Last Updated: 04/18/2025
Discover Mortgage Refinance
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in Mortgage Refinance from Discover® Bank
Last Updated: 04/18/2025
SuperMoney User Recommendation Score +33
Mostly recommended6 total votes
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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.
Discover Mortgage Refinance Pros & Cons
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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
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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