Overall
Discover Home Loans offers a great home equity loan package to qualifying homeowners -- with several term options, low interest rates, and zero closing costs, we can wholeheartedly recommend this lender to any homeowner interested in better utilizing their home's equity.
Closing Costs
According to their website, Discover charges $0 in both origination fees and closing costs, which makes this company top-of-the-line in this category. If your main concern when it comes to your home equity loan experience is overall cost, look no further.
Loan Variety
With Discover Home Loans, you'll have all the term options you could want -- they offer 10, 15, 20 and 30-year terms, so you can choose the right term for your needs.
Borrowing Limits
Borrowing limits with Discover are between $35,000 to $300,000, which is a wide enough of range to meet the financial needs of most homeowners.
Customer Service
Their customer service is great. They offer online applications and a phone line that can be contacted from 8am EST to midnight EST. Getting assistance or application support is easy with Discover, and their employees are consistently professional and helpful according to customers.
Fair Credit Score Suitability
Minimum Credit Score: 620
Discover states that their minimum credit score requirement for home equity loans is 620, which is the industry standard. So long as you qualify, we recommend giving Discover a try -- their low rates and $0 in fees is hard to beat!
Higher Credit Score Suitability
As one of the most inexpensive and transparent lenders on the market, we absolutely suggest homeowners with high credit scores give Discover Home Loans a try.
