Home equity loans in Ontario
Whether you need $10,000 or $500,000 – Alpine Credits is the best alternative for home equity loans in Ontario
If you are looking for the best home equity loans, you have come to the right place. Be it a $50,000 loan or a $500,000 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
At a traditional financial institution in Ontario, you would need to demonstrate the following to qualify:
1. A credit score of at least 700, although a higher score is always desirable
2. An annual income of $100,000 for every $400,000 that you wish to borrow
However, Alpine Credits can help you get home equity loans 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 loan elsewhere!
Key benefits of home equity loans
Relatively low interest rate: the interest rates for home equity loans are lower than other loan options. It can be much more expensive to apply for an unsecured personal loan or credit card.
Great for loan consolidation: tired of making multiple loan payments throughout the month? A home equity loan is perfect for streamlining your repayments. Pay just one monthly bill at a relatively low monthly interest rate.
Flexible use: home equity loans can be used for various purposes, including home renovations, business investments, or to fund your children’s education.
Signs you need a home equity loan
You should explore home equity loans if you want funds for:
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.
A home equity loan can help you cover unexpected expenses like tuition fees or medical bills.
You can use home equity loans for prospective investment opportunities, including starting new businesses or buying a second home.
Frequently asked questions
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.
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.
Traditional lenders in Ontario will require a strong credit score and an income of at least $100,000 per year for a loan of $400,000. However, with Alpine Credits your credit score and income won’t be checked. It’s also easier to get approved.