Discover® Home Loans Application Checklist

Here's what to expect when you apply for a home equity loan or mortgage refinance from Discover Home Loans:

1

Start your application

Your Personal Banker will need some simple information over the phone to start your application. Alternatively, you can enter this information online.

2

Get your quote

You'll receive a personalized quote after providing your information. You can also ask us any questions you may have over the phone.

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

If your application is approved, our processors, underwriters, and closers will work hard to get your loan processed and ready for closing.

5

Close and fund

Sign your documents, and after your three-day right to cancel, we will disburse your funds.

Whether you apply online or by phone, you'll want to have the following information handy:
  • Personal Information: name, address, date of birth, Social Security number (SSN) or Individual Taxpayer Identification Number (ITIN), marital status, citizenship, employment status
  • Property information: type of property (single-family home, townhome, condo, other), estimated property value, mortgage balance
  • Income information: employment type (employed, self-employed, other), income amount, frequency of pay
Here are the typical documents that we will ask you to send us:
  • Government-Issued photo IDs*
  • 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 and loss (P&L) statement and balance sheet (if you are self-employed)
  • Voided check, deposit ticket, or ACH form (if you're taking cash out from a refinance)

*Copy of front only unless otherwise instructed. Military IDs are not permitted. Examples of valid IDs include driver's license, state ID, etc.

If you receive income from any of the following sources and want us to consider it for your loan application, we also request that you send us the documents below:

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 your 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
  • Most recent pension award letter (or original award letter and most recent year's 1099) confirming a three-year continuance
  • Lease or rental agreement
  • Personal tax returns (with all schedules) for the two most recent years
  • Current mortgage billing statement, if applicable
  • Retirement statement confirming a three-year continuance
  • Personal tax returns (with all schedules) for the two most recent years
  • Social Security award letter for the current year
  • Personal tax return (with all schedules) for the most recent year

  • Trust agreement or other trustee statement confirming a three-year continuance
  • Personal tax returns (with all schedules) for the two most recent years
We may provide these documents for you to sign:
  • Borrower's Authorization and Agreement 
  • Borrower's Authorization and Agreement for Texas 
  • Form 4506-C, IVES Request for Transcript of Tax Return 
  • Financial Counselor Form - Special Mortgage Loan Refinancing 
  • Request for Evidence of Insurance 
  • Home Equity Line of Credit Payoff and Freeze Authorization  
  • Notice of Intent to Proceed With Loan Application 
  • DHL Subordination Agreement Template & Instructions
  • YTD Profit & Loss Statement
  • Balance Sheet Template
Information we can obtain on your behalf:
  • Valuation for your property
  • Existing debts from the credit bureaus
  • Existing liens on your property, if applicable
Once you've applied, here's how you can submit your documents:
Photo

Use your phone to take and share pictures of your documents

Online

Submit your documents on our secure website

Fax

Fax your documents to

1-224-813-5800

Mail

Discover Home Loans

PO Box 29029

Phoenix, AZ 85038

Main

Start your application online or give us a call.

Get Started

Phone-icon1-855-361-3435

  • Weekdays 8am–Midnight ET
  • Weekends 10am–6pm ET

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.