Alpine Credits is a leading private lender in Canada, helping homeowners unlock their home equity since 1969. With over $5 billion funded to 500,000+ customers, Alpine Credits provides flexible financing solutions as an alternative to traditional banks and credit unions.
What is Alpine Credits?
Alpine Credits is a private finance company specializing in home equity lending for Canadian homeowners. They provide an efficient alternative to banks and credit unions for accessible home equity loans.
Currently, Alpine Credits services are available in British Columbia, Alberta, and Ontario. It sets itself apart by focusing on the value of a property rather than the borrower’s income or credit score.
Is Alpine Credits legit?
Alpine Credits is a legitimate and secure option for financing with:
- 55+ years in business
- A+ rating from BBB since 1994
- Staffed by licensed mortgage professionals
- Stringent data privacy and security protocols
A reputable track record and ethical operating standards confirm Alpine Credits as a trusted source for home equity loans. (source).
What Types of Loans Does Alpine Credits Offer?
Alpine Credits specializes in secured lending products that leverage home equity as collateral. Key features are:
- Lends up to 75% of the property value. Loan approval hinges on home equity, not income or credit score.
- The online application takes minutes, and approval happens in under 24 hours.
- Once approved, the loan amount gets directly deposited within a few days.
- Customizable payment schedules allow borrowers to tailor installments to their budget.
This provides fast access to funds with less stringent eligibility barriers than traditional lenders.
The core products are detailed below.
Alpine Credits Home Equity Loan
Home equity loans are Alpine Credits’ primary offering, structured around two distinct mortgage products:
- Alpine Credits 1st Mortgage: Ideal for refinancing an existing mortgage, the first mortgages have rates starting at 5.75% with loan amounts from $10,000 up to $500,000.
- Alpine Credits Second Mortgage: For homeowners with at least 20% equity looking to access additional funds, second mortgages have rates starting at 8.75%.
Both first and second mortgage options have fixed interest rates and flexible 12-month terms. (source)
Alpine Credits Specialized Lending Solutions
In addition to standard home equity loans, Alpine Credits allows borrowers to take out home equity for specific financial needs through the following products:
| Type of Loan | Features |
|---|---|
| Debt Consolidation Loan | – Consolidate high-interest credit card, payday loan or auto loan balances into a lower fixed-rate loan – Available for debt loads above $10,000 – Rate Matching available to current unsecured loan rates |
| Home Renovation Loan | – Fund major renovation or remodelling projects to improve your property – Use a loan to finance supplies, contractors, or do-it-yourself materials – Rates starting at 5.99% |
| Business Loan | – Finance small business equipment purchases, inventory orders, marketing campaigns, or operating expenses – Collateralized with your home equity – Preserve cash flow with fixed monthly payments |
| Investment Loan | – Leverage home equity to secure financing for rental properties, stock purchases, retirement planning or other investments – Rate discounts may apply depending on investment amount and type |
| Tax Loan | – Meet tax payment deadlines, settlement agreements or other CRA obligations – Combined first and second mortgage limits up to $350,000 |
| Automobile Loan | – Finance new or used car purchases at competitive rates – Charges no fees for early repayment |
| Education Loan | – Pay tuition, dorm fees, textbook costs and other expenses for higher education – Preferred rates for loan amounts over $20,000 |
| Self-Employed Loan | – Special approval standards for entrepreneurs and contract workers – Prioritize equity over income stability for eligibility |
| Vacation Loan | – Fund dream vacations, destination weddings or family reunions – Repay over 6 or 12 months in time for your next annual vacation |
| Newcomer to Canada Loan | – Customized newcomer and immigrant home financing programs – Settle funds within 7 days of arriving in Canada – Multiple language support |
Loan amounts range from $10,000 up to $10 million. Contact Alpine Credits for personalized rates and terms.
Alpine Credits fee breakdown
When using a home equity loan from Alpine Credits, responsible borrowing requires budgeting for all costs:
- Interest charges: The interest rate multiplied by the loan amount borrowed
- Origination fee: Up to 1% of the approved loan value
- Legal fees: Expenses to secure a loan against the property
- Closing costs: Appraisal and documentation admin fees
- Prepayment penalty: None, early repayment is permitted
- Late fees: 5% of overdue payment if 10+ days late
Having clarity on total expenses allows for informed decisions aligned with financial means.
How to qualify for Alpine Credits products
While home equity carries more weight than credit score or income, Alpine Credits still has baseline eligibility standards, including:
The streamlined documentation process significantly reduces paperwork compared to traditional lenders.
| Document Type | Purpose | Acceptable Forms |
|---|---|---|
| Government ID | Identity verification | Driver’s license, passport |
| Mortgage Statement | Debt confirmation | Recent bank statement |
| Property Assessment | Value verification | Municipal tax assessment |
| Title Documentation | Ownership proof | Land title search |
How to apply for an Alpine Credits loan
To get started with Alpine Credits, follow this application checklist with 7 steps:
Step 1: Consult their loan calculator to estimate potential borrowing power based on your home value and existing mortgage details.
Step 2: Complete the online application with your personal details, property information, requested loan amount and purpose.
Step 3: Have these documents ready to submit:
- Government-issued ID
- Current mortgage documentation
- Recent home appraisal or municipal tax assessment
Step 4: Double-check eligibility for minimum equity levels and regional availability.
Step 5: Provide any supplemental details requested by your lending advisor.
Step 6: Sign the final loan approval documents sent directly to your email.
Step 7: Confirm your account details for the direct deposit.
The application page centralizes this streamlined process that can have funds deposited in under a week.
The pros and cons of Alpine Credits loans
The 6 key advantages of borrowing with Alpine Credits are:
- Fast approvals in 24 hours or less
- Competitive rates from 5.75%
- Flexible terms up to 2 years
- Loans are not contingent on credit scores or income
- Simple eligibility focused on home equity
Also, consider the following disadvantages:
- Provincial restrictions on availability
- Potentially higher rates than big banks
- Risk of foreclosure if payments are missed
- Up to only 75% loan-to-value ratios
- No option to lock in rates longer than 12 months
Weighing these pros and cons to determine if Alpine Credits aligns with your specific lending needs or if alternatives like a HELOC from your existing bank are preferable.
How does Alpine Credits compare to other lenders?
While Alpine Credits’ rates are higher than traditional banks, they offset this by streamlining approvals through flexible home equity lending and accelerating funding delivery.
| Factor | Big Banks | Alpine Credits |
|---|---|---|
| Rates | As low as under 4% | 5.75%+ |
| Approval criteria | Strict credit & income requirements | Flexible based on home equity |
| Loan amounts | Up to 65-80% loan-to-value | Up to 75% loan-to-value |
| Funding time | Weeks or months | 24 hour approvals, <1 week funding |
| Repayment term | Up to 30 years | Up to 2 years |
Explore other big banks’ lending options for more insights at:
- RBC Mortgage
- TD Mortgage
- CIBC Mortgage
- Scotiabank Mortgage
- BMO Mortgage
- National Bank Mortgage
- Equitable Mortgage
- Desjardins Mortgage
When comparing Alpine Credits to other alternative private lenders in areas like private mortgage companies and payday loan providers, they have much more competitive rates starting under 6% and focus only on home equity loans. The depth of experience, combined with ethical, specialized operating standards, makes them a preferred choice amongst their private lending peers.
FAQs about Alpine Credits
How long does Alpine Credits take for approval?
The online decision is instant, while a final lending decision happens in under 24 hours in most cases.
Can you get an Alpine Credits third mortgage?
Yes, Alpine Credits will fund first, second and even third mortgages in some situations, depending on accumulated home equity, and sustaining additional debt.
Does Alpine Credits have prepayment penalties?
No, borrowers can pay down the loan principal early or pay off the balance completely without incurring penalty charges.
What happens if i miss my Alpine Credits loan payment?
A 5% late payment charge applies to installments more than 10 days overdue. Defaulting for 90+ days risks forced sale of the property unless repayment arrangements occur.
Can i refinance my Alpine Credits loan?
When your 1 or 2-year term expires, Alpine Credits allows borrowers in good standing to refinance for renewal. The new rate depends on market factors at renewal time.
The bottom line
For Canadian homeowners needing urgent access to extra financing based on accumulated real estate equity rather than income or stringent credit checks, Alpine Credits delivers. Their home equity loans are funded in days while creatively broadening lending opportunities beyond conventional constraints. An established history of ethical operations confirms them as a legitimate financing option to consider when requiring timely liquidity. Verify their competitiveness using their quick online calculator to confirm if tapping into your property ultimately aligns with smart borrowing practices for your situation.
