We're in the initial stages of looking to downsize. The price of the new home is expected to be close to our current home (no mortgage), with the latter expected to sell quickly, so a short period between the purchase and the sale - and I would want to do it in that order - during which we are thinking of taking out a home equity loan.

Can someone outline generally speaking what would be required to qualify for a loan? I know they will do a credit bureau check and will ask for income statements, but do they usually ask to see everything or is there a rule of thumb as to what would be enough income and assets for a given loan amount? I don't like to give out personal information unnecessarily.

So let's say for argument's sake that we would put down $70K on a $350K loan, what would the bank want to see (taking account of the ~$350K equity in the house we will be selling)? This is in U.S.

Thanks.

We're in the initial stages of looking to downsize. The price of the new home is expected to be close to our current home (no mortgage), with the latter expected to sell quickly, so a short period between the purchase and the sale - and I would want to do it in that order - during which we are thinking of taking out a home equity loan.

Can someone outline generally speaking what would be required to qualify for a loan? I know they will do a credit bureau check and will ask for income statements, but do they usually ask to see everything or is there a rule of thumb as to what would be enough income and assets for a given loan amount? I don't like to give out personal information unnecessarily.

So let's say for argument's sake that we would want to borrow $300K, what would the bank want to see (taking account of the ~$350K equity in the house we will be selling)? This is in U.S.

Thanks.