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Home equity loans in Alberta

Whether you need $10,000 or $50,000 – Alpine Credits is the best alternative for home equity loans in Alberta

Why Albertans prefer home equity loans from Alpine Credits

In Alberta, home equity loans help residents temporarily extract value from their properties without selling. This is incredibly helpful for homeowners in need of cash to consolidate debt or cover any large expense. At Alpine Credits, for over 50 years homeowners have been and continue to be approved. It goes beyond that, though, we are the place where homeowners can count on their needs being listened to and addressed, which is why Albertans love working with us!

Traditional banks have extremely high standards for providing home equity loans, they expect stellar credit and rock-solid employment. Many homeowners unfortunately are unable to meet these conditions given the current economic struggles.

How our home equity loans work

We start by calculating the available equity in your home. According to the Canadian government, you’re allowed to borrow an amount not exceeding 80% of your home’s value.

Let’s say, for illustrative purposes only, your home was worth $400,000 and you had $100,000 remaining on the mortgage. Your total home equity would be $300,000. You’d be able to borrow the full $300,000 as it falls within the 80% limit imposed by the government.

Once we determine the available equity, you can expect approval within 24 hours. It’s that simple! We move so quickly because our primary focus is not your credit score but rather your available home equity and whether it’s enough to meet your needs. Once you’ve been approved, we’ll deposit funds directly into your bank account. You’ll make repayments on an installment basis same as your mortgage.

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Signs a home equity loan is right for you

Here are some of the common scenarios Albertans find themselves in before coming to us for a home equity loan.

Planning on renovating your home, paying for a child’s education, or covering some other major expense? A home equity loan is among the only options available for unlocking large amounts on short notice. It essentially turns your home into a savings account, helping you unlock funds you’ve accumulated through hard work and diligently paying off your mortgage.

It’s very easy to accumulate little bits of debt here and there. You can use a home equity loan to consolidate those balances. In doing so, you may even reduce the effective interest rate on your debt since commonly-consolidated loans (i.e. credit cards and unsecured personal lines) often carry high interest rates.

Qualifying for an investment property mortgage is incredibly difficult. Lenders will typically demand proof you’re capable of comfortably making payments on your primary residence and the investment property simultaneously . For most homeowners, this is a very high barrier to entry. A home equity loan from Alpine Credits comes with no such stipulations. You can tap into your primary residence’s equity and put it towards an investment property.

Selling your home is a major commitment. Even if you sell at a profit, realtors will get their cut. When selling a property that wasn’t your primary residence throughout the entire period of ownership, the government will also hit you with capital gains taxes. Home equity loans grant you access to your money without these complications.

The process of applying for a business loan can be invasive. Lenders will take a close look at your personal finances and dissect every aspect of your business plan. Funding your business with a home equity loan is much less complicated.

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Ways to use your home equity in Alberta

You can use a home equity loan to cover just about any major expense, including:

  • Debt consolidation
  • A loved one’s tuition fees
  • Business startup costs
  • Hefty tax bills
  • Home renovations
  • Investment property purchases
  • Health expenses

This is another way in which Alpine Credits differs from traditional lenders. We don’t limit what you can do with your money.

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Benefits of our home equity loans in Alberta

Here are some of the perks home equity borrowers enjoy in Alberta.

Because home equity loans are secured, they typically come with much lower interest rates than credit cards and other forms of borrowing. This makes them vastly superior when it comes to covering major expenses. On a loan balance amounting to tens or even hundreds of thousands of dollars, even a few percentage points can result in tremendous savings.

Qualifying for a mortgage in Alberta is no easy feat. If you’re looking to borrow a similar amount of money from a traditional bank for non-housing purchases, you can pretty much forget about it. Thankfully, home equity loans exist. The limit imposed on them – 80% of your home’s appraised value is higher than what you can get through a home equity line of credit (65%).

In other words, home equity loans allow you to borrow much more, even compared to other types of second mortgages.

Many Albertans are facing high debt, low cash problems. Home equity loans are structured in a way that makes managing debt easier. Home equity lines of credit are revolving, which means borrowers can continue racking up balances even as they make payments. Conversely, home equity loans are paid in instalments, meaning you get all the money you need for major expenses upfront without the risk of getting trapped in a cycle of debt.

Tired of making multiple loan payments throughout the month? A home equity loan from Alpine Credits is perfect for streamlining your repayments. Pay just one monthly bill at a low monthly interest rate.

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Frequently asked questions

Alpine Credits has been helping Albertans tap into home equity for more than 50 years. Applying for a loan with us is incredibly easy and fast. We also offer competitive interest rates.

Home equity loans carry closing costs, which vary depending on the amount you’re borrowing. Contact us for a full quote inclusive of fees.

Many Albertans borrow against their properties by taking out home equity loans. With these loans, you can borrow equity equivalent to no more than 80% of your home’s appraised value.

Most traditional banks offer home equity loans. However, whether or not you meet their criteria is a different matter. Traditional banks typically want to see outstanding credit accompanied by steady income.

At Alpine Credits, however, our criteria is simple: do you have equity in your home? If yes, we can usually help you secure financing!

No matter where you apply for a home equity loan, the lender will request an appraisal. This helps them determine how much equity is available for you to borrow.

You don’t need to have an appraisal prior to getting in touch with us at Alpine Credits. We can walk you through the process.

At Alpine Credits, we don’t restrict your home equity loan usage. Whether you’re looking to cover the cost of home renovations or make a substantial investment elsewhere, that money is yours to use as you see fit!

At a traditional financial institution, your chances of getting a home equity loan with anything other than stellar credit are slim. However, at Alpine Credits, our primary concern is not your credit score. We’ll help you get a home equity loan even if you have poor credit.