Alterra Home Loans – A Lender You Must Avoid
Alterra Home Loans is a mortgage provider based in Las Vegas, Nevada. The owner of this company is Panorama Mortgage Group, LLC. It has licenses in more than 17 states and has gained a reputation as a minority-owned firm.
However, it has become significantly notorious recently thanks to its poor customer service and terrible rates. The company’s contact number is 844-400-4565. It hasn’t shared its mortgage rates online which makes it difficult to compare them with other mortgage providers.
Alos, the company has higher rates and fees than other lenders. Furthermore, the company doesn’t offer home equity loans or lines of credit.
Alterra Home Loans offers higher rates to its clients because they carry higher risk. The company issues portfolio loans which charge higher fees in exchange for easier qualification requirements. In such loans, the lender retains the risk.
Alterra Home Loans charges higher fees and rates than its competitors. However, that’s not the main issue present in the company.
The Loan Officers at Alterra Home Loans Don’t Know What They are Doing: Consumer Complaint
The above reviewer had applied for a loan to purchase a home on February 1st. They received a pre-approval letter on 5 February and signed a contract on Feb 6 to close on March 24th.
Alterra Home Loans submitted their loan to underwriting on March 21st. They caused the reviewer to miss financing contingency and their closing date. Even though the reviewer got a 7-day extension on the contract, the lender missed that too.
The loan officer calculated the reviewer’s income wrong. Then, he suggested that they pay off a $40,000 car loan. Afterwards, the loan officer suggested that once the reviewer paid off the car loan then he will see if that fixes the issue.
The reviewer shares that there are only a few days before the extended closing and it’s not happening. Also, they are out of their $1,500 deposit, $475 appraisal, and $475 inspection fee.
They highlight that it’s too late for them to find another lender. Their loan sat with teh locan office from 2/1 to 3/21 and then with underwriting from 3/21 to 3/28. The people at Alterra Home Loans had no idea what they were doing.
This company is a joke. The reviewer doesn’t recommend working with this mortgage provider.
As you’ll read more Alterra Home Loans reviews, you’ll realize that this company suffers from incompetence and a lack of professionalism.
Alterra Home Loans Traps Gullible Consumers in Horrible Mortgage Agreements
This is another consumer who had a terrible experience with Alterra Home Loans. They point out that they had 3 loans done through this mortgage provider within 2 years.
The company funds a loan and gives you the monthly mortgage they commit to. Then, they sell the loan instantly to another company which results in a dramatic increase in your monthly mortgage.
Furthermore, the company underfunds the escrow account to get the number you are looking for. But when the new company reassesses the account, it increases drastically because it’s not enough to cover taxes and insurance.
This complaint covers a grave issue. It means Alterra Home Loans dupes consumers into entering unfavorable agreements and traps them in predatory mortgages. Because of their loose qualification requirements, they are able to market themselves to economically vulnerable consumers.
Then, they take advantage of such consumers by trapping them in shady mortgage agreements which contain horrible provisions. Keep in mind that the finance industry is notorious for having such predators.
Kent Pearce Merrill Lynch is another example of such a financial services provider. He markets himself as a caring wealth management consultant while having multiple shady provisions in his terms and conditions.
Alterra Home Loans is doing the same thing but on a much larger scale.
The above reviewer has shared his experience on Yelp as well. This is the screenshot of his review:
Alterra Home Loans Lacks Professionalism and Ethics
Here, the reviewer complains that the people working at this mortgage provider don’t even write in correct English. They send their work out of town and it takes forever to return. The company delayed the company’s close of escrow for over a month because of its laziness.
Also, when they were closing escrow they neglected to bypass the first month’s payment. So, the reviewer had to start paying right away unlike other escrow companies. Before the second month, the company had sold the loan to another company.
Hence, they didn’t receive a payment coupon for the second month. When they contacted the second company, they found that the payment wasn’t due until March.
Clearly, Alterra Home Loans doesn’t care about the people it works with. Their sole priority is to trap consumers in horrible mortgage plans by luring them with a dream of owning a house.
More Alterra Home Loans Exposing Them:
Loan Officer Went on Vacation Randomly, Wasted Weeks of the Customer’s Time
On Yelp, there are plenty of complaints against Alterra Home Loans. In the above review, Hak complains that he wouldn’t recommend this mortgage provider to anyone. The manager who was working with Hak went on a vacation in the middle of the loan process without notifying him.
Hak wanted to refinance and take some money out for a business opportunity. But he lost the chance because Eric went on vacation for three weeks and didn’t communicate. Because of this horrible experience, Hak wouldn’t recommend this company to anyone.
Alterra Home Loans Loses Your Paperwork Easily
Alex here had a terrible experience with Alterra Home Loans as well. His loan officer was terrible at working with paperwork. There were multiple papers missing with crucial information. Moreover, the company didn’t care.
The company lost important papers related to Alex’s income and taxes. When he complained they replied by saying “So weird”.
Alex says that he can’t believe the unprofessionalism of this company.
These Alterra Home Loans reviews are proof of just how terrible this firm is. The company doesn’t care about its clients, delays loan processes, and puts them in terrible agreements.
Sadly, there are plenty of more complaints against Alterra Home Loans:
“They Send Spam Constantly and Don’t Let You Unsubscribe”
This reviewer got a home loan through this company. Then, the company sold their loan to another firm. So, now this person became the client of the second company and was content with it.
However, Alterra Home Loans started spamming this reviewer out of nowhere with commercial emails. They responded to this spam and asked the company to stop sending such emails.
Instead of apologizing for the harassment, the company representative said that the emails weren’t spam. They were educational material. The company refused to stop sending spam to the customer.
Hence, the reviewer had to unsubscribe from it.
Even though the reviewer had unsubscribed from the spam, Alterra Home Loans didn’t stop. They started sending the spam again after waiting for a while.
The reviewer contacted the company to stop sending spam again. However, the company ignored him just like they did the last time.
Because of such a painful experience the reviewer doesn’t recommend Alterra Home Loans to anyone.
Alterra Home Loans Reviews from Employees: Terrible Management & More
Apart from the customers, the employees of Alterra Home Loans have shared their gripes online as well. There are numerous Alterra Home Loans reviews from its employees which highlight how terrible its leadership is.
Most employees complain about terrible pay and lying to staff constantly. Also, the leadership lays off people 2 to 4 times a year, which is a huge red flag. Company doesn’t give any days off or overtime pay to its staff members. Several staff members question the skill-level of the upper management as well.
These reviews indicate that Alterra Home Loans careers are horrible. I have shared some of those reviews below to help you understand the situation better:
After going through the various reviews of this company and seeing how it doesn’t share its rates openly, it’s obvious that Alterra Home Loans is an unsafe mortgage provider.
You should avoid doing business with them. This company is notorious for trapping gullible consumers in predatory agreements. Furthermore, many people complain that the staff here is extremely careless and doesn’t help you.
Due to these reasons, it would be best to look elsewhere and avoid Alterra Home Loans.
From the customers to the employees, everyone hates this mortgage lender. This company lures consumers through ITIN loans and traps them in unfavorable agreements through dubious tactics. Beware of such shady lenders.
- Unreliable leadership
- Predatory business practices
- Incompetent staff