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  Discover Home Equity Loans
Discover Home Equity Loans
in Home Equity Loans from Discover Bank · NMLS ID #684042
Claimed

Discover Home Equity Loans

Claimed
in Home Equity Loans from Discover Bank · NMLS ID #684042
Net Recommendation Score +33  

SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +33, equating to 3.7 on a 5 point rating scale.

+33

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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Highlights
Community Rating

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APR  (Fixed APR) 3.99% - 11.99%
Loan Term (Years) 10 - 30 years
Loan Amount $35,000 - $200,000
Maximum LTV 90%

Discover Home Equity Loans Review

Discover Home Equity Loans is offered by Discover Bank (NMLS #684042), a bank founded in 1985 and based in Riverwoods, IL. Discover Home Equity Loans are available in 50 states (and Washington, DC).

Discover Home Equity Loans FAQ

How much can you borrow with a Discover Home Equity Loans home equity loan?

A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.

Discover Home Equity Loans allows borrowers to apply for home equity loans of up to $200,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

What are the home equity loan requirements of Discover Home Equity Loans

This lender's maximum loan to value rate is 90%. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $70k.

What home equity loan rates does Discover Home Equity Loans offer?

Discover Home Equity Loans offers home equity loans with a fixed APR that ranges from 3.99% up to 11.99%.

Remember the APRs of home equity loans do not include points and financing charges, just the interest rate.

What is the estimated funding time for a home loan via Discover Home Equity Loans?

Discover Home Equity Loans will typically approve (or deny) a home equity loan application within 0 hour and fund home equity loans within 14 and 21 days of approval.

What fees does Discover Home Equity Loans charge for a home equity loan?

Good news. Discover Home Equity Loans 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.

What types of property can you use as security for a home equity loan with Discover Home Equity Loans?

Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. Discover Home Equity Loans will consider loans secured by the following property types:

  • Primary home.
  • Secondary homes and vacation properties.
  • Investment properties and house flipping projects.

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Message From Discover Home Equity Loans

Home Equity Loans from Discover. Unlock cash from your home's equity. Feel secure with the same fixed rate and payment each month.

Availability

  Available in 50 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Delaware
  • Florida
  • Georgia
  • Hawaii
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Kentucky
  • Louisiana
  • Massachusetts
  • Maryland
  • Maine
  • Michigan
  • Minnesota
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • New York
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Carolina
  • South Dakota
  • Tennessee
  • Texas
  • Utah
  • Virginia
  • Vermont
  • Washington
  • Wisconsin
  • West Virginia
  • Wyoming

Feature Breakdown

Annual Fee $0
Late Fee Amount $37
No Origination Fee
No Prepayment Fee
Credit Score Range 620 - 850
Employment Statuses Considered
  • Other
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Primary Home
  • Secondary Home
  • Investment
Joint Loan Applications Accepted
  • Co-borrower
Maximum LTV 90%
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
  • Tax Returns
Approval Speed 0 hours
Funding Time Range 14 - 21 days
APR (Fixed APR) 3.99% - 11.99%
APR Type Fixed APR
Loan Amount $35,000 - $200,000
Loan Term 10 - 30 years
Interest Rate Types Offered Fixed-Rate Mortgage

Discover Home Equity Loans Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

This product is mostly recommended by SuperMoney users with a score of +33, equating to 3.7 on a 5 point rating scale.

+33

Recommendation score measures the loyalty between a provider and a consumer. It's at +100 if everybody recommends the provider, and at -100 when no one recommends.

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