Banks Turned You Down? We Give You Options!
There’s a reason why private lenders are also known as alternative lenders: alternative doesn’t just mean forward-thinking – it’s also another word for option. And options are exactly what Alpine Credits has been giving Canadian homeowners for the past 50 years.
Need a debt consolidation loan? Ready to experience the trip of a lifetime? Want to take advantage of that investment opportunity? When the banks turn down your financing requests, we help you access the equity in your home for anything you may choose to use it for.
We Get It – Not Every Borrower Meets Bank Standards
The first thing you should understand about banks is that, as regulated lenders, their hands are tied by certain governmental rules.
Before a bank can approve your application for a mortgage loan, mortgage refinancing, or a home equity loan or line of credit (HELOC), for example, they have to carefully weigh factors like:
- your credit score and credit history,
- your current income and debt, and
- how your finances stack up in terms of the mortgage stress test
At Alpine Credits, on the other hand, we’re in the ideal position of being able to approve our homeowner clients for a home equity or second mortgage, regardless of their age, income, or credit.
We Let You Skip the Stress Test
The second thing you should know about banks is that, in many cases, those eye-catching rates they advertise online aren’t necessarily available to everyone. Bank interest rates and loan terms vary for individual clients and home buyers, depending on what you qualify for during the screening process.
In other words, the mortgage stress test is more than just a pass/fail assessment – banks use it in conjunction with their rates to determine, among other things, how much you can borrow.
So while bank processes are standardized – making it increasingly difficult to get approved for a mortgage loan – Alpine Credits isn’t required to stress test their borrowers.
Our lending parameters are dictated by a single, overriding factor: the value of the property you own relative to how much you still owe against it.
We Get Your Loan Approved, Faster
As private mortgage lenders since 1969, Alpine Credits was founded on the belief that not every Canadian is going to fit the traditional banking system.
Since our aim has always been to provide homeowners with an alternative, rather than a replacement to the conventional bank loan, the difference between us is worth keeping in mind:
- Banks and other institutional lenders adhere to strict guidelines for evaluating things like credit scores, job history, proof of assets, verifiable income, and debt service ratios – and often take weeks to months to process bank loan decisions.
- Alpine Credits focuses on the equity you hold in your home, can approve your home equity loan in as little as 24 hours, and can usually get you the funding you need in a matter of days.
When it comes to giving homeowners options, we know that life happens, and we understand there are any number of reasons why you might need to borrow money. We encourage you to reach out to one of our licensed mortgage professionals to find out how we can help you get the loan that best suits your needs.