BBVA Compass home equity loan review May 2019 | finder.com

BBVA Compass Home Equity loans review

We value our editorial independence, basing our comparison results, content and reviews on objective analysis without bias. But we may receive compensation when you click links on our site. Learn more about how we make money from our partners.

BBVA Compass Home Equity
  • Finance up to 100% of your home's value through special programs.
  • Many mortgage options.
  • Excellent service.

Compare rates

Compare and get a mortgage from companies like BBVA Compass Home Equity.

Compare now

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.
BBVA Compass is not an accredited business with the Better Business Bureau. It receives a BBB rating of B- for failing to respond to four complaints.

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:

Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee.

  • Competitive rates.
  • Low fees.
  • Quick preapproval.

Why we like: Figure

Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee.

  • 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.
Promoted

Lenders that offer home equity loans

Name Product Rates
As low as 4.99%
Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee.
As low as 4.25%
Connect with vetted lenders quickly through this free online marketplace.

Compare up to 4 providers

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.

BBVA home equity loans step 1

2. Click Home Equity Loans to customize the rates by your state of residence. Click Apply Now to get started with your application.

BBVA home equity loans step 2a

BBVA home equity loans step 2b

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.

Frequently asked questions about BBVA Compass

Was this content helpful to you? No  Yes

Ask an Expert

You are about to post a question on finder.com:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.
Go to site