Posted on June 23rd, 2020
Today we’ll take a look at Alterra Home Loans, which is a DBA of Panorama Mortgage Group, LLC based out of Las Vegas, Nevada.
What makes them unique is that they’re 100% Hispanic-owned and one of the largest Hispanic-owned mortgage companies in the United States.
That means they’ve got a multi-cultural approach to home loan lending to better serve their English- and Spanish-speaking customers.
Alterra Home Loans Key Facts
- Formed in late 2006, based in Las Vegas, NV
- Direct-to-consumer retail mortgage lender
- 100% Hispanic-owned, one of largest Hispanic-owned mortgage companies
- Licensed in 38 states and the District of Columbia (DC)
- Funded nearly $1.5 billion in home loans during 2019
- Also do business as Legacy Home Loans and Inspiro Financial
First, some quick facts about Alterra Home Loans, which is a retail direct-to-consumer mortgage lender based in Las Vegas, Nevada.
As mentioned, they’re owned by Panorama Mortgage Group, LLC, and also do business as Legacy Home Loans and Inspiro Financial.
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State
They are licensed in 38 states and the District of Columbia (DC) at last glance, with more states surely on the way soon.
At the moment, Alterra Home Loans is not available to customers in Alaska, Arkansas, Hawaii, Idaho, Massachusetts, Missouri, Montana, New York, Rhode Island, Vermont, West Virginia, or Wyoming.
A huge chunk of their near-$1.5 billion in 2019 mortgage production was in the state of California, accounting for nearly 40% of total volume.
They also originated quite a few loans in the states of Arizona, Georgia, Illinois, Nevada, and New Jersey.
Much of their volume was home purchase loans since they cater to first-time home buyers. And nearly all the loans funded in 2019 were 30-year fixed mortgages.
How to Apply for a Mortgage with Alterra Home Loans
If you visit their website, you can get the ball rolling by filling out a short form, which amounts to a lead form.
From there, a mortgage consultant will contact you directly to answer questions and help you submit a loan.
Alternatively, you can call them up over the phone and speak to someone if you have questions or want to apply.
Those interested in working with a specific loan officer can browse the branch directory on their website, check out the local loan officers who work there, then apply from their individual webpage.
Some of their loan officers let you access a digital loan application powered by Ellie Mae, while others will direct you to use their smartphone app.
Speaking of, you can simply download Alterra’s app and apply that way as well.
Pronto+ by Alterra Home Loans
One big plus (no pun intended) about Alterra Home Loans is the fact that they have a smartphone app, called Pronto+.
It allows you to apply for a mortgage directly from the app, and track your home loan from start to finish.
You can also securely upload documents using your phone, contact your loan officer or real estate agent, invite a co-borrower, and receive reminders if and when something is due.
While your loan is being processed, you can check your loan status in real-time and receive milestone alerts as it progresses toward funding.
You can also take advantage of the app’s free mortgage calculators and generate a mortgage pre-approval to show home sellers you’re a serious and qualified home buyer.
What Does Alterra Home Loans Offer?
- Home purchase, refinance, and home renovation loans
- Conventional home loans backed by Fannie and Freddie
- FHA loans, USDA loans, and VA loans (including streamline refinances)
- Jumbo loans and high-balance loans
- Foreign national loans (ITIN loans)
- Hi-rise condo and non-warrantable condo financing
- Fannie Mae Homepath
While Alterra Home Loans offers all the usual stuff, like home purchase loans, refinance loans, and renovation loans, perhaps their most interesting offering is their foreign national loan program.
Their ITIN loan products are perfect those without a social security number that are looking to purchase a home in the United States.
While these types of loans do often require a higher down payment (15% at Alterra) and come with a higher mortgage rate, traditional credit is not required, nor is a Visa, Green Card, or work permit.
Alterra also specializes in financing non-warrantable condos and high-rise condos, along with jumbo loans that exceed the conforming loan limit.
You can get the vanilla stuff too such as a conforming home loan backed by Fannie Mae or Freddie Mac, or a government home loan backed by the FHA, USDA, or VA.
Additionally, those in need of home renovations can apply for an FHA 203k loan.
Interestingly, they may only offer fixed-rate mortgages, based on their HMDA data. Meaning it may not be possible to get an adjustable-rate mortgage, such as a 5/1 ARM or 7/1 ARM.
Alterra Home Loans Mortgage Rates
I always dock mortgage companies that don’t advertise their mortgage rates. It’s an added level of transparency to help customers better understand what they’re getting.
That being said, I also understand the limitations of advertised mortgage rates, which are often riddled with loan assumptions that don’t mean a whole lot to the person viewing them.
Still, it’s nice to see where lenders stand pricing-wise, and unfortunately Alterra Home Loans doesn’t mention anything about interest rates on their website.
Additionally, there’s no word on lender fees, so again we’ve got no clue as to how competitive they are.
Sure, they might do a great job closing your loan, but how much will it cost, and what will your interest rate be?
As always, be sure to shop with several different mortgage lenders at once to ensure you get the best deal on your home loan.
Alterra Home Loans Reviews
Alterra Home Loans has a 4.83 out of 5-star rating on SocialSurvey based on nearly 9,000 customer reviews.
Many of the customer reviews are in Spanish, so it’s clear they have bilingual loan officers, loan processors, and other staff to help regardless of what language you speak.
On Zillow, they’ve got a 4.92 out of 5-star rating based on nearly 400 reviews, with many indicating that the interest rate and fees/closing cost were lower than expected.
They are an accredited business with the Better Business Bureau since May 2018, and currently have an A+ rating.
They only have three customer reviews on the BBB website, but still have a near-4 star rating, which is pretty good for the BBB.
If you have a specific loan officer in mind, be sure to search reviews for that individual as well to see how they stack up.
While knowing the company is highly-rated is key to a good experience, the person handling your loan is equally if not more important.
Alterra Home Loans Pros and Cons
The Upside
- Offer a good variety of loan programs, including loans for foreign nationals
- A free smartphone app that lets you apply for a mortgage via your mobile device
- Lots of positive reviews from past customers
- Many different ways to apply for a loan, including brick-and-mortar branches
- Specialize in helping first-time home buyers
- Bilingual loan officers
The Potential Downside
- Not licensed in all 50 states
- May not offer adjustable-rate mortgages
- Do not offer home equity loan products
- Do not advertise mortgage rates or lender fees
- Will probably transfer your loan to a different loan servicing company after it funds
