topic Re: Discover home equity loan in Mortgage Loans

Discover home equity loan

aman31 — Tue, 04 Jan 2022 02:48:17 GMT

Anyone have experience with Discover Home loans? I'm looking to borrow equity from my current home as a down payment on another house. They advertise no application, origination, or appraisal fees, while the interest rate is higher, this might be a good fit for my needs. Mortgage credit score is about 650. New home loan is already preapproved for FHA loan but I need a bigger down payment for the home I selected. My current home is worth $130k, maybe $160k, 1st mortgage balance is $35k so lots of equity.

Re: Discover home equity loan

Adkins — Tue, 04 Jan 2022 12:21:45 GMT

You can read my saga with them here. There was another user that chimed in that's had better experience than we have. From asking for the wrong paperwork, to waiting over two months for an appraisal, I'm not impressed with them. They tried to close our file last week, because it's been so long since the loan process started. If you have a regular W-2, and live in a suburban area, you should be fine. I wouldn't recommend them to anyone in my area (rural).

Re: Discover home equity loan

krielly — Tue, 04 Jan 2022 18:08:47 GMT

I'm not sure you will be able to take out an FHA Mortgage with a borrowed down payment......