GOBankingRates works with many financial advertisers to showcase their products and services to our audiences.
These brands compensate us to advertise their products in ads across our site.
This compensation may impact how and where products appear on this site.
Commitment to Our Readers
GOBankingRates' editorial team is committed to bringing you unbiased reviews and information.
you could read more about oureditorial guidelinesand our products and servicesreview methodology.
Its a solid choice for borrowers with high credit scores and verifiable income.
Heres how to decide if Discover is the right lender for you.
Quick Summary: Is Discover the Right Fit for You?
Discover Bank, Member FDIC, is a strong choice for homeowners looking for affordable home equity loans.
However, it takes a long time to get the funds, and the utility is complex.
Heres a look at some of the benefits and drawbacks of Discover home equity loans.
What Types of Home Equity Products Does Discover Offer?
The limited home equity products might be a dealbreaker for some borrowers.
But if youre looking for a home equity loan, Discover is a solid option.
Discover Home Equity Loan Features
What Rates and Discounts Can You Get?
Discover offers a fixed interest rate from7.81% to 12.44% APR.
Your credit score, income and other factors determine your rate.
The bank doesnt have any rate discount for home equity loans.
Are There Fees or Closing Costs?
You might have a late payment fee for missed or late payments, though.
Who Qualifies for a Home Equity Product?
Discover is transparent about the qualification process for a home equity loan.
Here are the minimum eligibility requirements:
Can You Qualify?
Whats the tool Process Like?
Discovers utility process is easy to understand: apply, wait for a decision and then finalize the loan.
How Does Discover Compare to Other Lenders?
Discover stands out with low rates and low fees.
Plus, you wont pay any money when you close.
Heres how Discover compares to similar lenders:
Final Verdict: Should You Choose Discover?
Share This Article:
