BBVA Compass Bank offering HELOC with 2.74% Introductory Interest Rate for 12 Months

BBVA Compass Bank logoOwning a home can be a valuable asset for those who are fortunate enough to have a rising home value as the mortgage balance is paid down. As this takes place, the equity in a residential property becomes available to homeowners, and they may use that as they see fit with the help of a home equity line of credit (HELOC). Borrowing at a low cost from one’s own home can be beneficial for paying down high-interest debt, like credit cards or personal loans, financing a child’s college tuition, or completing a major renovation around the house. Before opening a new home equity line of credit, it is helpful to shop around with various lenders to ensure the most affordable interest rate is secured.

Promotional Offer Details

Currently, BBVA Compass Bank is offering a home equity line of credit with an introductory interest rate as low as 2.74%. For the first 12 months after establishing a new credit line, the interest remains equal to the Prime rate minus 1.51%; after the initial 12-month period ends, the interest rate reverts to a variable rate equal to Prime plus 0.38%, currently 4.63%. Homeowners have until October 31, 2017, to submit an application.

The home equity line of credit offered by BBVA Compass Bank gives homeowners up to 20 years to make withdrawals, and repayment can extend up to 15 years for balances of $20,000 or more. A 10-year repayment period is imposed if the credit line balance is less than $20,000. Eligible homeowners must be approved for a new home equity line of credit with a minimum $25,000 credit line, although the line can be extended up to $1,000,000 based on the application details.

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Qualification Requirements

A credit score of at least 720 is required at the time of application to receive the lowest possible interest rate, and automatic payments to the home equity line of credit must be established from a BBVA Compass checking account. At this time, only residents of California, Texas, New Mexico, Arizona, Colorado, Alabama, and Florida are eligible for the promotional offer. The combined loan-to-value ratio for the property used to secure the home equity line of credit cannot exceed 80% if the lowest possible interest rate is to be approved.

About BBVA Compass Bank

BBVA Compass Bank primarily operates throughout the Sunbelt region, with 688 branches spanning Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas. In addition to home equity products, BBVA Compass provides its banking customers with small business deposit and lending accounts as well as personal deposit and lending products.

Contact Information

Homeowners interested in securing a home equity line of credit through BBVA Compass may contact a lending specialist by calling 1-844-443-2282, by visiting a full-service branch location, or by visiting the bank online.

Posted on July 5, 2017 by in Home Equity Line of Credit, Mortgages,

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