- Finance up to 100% of your home's value through special programs.
- Many mortgage options.
- Excellent service.
Use the equity you’ve built in your home to finance a big purchase or consolidate debt with competitive rates.
With 700 locations across seven states, BBVA Compass is among the nation’s 25 largest banks. If you live in an area it services, BBVA Compass could be an option to fund home improvements, go on that trip you’ve been eyeing or pull together your debts at a lower rate using your home’s equity.
| Name | BBVA Compass Home Equity |
|---|---|
| Description | BBVA is among the 25 largest banks in the US but they are only licensed to offer mortgages in Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Kansas, Louisiana, Massachusetts, Nevada, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia and Washington. |
| Loan types | Purchase, Refinance, Jumbo, Home Equity, Fixed, Adjustable, FHA, VA, USDA |
| Minimum credit | 620 |
| Minimum down payment | 3% |
| Origination fee | N/A |
| Other fees | N/A |
Pros
- Big-name institution.
- Many types of mortgages.
- Home Ownership Made Easy program.
- Flexible service.
Cons
- Limited states served.
Generally, BBVA customers praise its friendly in-person customer service and the speed and ease of its online platform.
However, some complain of miscommunications between BBVA loan officers hindering the loan application process. Some BBVA customers had to repeatedly call to follow up on the status of their loan and criticized BBVA’s disorganized approach to the loan closing process.
How does a BBVA Compass Home Equity loan work?
With BBVA Compass Home Equity loan, you could borrow from $10,000 to upward of $500,000 based on how much you own in your home, which is used as collateral. Pay it back at competitive fixed rates of 3.74% to 6.49% over five to 30 years, depending on your location and loan amount.
Product details
| Product name | BBVA Compass Home Equity Loan |
|---|---|
| Interest rate | 4.09%–7.09%, depending on terms and residence area |
| Repayment type | Fixed rate |
| Minimum loan | $10,000 |
| Maximum loan | $500,000 |
| Maximum term | 30 years |
| Application fee | $0 |
| States available | Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas |
What are the benefits of a BBVA Compass Home Equity loan?
- Big-name bank. BBVA Compass is among the 25 largest banks in the US, with operations well outside its Sunbelt headquarters. It offers many banking products and a range of loan types.
- Variable terms and fixed rates. Choose a term of five to 15 years, or extend it to 20, 25 or 30 years for bigger loans, with a dependable interest rate over the life of your loan.
- Payment options. Pay by phone, autopay, online banking, at a BBVA Compass Banking Center or by mailed check.
- Payment assistance. If you find yourself unable to make a payment, speak to a client specialist 800-266-7277 about working out a possible alternative.
Drawbacks
- Limited service availability. BBVA Compass loans are available in Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas only.
- You borrow — and pay interest on — the full amount. Borrowing more than you need could cost you. As opposed to a home equity line of credit (HELOC), you pay interest on the lump sum you receive even if it’s more than you need.
- Default could result in loss of your home. Rates are low because the loan is secured by your house. If you default, the bank could potentially take your house.
- Could be costly for smaller loans. BBVA Compass Home Equity loans get you the money you need for big expenditures or debt consolidation, but rates could be higher for smaller loans. Speak to a mortgage banker to discuss specific requirements and additional features available in your state.
Compare home equity loans vs. personal loans
Why we like:
- Competitive rates.
- Low fees.
- Quick preapproval.
Why we like: Figure
- Get preapproved without a hard credit pull.
- Loan terms of 5, 7, 10 and 15 years.
- Borrow up to 80% of the value of your home.
Lenders that offer home equity loans
Am I eligible for a BBVA Compass Home Equity loan?
To be approved for home equity loan with BBVA Compass, you must:
- Be at least 18 years old and a US citizen.
- Live in one of the seven states where BBVA Compass offers loans: Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas.
What do I need to apply?
To apply for a BBVA Compass Home Equity loan, be ready to supply:
- Your personal contact information.
- Employment and financial information.
- Property and collateral information.
1. Visit BBVA Compass online and click the Lending tab.
2. Click Home Equity Loans to customize the rates by your state of residence. Click Apply Now to get started with your application.
I got a BBVA Compass Home Equity loan. Now what?
Once you have your BBVA Compass Home Equity loan, keep up with monthly payments to avoid unnecessary penalties.
- Set up autopay. Avoid late payment fees by setting up automatic withdrawals from a BBVA Compass bank account.
- Customer service. If you need support, call BBVA Compass loan support at 800-239-1996, send a secure form online or request for customer service contact you online. Connect on Facebook at BBVACompass or on Twitter @BBVACompass.
Bottom line
With BBVA Compass, you can use the equity in your home to pay for any range of needs. If you’re not in BBVA Compass seven-state service area, you can compare your many other loan options.
