Home equity loan
- Home equity loan specialist
- No origination or application fees
- Apply online in less than 5 minutes
- No physical branches
- Not licensed in Iowa or Maryland
Discover Bank, a subsidiary of Discover Financial Services, specializes in two types of mortgage products: home equity loans and mortgage refinancing. Discover’s home equity loans program has been steadily growing since its launch, enabling home owners to access funds at interest rates as low as 4.15% with their home as collateral.
Loan amounts for home equity loans range from $35,000 to $250,000, while repayment terms range from 10-30 years. Loans can be used for virtually any purpose, including home improvement, debt consolidation, paying off student loans, or funding a major expense. Maximum combined loan to value ratio is 90%, meaning your home equity cannot fall below 10% of your home’s current appraised value. Best of all, there are no application, origination, or appraisal fees, reducing the total closing costs to a minimum.