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Discover vs. Chase Bank HELOCs
Discover or Chase Bank HELOCs: Which is better?
How do Discover and Chase compare?
- Choose this lender for low interest rates
- Choose another lender if you need to borrow more than $200,000
- A good option for borrowers who need a lump sum between $35,000 and $200,000
- Choose this lender for great in-person help at branches in 22 states
- Watch out for frustrating customer service online and over the phone
- A good option for existing Chase customers who need $500,000 or less
Loans offered
- Purchase
- Refinance
- Jumbo
- Home Equity
- FHA
- VA
- USDA
- Purchase
- Refinance
- Jumbo
- Home Equity
- FHA
- VA
- USDA
Neither of these seems the right fit?
Minimum credit score
Conventional: 620
Conventional: 680
States available
Not available in: IA, MD, TX
Not available in: AK, HI, SC
Pros
- Loans from $35,000 to $150,000
- 10, 12, 15, 20 or 30 year plans
- Fixed rates starting at 4.99% APR
- Transparency
- Rate discounts for Chase customers
- Ability to switch to a fixed-rate
- Sophisticated application
- Large loan range
Cons
- Mixed application process
- Not nationwide
- Limited to fixed-rate loans
- Not available in all states
- High maximum APR
- Some fees
Customer reviews
Discover has been accredited with the Better Business Bureau since 1989, and holds an A+ rating for its services and operation. The BBB has recorded 877 complaints in the last three years, most of which were related to billing, collections and problems with the product or service. Customers gave Discover a 1.5-star rating based on 70 reviews. However, it’s worth pointing out that these reviews and complaints are about Discover Bank as a whole — and they’re about more than its home equity loans division.
Across other consumer forums, customers praise the personalized process, competitive interest rates, and lack of closing costs. Some said the path from application to closing can be as quick as 30 to 45 days, but Discover promises nothing on its website.
Chase is one of the Big Four banks in the US, and it appears to struggle with serving that many customers.
Despite being in business for 195 years, the bank isn’t accredited with the Better Business Bureau. It currently has an F rating due to its failure to respond to customer complaints. However, its mortgage lending division has an A- rating from the BBB. The BBB has recorded 263 complaints in the last three years, which is significantly less than the number of complaints for the bank as a whole.
On TrustPilot, Chase has a one-star rating based on 61 reviews. Customers commented on the lack of service, though some complimented the bank for its online tools and user experience. Again, this page refers to the bank as a whole, rather than simply mortgages.
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