Alpine Credits Home Equity Loan review

Our verdict

Our verdict

Alpine Credits offer home equity loans to borrowers that may not be eligible for a secured loan through their bank or credit union. Your home is used as collateral to secure your loan. Although you must be a homeowner to be eligible, Alpine Credits has fairly lenient income and credit score requirements. Get a no-obligation quote without affecting your credit score.

Best for: Homeowners looking to secure a more competitive rate by using their home as collateral.

Pros

• Get an approval decision within 24 hours
• Large maximum loan amounts
• Can qualify with bad credit, regardless of income

Cons

• Only available in AB, BC, ON, QC
• You have to use your home as collateral
• High rates for bad credit

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Loan Amount

$10,000 - $500,000

Loan Term

Up to 60 months

Interest Rate

10.00% - 22.99%

What is Alpine Credits?

Alpine Credits is an alternative online lender with headquarters in Surrey, BC. Since its founding in 1969, Alpine Credits has funded over $1 billion in loans to Canadians (in AB, BC, ON, QC). You can easily apply for a loan completely online. Alpine Credits offers home equity loans designed for people who don’t qualify with typical financial institutions like banks and credit unions.

Alpine Credits Home Equity Loan features

Feature	Details
Loan amount	$10,000 – $500,000
Loan type	Secured
Loan term	Up to 60 months
Interest rate	10.00% - 22.99%
Fees	5.00% - 8.00% of the APR covers closing & admin fees
Serviced provinces	AB, BC, ON, QC
Basic eligibility criteria	Must be a homeowner, min. credit score 300

Is Alpine Credits legitimate?

Yes, Alpine Credits is a legitimate lender in Canada. It has been accredited with the Better Business Bureau since 1994 and has an A+ rating. Alpine Credits‘ Financial Services Commission of Ontario (FSCO) license number is 12616.

What we like about Alpine Credits Home Equity Loans

• Easy application. It’s possible to apply in a matter of minutes with one simple and straightforward online application.
• Quick approval. You may be approved for financing in as little as 24 hours as long as all of your documentation is in order.
• Fast deposits. Once approved, your money will typically be deposited into your bank account in as little as one week.
• Financing for self-employed. You may be able to get financing if you’re self-employed as long as you own your own home.
• Bad credit doesn’t matter. You’ll typically still be able to qualify for a loan if you have bad credit as long as you own your own home. Alpine Credit’s official minimum credit score cutoff for its home equity loan is 300.

What to watch out for

• High interest rates. You’ll pay anywhere from 10% to 22.99% in interest with Alpine Credits, which is likely more than a good credit borrower could get from banks or other private lenders. Alternatively, if you have bad credit, these rates are comparable to competitors.
• High fees. Between 5% - 8% of your APR will cover closing and admin fees.
• Uses your house as collateral. You may have to foreclose on your house if you can’t make your payments.
• Not available in some provinces. You’ll only be able to access home equity loans with Alpine Credits if you live in British Columbia, Alberta, Ontario and Quebec.
• No home equity lines of credit. Alpine Credits doesn’t offer home equity lines of credit, so you’ll have to pay full interest on your loan amount as soon as you get it.
• No in-person service. You’ll have to fill out your application and manage your loan online, which will require you to be a little bit tech-savvy.

How does an Alpine Credits Home Equity Loan work?

Alpine Credits lets you borrow against the market value of your home minus the amount you still owe on your mortgage. For example, if your home is worth $600,000 and you have $400,000 left to pay on your mortgage, you may be able to get as much as $200,000 in home equity financing.

You might need to have your home appraised to prove its worth. Once you’ve submitted your application with all the required documentation, you can get approved for financing in as little as 24 hours, with at least a portion of your funds delivered in less than a week.

Summary of Alpine Credits reviews

Many customers praised the fast turnaround on their applications, that they were approved to borrow in situations where other lenders didn’t provide financing, and that they were pleased with the high level of customer service provided by the company.

Other customers voiced their concerns about the high fees and interest rates they were required to pay. A few customers also complained that the agents they were dealing with at the company were rude or difficult to get in touch with.

Feature	Details
BBB accredited	Yes
BBB rating	A+
BBB customer reviews	2 out of 5 stars, based on 9 reviews
Trustpilot score	3.2 out of 5 stars, based on 4 reviews
Google reviews	1.4 out of 5 stars, based on 11 reviews
Customer reviews verified as of	June 17, 2022

Alternatives to an Alpine Credits Home Equity Loan

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Finder Rating: 4.5 / 5

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APR 5.4% - 46.96%
Loan term 4 - 60 months
Loan amount $300 – $50,000
Min. credit score 300
Eligibility Requirements Steady source of income

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Finder Rating: 4.6 / 5

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APR 6.99% - 46.96%
Loan term 3 - 120 months
Loan amount $100 – $50,000
Min. credit score 300
Eligibility Requirements Currents debts must total less than 60% of income

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Finder Rating: 3.7 / 5

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APR 19.99% - 24.49%
Loan term 36 - 120 months
Loan amount $5,000 – $50,000
Min. credit score 560
Eligibility Requirements Must be a homeowner

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Am I eligible for an Alpine Credits Home Equity Loan?

To apply for a home equity loan with Alpine Credits, you need to meet the following criteria:

• Be at least 18 years old (or 19 in some provinces)
• Be a citizen or resident of Canada
• Own a home in Canada with a market value that’s worth more than your mortgage.
• Be free from bankruptcy or other forms of unmanageable debt.

Required documents and information

• Government-issued ID. You’ll have to show documents to prove your ID and address (such as your driver’s licence or passport and a utility bill).
• Proof of homeownership. You’ll need to prove that you own your home or are in the process of paying down your mortgage.
• Proof of market value. You’ll have to be able to demonstrate the true market value of your home through an appraisal or other documentation.
• Credit report. You’ll need to authorize Alpine Credits to pull your credit report so that the company can assess your creditworthiness.
• Statements of income. You may be required to submit documents like pay stubs and letters of employment to verify how much money you make.
• Other financial information. You could be asked to provide a list of your debts and assets, along with proof that you can pay for your closing costs.

How to apply for an Alpine Credits Home Equity Loan

If you’re ready to apply for a home equity loan with Alpine Credits, you’ll just need to follow these simple steps.

1. Navigate to the application by clicking the green “Go to site” button on this page. Please note that you will be redirected to the LoanConnect website to complete the application to check if you qualify for an offer from Alpine Credits.
2. Use the online application to provide personal information like your name, email address, proof of ID and relevant documents.
3. Review and submit your application.
4. Get verified and work with Alpine Credits to negotiate the terms of your loan if you meet the eligibility requirements.

How much does Alpine Credits Home Equity Loan cost?

The interest rates that you’ll pay on your Alpine Credits Home Equity Loan will fall between 10% and 22.99%. Those APR rates can be as much as 7% to 10% higher than the bank. Any associated costs and fees will be built into your annual percentage rate (APR) – between 5.00% - 8.00% of the APR covers closing & admin fees.

Let’s say you get a $30,000 home equity loan from Alpine Credits, and you’re approved for a 15% rate on a 5 year loan term. In that example, your monthly payment would be $713.70. You would end up paying back $42,821.87 in total, which includes $12,821.87 paid towards interest alone.

Bottom line

Alpine Credits offers quick and easy access to home equity secured financing. That said, it comes with high interest rates and fees compared to other lenders, which is why it’s best suited to bad credit or low income borrowers who have difficulty qualifying elsewhere. If you have good to excellent credit and a stable income, you may be able to score better rates and terms on a secured loan through a bank or credit union.

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Frequently asked questions about Alpine Credits Home Equity Loans

• Am I guaranteed to be approved if I apply for financing with Alpine Credits?

  Unfortunately, no. You’ll need to meet certain eligibility criteria to qualify and you’ll have to own your own home. Your loan decision may also be based on factors like your income, employment status, credit score and debt-to-asset ratio.

• How much will I have to pay to take out a home equity loan?

  The amount you’ll have to pay in fees and interest is more than what you would have to pay with the bank. Despite this, the benefit of using Alpine Credits is that your loan application is more likely to be approved and your money will often be deposited in as little as one week.

• Can I take out a line of credit if I'm not sure how much I need to borrow?

  You won’t be able to take out a home equity line of credit with Alpine Credits as this isn’t a product it offers. This means you’ll have to borrow the lump sum you need all at once and pay interest on the full amount.

• How can I figure out how much equity I have in my home?

  You can use a simple equation to figure out your home equity. All you need to do is minus the amount you currently owe on your mortgage from the appraised value of your home. For example, if your home is worth $250,000 but you only have $50,000 left to pay on your mortgage, your home equity is $200,000.

• I got the loan. Now what?

  Once you have your Alpine Credits Home Equity Loan in your bank account, you can spend it on whatever you want. Common ways to spend a second or third mortgage include paying for post-secondary education, putting money down on home renovations, consolidating your current debt or investing in your business.

  As soon as your money is deposited, you’ll have to start making your monthly payments. These will include your monthly interest and a portion of the fees you’ll have to pay (which will be built into your annual percentage rate). Your payments will be automatically debited from your bank account on the same day of each month, based on what you agreed on with Alpine Credits.

• Who can I contact if I have questions about my mortgage process?

  Alpine Credits has a well-rated customer support team that can answer any questions you may have. You can contact the company by phone from 9am to 9pm EST (Monday to Friday) and from 12 noon to 8pm EST on Saturday. You can also try them on email whenever it’s convenient for you.