Discover Home Equity Loan Invitation

[tcbofade]

DW received an invitation to apply for a Home Equity Loan from Discover.

No application fee, no origination fees, no appraisal fees.

It's a 15 year fixed loan...NOT a line of credit.

Anyone have any experience with them?  Do THEY pay for an appraisal, or just go off some number that they believe the home is worth?  Any idea what kind of score they need?  80% LTV, 90% LTV?  DTI restrictions?

If any of you have dealt with them, I'd love to hear about your experience. 

Please and thank you.

[tcbofade]

So I called them today and learned some more... "normal" is 90% LTV, but sometimes they'll go to 95%.

Minimum TU score is 620 (which I find hard to believe...)

Maximum back end DTI is 42.99%.... and THAT is the deal breaker for us. 

Hopefully, the information I learned will help someone else.