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Last Updated: 04/18/2025

Discover Mortgage Refinance

from Discover® Bank

Last Updated: 04/18/2025

Mostly recommended6 total votes

3 users recommend

2 users are unsure

1 users don't recommend

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Highlights

Community Rating

Mostly recommended

Credit Score Range

N/A

Amount Range

$35,000 - $300,000

Loan Term (Years)

10 - 30

Number of Reviews

Discover Mortgage Refinance Review

Discover Mortgage Refinance is offered by Discover® Bank (NMLS #453156), a bank founded in 1985 and based in Riverwoods, IL. Discover are available in 50 states and Washington, DC.

Key Takeaways

No origination fees. Discover Mortgage Refinance does not charge fees for processing your application. Discover Home Loans pays all closing costs incurred during the loan process, so that you don’t have to bring any cash to your loan closing. In the event that you decide to pay off your loan balance in full within 36 months after your loan closes, you will be required to reimburse Discover for some of the closing costs that we are paying on your behalf, not to exceed $500.00. Reimbursable closing costs will include all title fees, recording fees, and mortgage/transfer taxes. If you reside in Connecticut, Minnesota, New York, North Carolina, Oklahoma, or Texas you are not required to reimburse the closing costs.
Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
Only considers small to medium mortgage amounts. Discover Mortgage Refinance has a maximum loan amount of just $300,000.
Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Discover Mortgage Refinance.

Discover Mortgage Refinance Pros & Cons

Pros

Cons

No origination fees.
No prepayment penalty.
Available in all 50 states.

Discover Mortgage Refinance FAQ

What range of mortgage balances will Discover refinance?

Mortgage refinancing loans start at $35,000 and go up to $300,000

What is the maximum loan term for a mortgage refinance via Discover?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Discover Mortgage Refinance offers mortgage refinancing with terms ranging from 10 to 30 years.

How long does Discover take to refinance?

Discover does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.

Does Discover charge a mortgage origination fee?

No, Discover Mortgage Refinance does not charge a mortgage origination fee.

Some lenders charge an origination fee for processing, underwriting, and funding a mortgage. Typically fees range from 0.5% to 5% of the loan amount. Whenever possible, go with lenders that don’t charge origination fees.

Does Discover charge prepayment fees?

No, Discover Mortgage Refinance does not charge prepayment fees. This means you will typically not have to pay additional fees if you decide to repay the balance of your mortgage refinance early. However, read the disclaimer below for more details.

Discover Home Loans pays all closing costs incurred during the loan process, so that you don’t have to bring any cash to your loan closing. In the event that you decide to pay off your loan balance in full within 36 months after your loan closes, you will be required to reimburse Discover for some of the closing costs that we are paying on your behalf, not to exceed $500.00. Reimbursable closing costs will include all title fees, recording fees, and mortgage/transfer taxes. If you reside in Connecticut, Minnesota, New York, North Carolina, Oklahoma, or Texas you are not required to reimburse the closing costs.

What property usage types does Discover allow?

Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Discover Mortgage Refinance allows the following property usage types:

Primary home
Secondary homes and vacation properties

SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...

Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.

Contact

Headquarters

2500 Lake Cook Rd

Riverwoods, IL 60015

(949) 885-3100

Visit Site

Email Support

Hours of Operation

Sunday

Closed

Monday

9:00AM - 6:00PM

Tuesday

9:00AM - 6:00PM

Wednesday

9:00AM - 6:00PM

Thursday

9:00AM - 6:00PM

Friday

9:00AM - 6:00PM

Saturday

8:30AM - 1:00PM

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SuperMoney Net Recommendation Score

SuperMoney users mostly recommend this product, giving it a user recommendation score of +33, or 3.7 on a 5-point rating scale.

+33

-1000+100

No one recommends

Everyone recommends

The recommendation score reflects customer satisfaction with a provider. A score of +100 means every customer recommends the provider, while -100 means none of them do. These scores are based entirely on community member votes and are not influenced by partner compensation. SuperMoney removes fake reviews when detected.

Discover Mortgage Refinance Community Reviews

Would you recommend Discover Mortgage Refinance to your friends?

Mazhar C.

Nov 25, 2022

May or may not recommend

I love Discover! They are always so helpful and understanding of people's situations. They don't have any hidden fees and try to make things cost the least money. Discover is great mortgage refinances and everything in between.

Robelys F.

May 22, 2022

May or may not recommend

The mortgage service the only things is that they don’t have enough years for the mortgage

Sade J.

May 10, 2022

May or may not recommend

APR is reasonable, but the terms are long. Always shop around and get the best option

Steven H.

May 3, 2022

May or may not recommend

Depends on the person. The APR is perfectly reasonable, and their customer service is good. My main issue is that the maximum loan term is only 20 years, and the maximum loan amount is pretty low. Depends on what you're looking for and what your situation is.

Gabrielle W.

Aug 1, 2021

May or may not recommend