Alterra Home Loans Review

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Alterra is making the application process for home loans quick, easy, and available for many more potential buyers than ever before.

They claim to have a little something for everyone, from those with multiple incomes to those without a social security number.

With claims like that, it’s surely an interest to many, which is why we’re here with an in-depth review. Before you give it a try, find out what we dug up first.

Best for Alternative Qualifying Factors
Alterra Home Loans Review
Alterra Home Loans
  • NMLS#
    133739
  • Min. Credit Score
    Varies
  • Learn More
  • Mortgage Details

Alterra Home Loans Pros and Cons

Pros:

  • One of the only loans in which those without documents qualify
  • Tons of options when it comes to purchasing a mortgage
  • The application process is 100% online

Cons:

  • They are not transparent with their rates
  • They do not offer home equity loans
  • Some of the fees go over the market average
  • Not available in all 50 states

Alterra Home Loans Overview

For those self-employed, undocumented, and with multiple sources of income, Alterra homes have options for you.

Applications are 100% online, meaning that those interested in securing funds to buy a home can simply visit the website, fill out the paperwork, and get an answer in record time.

Alterra comes with an app that helps applicants track their application throughout the process and even shows borrowers their stance when it comes to the competition.

Among those who have used the services of Alterra, the biggest downfall is the lack of transparency when it comes to rates. Everything else scores highly, with many satisfied customers over the years.

The one thing that Alterra aims to do is provide mortgage loan options to all kinds of buyers with all kinds of circumstances.

Do they stand up to that claim, and are they a good option for you? That’s what we’ll attempt to answer below.

How Alterra Home Loans Work

Altera works with those looking into buying a home. It’s an online service that also comes with an app to ease the application process.

The application to begin can be found online, requiring a lot of personal and financial information to begin. Then, those searching for a mortgage lender will need to:

  • Choose the location in which they wish to buy
  • Provide details about the number of people in the home
  • Answer questions about previous homebuying instances
  • Enter details about the total price of the desired home
  • Provide contact information

The entire process should take less than 15 minutes. After all of the paperwork is filled out and ready to go, applicants will get a call from an agent.

Agents will provide details about the next steps, informing applicants of needed documents and answering any questions before moving forward.

Alterra Loans Mortgages and Products

With Alterra, there are several different types of mortgages that borrowers can qualify for. Below, we’ll highlight a few of the top ones, helping you decide which is right for you.

  • Conventional Loans: Conventional loans are best for those with a steady job, solid income, and clean credit history without incidents. Expect to put money down, anywhere from 1% to 3%.
  • FHA Loans: The Federal Housing Association (FHA) is a strong contender in mortgages, aiming to help those without the ability to come up with the down payment to buy a home.
  • VA Loans: For all service members, veterans, and their spouses, there are VA loans out there that finance the entire cost of the house and plummet interest rates.
  • USDA Loans: For those living in more rural areas, the U.S. Department of Agriculture offers loan options to help. Check out Alterra’s terms and conditions with these loans to see if you qualify.
  • Jumbo Loans: Looking for a home that exceeds the limits of conventional mortgage lenders? If so, a jumbo loan is your best option, which will help you in the purchase of luxurious properties and condos.

Alterra Home Loans Rates

As we mentioned above, one of the only significant negatives to securing a mortgage loan with Alterra is the rates.

They tend to be higher than the market average, coming in about 1% to 5% higher than most other lenders.

Though they are not the most competitive, they are recommended for other reasons, including their laxed qualifications for those with low credit scores and questionable living status.

Alterra Home Loans Fees

There are a few, though they are spot on with the fees that other similar companies charge when it comes to fees.

You won’t have to pay a fee to apply, and most fees pop up during the home buying process, making it safe to apply and see what happens.

Alterra Home Loans Features and Benefits

Alterra attracts a lot of attention because of all the perks that they have to offer homebuyers. Below, we’ll highlight a few of those perks, showing you what Alterra can deliver for you if you’re in the process of purchasing a home.

ITIN Qualification Path

Most applications for mortgage loans require a social security number (SSN). For Alterra, those who don’t have an SSN can still proceed through the application process, getting approval just the same if they meet certain criteria.

Online Application Process

Alterra might have the record for the fastest mortgage loan application process ever. Everything is online and takes minutes to get filled out and done.

After that, agents step in to keep the process going, facilitating it all and helping the application get an answer in no time.

Bilingual

In the U.S., there are people from all countries. Alterra recognizes that and is there for all Spanish-speaking applicants without any judgment or bias.

Government-Backed Loans

Some of the loans offered from Alterra are government-backed, which is great for those who qualify. Some of these loans include VA and FHA loans, which help to score low rates and get help with the down payment.

Refinancing with Alterra Home Loans

For those who are already in the process of buying a home and paying on their mortgage, Alterra is there to help.

They offer to refinance for homes, often able to drop the current rate and shorten the term. Those interested should check requirements before they choose to refinance, ensuring they qualify and have all the necessary documentation to get the paperwork done.

How Does Alterra Home Loans Compare to Other Lenders?

A great way to see if Alterra is the best is to check them out in action when they go head-to-head with other lenders. Take a look at how they scored against a few of the best on the web.

#1. Alterra Home Loans vs. Better Mortgage

Better Mortgage has a solid reputation and offers applications lots of options to choose from.

While they make the process simple, they do not have an app where borrowers can track application progress and do not accept applications from those without an SSN.

>> More: Better Mortgage Review

#2. LoanDepot vs. Alterra Home Loans

LoanDepot is a great mortgage lender, filled with options for all kinds of buyers. While they have a long list of applications and mortgage loans that borrowers can apply for, they do not accept applicants without an SSN.

Plus, they don’t have rapid approvals and agents that will call and walk applicants through the process.

>> More: LoanDepot Mortgage Review

#3. Guild Mortgage vs. Alterra Home Loans

Guild has great rates and has also branched out to help many applicants regardless of their credit score and how much money they make.

Still, the one area where they fall short is the laxed credit rating that Alterra Home Loans approves, allowing those with lower scores the opportunity to finance homes and pay them over time.

>> More: Guild Mortgage Review

Are Alterra Home Loans a Good Choice for Mortgages?

Yes and no. For those that have a solid income and a decent credit rating, Alterra’s rates might be a little too high.

They are competitive, but they may fall behind some of the big names in the industry. Alterra is the best when it comes to non-conventional applicants, meaning those without official status and those with lower incomes.

Additionally, lower credit scores are not an issue with Alterra, with the online mortgage lender equipped with several loan options that are perfect for those who typically don’t qualify. Don’t be afraid to apply, seeing what they can do for you.

How Do Alterra Home Loan Rates Compare to the National Average?

If we’re being honest, rates are the one area where Alterra doesn’t usually do the best. Compared to the national average, Alterra tends to fall on the higher side, as they deal with a lot of borrowers that could not get approval from most conventional mortgage lenders. That isn’t bad, though those who choose Alterra should consider refinancing if their rate is too high.

Alterra does offer options for borrowers to refinance, enjoying a lower rate and a lower payment. Plus, if you’re already a customer, refinancing is much lower, qualifying you for a rate that’s lower than what you might find anywhere else.

What Types of Mortgages Does Alterra Home Loans Offer?

Alterra offers a long list of mortgages, including VA loans, Jumbo loans, and even FHA loans. Not only do they offer a long list of typical mortgage loans but, they accept applications from all kinds of buyers and don’t turn them away based on credit scores or lack of documentation.

That’s one of the main reasons users choose Alterra, knowing that no matter their situation, they’ll be able to get an answer quickly and possibly have much more opportunities than with a traditional lender.

Does Alterra Home Loans Offer Mortgage Refinance?

Yes, they do. There’s a bit more paperwork involved when it comes to refinancing a current property.

Still, borrowers can check out the rates and see if refinancing with Alterra is a good option for them or not. In some cases, it will be, in others, it’s best to stick with the original loan and see what they can do from there.

What Credit Score Do You Need for Alterra Home Loans?

The lowest score that Alterra is said to take falls at 500. While there are some cases where borrowers had less, their circumstances were different. It’s best to apply with your circumstances, as all borrowers are different. Whether it’s low, high, or smack dab in the middle, you should apply and see what you’re eligible for.

Bottom Line: Alterra Home Loans Review

When you don’t qualify for other mortgage lenders, it can leave you feeling helpless. Instead, reach out to Alterra, seeing if you qualify.

It takes a few minutes, and you’ll have an answer in no time. There is no circumstance that doesn’t deserve some opportunity, which is what Alterra has set out to do.

Visit the site and see if you qualify, especially if you’re worried about a lack of documentation or a lower credit score.

 

Drew Cheneler
Drew Cheneler

Drew is our Co-Founder and is a recognized Credit, Small Business, and Personal Finance Expert. He has been featured in CNBC, Fox Business News Section, The Huffington Post, Business.com, Moneyunder30, US Chamber of Commerce, and more. He is known for breaking down complex personal finance topics into action-oriented advice, so you can make the most of your hard-earned money. Drew attended the U.S. Coast Guard Academy where he majored in Business Management with a focus on Information Systems.