BBVA mortgage loans review December 2018 | finder.com

BBVA Compass mortgage review

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

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Compare and get a mortgage from companies like BBVA Compass.

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Find the right financing option to purchase your next home or refinance your current one.

BBVA Compass Bank is among the top 25 largest commercial banks in the US, offering a full range of banking services through nearly 700 branches. Prequalify for a mortgage or submit a request online to learn more about its many home financing options.

Name BBVA Compass
Description BBVA is among the 25 largest banks in the US but they are only licensed to offer mortgages in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
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.

What can I expect with BBVA Compass?

Before you apply for a BBVA Compass mortgage, here are a few things you should know:

  • Maximum loans. While it doesn’t state the maximum loan amount available on its site, BBVA does offer jumbo loans that start at $453,100 and typically top out at $3 million.
  • Interest-only payments. BBVA offers variable-rate mortgages with interest-only payments for a more flexible payment schedule.
  • Automatic payments. Set up auto debit for your BBVA Compass mortgage to ensure you never miss a payment.

How does BBVA compare?

Name Product Min. down payment Origination fee
3.5%
Depends
Connect with vetted lenders quickly through this free online marketplace.
3.5%
N/A
Competitive rates and no prepayment penalties on a variety of loans.
3.5%
1.0% to 5.0%
A nontraditional lender offering impartial guidance on a range of loans, though with potentially high fees.
3%
0.5% to 1.0%
Flexible options, fast approvals and support online backed by a trusted brand.
3%
0.5% to 1.0%
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

Do I qualify for a loan with BBVA Compass?

To be eligible for a home loan with BBVA, you’ll need to be at least 18 years old with a minimum personal credit score of 620.

You must also reside in one of the 21 states in which BBVA Compass offers loans: Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Kansas, Louisiana, Massachusetts, Nevada, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia or Washington.

Pros and cons

  • Big-name institution. BBVA Compass is among the 25 largest banks in the US with operations well outside its Sunbelt headquarters.
  • Many types of mortgages. BBVA Compass offers ARMs, jumbo loans, FHA loans and other options.
  • Home Ownership Made Easy program. Introduced in 2015, HOME allows qualifying borrowers to finance up to 100% of a home’s value, with BBVA Compass contributing money toward closing costs.
  • Flexible service. If you find yourself unable to pay your mortgage, call a client specialist to work out an alternative until you’re back on your feet.

Cons

  • Limited services. If you don’t live in one of the 21 states that BBVA Compass serves, you’ll need to seek financing elsewhere.

Eligibility requirements

To be eligible for a home loan through BBVA Compass, you’ll need:

  • Minimum personal credit score of 620
  • Reside in: Alabama, Arizona, Arkansas, California, Colorado, Florida, Georgia, Idaho, Kansas, Louisiana, Massachusetts, Nevada, New Mexico, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia or Washington

Required documentation

Before you apply, be sure to have the following information on hand:

  • Full name and personal contact information
  • Social Security number
  • Pay stubs from the past 30 days
  • W2s and 1099s from the past two years
  • Personal tax returns from the past two years
  • Profit and loss statements (if self-employed)
  • A list of your assets, including savings, real estate, car titles and other investment records
  • A complete list of your debts, including student loans, auto loans, personal loans and credit cards

I got a BBVA Compass mortgage. Now what?

Once you’ve attained your BBVA home financing, keep on top of your payments to avoid unnecessary penalties — especially for ARMs, which adjust to a higher APR after an intro period.

  • Set up autopay. Avoid late payment fees and penalties by setting up automatic withdrawals from a BBVA Compass bank account.
  • Customer service. Call BBVA Compass loan support at 800-239-1996, send a secure form or request for customer service to contact you online. Connect on Facebook @BBVACompass or on Twitter @BBVACompass.

Bottom line

BBVA Compass offers home financing options to suit almost any need, but you’ll need to be located in one of the seven states it services. Choosing to buy a home is a big financial decision, so make sure you explore all options to find the best home mortgage for you.

Frequently asked questions about BBVA Compass

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