Alpine Credits lends money based primarily on your home equity.
What is a home Equity loan?
Wikipedia has this to say:
A home equity loan is a type of loan in which the borrower uses the equity in their home as collateral. Home equity loans are often used to finance major expenses such as home repairs, medical bills or college education. A home equity loan creates a lien against the borrower’s house, and reduces actual home equity.
Home equity loans come in two types: home equity term, which is a fixed term, and home equity line of credit which is variable.
Most home equity loans require good to excellent credit history, and reasonable loan-to-value and combined loan-to-value ratios. Home equity loans come in two types: closed endHET and open endHELOC. Both are usually referred to as second mortgages, because they are secured against the value of the property, just like a traditional mortgage. Home equity loans and lines of credit are usually, but not always, for a shorter term than first mortgages. Home equity loan can be used as a person’s main mortgage in place of a tradition mortgage, however you can not purchase a home using a home equity loan, you can only use a home equity loan to refinance. In the United States, in most cases it is possible to deduct home equity loan interest on one’s personal income taxes.
There is a specific difference between a home equity loan and a home equity line of credit (HELOC). A HELOC is a line of revolving credit with an adjustable interest rate whereas a home equity loan is a one time lump-sum loan, often with a fixed interest rate. This is a revolving credit loan, also referred to as a home equity line of credit, where the borrower can choose when and how often to borrow against the equity in the property, with the lender setting an initial limit to the credit line based on criteria similar to those used for closed-end loans. Like the closed-end loan, it may be possible to borrow up to an amount equal to the value of the home, minus any liens. These lines of credit are available up to 30 years, usually at a variable interest rate. The minimum monthly payment can be as low as only the interest that is due.
Alpine Credits is a lender that can help with a HELOC. Here are a few things they can provide.
- Consolidate high cost debts into 1 low easy monthly payment (in many cases we can reduce your monthly payments by as much as 2/3rds)
- Borrow money for a home improvement project
- Finance the acquisition or provide working capital for a business
- Purchase a vehicle
- Refinance an existing mortgage at more attractive terms
- Take a dream vacation
- Receive cash for whatever reason
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