Home Equity Loan vs Home Equity Line of Credit

We understand situations may arise that might require you to access the equity you have in your home to help with credit card debt, plan for home renovations, pay for tuition, or for any other financing needs.

A Home Equity Loan and a Home Equity Line of Credit (HELOC) are both secured by your home, and rates are usually lower than credit cards or unsecured loans.

Here are some key highlights to help you decide which one is best for you.

Home Equity Loan from Alpine Credits	Home Equity Line of Credit
Lending Criteria and Process – We focus on the equity you have in your home, and not on your age, credit, or income. – We aim to get applications approved within 24 hours.	Lending Criteria and Process – Banks look at credit score, debt service ratio, income, employment and personal taxes. – Generally, a longer process due to collection and verification of multiple sources of information.
Interest Rate – Fixed: A consistent payment and rate that remains the same for the term of your loan.	Interest Rate – Variable: Your monthly payments may change if interest rates change
Payment Plan – Fixed payments are based on total loan proceeds (received up front) and the amortization period which may range from 1-year to 25-years. – If eligible, you may make interest-only payments.	Payment Plan – Payments are calculated on the amount of money withdrawn from the line of credit – Payments can be interest-only which doesn’t decrease your outstanding balance

Home Equity Loan from Alpine Credits

Home Equity Line of Credit

Lending Criteria and Process

– We focus on the equity you have in your home, and not on your age, credit, or income.
– We aim to get applications approved within 24 hours.

Lending Criteria and Process

– Banks look at credit score, debt service ratio, income, employment and personal taxes.
– Generally, a longer process due to collection and verification of multiple sources of information.

Interest Rate

– Fixed: A consistent payment and rate that remains the same for the term of your loan.

Interest Rate

– Variable: Your monthly payments may change if interest rates change

Payment Plan

– Fixed payments are based on total loan proceeds (received up front) and the amortization period which may range from 1-year to 25-years.
– If eligible, you may make interest-only payments.

Payment Plan

– Payments are calculated on the amount of money withdrawn from the line of credit
– Payments can be interest-only which doesn’t decrease your outstanding balance

Apply for a Home Equity Loan now!

We’ve been helping people obtain home equity loans for 50 years, now. If you’ve been turned away by the bank for a loan in Canada, we can help find the financing you need.

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Easy Application – 3 Simple Steps – 24 Hr Approval

1. Apply Online

Using the form on this page or call 1-800-587-2161 to speak to one of our representatives,

2. Get Approved

Approved with 24 hours. Your home equity is the key to your approval. Get approved now!

3. Get Your Funding

We make it easy. Loan funds can be deposited directly into your bank account, once approved.

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