Alterra Home Loans Mortgage Review

Nov 08, 2023 By Triston Martin

The possible reason why you ended up on this review is that you heard about the Alterra Home Loans Mortgage through someone or someone within your circle who got their loan issued, and you liked how it came off for them. If this is the case, and you want to gain more insight into this loan type before you decide for yourself, then you have landed on the right page. Hop on below to read about Alterra Home Loans Mortgage Review.

What is Alterra Home Loans Mortgage?

The Alterra Home Loans Mortgage is released by Alterra Home Loans, which was founded in late 2006 with the sole aim of serving Hispanic first-time home buyers. This company is based in LA and operates under the parent company Panora Mortgage Group, along with an add-on brand called Legacy Home Loans. The latter is focused on providing and boosting homeownership among the Black community within the States.

Alterra offers its users conventional loads, an Individual Taxpayer Identification Number loan product for those who do not have a Social Security number, as well as government-backed FHA, VA, and USDA loans. Moreover, the borrowers can also avail of down payment assistance loans from the company while the lender can also offer refinancing. All this sounds great, right? Wait until you read even more benefits about it.

What are the Pros and Cons of Alterra Home Loans Mortgage?

All loan lending companies operate on strategies that suit them, and their company rules well. However, this doesn't mean every time those strategies and rules may work with the needs and demands of each individual who is coming in to get some loan.

If you are a user who plans on purchasing a loan from Alterra Home Loans Mortgage, then it is crucial to understand both the benefits and drawbacks that the company comes with before deciding on whether it is best suited for you or not. If you are keen on learning about these pros and cons, we have a few good ones listed below. Hop on to learn about the following:

The Upside of Choosing Alterra Home Loans

  • Alterra offers its users a good variety of loan programs, which also include loans for foreign nationals.
  • The service also has a free smartphone application, which helps you apply for a mortgage through it quickly.
  • All past customers who have worked with Alterra have left positive reviews about its services.
  • The company offers users several different ways to apply for a loan.
  • Alterra is an incredible choice for first-time home buyers.
  • The company has bilingual loan officers to deal with people whose first language is not English.

The Potential Downside of Choosing Alterra Home Loans

While its pros are excellent, there may be a few potential downsides that people should know before opting for Alterra. While these cons aren't massive, one should always know about it before making any final decisions:

  • Alterra is not licensed in all 50 states and, hence, doesn't operate throughout the country.
  • The company does not offer home equity loan products
  • It does not advertise mortgage rates or lender fees.
  • At times, the company may not offer you adjustable-rate mortgages.
  • Alterra may transfer your loan to another loan servicing company once it funds it.

What are the Alterra Home Loans Mortgage Products?

There are a variety of Alterra Home Loans Mortgage Products that you should know about before making your pick. We have the products concluded in detail for you below:

Conventional

  • In the conventional program, the company offers users to purchase mortgages and refinance loans.
  • Conventional mortgages also require a minimum 3% downpayment along with a 620 credit score on your card.

FHA

  • FHA stands for Federal Housing Administration (FHA) loan. This loan program offers users great flexibility on credit scores along with several other requirements.
  • FHA requires users to have at least a 580 credit score along with a 3.5% down payment.

VA

  • The Department of Veterans Affairs backs up the VA mortgages.
  • The VA doesn't require its users to have a set credit score or a minimum down payment. The lenders in this mortgage product set their minimum qualifications. Usually, the set score is at least 620 in this case.
  • Alterra also doesn't advertise its VA refinancing.

Jumbo

The company also offers jumbo loans that allow a user to borrow more than the set or conforming loan limit established for your area.

Special Programs

Alterra has a few special loan programs, too. These are:

  • USDA Loans – The Department of Agriculture backs up this loan and helps rural homebuyers who have low or moderate incomes to purchase their dream homes with a 0% down payment and no credit score.
  • First-Home Buyers Programs – available depending on your income, credit score, and location.

How to Apply for a Mortgage with Alterra Home Loans?

Now that you have read a clear review on the Alterra Home Loans, we are sure you must want to apply for one of their mortgage programs. However, the question is how will you apply for it. Well, applying to Alterra is relatively easy. All users have to do is go to their website and fill out a short form, which will then lead to another form.

Once done, a mortgage consultant will call you directly once they have reviewed your form to answer any questions you might have and then help you submit the loan. You can also call the consultant later to ask questions if you have any. The process is simple, and it will not be hard to issue the right loan for yourself through Alterra.

Wrapping Up!

If you are someone who was searching for an Alterra Home Loans Mortgage Review, then we hope this article was sufficient for you. Let us know whether or not you go through with your loan plan and what you think about it.

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