How to use your home equity to buy another house
Think about taking out a home equity loan to buy a second house to rent out, grow your real estate investment or use as a vacation home.
Using Your Equity
From adding a new room to your home, consolidating high-interest debt, or paying for an education, find out how to use your home equity when you need it.
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Discover Home Loans Restrictions and Details
We do not lend in IA or MD. You are not guaranteed approval. Once you apply and submit your credit and property information, we will confirm your eligibility. We don’t lend on cooperatives, condotels, investment properties, log homes, manufactured homes, mobile homes, or secondary homes. We will only originate one 1st lien mortgage per property per 12-month period. The maximum loan amount you qualify for will depend on additional factors, including type of loan, lien position, loan-to-value and your credit history. We may change rates, program terms, and conditions without notice. Discover Card accounts may not be paid off with this home loan. All loan programs are offered by Discover Bank, 2500 Lake Cook Road, Riverwoods, IL 60015. NMLS ID 684042.
Loan Payment Example Disclosure
For example, if you borrowed $60,000 for a 20 year term at 8.86% APR, your fixed monthly payments would be $534.45.
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