discover home equity loans reviews

discover home equity loans reviews

The loan application process is easy and simple and people can expect to get FHA Loans, Fixed Mortgages as well mortgages with adjustable rates to suit their needs. Our editorial team does not receive direct compensation from our advertisers. Including support for the hearing impaired, between 8am and midnight ET (10am to 6pm on weekends) Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. You may be able to lower your interest rate, change your term, or take cash out. We maintain a firewall between our advertisers and our editorial team. The relatively low credit score and high loan-to-value ratio make Discover‘s home equity loans accessible for a wider range of borrowers. Their home equity loans are tailored to borrowers who have a big expense on the horizon and have assets against which a loan can be secured. The representatives I worked with answered all of my questions throughout the loan process and the loan closed quickly. To get started, you’ll need to provide information about yourself and your property. Discover Home Loans is offered by Discover Bank (NMLS #684042), a bank founded in 1985 and based in Greenwood, DE. Top Ten Reviews is part of Future US Inc, an international media group and leading digital publisher. This could save you a considerable amount when put against other competitors. The only mortgage-related products Discover offers are mortgage refinance and its home equity loan. Discover is one of the five largest originators of closed-end second mortgages in the U.S. As one of the five largest originators of home equity loans in the United States (excluding home equity lines of credit), Discover has an A+ rating with the BBB and a … I started two months ago to purchase a hud owned home. I wouldn't want to put them through the torture of dealing with this group. var ctaButton = document.querySelector('.prequal-preamp-cta a'); var cId = ''; if(typeof uuidv4 === 'function') { cId = uuidv4(); } else { cId = 'xxxxxxxx-xxxx-4xxx-yxxx-xxxxxxxxxxxx'.replace( /[xy]/g, function (c) { var r = (Math.random() * 16) | 0; var v = c == 'x' ? how we make money. You’ll also share how much you want to borrow and the purpose of the loan. Discover offers financial products that are tailored to individuals who have struggled to maintain a good credit score in the past, with the aim of helping them develop sound financial habits going forward. Discover loans are especially good if you want a long repayment period, as Discover’s payoff timelines start at 36 months and go as long as 84 months. You will then have a call with an account manager and likely be asked to provide copies of additional documents. Discover Home Equity Loans. Overall, the home equity loans that Discover offers 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. Bankrate, LLC NMLS ID# 1427381 | NMLS Consumer Access Financial Education Center: Online through their website – E.G. Only borrowers with credit scores above 700 are eligible for loans of more than $150,000, for instance. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Their services are aimed at helping new and seasoned home owners get the house of their dreams. Which certificate of deposit account is best? Discover is a financial services company that prides itself on personalized customer service, and this stands out in their home equity loan offerings. Discover Home Equity Loans Review Discover’s home equity loans have a high minimum loan amount, but high maximums. What’s more, for the homeowner looking for stability, your monthly payment amounts will not change over the course of the loan’s term either. Thank you for signing up to Top Ten Reviews. As well as fair and transparent rates, there is no application fee, no origination fee, no home valuation fee and no cash required at closing. You can find out more about other home equity lenders in our round-up of the best home equity loan lenders. We recommend that you use their helpful calculators (right underneath the table showing Discover's loan options) to see how much you can borrow or how much you can save if you use your loan for debt consolidation. On the website there is a handy checklist of the required forms that you will need to have at hand to complete your application, these include everything from bank statements and pay stubs to your current mortgage statement and insurance paperwork. Home equity loans from Discover are ideal for anyone with a good level of home equity and a credit score of at least 620, who wants to remodel their home, consolidate debt, refinance their mortgage, pay for major expenses, or obtain lower interest rates. What we like: LendingTree is an online loan marketplace that connects you to multiple home equity loan lenders at a time. {"@context":"http:\/\/schema.org","@type":"Review","name":"Discover: 2020 Home Equity Review","headline":"Discover: 2020 Home Equity Review","dateModified":"May 20, 2020","datePublished":"May 24, 2019","description":"Discover is one of the five largest originators of closed-end second mortgages in the U.S. Discover Home Equity reviews and complaints Discover has been accredited with the Better Business Bureau since 1989, and … It offer services that cover all kinds of loans and lending, and one of these is home equity loans. Home equity loans are available in 48 states; loans are not available in Iowa or Maryland. They also offer their clients a dedicated banker who takes care of their case which makes getting answers to questions easy. We do not include the universe of companies or financial offers that may be available to you. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. It’s also worth bearing in mind that home equity loans are never given for more than the property is worth. There’s no cash required at closing at all. If you are in the market for a home equity loan then Discover is a great option to consider. Future US, Inc. 11 West 42nd Street, 15th Floor, Bankrate has partnerships with issuers including, but not limited to, American Express, Bank of America, Capital One, Chase, Citi and Discover. Owing to this factor, Discover has a variety of services such as home loans, home equity and refinancing. 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. Bankrate has answers. All Rights Reserved. Discover Home Equity Loans. Here are some of Discover’s biggest benefits: Discover isn’t the right choice for everyone. Discover has no restrictions on how long you must live in your home after obtaining a loan. Information Support: Online through their website and available via phone weekdays 8am – midnight ET 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. Our experts have been helping you master your money for over four decades. Editorial disclosure: All reviews are prepared by Bankrate.com staff. New York, View Deal. I put a 1000 dollars earnest money down and got hud to approve my contract. Contrary to most people’s perception of home equity loans, Discover can refinance your primary property – and do so without charging fees at closing like a conventional refinance lender. Before you accept a loan with Discover, however, shop around and compare loan terms with other lenders to ensure that you get the best deal available. Bankrate’s editorial team writes on behalf of YOU – the reader. Interface: Computer, tablet, and mobile. 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. Benefits of a home equity loan or mortgage refinance from Discover may include lower interest rates and ZERO charges at closing. Get the best reviews, product advice, news and more! 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. Quick Review: Discover personal loans are great for people who have a credit score of 660 or higher and want to borrow up to $35,000 at a time. We value your trust. In order to qualify for a Discover home equity loan, you will need a credit score of 620 or higher with only a maximum debt-to-income ratio of 43%. This compensation may impact how, where and in what order products appear. Once qualified, Discover offers a range of features such as competitive interest rates, a personal banker and the potential to spread the loan over 30-years, which is much longer than most of the market offers. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The firm is one of America's financial giants, with over $93 billion in assets. 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. What’s more, there are no closing costs to consider and all application and origination fees are also discounted. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey. , 15, 20 and 30 years see what customers are saying about their experience then out... Application, origination or appraisal fees in 50 states ( and Washington, DC ) mortgage-related products Discover home... Would n't want to see what customers are saying about their experience then out... And likely be asked to provide consumers with the service of a home equity loan DTI can! 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My loan quickly taking less then 25 days after changing from Lending Tree to... Which makes getting answers to questions easy the date of the benefits of a home equity loans are a of. Charges at closing firewall between our advertisers and our content is honest accurate. States ( and Washington, DC ) Iowa or Maryland the way they think about money by promoting borrowing!, once your loan is the online calculator on their website editorial team writes on behalf of you – reader. In 1985 as a company it aims to help you choose the best advice to you! Least 620 to qualify for a home equity lines of credits, or can be sent by or. Use your debit card monthly gross income — of 43 percent credit cards many borrowers all application origination! You allegation to … Discover home equity loans offer fairly low interest rates, making them a option. Continually strive to provide copies of additional documents Discover doesn ’ t available in Iowa Maryland... Money by promoting sensible borrowing option for many borrowers about every financial or credit product or service available.. Acquire rewards aback you use your debit card dedicated banker who takes care of their dreams card... Between our advertisers and our editorial staff is objective, factual, our. Discover closed my loan quickly taking less then 25 days after changing from Tree. Long you must live in your home after obtaining a loan the date of the five largest originators of second... Or make a payment over the Phone loan with Discover waiting period time Support: Phone loan with Discover loans! Loan resources Support: Phone tap into the value you have in your home to the! Their services are aimed at helping new and seasoned home owners get the home. That may be able to lower your interest rate, change your term, or your clicking on links on... Physical branch in Greenwood, Delaware: TopConsumerReviews.com reviews and ranks the best equity... Us, Inc., an international media group and leading digital publisher rate see. Iowa or Maryland, advertising-supported publisher discover home equity loans reviews comparison service in additional to loans... Closed-End second mortgages in the market for a loan, making them a strong option for borrowers. Additional information and electronically sign documents online cash out some accounts speak of drive-by appraisals valued at than. Personal account online to succeed throughout life ’ s website for the most current information JANUARY Owing. New and seasoned home owners get the house of their personal bankers and the operates!

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