BBVA Compass Mortgage – Buy your First Home

The Spanish Banco Bilbao Vizcaya Argentaria (abbreviated as BBVA) acquired the erstwhile Compass Bank in 2007 to create BBVA Compass, which soon became one of the largest financial institutions in the Sun Belt region. Headquartered in Birmingham, the bank provides services in many U.S. states, including Alabama, Arizona, California, Colorado, Florida, New Mexico, and Texas.

Choosing a Loan Option at BBVA

Compass Bank maintains a portfolio of conforming as well as non-conforming loans, so you would be able to meet your home financing requirements irrespective of the cost of the property. Moreover, the bank offers special loan programs for first time home buyers. Furthermore, the interest rates, for conventional as well as jumbo loans, are among the lowest in the industry.

What is the difference between a fixed-rate and adjustable-rate mortgage?

A fixed-rate mortgage can make your life hassle free. If you have a steady source of income, you can set apart a portion of your monthly income to make payment, which will remain the same throughout the loan term.

The payments on an adjustable-rate mortgage may change depending on the various market factors, but they remain the same and much lower during the initial fixed period. This is why it is generally considered a good option for buyers who do not intend to live in their house for a long time.

When is a jumbo loan needed?

If you want to buy a multi-family unit or a large home, which may cost more than $417,000, a jumbo loan becomes a necessity. BBVA Compass can offer a jumbo loan, which is also referred to as a non-conforming loan, at attractive interest rates.

Can BBVA help me buy my first home?

BBVA Compass has a special loan program for first time home buyers. Under this program, you are offered low down-payment options and a three-month period before you begin to make payments after closing. Besides, there will be no origination points and no need for mortgage insurance (PMI).

Mortgage Loan Servicing

You can contact BBVA Compass mortgage customer service online or by phone for all your loan servicing issues.

Online Banking

The easiest way to get detailed information about your mortgage is to use the online banking platform of the bank. You must have a unique login ID and password to access BBVA Compass online. With online access of your mortgage account, you can view the principal balance and estimated net payoff anytime from anywhere. Besides, you will be able to check your escrow account, payment due date, unpaid late charges, and many other such things.

Customer Service

The customer service phone number for new mortgage and home loans is 1-888-8-LENDING. You can also dial 1-800-266-7277 for general queries. Besides, you can also contact the customer service by chat and email when you log on to the bank’s website.

The following mailing address can be used to forward complaints regarding any servicing-related issues.

Compass Bank, PO Box 10184,

Birmingham, Alabama 35202

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