How It Works - Alpine Credits Ltd (2024)

FAQs

How It Works - Alpine Credits Ltd? ›

We do not offer lines of credit. What we do offer are lump sum amounts based on your home's equity. Whether you need the money to consolidate debts, home renovations or a vacation, we can help. Unlike the banks, Alpine Credits

Alpine Credits provides homeowners with flexible home equity solutions that can be customized to fit your financial needs. A home equity loan lets you borrow money against the equity available in your home. Equity is the difference between the market value of the home and the outstanding balance on your mortgage.

There are a number of lenders that will offer loans to newcomers to Canada, even if you don't have a credit history in Canada. However, most of these lenders will require you to have a work permit in order to qualify for a loan.

Lenders need to determine whether you can comfortably afford your payments. Your income and employment history are good indicators of your ability to repay outstanding debt. Income amount, stability, and type of income may all be considered.

Some lenders will provide a home equity loan or HELOC if you don't have a job or are retired, but instead have regular income from a retirement account such as a pension. The income can also come from a spouse or partner's employer, government assistance or alimony.

A line of credit is a flexible loan from a financial institution that consists of a defined amount of money that you can access as needed. You can repay what you borrow from a line of credit immediately or over time in regular minimum payments.

Alpine Financial Services Group specializes in providing financial knowledge and wealth strategies to individuals and business owners. We develop, implement and utilize creative wealth strategies to help maximize our clients' time and money.

Non-U.S. citizens can get personal loans, but eligibility requirements vary by lender and it's generally tougher than if you were a citizen. Some lenders may consider non-citizens high-risk borrowers based on two factors: the duration of their stay in the country and a potential lack of credit.

An employee loan is a type of loan where your employer either lends you money or purchases something on your behalf, which you then pay back. Not every company offers employee loans, and there is no set standard for them. In general, employee loans tend to have lower interest rates than other types of loans.

Employment authorization doesn't make the student eligible for federal student aid funds. Unless an eligible status is also indicated on the employment authorization document or the student can provide other documentation that can be confirmed by the USCIS, the student isn't eligible for federal student aid.

What happens if you borrow money and don't pay it back? ›

The lender or collector can garnish your wages or benefits to pay the debt or place liens on your property. If you have a money judgment against you and ignore an order to appear in court, a judge may issue an arrest warrant. Never ignore a court order and appear in court when necessary.

The amount a lender may approve you to borrow will depend on various factors, such as your credit score, income and debt-to-income ratio (DTI). Review your budget before applying for a loan to assess how much you can comfortably afford to borrow — doing this can minimize your chances of defaulting.

Also referred to as a share-secured or savings-secured loan, passbook loans allow you to borrow against your own savings. Acting similarly to a secured personal loan, your savings account acts as collateral, which means that if you default on the balance, your savings could be seized to repay the delinquent balance.

Most lenders require you to have at least 15% to 20% equity left in your home after factoring in the new loan amount. If your home's value has not appreciated enough or you haven't paid down a big enough chunk of your mortgage balance, you may not qualify for a loan due to inadequate equity levels.

You'll also need to prove that you have income consistently coming in. A steady income indicates to lenders that you'll be able to make payments on your loan. Plus, the higher your income, the easier it'll be to lower your DTI ratio.

While there's no universal minimum HELOC income requirement, lenders will consider your personal cash flow along with other factors to evaluate your ability to repay any debt you incur on the credit line. Income and employment verification for HELOC applicants typically involves submitting pay stubs or tax returns.

Bottom line. Consolidating your debt into a new, lower-interest loan — a balance transfer credit card, personal loan or home equity loan — may hurt your credit scores in the short- or medium term.

Collections fall under payment history, the biggest factor in your FICO^® Score^☉ calculation, responsible for about 35% of your score. Consumers with collections on their credit reports may have lower credit scores than consumers who have no collections.

What is a revolving credit facility? A revolving credit facility is a type of credit that enables you to withdraw money, use it to fund your business, repay it and then withdraw it again when you need it.

If you don't have good credit, you may miss out on securing a low-interest rate on a mortgage, personal loan or credit card, and wind up paying more during the term of your loan. But if you establish a good credit score, you can save money on interest payments and use the savings to invest in your future.