Home equity loans in Vancouver
Whether you need $10,000 or $50,000 – Alpine Credits is the best alternative for home equity loans in Vancouver, BC
Why Vancouverites prefer home equity loans from Alpine Credits
Our Vancouver home equity loans help residents unlock value from their properties without selling. Our fair approval rates and prompt application decisions have made us Vancouver’s top choice for home equity lending for over 50 years.
Many homeowners are unable to meet the bank’s very high standards for approving and providing home equity loans. Banks require a high credit card score, along with stable employment, with the current economy, many homeowners are unable to meet these requirements.
How our home equity loans work
In Vancouver, you can borrow up to 80% of your home’s value if it exists as equity.
Here’s an example for illustrative purposes only.
If your home was worth $500,000, and what was left in your mortgage was $100,000, your home equity in total would be $400,000. According to federal regulations, you are allowed to borrow $400,000, since it falls within the 80% limit.
Once we have determined your available equity, you’ll receive an application within 24 hours. One reason we move so quickly compared to other lenders is that we are not concerned about your credit score.
What we care about is the available equity in your home and whether it’s enough to meet your needs. On approval, the funds will be deposited directly into your account. Repayments are made in instalments, the same as mortgage payments.
Signs a home equity loan is right for you
These are some of the reasons people come to us for home equity loans in Vancouver.
Are you planning on any major expenses like paying for your child’s school fees or renovating your home? Your best chance of receiving a large sum of money on short notice is through a home equity loan.
Many Vancouverites find themselves with multiple loans with multiple lenders. Consolidating those balances is very easy with a home equity loan, this may help you reduce the interest on the loans and eliminate them faster.
It is difficult to qualify for an investment property mortgage. Lenders usually want proof that you can comfortably make payments both on the investment property and your primary residence without additional rental income.
This creates an obstacle for homeowners looking to purchase investment properties in Vancouver. With Alpine Credits, you can simply tap into your primary residence’s equity and use it to purchase an investment property.
Selling your home is an important financial decision. You also might not get all the money you need since realtors take a healthy cut. If the house doesn’t meet primary residence requirements, you could be slammed with substantial taxes. Home equity loans in Vancouver let you unlock money from your property without incurring these potential consequences.
Selling your home is a big decision. You also might not get all the money you need since realtors take a healthy cut. If the house doesn’t meet primary residence requirements, you could be slammed with substantial taxes.
Home equity loans in Vancouver let you unlock money from your property without incurring these potential consequences.
Ways to use your home equity in Vancouver
Your home equity loan can be used to cover any major expense, including:
- Debt payment
- Tuition fees
- Business startup costs
- Home renovations
- Investment property purchases
- Large tax bills
- Health expenses
Benefits of our home equity loans in Vancouver
Here are some benefits you’ll enjoy by choosing Alpine Credits as a home equity loan provider in Vancouver.
Home equity loans typically come with lower interest rates than other alternatives, because they are secured. This makes them your best bet at handling major expenses. The smallest percentage point taken off a loan could become a huge saving over time.
It is difficult to qualify for a traditional loan of any amount in Vancouver, let alone one thousands of dollars. With a home equity loan from Alpine Credits, however, approval is quick, easy, and dependent primarily on the amount of equity in your property.
Having multiple debts can be difficult to manage and missing even one payment can badly impact your credit score. Home equity loans make it easier to manage your debt.
They are better as compared to home equity lines of credit, they are revolving, which means you can keep increasing balance, even while you make payments.
This creates a hard-to-break cycle of debt. With home equity loans, you pay in instalments, since all the money you need is given to you at once.
This kind of loan is perfect for debt consolidation. Instead of making several payments all throughout the month, use a home equity loan from Alpine Credits to streamline your repayments. Make just one low-interest monthly payment.
Frequently asked questions
For more than 50 years, Alpine Credits has been helping Vancouverites secure home equity loans with competitive interest rates.
The closing costs on each home equity loan are dependent on the amount of the loan and other factors. Contact us to get a quote and learn about our rates.
Many Vancouverites take out home equity loans, borrowing against their properties. You can submit an online application to a lender. You can borrow between 80 to 85% of your home’s appraised value.
While most traditional banks offer home equity loans in Vancouver, they have criteria only the best borrowers are able to meet.
Qualifying for a home equity loan from Alpine Credits is much easier. Our primary concern is not your credit score or income but rather the amount of equity available in your home.
The exact amount depends on the lender your choose. However, in general you’re able to borrow up to 80-85% of your home’s appraised value.
Getting a home equity loan from a bank is a strenuous process that likely won’t work out in your favor unless you have stellar credit. At Alpine Credits, your credit score is not something we worry about. You may qualify for a home equity loan even with a poor credit score.