To qualify for a mortgage loan, you need a certain amount of cash down. Generally, the mortgage lender will also check your income and employment. Bank statements and other financial documents will be required to prove your employment. Some mortgage lenders will contact your employer to verify your details. The down payment should be around 3% of...

If you are thinking about applying for a home equity loan, it is important to know that the amount of the loan is based on the value of the property. The lending institution hires an appraiser to determine the value of the property and the amount of the loan is based on this. This type of loan uses the...

A home equity loan is a loan taken out against the equity in your home. The lending institution hires a professional appraiser to determine the value of the home, based on its current market value. It uses the equity of the property as collateral for the loan. A typical home equity mortgage loan is for $150,000 to $450,000. To...