Alpine Credits Reviews, Ratings And Fees January 2021

After being in business for 50 years, Alpine Credits has plenty of experience in lending, home equity products, and debt consolidation solutions. They offer a ton of different loan types and other financing options. With their speedy approval times and short waiting periods, this alternative to the banks is a solid ally for any Canadian homeowner or borrower to have on their side.   

How to Qualify With Alpine Credits

As mentioned, the main product that Alpine Credits offers is the home equity loan.  Depending on how much equity you have and how much money you want to borrow, your loan could add up to a sizable sum. Therefore, the approval process can be a bit more complicated and more strict than with the average personal loan or credit card. 

General Approval Requirements 

• Be a permanent Canadian citizen and homeowner
• Be a resident of British Columbia, Alberta, or Ontario
• Be of age in British Columbia, Alberta, or Ontario
• Have at least 20% equity in your home or other real estate property
• Have a decent credit score and solid payment history on your credit report
• Have a good income and a healthy amount of savings
• Have as little outstanding debt as possible (mortgage or otherwise)

Overall, the conditions of your home equity loan will hinge on your ability to keep up with your future payments. The stronger your finances are and the more equity you have, the easier it will be to get approved for a large loan with an adjustable repayment term and a low-interest rate.  

How to Handle the Alpine Credits Application Process

Fortunately, unlike banks and credit unions, Alpine Credits seems to be less restrictive with their potential borrowers. The requirements above are just some of the standard qualifications you’ll often need when applying for a home equity loan. For instance, although it might help you earn a better interest rate, a strong credit score isn’t as important for approval as it would be with other mortgage-based lenders.   

Nevertheless, you may be asked to fill out various personal and financial information when you apply with Alpine Credits, including but not limited to your:

• Full Name
• Email Address
• Phone Number
• Property Value
• Existing Mortgage Value
• Requested Loan Amount
• Address, Province & Postal Code

While the application process can be completed online within a few minutes, you can also call Alpine Credits at 1-800-587-2161 to speak with a customer representative. If you qualify, you should be notified in as little as 24-hours and receive the funds via direct deposit.     

Features of a Home Equity Loan From Alpine Credits

Remember, whether or not you’re approved for financing will depend greatly upon the amount of equity you have in your home. The more real estate value your property has and the more of your primary mortgage you pay down, the more home equity you have.

When you apply with Alpine Credits, your home equity will act as loan security, otherwise known as collateral, to protect the lender if you default on your payment plan. If you already have an existing mortgage on your property, the home equity loan will become your “second” mortgage, as it’s commonly known. Because of the collateral involved, the loan will then be “secured”, which can allow for better conditions.  

Other features you may discover with a home equity loan from Alpine Credits:

• The ability to use your loan funds for whatever expenses you want 
• Adjustable interest rates and repayment terms
• The chance to secure more credit than with an unsecured loan or credit card

Costs to Consider With a Home Equity Loan From Alpine Credits

Every loan product is different. This is particularly true for home equity loans, where there are a few extra factors involved, such as the value of your property and the size of your mortgage. The associated costs could go up and down depending on a number of factors. 

If you apply for a home equity loan with Alpine Credits, here are some of the basic costs that you may encounter and must factor into your home budget:

• Principal – Perhaps the largest cost you’ll encounter is your monthly loan payments. Although they can be adjusted to suit your finances, you may have trouble covering them if you already have one mortgage on your property. 
• Interest – The interest rate that Alpine Credits charges is your cost of borrowing. The interest rate you will be offered typically depends on your financial situation, credit health, etc.
• Fees – The fees you end up paying can also vary depending on the overall conditions of your home equity loan. At Alpine Credits, you may be charged for things like loan origination, home inspection, and late or missing payments. 

What Are the Pros and Cons of Alpine Credits?

Remember, every lender and loan product has its upsides and downsides. It’s important to weigh these benefits and drawbacks, as they can have a drastic positive or negative impact on your finances. While Alpine Credits has been around for over 50 years, it’s still a good idea to look at the pros and cons of their institution: 

Pros

• Credit is not as important for loan approval (available equity is more essential) 
• Adjustable interest rates and repayment plans are offered
• Approval and funding times are relatively quick 
• Large loan amounts can be secured and used for almost any expense
• A long-standing company with an A+ rating from the Better Business Bureau

Cons

• Not enough information about loan costs, terms, or rates displayed on website
• Services are only available in 3 provinces (BC, AB, ON)
• High-interest rates and loan fees could be included
• Two sets of mortgage-based payments can be tough on your finances