HOME EQUITY LOAN CHECKLIST

Here's what to expect during the home equity application process.

1 Start the application

Your Personal Banker will need some simple information by phone. You can even start the process online!

2 Get your quote

Your Personal Banker will give you a personalized quote and answer any questions you may have.

3 Send us paperwork

We'll need you to send us documents so we can verify information about you, your home, and your finances.

4 Get ready for closing

Our Processors, Underwriters, and Closers will work hard to get your loan processed and ready for closing.

5 Close and fund

Sign your documents. After your three day right to cancel, we will disburse your funds!

This handy checklist and our Common Mortgage Documents eBrochure will help you prepare.

Our Personal Bankers will guide you through the process and clearly explain what documents are required, but these resources are here to make things easier.

When you apply online or by phone, you'll want to have the following information handy:

Personal Information: name, address, DOB, SSN, marital status, citizenship, employment status
Property information: type (single family home, townhome, condo, other), estimated value, mortgage balance
Income information: type (employed, self-employed, other), amount, frequency

Once you've applied, here are the typical documents that we will ask you to send us:

Copy of your driver's license or other government issued photo ID
Current mortgage statement
Homeowner's insurance declarations page
Flood insurance declarations page, if your property is in a flood zone
Recent paystubs and W-2s
Tax returns
Profit & Loss and Balance Sheet statements, if you are self-employed
Voided check or ACH form, if you will be receiving cash out

If you receive income from any of the following sources and will be using it for the purpose of financing your loan, we will also request that you send us:

Alimony, separate maintenance, or child support

(You may choose not to provide this documentation if you do not wish to include this income for the purpose of financing your loan)
Divorce decree, legal separation agreement, court order, or voluntary payment agreement

Notes Receivable Income

Promissory note with cancelled checks

Retirement Account Income

Statements for each employer, depository, and/or brokerage account

Social Security, Disability, and/or Pension income

Social Security award letter and/or Pension award letter and/or prior year's 1099s

Trust Income

Trust agreement or trustee statement, if you receive trust income

We will provide these documents for you to sign:

Borrower's Certification and AuthorizationOpens a PDF file of size 31 KB
4506T- Request for Tax TranscriptOpens a PDF file of size 102 KB

Information we can obtain on your behalf:

Valuation for your property
Existing debts from the credit bureaus
Existing liens on your property, if applicable

Here's where you can send your documents:

You can submit your documents online in our secure account center.
Or, you can mail them to the address below.

Our mailing address is Discover Home Equity Loans
PO Box 29029
Arizona 85038

The quicker we get your paperwork, the faster we can get your loan processed!

Start the conversation with your Personal Banker.

Call us at18553613435

Monday to Friday 8am–10pm ET

Apply Now