Discover Mortgage Refinance
Would you recommend Discover Mortgage Refinance to your friends?
| Community Rating | Mostly recommended |
| Loan Amount | $35,000 - $300,000 |
| Loan Term (Years) | 10 - 30 years |
| Number of Reviews | 6 |
Discover Mortgage Refinance Review
Discover Mortgage Refinance is offered by Discover Bank (NMLS #684042), a bank founded in 1985 and based in Riverwoods, IL. Discover are available in 50 states (and Washington, DC).
Key Takeaways
- No origination fee. Discover Mortgage Refinance does not charge a fee for processing your application on some loan options.
- 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 homes, vacation homes, and even investment homes, such as rental properties.
- 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 |
|---|---|
|
|
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
Contact
- Headquarters
-
2500 Lake Cook Rd
Riverwoods, IL 60015 USA - (949) 885-3100
- Visit Site
- Email Support
Other Services by Discover Bank
Availability
- Alabama
- Alaska
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Hawaii
- Idaho
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Massachusetts
- Michigan
- Minnesota
- Mississippi
- Missouri
- Montana
- Nebraska
- Nevada
- New Hampshire
- New Jersey
- New Mexico
- New York
- North Carolina
- North Dakota
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- South Dakota
- Tennessee
- Texas
- Utah
- Vermont
- Virginia
- Washington
- Washington, DC
- West Virginia
- Wisconsin
- Wyoming
Feature Breakdown
| Initial Processing Fee | $0 |
| No Origination Fee | |
| No Prepayment Fee |
(Verified 03/28/2023) |
| Origination Fee ($) | $0 |
| Origination Fee (%) | 0% |
Discover Mortgage Refinance Community Reviews
Would you recommend Discover Mortgage Refinance to your friends?
Other Mortgage Refinance
- AmeriSouth Mortgage Refinance
- Bank of Little Rock Mortgage Refinance
- Box Home Loans Mortgage Refinance
- CapCenter Mortgage Refinance
- Embrace Home Loans Mortgage Refinance
- First Horizon National Corporation Mortgage Refinance
- First Mid Bank & Trust Home Refinancing
- Golden Empire Mortgage Refinance
- Skyline Home Loans Mortgage Refinance
- Supreme Lending Mortgage Refinance
- TIAA Mortgage Refinance
- Trident Mortgage Refinance
