Discover Home Loans is a division of Discover Financial Services, the parent company of Discover Card. Discover Home Loans was launched in 2012 after Discover purchased Home Loans Center, Inc. from Tree.com.
What Types Of Loans Does Discover Offer?
Discover offers home equity loans, personal loans and student loans.
The home equity loans can be used for a variety of purposes: from consolidating existing debt, pay for a wedding, take a vacation, or upgrade your home.
Loan amounts range from $35k to $150k. There are no prepayment penalties, and, in some states, no closing costs. In states that charge a mortgage tax, such as Alabama, Florida, Georgia, and Virginia, the borrower is responsible for paying it.
What Are Discover Home Loans’ Rates?
Rates vary depending on the credit profile, mortgage balance, whether it is a first or second lien, and the loan amount required.
For instance, rates can range from 4.49% APR to 8.49% APR for a loan in first lien position and between 5.49% APR and 11.99% APR for a loan in second lien position.
First and second lien positions refer to the order in which lenders are paid in case of bankruptcy or liquidation.
What Is Discover Home Loans’ Rating?
Discover Home Loans’ parent company Discover Financial Services has a BBB- (stable) rating with Standard & Poor’s and an A3 rating with Moody’s.
How Does Discover Home Loans Compare To Other Lenders?
- Discover is rated highly by analysts for financial stability.
- It has competitive rates on home equity loans, personal loans, and student loans.
- Loan amounts range from $35k to $150k.