Over the years, Discover has grown from a credit card issuer to a full service financial institution. With its acquisition of LendingTree Loans, Discover is now a major player in the direct-to-consumer mortgage industry. You can find Discover Home Loans mortgage rates on all of the major comparison websites, including this one. Direct-to-consumer lenders compete largely on price. The company offers fixed-rate and adjustable rate options. Discover Home Loans operates in Washington D.C., and all 50 states except for Nevada.
Discover isn’t Discover Anymore: Morgan Stanley with a Hint of LendingTree
Discover Bank is part of Discover Financial Services (NYS: DFS) a financial services company which issues the Discover Card and offers other consumer banking products including high yield savings accounts, CDs, home mortgage loans, and student loans. Discover Home Loans, formerly LendingTree Loans, claims to be “one of” the nation’s largest direct to consumer lenders. Discover does not operate physical branches, so working with Discover Bank is only an option for consumers who are comfortable with all banking being online. However, Discover is regulated by the exact same entities that monitor banks that do operate brick and mortar branches.
Loan Terms and Services aren’t Figured into Charts and Graphs
Although there are a lot of numbers on the website and they even seems relatively recent, they are not relevant to what you will pay for your particular loan. The Discover website does have mortgage calculators and interest charts for different loans. Even though the APR is designed to present the actual cost of obtaining financing, by requiring that some but not all closing fees are included in the APR calculation, it is important to assess the difference between upfront money and the overall cost of the loan. Comparing APRs across loan companies cannot tell you which loan to acquire without considering these factors.