Discover Financial Services introduced on Wednesday its Home Equity Loans program, which offers homeowners the credit necessary to pay for major repairs, home improvement projects or to consolidate debt into a single, fixed monthly payment.
“Many people have more equity in their homes than they think they do,” Gary Harman, the vice president of lending and home equity loans for Discover, said. “We’re giving them the opportunity to leverage that equity to do things like make home improvements and consolidate debt.”
Each homeowner is assigned to a personal banker to help guide them through the loan process, providing them with options designed to meet their specific needs. Homeowners can choose from four payment terms and lock in their interest rate.
Loans range from $25,000 to $100,000 and carry either seven-, 10-, 12- or 15-month terms. Fixed interest rates start as low as 5.99 percent and go up to 11.99 percent. Homeowners pay no origination fees and receive their funds in as little as two weeks.