Also, borrowers who pay their loans off within 36 months may have to repay closing costs covered by Discover (max $500). What to watch out for: The best rates go to customers with excellent credit, so if your credit score needs work, you may want to look elsewhere. It’s a solid option that’s available to most borrowers across the country. Plus, borrowers won’t pay origination fees, application fees, home valuation fees or cash at closing.
You can choose a loan term of 10, 15, 20 or 30 years. Perks: Discover’s home equity loans allow you to borrow up to $300,000 against your home equity.
Why Discover is the best home equity loan for low rates: Its APRs start at 6.99 percent. We chose this bank as the best for low rates because of its national reach (Discover is available in all 50 states and Washington, D.C.) and low rates.
Overview: Discover is well known for its rewards credit cards, but this national bank also offers a full lineup of banking services, such as checking and savings accounts, personal loans and student loans. The top lenders listed below are selected based on factors such as APR, loan amounts, fees, credit requirements and broad availability. Check the lenders’ websites to see if there is more recent information. Loan details presented here are current as of the publication date. When shopping for a home equity loan, look for a competitive interest rate, repayment terms that meet your needs and minimal fees. Our meticulous research done by loan experts identifies both advantages and disadvantages to the best lenders. Additionally, our content is thoroughly reported and vigorously edited to ensure accuracy.īankrate analyzes loans to compare interest rates, fees, accessibility, online tools, repayment terms and funding speed to help readers feel confident in their financial decisions. Our award-winning editorial team follows strict guidelines to ensure our content is not influenced by advertisers. We’ve been comparing and surveying financial institutions for more than 40 years to help you find the right products for your situation. What to do when you lose your 401(k) matchīankrate guide to choosing the best home equity loanĪt Bankrate, our mission is to empower you to make smarter financial decisions. Should you accept an early retirement offer? How much should you contribute to your 401(k)?