The first step to applying for a new loan is finding out which types of home equity lines or financing will work best for you. Once you've decided on a loan and a lender, you can expect a few additional steps. First, the lender will want to assess you. To do so, they'll run a credit check and pull your credit score. They'll also likely require a home appraisal. This will help them determine the value of your property and your total equity. After that, they'll consider approving you based on loan details like your income, credit history, equity, and debt-to-income ratio.