Home Equity Loan from Discover

Name: Home Equity Loans
Brand: Discover
SKU: Home Equity Loans
Rating: 5 (3 reviews)

Keep your existing mortgage
and tap into your home equity.

Low Fixed Rates | Zero Origination Fees | Great Customer Service

What is a home equity loan?

A home equity loan from Discover lets you borrow $35,000 to $300,000 in one lump sum, secured by the equity in your home.

Low, Fixed APRs

Rates starting at 6.74% APR for 1st liens and 7.99% APR for 2nd liens.

View APR Disclosure

Fixed Repayment Terms

From 10, 15, 20 to 30 years, get a term that works for you.

Loan Payment Example

$0 Origination Fees

$0 appraisal fees, $0 mortgage taxes, and $0 costs at closing.

Home Equity Loan: Rates, Terms & Fees

Keep your existing mortgage and get the cash you need.

Interest Rates	Fixed interest rates from 7.99% APR - 13.99% APR View APR disclosure
Loan Amounts	$35,000-$300,000
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

Get Started

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.

See rates for all loan options.

Calculate home equity loan options

Loan Amount Calculator

Turn your home equity into cash

Here's what our customers are saying

“The online application process was quick and user-friendly.”

Jenifer T., VA, 4/27/2022

“We always talked immediately to a real person...It was a pleasure."

Jeffrey O., VA, 5/10/2022

“The process was very user friendly, transparent and simple."

Terri G., AZ, 5/17/2022

Here's what our customers are saying

“The online application process was quick and user-friendly."

Jenifer T., VA, 4/27/2022

“We always talked immediately to a real person...It was a pleasure.”

Jeffrey O., VA, 5/10/2022

“The process was very user friendly, transparent and simple.”

Terri G., AZ, 5/17/2022

Uses for your home equity loan

Questions about Home Equity Loans.

Main

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.

Learn More

Main

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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Main

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.

Main

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.

Main: 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.

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