Whether You Need $10,000 or $50,000 – Alpine Credits is the Best Alternative for Home Equity Loans in Ontario
Home Equity Loans in Ontario
Home Equity Loans have become very popular among Candian homeowners owing to their low interest rates and repayment convenience. It is a way of using your equity as a financial resource. You can apply for bank loans based on the amount of equity that you have available in your home. It is a mortgage-based loan, with the rate of interest fixed and low, for the most part.
If you are looking for the best home equity loans in Ontario, you have come to the right place. Be it a $50,000 loan or a $200,000 loan, at Alpine Credits, we provide instant solutions to your loan requirements by making it easy for you to apply for a home equity loan in Ontario.
How to Qualify for a Home Equity Loan in Ontario
At a traditional financial institution in Ontario, you would need to demonstrate the following to qualify for a home equity loan:
- A credit score of at least 700, although a higher score is always desirable
- An annual income of $100,000 for every $400,000 that you wish to borrow
At Alpine Credits, we can help you get a home equity loan regardless of your credit score and income. We understand that each requirement is unique and the traditional lending criteria may lead to rejections. Contact us even if you have been denied a home equity loan elsewhere!
Contact Alpine Credits to Learn About Home Equity Loans in Ontario
We look forward to helping you secure a loan! Contact us today to begin your application and receive a decision within 24 hours.
Whether you need $10,000 or $50,000, our staff is ready to help.
Key Benefits of Our Home Equity Loans in Ontario
There are many ways to apply for funds from banks and financial institutions. A home equity loan fulfills your need for a large sum of money in a short period. Some benefits of home equity loan:
The rate of interest that you pay for a home equity loan is usually far lower than what you would have had to pay for an unsecured loan or credit cards.
As the interest rate is fixed you can repay the principal amount without additional penalties. This may reduce your monthly payments in the future.
You could be worried about the additional costs that come with receiving the approved funds. However, with Alpine Credits, you can be assured of low processing costs.
Interests payments on some home equity loans qualify as deductible expenses for tax purposes.
Signs you Need a Home Equity Loan in Ontario
You should explore home equity loans if you want funds for:
- Home renovations: Home equity loans can help pay for home improvement projects. Making updates to your home can increase its market value should you wish to sell it.
- Manage expenses: A home equity loan can help you cover unexpected expenses like tuition fees or medical bills.
- Debt consolidation: Home equity loans can finance your business debt or help with restructuring debts.
- Investments: You can use home equity loans for prospective investment opportunities, including starting new businesses or buying a second home.
Frequently Asked Questions About Home Equity Loans in Ontario
Home equity borrowing makes use of the equity in your home to get a loan. Equity can be calculated by subtracting the property value from the remaining mortgage amount.
Home equity loans are a one-time lump sum payout with a fixed interest rate and monthly payment.
The credit line, on the other hand, is a revolving loan. The interest rate is calculated based on the amount of money you use. It can be accessed at any given time, provided you stay within sanctioned credit limits. Similar to a credit card, once you have repaid for the line of credit, it will be made available to you again.
Unlike home equity loans, the interest on a line of credit tends to be variable. And thus, the payment that you make every month for a line of credit can also vary.
Closing costs are typical of most mortgage-related loans. Charges such as application fee, processing fee, underwriting fee, county recording fee, and others constitute 2-3% of the loan amount on average. Your lender should provide you with an estimate of all closing costs at the time of finalizing the loan.
Easy Application – 3 Simple Steps – 24 Hr Approval
*Disclosure on “Loan Examples” Above
Alpine Credits’ intent is to always have full disclosure on all of our loan offerings. Borrowers are provided with all necessary disclosure prior to entering into any obligation. Our objective is to offer Canadian home owners an alternative to the banks and credit unions (not a replacement). Typically, you will find our rates to be higher than the banks; however, with this in mind, we are usually more efficient than the banks in getting you your money and may lend in situations where the banks (and other traditional lenders) will not. Once we have provided you with all necessary information, the decision will be left with you as to whether or not you wish to proceed with our offer. Thank you for your consideration. We look forward to speaking with you soon.
All of the above examples are for discussion purposes only. It is important the reader is aware that the examples may represent the lower priced range of our product offerings. Rates on our loans are subject to change and may vary (up or down) based on the equity you have in real estate, the state / condition / location of your real estate, your personal financial situation and the Canadian mortgage market. The examples are all based on interest only monthly payments (you may elect to pick a shorter amortization to pay off your loan sooner) in which the rate in year 2 increases to the prime rate plus 3.75% and the prime rate plus 6.00% for the first and second mortgages respectively. The Cash Advance in all of the loans above represents the net amount of money to be received. The “Gross Amount” for the $100,000 / $300,000 / $25,000 / $50,000 loans in the examples above are $110,500 / $327,900 / $29,500 / $58,140 respectively. The difference between the Gross Amount and Net amount represents closing costs which includes items such as legal fees, appraisals, brokerage fees, etc. (“Fees”). The APR will increase / decrease in the event of higher / lower Fees. Once again, thank you for your consideration.