customers are satisfied with Discover's refinance services. Their customer support is usually swift with responses and their website is intuitive. As with any company, it's important to always read the fine print when you take out a loan to make sure you're aware of all of the terms.
Ease of Application Process
As far as applications go, Discover's is one of the easiest, as it can be completed online within a few minutes. Information you will be asked to provide include your current home value, your current mortgage, and your contact information, which is consistent with other lenders. They offer refinance loans in all 50 states.
For Lower Credit Scores
Minimum Credit Score: 620
While Discover doesn't offer loans to homeowners with the lowest scores, their requirements aren't excessively strict either. Depending on the loan type and the specific terms attached, they're still a fairly good option for homeowners with a lower credit score.
For Higher Credit Scores
Discover is average when it comes to this category. As with any lender, they lower their rates for homeowners with good credit scores, so homeowners should definitely check their website to see what options they have.

Company Background

Founded in 1985, Discover sparks instant recognition in anyone who sees its logo -- which makes sense, given they're the third largest credit card brand in the country. Besides playing a huge role in the credit card business, they also provide quality banking, personal loans, student loans, home loans, and refinancing services to all of their customers.