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Home Equity Loans
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Last Updated: 08/22/2025

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Discover Home Equity Loans

in Home Equity Loans from Discover® Bank

Last Updated: 08/22/2025

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Highlights

Credit Score Range

680 - 850
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Amount Range

$35,000 - $300,000
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Maximum LTV

N/A
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Loan Term (Years)

10 - 30
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Discover Home Equity Loans Review

Discover Home Equity Loans is offered by Discover® Bank (NMLS #453156), a bank founded in 1985 and based in Riverwoods, IL. Discover Home Equity Loans are available in states.

Key Takeaways

  • Tap into your home equity for large purchases, home improvements and debt consolidation.
  • $0 Closing costs. Zero application, origination and appraisal fees.
  • Loan Amounts starting at $35,000 with competitive fixed rates.
  • Good credit required. You will need a credit score of at least 680 to qualify.
  • Only primary residences considered. Discover Home Equity Loans does not offer financing for vacation homes or investment properties.
  • No origination fees. Discover Home Equity Loans does not charge fees for processing your application.
  • Debt-to-income ratio less than 43%. Discover Home Equity Loans requires a debt-to-income ratio of less than 43%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by your monthly income and multiplying by 100.

Discover Home Equity Loans Pros & Cons

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 $300,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.
Typically, borrowers with good credit can qualify for up to 85 percent of the value of the property less the balance on their first mortgage.

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

This lender's maximum combined loan to value rate is up to 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 $72k.
Generally, the APRs of home equity loans do not include points and financing charges, just the interest rate. However, Discover Home Equity Loans does not charge origination fees, which makes this rate even more attractive.

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

The home equity loan process varies depending on the homeowner, but it typically takes 6-8 weeks from application to funding.
Here's how it works:
  • First, you'll apply online or by phone, review your loan options, and upload required documents (1–2 weeks).
  • Next, Discover processes your information, gathers third-party details about your home, and sends your application to underwriting (around 4 weeks).
  • Finally, you'll schedule closing and receive your funds (1–2 weeks).

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

Good news. Discover Home Equity Loans does not charge mortgage origination fees.
Some lenders charge origination fees 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.
You can apply for a home loan from Discover using a home you own and live in as your primary residence. This residence must be a single-family dwelling.
Eligible property types include:
  • single-family homes
  • condominiums
  • townhomes
  • and Planned Unit Developments (PUDs)
Other properties, such as investment properties, manufactured homes, commercial properties, log homes, trusts, and properties larger than 20 acres are not eligible at this time.

Is Discover® a legit company?

Discover® was founded in 1985, it is a well-established company that has been in business for 41 years.
Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.

Discover Home Equity Loans Disclosure: We do not lend in IA or MD. You are not guaranteed approval. Once you apply and submit your credit and property information, we will confirm your eligibility. We don’t lend on cooperatives, condotels, investment properties, log homes, manufactured homes, mobile homes, or secondary homes. We will only originate one 1st lien mortgage per property per 12-month period. The maximum loan amount you qualify for will depend on additional factors, including type of loan, lien position, loan-to-value and your credit history. We may change rates, program terms, and conditions without notice. Discover Card accounts may not be paid off with this home loan. All loan programs are offered by Discover Bank, 2500 Lake Cook Road, Riverwoods, IL 60015. NMLS ID 684042. You can apply for a home loan from Discover using a home you own and live in as your primary residence. This residence must be a single-family dwelling. Eligible property types include single-family homes, condominiums, townhomes, and Planned Unit Developments (PUDs). Other properties, such as investment properties, manufactured homes, commercial properties, log homes, trusts, and properties larger than 20 acres are not eligible at this time.

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Message from Discover Home Equity Loans

Home Equity Loans from Discover. Tap into your home equity for large purchases, home improvement and debt consolidation. Borrow $35-500K with competitive fixed rates. Zero application, origination and appraisal fees. $0 closing costs. Simple application

Contact

Headquarters

2500 Lake Cook Rd
Riverwoods, IL 60015
(800) 347-2683
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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

Other Services by Discover® Bank