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Frequently Asked Questions

Does discover offer home loans?

You can take out a personal loan from Discover and use it to pay for home improvement expenses, such as remodeling a kitchen, finishing a basement, putting on siding or many other projects. Discover is one of the few lenders offering personal loans specifically for home improvements, while many others only have general-purpose personal loans.

How to get approved for a home equity loan?

Home equity. Lenders prefer borrowers to have at least 15% to 20% equity. ...Credit score. A credit score of 700 is the sweet spot for loan approval. ...Proof of income. Be ready to prove that you have a steady source of income. ...Employment history. ...Debt-to-income ratio. ...Loan-to-value ratio. ...

How can I qualify for a home equity loan?

Origination fee: Cost of initiating the loan. ...Appraisal fee: From $300 to $400, an appraisal is done by a third party to determine the value of your home.Credit report fee: Some lenders will charge to check your credit, usually around $25.Title search: To identify any issues of ownership or rights to your property, around $100.More items...

What is the average interest rate for home equity loans?

The average interest rate on a HELOC is 4.17% for a $50,000 loan with an 80% loan-to-value ratio. But credit score, location, and the loan-to-value ratio of the HELOC could affect your interest rate. While rates are low right now, remember they may not stay that way over the many years of your loan.

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