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
Here are the typical documents that we will ask you to send us:
- Government-issued photo ID, copy of front only
- Current mortgage billing statement
- Homeowners' insurance policy declarations page
- Flood insurance policy declarations page, if your property is in a flood zone
- Recent paystubs and W-2s
- Tax returns
- Profit & Loss Statement and Balance Sheet, if you are self-employed
- Voided check, deposit ticket, 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, Child Support, or Separate Maintenance
You don't need to tell us about alimony, child support, or separate maintenance income unless you want us to consider it as a basis for repaying this loan.
- Divorce decree, legal separation agreement, court order, or voluntary payment agreement confirming a three year continuance
- Proof of receipt for most recent 12 months
Pension
- Most recent pension award letter (or original award letter and most recent year's 1099) confirming a three year continuance
Rental
- Lease or rental agreement
- Two most recent years' personal tax returns with all schedules
- Current mortgage billing statement, if applicable
Retirement Account
- Retirement statement confirming a three year continuance
- Two most recent years' personal tax returns with all schedules
Social Security
- Social Security Award Letter for the current year
- Most recent year's personal tax returns with all schedules
Trust
- Trust agreement or other trustee statement confirming a three year continuance
- Two most recent years' personal tax returns with all schedules
We will provide these documents for you to sign:
- Borrower's Certification and AuthorizationOpens a PDF file of size 31 KB
- 4506-T Request for Transcript of Tax ReturnOpens 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
Photo
Use your phone to take & share pictures of your documents
Online
Submit your documents at our Secure Website
Fax
Fax your documents to 1-224-813-5800
Discover Home Equity Loans PO Box 29029 Phoenix, AZ 85038