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Home Buying Articles

Discover’s Loan Process

1. Contact us and begin your application

Getting started is easy. Simply fill out a few basic pieces of information on our online form and then a Discover mortgage banker will call you to learn more about your financing needs and discuss your mortgage goals. If you would prefer, you can always pick up the phone and call us at 1-888-866-1212.

From the very first conversation, your Discover mortgage banker will be there to help you complete your loan application. Your mortgage banker will ask you for information including your employment information, income, debt and expenses, assets and social security number. In addition, as part of your application, your mortgage banker will access your credit report to help determine your product and rate offering.

After your application has been completed and your credit has been evaluated, Discover will find the right loan options for you. View our Home Buying Loan Options or Refinance Loan Options to learn more about the various loan products we offer. Within three days of completing your application, we will send you a copy of your Good Faith Estimate (GFE), which is a document that will help you understand the various costs associated with your new loan.For help interpreting your GFE, read our Understanding Your Good Faith Estimate article.

You can now begin sending us the necessary documents to help us verify your income information in order to approve your loan. These documents include pay stubs, tax forms, and asset and bank statements, to name a few. A complete list of required documents will be sent to you after your initial conversation with your Discover mortgage banker. Alternatively, you can use our application checklist to access a complete list of required documents. We will also ask you to sign some initial loan documents so we can begin processing your loan.

2. Order your appraisal and upload important documentation

To begin processing your loan, we will order an appraisal for your home to validate how much your home is worth. The appraisal will be conducted by a different company, but we will take care of all the arrangements. At this point we will also make sure you have uploaded all your necessary financial documents. Your Discover mortgage banker will let you know if any document is missing or incomplete.

As soon as your appraisal has been completed and your documents have been received, we will begin underwriting your loan. This step could take anywhere from 5 – 15 days. Your mortgage banker will be in communication with you throughout this time to answer any follow up questions and keep you informed about your loan status.

At this point, you will have the opportunity to lock your quoted interest rate if you would like. When you lock your rate you will receive additional disclosures that will help you understand the terms and conditions on your rate. Your Discover mortgage banker will be there to answer any additional questions you may have about your rate lock.

3. Close your loan

When all your paperwork has been finalized and approved, we will schedule a time and place for you to review and sign your loan documents. Prior to your closing, Discover will provide you with a closing packet that details your loan and lists how much money, if any, you need to bring to your closing. Take time to review these details; if anything looks incorrect or unusual, please contact your Discover mortgage banker so we can resolve the issue. Once you are comfortable with all the details, you can sign the necessary paperwork and then, the loan is yours. Congratulations!

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