About lender
Alpine Credits is one of the oldest Canadian lending services industry companies. It was founded in 1969 and now provides millions of its funds monthly. Alpine Credit offers home equity products and debt consolidation solutions. A loan from Alpine Credit is a mortgage against the customers’ property or another real estate they own.
Alpine Credit provides loans only to homeowners and calculates a borrowable amount and interest rate according to the customer’s home equity. Therefore, they don’t have a fixed APR. The rates depend on several factors, such as credit history and credit score, but the most important is how much the customer owns against their home.
Alpine Credits provides loans for different purposes such as debt consolidation, business capital, education, temporary conditions, home renovation, vacation, investments, tax debt, and business loans. Moreover, they even provide loans to self-employed, retired, and newcomers to Canada. In addition, Alpine Credit provides first, second, and sometimes even third mortgages.
Features
This company's most significant feature is that they offer mainly home equity loans. They provide loans based on the customers’ home equity or according to the equity of another real estate owned by the customer.
Moreover, the company concedes loans for a variety of purposes. Also, the credit score and credit history are not the essential factors determining whether a client’s application will be approved, as home equity is the most critical factor. That is why Alpine Credits also provide loans to self-employed people, retired individuals, and even newcomers to Canada.
Another important feature is that the company doesn’t operate across the whole country but only in British Columbia, Ontario, Quebec, and Alberta.
Pros and cons
Nevertheless, the Alpine Credits’ services have several advantages and disadvantages.
Pros
The credit is not as crucial as home equity for approval;
The company provides many mortgage options according to the customers’ requirements;
The company offers loans to self-employed people, retired individuals, and even newcomers to Canada;
The company has a rich history of more than 50 years;
Alpine Credits has an A+ accreditation by BBB;
Repayment plans and interest rate is adjustable and depend on the home equity;
Approval and funding don’t take much time;
Large loan amounts can be secured and used for almost any expense
Cons
Services are provided only on the territory of British Columbia, Ontario, Quebec, and Alberta;
The company can charge high-interest rates and fees;
Two sets of mortgage-based payments can be tough on your finances;
The company doesn’t provide lines of credit;
The client’s home is used as collateral.
Loan conditions
The main product of this company is a home equity mortgage. Your loan could add up to a sizable sum depending on how much you own against your home and how much you want to borrow. The maximum loan amount is $500.000. The interest rates vary between 10.00% - 22.99%, according to open sources. However, Alpine Credit’s website gives a first mortgage example with an interest rate of 5.75%. The loan term is up to 60 months.
The loan conditions depend on the customer’s home equity. Typically, the conditions will be more acceptable if the client has a stable financial situation. However, there are some basic requirements to comply with. For example, a client must be a Canadian citizen or a permanent resident, be a homeowner, be a resident of British Columbia, Alberta, or Ontario and be of the age of majority in their province (18 or 19 years old).
Also, the company asks its clients to provide full names, e-mail addresses, phone numbers, property, and current mortgage value. Also, it would be requested to mention the loan amount and address, province, and postal code. Borrowing from Alpine Credits requires completing three steps: the online application, approval, and receiving funds. Usually, the clients are approved within 24 hours.
Required documents include a government-issued ID, proof of homeownership and market value, your credit report, and your income statements. In addition, you may be required to submit documents like pay stubs and letters of employment. Alpine Credit may also ask you to provide a list of your debts and assets, along with proof that you can pay for your closing costs.
Methods of loan funding
Upon approval, the borrowed money will be transferred directly into your account as a lump sum of cash. The funds would then be paid off through divided installments over multiple years, plus interest and fees.