BBVA mortgage loans review August 2018 | finder.com

BBVA Compass mortgage review

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Purchase your next home or refinance your current one through a financing option that suits your specific needs.

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. It offers the ability for you to prequalify for a mortgage or submit a request online to learn more about its many home financing options.

How does a BBVA Compass mortgage loan work?

BBVA Compass prides itself on home loans to meet the wide variety needs of its customers — from the first-time homebuyer to those looking into funding a vacation home. It offers home financing in the form of fixed and adjustable-rate mortgages and jumbo loans to help you manage monthly payments over five, 10 or 30 years, depending on your terms.

Interest rates aren’t readily available on BBVA Compass’s site — you must submit a request to a loan officer for details. But rates ultimately vary depending on your creditworthiness, the type of home you’re buying and the loan type you’re interested in.

Product details

Product nameBBVA Compass mortgage loan
Interest rateCompetitive
Loan securitySecured
Repayment typeFixed, adjustable
Maximum loanNot available
Minimum loanMinimum loan
Maximum loan term30 years
Minimum income requirementsNot specified
Credit score range620 and up (fair to excellent)
Application feeNot available
Late fee or penaltyNot available
Returned check fee or penaltyNot available
Restricted usesHome or property
Monthly service feeNot available
Legal states or regionsAlabama, Arizona, California, Colorado, Florida, New Mexico and Texas

What are the benefits of a BBVA mortgage loan?

  • 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. You could qualify for an ARM, jumbo loan, FHA loans and other options to fit your needs.
  • 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.
  • Excellent 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.

What to watch out for

BBVA offers a variety of mortgage loans, but high interest rates for those with poor credit are among other factors to consider before applying.

  • Limited services. BBVA Compass is licensed to offer mortgages only in Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas.
  • Rates not available online. BBVA Compass does not readily disclose even APR ranges you could qualify for under its many mortgage options. You’ll need to submit a request to a loan officer to learn more.

Am I eligible for a BBVA Compass mortgage?

To be approved for a mortgage or home loan with BBVA Compass, you must satisfy a few requirements:

  • You’re at least 18 years old.
  • You’re a US citizen.
  • You live in one of seven states in which BBVA Compass offers loans: Alabama, Arizona, California, Colorado, Florida, New Mexico or Texas.

What do I need to apply?

Applying for a mortgage with BBVA Compass can be simple if you know what to expect. First, you’ll need to find a loan officer or submit a request online. A mortgage specialist will contact you soon after to provide loan details and available interest rates.

Depending on the type of loan you’re applying for, you could be required to supply documentation that includes:

  • Your personal contact information.
  • A government-issued ID, like a driver’s license or passport.
  • Checking and savings account statements for the past three months.
  • Proof of other assets, like stocks or bonds.
  • Paycheck stubs that show your current income.
  • A list of revolving credit card accounts and any outstanding balances in your name.
  • Documentation showing any other outstanding loans, like car loans.
  • Copies of your past income tax statements, including W-2s, for the past two years.
  • Proof of employment, including the name and address of your employer.
  • A copy of your divorce decree, if applicable.
  • Bankruptcy or foreclosure paperwork, if applicable.
  • A letter of explanation for any negative account listed on your credit report.
  • Property and collateral information.

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 contact you online. Connect on Facebook @BBVACompass or on Twitter @BBVACompass.

Bottom line

BBVA Compass offers home financing options to suit most any need if you’re located in one of the seven states it services. Choosing to buy a home can be the biggest financial decision most of us will ever make. Be sure to explore all of your options on how to find the best home mortgage for you.

Frequently asked questions about BBVA Compass

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