What to Expect from Our Home Equity Loan Process
The first thing you should know about our home equity loan process is that it’s fast, convenient, and driven by the kind of credibility that comes from helping Canadian homeowners for 50-plus years. Here’s what you can expect when you apply for a home equity mortgage loan with Alpine Credits.
Step 1 – Connect with Us
Whether you connect by calling our toll-free number, or by completing an online loan application, you can be sure one of Alpine Credits’ licensed mortgage brokers will be handling your loan inquiry.
To process your application as quickly as possible, we’ll ask you to provide key details like:
- your contact information,
- the amount of your existing mortgage, and
- the current value of your home
Once we have all the information we need, we can usually approve your home equity loan application (also known as a second mortgage loan) within 24 hours.
As part of the approval process, we’ll provide you with:
- Our written commitment outlining the loan amount, rate, terms, and fees,
- an insurance and mortgage sheet to be completed, and
- a consent form allowing Alpine Credits to contact your mortgage and insurance providers
If you decide to go ahead with your loan, the next step will be having your property appraised.
Step 2 – Have Your Home Appraised
Before we can prepare your loan documents, we’ll need to confirm the appraised value of your home.
You can choose to either:
- arrange for a property appraisal yourself by working with a certified home appraiser and forwarding the information to us, or
- have us recommend an appraiser from our qualified network
The appraisal fee will usually be the same either way. Working through our network, however, gives you the choice of paying the fee upfront or having it added to your loan processing charge.
Once your home’s been appraised, we’ll provide you with documents to review and sign with your lawyer.
Step 3 – Seek Independent Legal Advice
No matter your goals in seeking a home equity loan, full transparency is an integral part of our process. To that end, the loan documents we send you will need to be reviewed, signed, witnessed, and stamped by a third-party lawyer who acts on your behalf.
If you don’t have a preferred legal representative, we can recommend one. When you meet with your lawyer present them with:
- the loan documents we provide,
- your home appraisal information, and
- the information on your current mortgage title
Your lawyer will then go over the loan rate, terms, fees, and fine print with you and, will make sure you are satisfied with this information and consent to proceed with the financing you have requested
It’s essential that you understand the full scope of your loan before you sign. Signing and returning your loan documents to us indicates you understand all the details they contain.
Get Your Funds
Homeowners generally agree that the last step in the loan process is the best step by far: you can expect your home equity funds to be deposited directly into your bank account within 3-5 business days after we receive your signed documents.
Not only is Alpine Credits a fast and convenient home equity loan alternative, we pride ourselves on our friendly, professional service.
After all, you don’t get to celebrate decades of helping people – and become a trusted BBB A+ Accredited Business – without working hard to meet the financial needs of local homeowners.