Thank you for signing up to Top Ten Reviews. © A home equity loan allows you to release a percentage of the value of your home as a lump sum loan which is then paid back, with interest, over a fixed number of years. Discover is a well-known and reputable provider of home equity loans and as such the application process is very easy. Though abounding bodies apperceive Discover as a acclaim agenda issuer, the aggregation additionally offers cyberbanking services. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Discover Home Equity comes from Discover, a leading online bank and payment service in the US that helps people borrow smarter. Discover's home equity loans are wide-ranging, from $35,000 to $200,000 and come with multiple benefits such as low rates, fixed payments, a personal banker and the ability to pay back the loan over as much as 30-years. Save time shopping around for the best home equity loan rates with LendingTree, an online marketplace where the lenders come to you. The lender also doesn’t have a prepayment penalty, but it may require expense reimbursement (with a $500 maximum) if you pay off the loan within the first 36 months. One of the benefits of Discover’s home equity loan is the online calculator on their website. I started all the steps right away with discover. It seems that delays occur despite having all documents required and sometimes there is a lack of communication regarding closing dates or when personal bankers are on holiday. However, one thing to note is that home equity loans are not available in Iowa or Maryland. #150, Wildwood, KY 40223 Which certificate of deposit account is best? Discover vs LendingTree: TopConsumerReviews.com reviews and ranks the best Home Equity Loan Providers available today. Reviews On Discover Home Equity Loans It is recommended for financing major one-off expenses, including home renovations or repairs, medical bills, repayment of credit card debt, or funding college tuition. The information, including rates and fees, presented in the review is accurate as of the date of the review. Discover Home Loans is available in 50 states (and Washington, DC). How much you can borrow, though, depends on your credit score and how much equity you have in your home. Here’s an explanation for You will receive a verification email shortly. The main reason to take out a home equity loan is that it offers a cheaper way of borrowing cash than an unsecured personal loan. I wouldn't want to put them through the torture of dealing with this group. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money. First thing is the 400.00 appraisal fee. What’s more, there are no closing costs to consider and all application and origination fees are also discounted. editorial integrity, this post may contain references to products from our partners. One account, the Discover Cashback Blockage annual lets you acquire rewards aback you use your debit card. Discover Home Equity reviews and complaints Discover has been accredited with the Better Business Bureau since 1989, and … Discover is one of the five largest originators of closed-end second mortgages in the U.S. Credit Cards and Plans . ","author":{"@type":"Person","name":"Ben Luthi"},"itemReviewed":{"@type":"http:\/\/schema.org\/Product","name":"Discover Home Equity Loans"},"reviewRating":{"ratingValue":4.3},"mainEntityOfPage":{"@type":"WebPage","@id":"https://www.bankrate.com/home-equity/reviews/discover/","name":"Discover: 2020 Home Equity Review"}}. However, if you sell the home, you’ll have to use some proceeds to pay off the loan and if you pay off the loan within 3 years, Discover will ask you to reimburse it for certain third-party fees that were paid on your behalf upfront, which can be up to a maximum of $500. To qualify for a home equity loan with Discover, a credit score of 620 or better is required. Since a home equity loan or mortgage refinance is a secured debt, the average interest rate may be lower than what you'll pay on an average credit card or other form of unsecured debt. It allows you to get a clear understanding of just how much you may be able to borrow, and what that would be to repay each month. I paid it up front. Discover closed my loan quickly taking less then 25 days after changing from Lending Tree loans to Discover Home loans. There is also the possibility to deduct the interest payment on your taxes if you are using the proceeds for home improvement, though you would need to speak to your tax advisor to confirm that. The firm is one of America's financial giants, with over $93 billion in assets. Discover is a financial services company that prides itself on personalized customer service, and this stands out in their home equity loan offerings. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. 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