Discover Home Equity Loans

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 $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.

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 6.49% up to 13.99%.

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 an origination fee, which makes this rate even more attractive.

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.

Is Discover Bank a legit company?

Discover Bank was founded in 1985, it is a well-established company that has been in business for 38 years.

Unfortunately, we don't have sufficient community reviews to provide a reliable rating of their user experience and customer service.