Loans from $35,000 to $200,000 10, 12, 15, 20 or 30 year plans Fixed rates starting at 4.99% APRThe APR is based on loan amount and a review of creditworthiness, including income and property information, at the time of application. View APR disclosureopens modal dialog
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Some things you might want to know before we talk.
A home equity loan (HEL) 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 100% tax deductible (please consult your tax advisor to see if you qualify). Learn more about home equity loans
You can get a rough estimate of your available equity by subtracting all the debts secured by your home (i.e., your mortgage and any other home equity loans) from your home's estimated market value. For example, if the market value of your home is $300,000 and you owe $100,000, you have $200,000 in home equity.
You can get an estimate of your home's market value by reviewing recent sale prices of similar homes in your area. There are also helpful websites, such as zilllow.com and eppraisal.com, which provide estimates of home values.
Benefits of a Discover Home Equity loan may include lower interest rates and potential tax savings. Since a home equity loan 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. Home equity loans also offer potential tax savings as interest payments may be tax deductible. Consult your tax advisor as to the deductibility of your interest.Learn more about the benefits of a home equity loan
Your borrowing ability is determined by the equity you have in your home as well as other factors such as credit history. Use our Loan Amount Calculator to see how much you can qualify for.