## Discover Home Loans
Discover Bank, a leading financial services company, offers a variety of mortgage products to help you finance or refinance your home. Whether you’re a first-time homebuyer or an experienced homeowner, Discover has a loan option that may be right for you.
### Loan Options
Discover offers the following types of mortgage loans:
* **Conventional loans:** These loans are not backed by the government and typically require a larger down payment and higher credit score.
* **FHA loans:** These loans are backed by the Federal Housing Administration and are available to borrowers with lower credit scores and down payments.
* **VA loans:** These loans are backed by the Department of Veterans Affairs and are available to eligible veterans and active-duty military personnel.
* **USDA loans:** These loans are backed by the United States Department of Agriculture and are available to borrowers in rural areas.
### Interest Rates
Discover’s mortgage interest rates vary depending on the loan type, credit score, and down payment. You can get a personalized rate quote by visiting Discover’s website or speaking to a loan officer.
### Fees
Discover charges the following fees for mortgage loans:
* **Origination fee:** This fee covers the cost of processing your loan application.
* **Appraisal fee:** This fee covers the cost of having your home appraised.
* **Credit report fee:** This fee covers the cost of obtaining your credit report.
* **Title insurance:** This insurance protects you against any claims on the title to your home.
* **Prepaid property taxes and insurance:** You will need to pay these costs in advance as part of your closing costs.
### Down Payment
The down payment is the amount of money you pay upfront towards the purchase of your home. Discover’s minimum down payment requirements vary depending on the loan type.
* **Conventional loans:** 5% down payment
* **FHA loans:** 3.5% down payment
* **VA loans:** 0% down payment
* **USDA loans:** 0% down payment
### Credit Score
Your credit score is a number that lenders use to assess your creditworthiness. The higher your credit score, the lower your interest rate will be. Discover typically requires a credit score of at least 620 for a mortgage loan.
### How to Apply
You can apply for a Discover mortgage loan online, by phone, or through a mortgage broker. The application process typically takes about 30 minutes. You will need to provide the following information:
* **Your personal information:** Name, address, Social Security number, date of birth
* **Your financial information:** Income, assets, debts
* **Information about the property you are purchasing:** Address, purchase price, loan amount
### Benefits of Discover Mortgages
There are many benefits to getting a mortgage loan from Discover, including:
* **Competitive interest rates:** Discover offers some of the lowest mortgage rates in the industry.
* **No hidden fees:** Discover does not charge any hidden fees, so you know exactly what you’re paying for.
* **Fast and easy application process:** You can apply for a Discover mortgage loan online in just minutes.
* **Excellent customer service:** Discover’s customer service team is available to answer your questions and help you through the mortgage process.
### Contact Information
To learn more about Discover mortgage loans, or to apply for a loan, visit Discover’s website or call 1-800-347-2683.
## Frequently Asked Questions
### What are Discover’s mortgage interest rates?
Discover’s mortgage interest rates vary depending on the loan type, credit score, and down payment. You can get a personalized rate quote by visiting Discover’s website or speaking to a loan officer.
### What are Discover’s fees?
Discover charges the following fees for mortgage loans:
* **Origination fee:** This fee covers the cost of processing your loan application.
* **Appraisal fee:** This fee covers the cost of having your home appraised.
* **Credit report fee:** This fee covers the cost of obtaining your credit report.
* **Title insurance:** This insurance protects you against any claims on the title to your home.
* **Prepaid property taxes and insurance:** You will need to pay these costs in advance as part of your closing costs.
### What is Discover’s minimum down payment requirement?
Discover’s minimum down payment requirements vary depending on the loan type.
* **Conventional loans:** 5% down payment
* **FHA loans:** 3.5% down payment
* **VA loans:** 0% down payment
* ** USDA loans:** 0% down payment
### What is Discover’s credit score requirement?
Discover typically requires a credit score of at least 620 for a mortgage loan.
### How long does it take to get pre-approved for a Discover mortgage loan?
You can get pre-approved for a Discover mortgage loan in as little as 24 hours.
### How long does it take to close on a Discover mortgage loan?
The closing process typically takes about 30-45 days.
### Can I refinance my mortgage with Discover?
Yes, you can refinance your mortgage with Discover. Discover offers a variety of refinance options to help you save money on your monthly mortgage payment.