BBVA mortgage loans review September 2019 | finder.com

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BBVA mortgage review

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finder.com’s rating: 4.2 / 5.0

★★★★★

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

BBVA 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.

Details

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
Available States ID,KS,LA,MA,NM,NV,NY,OH,OK,OR,PA,TN,TX,VA,WA

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 types of loans does BBVA offer?

BBVA offers a variety of different mortgage types, including:

Conventional

BBVA offers conventional fixed-rate mortgages with terms from 10 to 30 years, along with adjustable-rate mortgages. As of 2019, the maximum amount you can take out for a conventional mortgage is $484,350 in most counties.

FHA

Designed for low- to moderate-income borrowers, FHA loans are available with as little as 3.5% down to borrowers who meet the income restrictions.

VA

VA loans are available with $0 down for qualifying veterans, military service members and certain military spouses.

USDA

USDA loans are available for $0 down to homebuyers in eligible rural areas who meet the income requirements. You can use the USDA website to check if your home qualifies.

Jumbo

A jumbo loan is any loan too big to be bought out by government lenders Fannie Mae and Freddie Mac. As of 2019, that means that mortgages over $484,350 in most counties are jumbo loans.

BBVA offers jumbo loans up to $5 million.

Other loans offered by BBVA

BBVA offers a variety of other loans, including:

  • Refinance. Refinance your current mortgage to get a different interest rate or change your loan term.
  • Home equity. A home equity loan from BBVA can help you tap into the equity you’ve built up in your house.
  • Professional mortgage. Medical residents, doctors, attorneys, oral surgeons, dentists and CPAs can get a jumbo loan with a low down payment and no private mortgage insurance.
  • Home Ownership Made Easier (HOME). BBVA offers $0 down payment mortgages to qualifying homebuyers who plan to buy a house in a low-income area.
  • Renovation loans. Get up to $5 million to renovate a primary or secondary home.
  • Construction loans and lot loans. You can get two separate mortgages to buy a lot of empty land and build a new home on it.
  • HomeReady. This program by Fannie Mae lets eligible low- to moderate-income homebuyers purchase a house with as little as 3% down.

BBVA’s fees

Fees vary based on your mortgage type and amount, but BBVA has a mortgage calculator to help you estimate costs.

For example, for a $300,000 home with 10% down and a 5% interest rates, you’d pay approximately:

  • Origination fee. $1,500.
  • Appraisal. $300.
  • Flood certification. $50.
  • Tax service. $150.
  • Title services. $350.
  • Owner’s title insurance. $350
  • Government recording fees. $25
  • Survey. $175
  • Pest inspection. $100.

You’d also need to pay for home insurance and property taxes.

Requirements

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 states in which BBVA offers loans: Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Florida, Georgia, Idaho, Kansas, Louisiana, Massachusetts, Nevada, New Mexico, New York, Ohio, Oklahoma, Oregon, Pennsylvania, Tennessee, Texas, Virginia and Washington.

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

Pros and cons of BBVA

Pros

  • Big-name institution. BBVA is among the 25 largest banks in the US with operations well outside its Sunbelt headquarters.
  • Many types of mortgages. BBVA offers an unusually large selection of mortgage products.
  • Home Ownership Made Easy program. Introduced in 2015, HOME allows qualifying borrowers to finance up to 100% of a home’s value, with BBVA 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 states that BBVA serves, you’ll need to seek financing elsewhere.
  • Mixed customer reviews. While some customers have had great experiences with BBVA employees, others complain about frustrating customer service. But a lot of negative reviews are for the company’s bank accounts, not its mortgages.

How does BBVA compare?

Name Product Min. credit score State availability Loans offered
620
Available in all states
Purchase, Refinance, Home Equity, HELOC, Jumbo, Reverse, Fixed, Adjustable, FHA, VA, USDA
Connect with vetted home loan lenders quickly through this online marketplace.
Vylla
Vylla
620
Not available in: HI, MA, NV, NY, ND, UT
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Explore financing options and home shopping services all on the same website.
620
Not available in: HI, NY
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA, Reverse
A hassle-free lender specialized in home loans.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Flexible options, fast approvals and support online backed by a trusted brand.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA
A subsidiary of CIT Group, CIT Bank is a direct lender that offers a variety of mortgage loan options.
620
Available in all states
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Streamline your mortgage from quote to final payment — all from your computer or phone.

Compare up to 4 providers

How to get a home loan with BBVA

The best way to get a home loan with BBVA is to get started by prequalifying. It takes about 15 minutes and will give you an idea of whether you’ll be eligible for a loan — and how much you’ll qualify for.

  1. Go to BBVA’s website and click Mortgages on the bar near the top of the screen.
  2. Click on the button that says Get Started.
  3. Choose whether you want to purchase, refinance or build a home.
  4. Fill out the information on the screen and click Continue.
  5. There will be several pages of information to fill out about the property, your loan type and your finances. Click Continue after each one, following the onscreen prompts.
  6. Find out if you’re prequalified for a home. If you run into any problems, call (888)853-6346.

What is BBVA?

Founded in Alabama in 1964, BBVA — formerly BBVA Compass — is a bank. It offers checking, savings and investment accounts, credit cards, mortgages, personal loans and business loans.

As of August 2019, it has a B- rating with the BBB with 230 complaints closed within the last year.

Bottom line

BBVA offers home financing options to suit almost any need, but you’ll need to be located in one of the 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

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We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, customer reviews and borrower experience.

Read the full methodology of how we rate home loan providers.

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