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 How Should You Turn Your Home’s Equity into Cash? Review this chart to find out how a home equity line of credit compares with a home equity loan. |
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| Discover® Home Equity Line of Credit |
Discover® Home Equity Loan |
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| Overview | |
Draw on a revolving line of credit when
you need funds—pay interest only on the funds that you
actually use |
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Receive your loan in one lump sum—pay
it back in stable fixed monthly payments |
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Interest Rate |
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Variable |
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Fixed |
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Interest Rate Range |
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7.75% to 9.25% APR |
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8.00% to 9.50% APR |
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Minimum Loan Amount |
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$10,000* |
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$10,000* |
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Maximum Loan Amount |
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$1,000,000 |
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$1,000,000 |
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Maximum Loan-to-Value |
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Up to 100% |
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Up to 100% |
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Repayment Term |
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10 years |
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15 or 20 years |
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Annual Fee |
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$50 (waived the first year) |
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$0 |
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Loan Disbursement Method |
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Credit line access checks |
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Funds disbursed in one check |
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Automatic Payment Service Available |
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Yes |
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Yes |
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Payment Options | |
Interest-only payments for the life
of the loan |
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Fixed principal and interest payments
amortized for the loan term |
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Discover Home Equity Line of Credit 
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Discover Home Equity Loan
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Please use your browser's "Back" button to return to the previous page. *Please see disclosure for special Texas rules. **Home equity loans from $10,000 to $250,000 require a 90% or less loan to value ratio (LTV), home equity loans from $250,001 to $500,000 with an 80% or less LTV. |
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Discover Home Loans are made by Discover Bank, Member FDIC 
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