Home Equity Loans - Hero Image

Home Equity Loans from Discover

Unlock cash from
your home's equity.

Low Fixed Rates | Zero Origination Fees | Great Customer Service
Loan options in minutes
Your Loan Options in Minutes

Apply online or over phone, fast and easy. Loan options from $35,000 to $200,000 with fixed rates from 3.99% - 11.99% APR.

View APR disclosure

Low Fixed Rates
Low Fixed Rates. Zero Origination Fees.

Zero application fees, zero appraisal fees and zero mortgage taxes.

Help on hand
Help on hand 7 Days a Week

Get your own personal banker and a loan team dedicated to processing your application.

Home Equity Loans: Rates, Terms & Fees

Feel secure with the same fixed rate and payment each month.

Interest Rates

Fixed interest rates from 3.99% - 11.99% APR
View APR disclosure

Loan Amounts
$35,000-$200,000
Payments
Fixed Monthly Payments
Terms

10, 15, 20 & 30 Years
Loan Payment Example

Application Fees
$0
Origination Fees
$0
Appraisal Fees
$0
Cash Required at Closing
$0
Discover Home Loans pays all closing costs incurred during the loan process, so that you don’t have to bring any cash to your loan closing. 
In the event that you decide to pay off your loan balance in full within 36 months after your loan closes, you will be required to reimburse Discover for some of the closing costs that we are paying on your behalf, not to exceed $500.00. 
Reimbursable closing costs will include all title fees, recording fees, and mortgage/transfer taxes. If you reside in Connecticut, Minnesota, New York, North Carolina, Oklahoma, or Texas you are not required to reimburse the closing costs.

Calculate home equity loan options

See how much you could borrow
Pay off debt & check your savings
Check your fixed rate & payment
Turn your home equity into cash

Here's what our customers are saying

 

 

Here's what our customers are saying

Rating

“Can't say enough about how professional the staff was. I would recommend Discover to anyone if everyone was treated like my loan was.”

Joseph L, 01/28/20
Rating

“The process was also extremely fast and they made sure that everything was done and complete. The rates were better than other places that we had looked.“

Shane B, 02/04/20
Rating

“Always ready to answer all questions or concerns. Always make the customer feel important. Glad I chose Discover to make our financial needs possible.“

Robert M, 03/26/20

Uses for your home equity loan

Our debt consolidation customers save an average of $696 on their monthly payments!

Payment Comparison Example
BEFORE

$1,021

Monthly Payments

From credit cards & loans totaling $48,804

AFTER

$324

Fixed Monthly Payments

30 yr. term $48,804 at 6.99% APR
(excludes taxes & insurance)

Savings of $696 per month. That's $8,362 per year!

Find your low,
fixed rate

Use our Rate Calculator to find the rate and monthly payment that fits your budget.

Make it the home of your dreams.

Make Big Upgrades

$35,000 - $200,000 is enough money to renovate or expand your living space.

Save With Low, Fixed Rates

Get a low monthly payment and zero origination fees or cash required at closing.

Get a Potential Tax Deduction

Potentially deduct your loan’s interest on your taxes when you improve your home (consult your tax advisor to see if you qualify).

Did you know?

The home equity you’ve earned can be used in a multitude of ways.

Get a better mortgage now and for the future.

We Have Your Needs Covered

We can refinance your original mortgage, a HELOC, or an old home equity loan.

Get a Low Rate or Longer Term

Put yourself back in control of a better financial situation with a mortgage reset.

Get the Cash You Need

Refinance and cash out your home equity with zero origination fees.

Get your rate
in
minutes

$0 Application Fees.
$0 Origination Fees.
$0 Cash Required at Closing.

Imagine what your home equity could provide.

Get Cash to Meet Your Needs

Pay the tuition of a loved one. Make a major purchase. Have the perfect wedding.

Healthcare Bills Covered

Use your equity to relieve some financial stress so you can focus on your health.

Feel Secure About Your Rate

The low, fixed rate and payment you’ll get from Discover won’t ever change.

Did you know?

The home equity you’ve earned can be used in a multitude of ways.

Questions about Home Equity Loans.

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A home equity loan lets you borrow a fixed amount, secured by the equity in your home, and receive your money in one lump sum. Typically, home equity loans have a fixed interest rate, fixed term and fixed monthly payment. Interest on a home equity loan may be tax deductible under certain circumstances. Please consult your tax advisor to see if you qualify. 

 

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With a home equity line of credit (HELOC), you get the flexibility to withdraw money as you need it up to a predetermined credit limit and repay the loan over a fixed term. Typically HELOCs have a variable interest rate that can increase or decrease over time. Generally, there is a fixed "draw" period, during which you may with draw funds, repay them or a portion of them up to a credit limit, similar to a revolving credit card. During the draw period, many lenders permit you to make interest-only payments.  After the draw period ends, you can no longer request funds and are required to repay the outstanding balance over the remaining term of the loan. By contrast, a home equity loan gives you all of your funds upfront in a lump sum and usually comes with a fixed interest rate and monthly payment that never change for the life of the loan. Discover offers home equity loans and mortgage refinances instead of HELOCs.

 

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With Discover, you will not have to pay any application fees, origination fees, or appraisal fees. Since a home equity loan or mortgage refinance is a secured debt, the average interest rate is typically lower than what you'll pay on an average credit card or other form of unsecured debt.

 

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A fixed interest rate on your home equity loan means you will make stable and predictable interest payments towards your loan balance for the life of the loan. While, with a variable interest rate, your interest rate and payment can change over time due to a variety of factors.

When you apply for your loan, loan options you receive with variable interest rates often start with lower rates than options with fixed rates, making them more attractive. However, because variable interest rates can change over time, your original variable rate may be pushed higher during your repayment period.

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First, calculate the amount of equity you have in your home and how much you can borrow using our Loan Amount Calculator.

Next, use our Monthly Payment Calculator to see what your monthly payment could be. It’s also a good idea to use our Debt Consolidation Calculator to see how much you could save each month by consolidating debts with your loan.

Now that you know how much you may be able to borrow and how your loan will affect your financial situation, you can submit your home equity loan application with more confidence in getting approved.

Mortgage providers will base the home equity loan options you receive on your available equity, income, debt, and credit history. Compare the loan amounts, rates, terms, and fees of these options to make an informed decision about the best one for you.

Discover Home Loans features zero costs at closing, zero application fees, and zero origination fees.

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With Discover Home Loans you’ll pay zero application, zero origination, and zero appraisal fees. We will charge you interest and may charge a fee if your payment is late or if you do not have sufficient funds to cover a payment. We pay all closing costs incurred during the loan process, so that you don't have to bring any cash to your loan closing. 

In the event that you decide to pay off your loan balance in full within 36 months after your loan closes, you will be required to reimburse Discover for some of the closing costs, not to exceed $500. Reimbursable closing costs will include all title fees, recording fees, and mortgage/transfer taxes. Please note: if you reside in Connecticut, Minnesota, North Carolina, New York, Oklahoma, or Texas you are not required to reimburse us for any closing costs.

Your Guide to Home Lending

Learn more about product options, using your equity wisely, and the home equity market.

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Start your application online

or give us a call.

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  • Weekdays 8am–Midnight ET
  • Weekends 10am–6pm ET
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Start your application online or give us a call.

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  • Weekdays 8am–Midnight ET
  • Weekends 10am–6pm ET