

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 5.99% APR for 1st liens and 7.24% APR for 2nd liens.

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

$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 7.24% - 13.99% APR |
Loan Amounts |
$35,000-$300,000 |
Payments |
Fixed Monthly Payments |
Terms |
10, 15, 20 & 30 Years |
Application Fees |
$0 |
Origination Fees |
$0 |
Appraisal Fees |
$0 |
Cash Required 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.
See rates for all loan options.
Calculate home equity loan options
See how much you could borrow
Pay off debt & check your savings
Check your fixed rate & payment
Turn your home equity into cash
Here's what our customers are saying
Here's what our customers are saying

“The customer service was extremely exceptional!!!"
April L., AL, 9/20/22

“Such an amazingly easy and speedy process.”
Michael H., GA, 9/16/22

“Things were very streamlined and the website to track status was great."
Daniel M., OH, 11/9/22
Uses for your home equity loan
- Consolidate Your Debts
- Improve Your Home
- Refinance Your Mortgage
- Pay for Major Expenses
Our debt consolidation customers save an average of $803 on their monthly payments!1
BEFORE
$1,2961
Monthly Payments
From credit cards & loans totaling $53,934
AFTER
$492
Fixed Monthly Payments
30 yr. term $53,934 at 10.49% APR2
(excludes taxes & insurance)
Savings of $803 per month. That's $9,638 per year!1
Find your low,
fixed rate
Use our Rate Calculator to find the rate and monthly payment that fits your budget.
Make it the home of your dreams.
Make Big Upgrades
$35,000 - $300,000 is enough money to renovate or expand your living space.
Save With Low, Fixed Rates
Get a low monthly payment and zero origination fees or cash required at closing.
Did you know?
The home equity you’ve earned can be used in a multitude of ways.
Refinance and cash out with a new rate and term.
We Have Your Needs Covered
We can refinance your original mortgage, a HELOC, or an old home equity loan.
Get a New Rate And Term
Put yourself back in control of a better financial situation. Zero origination fees.
Get your rate
in minutes
$0 Application Fees.
$0 Origination Fees.
$0 Cash Required at Closing.
Imagine what your home equity could provide.
Get Cash to Meet Your Needs
Pay the tuition of a loved one. Have the perfect wedding. Cover any healthcare bills.
Feel Secure About Your Rate
The low, fixed rate and payment you'll get from Discover won't ever change.
Did you know?
The home equity you’ve earned can be used in a multitude of ways.
Questions about Home Equity Loans and HELOCs
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Please note: Discover Home Loans offers a home equity loan product, but does not offer HELOCs.
A home equity line of credit (HELOC) is a type of credit account that lets you borrow money against the value of your home. Because the money you borrow is a secured debt that uses your home as collateral, you can typically obtain a lower interest rate on a HELOC or other home equity loan than you could get for other types of consumer loans.
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Please note: Discover Home Loans offers a home equity loan product, but does not offer HELOCs.
With a HELOC, a lender issues you a certain amount of credit based on the value of your home and the amount of money you still owe on your mortgage. This is a flexible option to help you unlock some of the cash value of your home and use that money for other purchases. Many people use HELOC funds to pay for home repairs and renovations, to pay off other, higher interest debts, to make major one-time purchases or for other financial goals. Unlike a traditional home equity loan (HEL), where you receive all of the money at once as a lump sum and then you repay the loan with fixed payments, a HELOC allows you to access an ongoing line of credit. That way you can withdraw as much or as little money as you want (within the limit of the line of credit)—paying interest on only what you withdraw—and then pay back the money on a flexible basis.
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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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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.
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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.
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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.
Your Guide to Home Equity Lending
Learn more about product options, using your equity wisely, and the home equity market.
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Start your application online
or give us a call.
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1-855-361-3435
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- Weekdays 8am–Midnight ET
- Weekends 10am–6pm ET
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Start your application online or give us a call.