To meet the needs of customers with larger financial obligations, Discover Financial Services introduces Discover Home Equity Loans to bridge the gap between its personal loan and home loan products. Discover Home Equity Loans are originated by Discover Bank.
When it comes to large financial obligations, Discover Home Equity Loans offer homeowners the opportunity to simplify their finances. This can include supporting home improvement projects, paying for major expenses, or consolidating debt into a single, fixed monthly payment.
“Many people have more equity in their homes than they think they do,” said Gary Harman, vice president of lending and home equity loans for Discover. “We’re giving them the opportunity to leverage that equity to do things like make home improvements and consolidate debt.”
From the start, Discover assigns each homeowner to a Personal Banker to guide them through the entire process while giving them options to suit their specific financial needs. Homeowners have the ability to select from four payment terms and lock in at a competitive interest rate.Features include:
- Streamlined application process with less paperwork
- Loans from $25,000 - $100,000
- 7-, 10-, 12-, and 15-year terms
- Fixed interest rates starting as low as 5.99% to 11.99%
- No origination fees
- Updates on loan status through closing
- Receive money in as little as two weeks