Home Equity Loan Rates

Tap into your home equity with a fixed rate loan and know exactly what you'll pay every month

Today's Home Equity Loan Rates
Term Options
Rate Range:
APR Disclosure
30-Year Fixed Rate
3.99% - 11.99% APR
20-Year Fixed Rate
3.99% - 11.99% APR
15-Year Fixed Rate
3.99% - 11.99% APR
10-Year Fixed Rate
3.99% - 11.99% APR
Product Terms
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
Charges 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.

Why take a home equity loan from Discover

Balance Your Budget
One loan, multiple goals
Get the cash you need to tackle your to-do list. Consolidate debt, improve your home or finance a large purchase.
Balance Your Budget
Erase expensive debts
Consolidate high-interest debt with a low fixed rate from 3.99% - 11.99% & save on monthly interest!
View APR Disclosure
Buy a New Car
Access your application online, anytime
You can check the status of your loan 24/7 on any device using our secure website. 

Calculate your estimated home equity loan rate

Frequently asked questions

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Your APR is determined using factors like your credit history, loan amount, and the amount of equity you will have in your home after receiving the loan.

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Your interest rate is the direct charge for borrowing money.
The APR, however, reflects the entire cost of your mortgage as a yearly rate and includes the interest rate, origination charge, discount points, and other costs such as lender fees, processing costs, documentation fees, prepaid mortgage interest and upfront and monthly mortgage insurance premium. When comparing loans across different lenders, it is best to use the quoted APRs for the same type and term of loan.

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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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