We’re Not Out to Beat the Banks.
We’re Here to Help More Canadian Homeowners
Being different from the banks has its benefits. Find out how a private lender like Alpine Credits can get you access to your home equity – even when traditional mortgage providers turn you down.
Sometimes being different is a good thing.
Take the difference between most banks, and private, alternative lenders like Alpine Credits for example. Private mortgage specialists are in the unique position of being able to approve more home equity loans, more quickly. And that gives Canadian homeowners who may not fit the conventional banking system more options; especially since the banks’ lending requirements have gotten more stringent.
Why We Don’t Compete with the Banks
The answer is simple. Banks follow strict lending guidelines based on verifiable income, debt service ratios (your ability to pay your monthly debt obligations), credit scores, job history and proof of assets you own. You should understand, however, that just because you see an attractive bank rate online, it doesn’t mean everyone qualifies for it. Rates and terms vary for individual clients. And that’s only to be expected given how heavily credit scores and mortgage stress tests figure into bank loan decisions which can take several weeks to multiple months to get approved.
At Alpine Credits, we lend strictly based on the value of the equity you have in your home. This means our lending criteria are simple to understand and that we can approve your home equity loan application in less than 24 hours.
How Our Being Different Helps You
Private mortgage companies aren’t a replacement for banks. But if you’re having trouble getting the money you need from a bank or credit union, an alternative lender can probably help you. Private mortgage loans are especially worth considering if you own your own property, and:
- your credit rating is less than ideal by traditional banking measures,
- you can’t pass the mortgage stress test, or
- you want to refinance a mortgage, and you need to switch lenders
By taking a different approach to approvals, home equity loan specialists like Alpine Credits help more homeowners get funded.
Here are two of the biggest benefits we offer by being different from the banks.
1. We Provide Stress-Test-Free Loans
In January 2018, the federal government introduced more stringent rules around the approval of mortgage loans. The B-20 mortgage stress test standardizes the way banks determine whether you qualify for a mortgage, and how much you can borrow.
Not only does the stress test make getting a new loan more difficult, you’ll also have to contend with it if you switch lenders to renew your mortgage (if the new lender is a bank). Private mortgage lenders like Alpine Credits on the other hand, aren’t required to stress test their customers.
2. We Won’t Hold Your Credit Score Against You
Banks often look for a personal credit score of 700+ before they’ll consider approving a loan. Alternative lenders, meanwhile, recognize that the credit rating system doesn’t always serve homeowners equally.
Instead of your credit score, Alpine Credits emphasizes the value of any real estate you own, relative to the amount you owe on it. We also don’t report new loans to credit bureaus, which can be a positive thing for your credit score.
A Final Word
At Alpine Credits, our focus has always been on trust, reputation, systems, and service. We aim for an efficient and transparent loan process and – unlike most banks – our first and second mortgage loan approvals can happen in as little as 24 hours.
We also pride ourselves on our best-in-class customer service. Alpine Credits has been a Better Business Bureau A+ Accredited Business since 1994. But perhaps more important to us is knowing that 95% of our customers would recommend us to a friend.