Home Equity Line of Credit 

overview

Tap into your home equity when you need it

Here's what you get with your home equity line of credit:

Money for your needs

You can choose how much to advance from your available credit when you need it. Use your home equity line of credit for a variety of purposes including: debt consolidation, home improvements, major purchases (appliances, cars, RVs, boats, etc.), refinancing of existing mortgage, and other miscellaneous expenses (vacations, medical expenses, etc.).

Low payments

Our Equity Optimizer Home Equity Line of Credit features a competitive, adjustable rate. Your monthly payments will vary based on the rate and your outstanding balance. You do have the option of making interest-only payments during the draw period.

Easy access

You can access your credit line with either a VISA Platinum Credit Card, convenience checks, by phone, or visiting a branch. (Restrictions apply for Texas residents due to Texas law. See below for more details.)

Potential tax savings

You could possibly lower your tax bill by deducting the interest you pay on your year-end taxes. (Please consult a tax adviser for further information regarding the potential deductibility of interest and charges).

Fixed rate option

You can opt to "lock in" up to three portions of your line of credit at a fixed rate with fixed monthly payments.

Bank-paid closing costs

To make it even better, you may qualify for bank-paid closing costs for lines of credit between $10,000 and $500,000 if certain conditions are met.

Debt Consolidation

The relative benefits you receive from loan consolidation will vary depending on your individual circumstances. If your Home Equity Line has a longer term than the bills you are consolidating, you may not realize savings over the entire terms of your Home Equity Line. Home-secured credit may include expenses, including hazard and flood insurance, which are not required for comparison loans or lines of credit.

 

Rates & Terms

HELOC Rates

Take advantage of our introductory variable rate of Prime minus 1.51% for 12 months! Currently, 2.74% variable APR.

After the 12 month introductory rate period at Prime minus 1.51%, variable APRs from Prime plus 0.38% to Prime plus 2.74%. Currently 4.63% to 6.99%.

  • The introductory variable rate of Prime minus 1.51% for 12 months is available through October 31, 2017 – so hurry and submit your application today!
  • In order to receive the best available rates, you must meet certain credit score, credit history, and program requirements established by the lender.  See below for complete details. Your rate may be higher. 

Other Important Terms

  • Term Draw Period: Up to 10 years
  • Repayment Period:
    •  15 years if the balance owed is $20,000 or more
    • 10 years if the balance owed is less than $20,000

Details you need to make a smart decision

Offer Eligibility: Special Introductory Variable Rate Offer of Prime minus 1.51% for 12 months (the “Offer”) is available only on Home Equity Line of Credit (HELOC) applications in amounts between $25,000 and $1,000,000 that are received between April 19 and October 31, 2017, which close on or before December 15, 2017. Eligibility for the Offer depends on the specific characteristics of your credit transaction, including credit line amount, your credit score and history, lien position, collateral location, and term. Applicants may be approved for a HELOC but determined to be ineligible for the Offer. In order to be eligible for the Offer: (i) borrower must have a FICO score of 720 or higher at the time of application; (ii) borrower must have a BBVA Compass checking account and auto debit all monthly payments from such account; and (iii) borrower must take advances totaling at least $25,000 within 15 days of the closing date and must have at least $25,000 outstanding on the line of credit at the end of the 15th calendar day after closing (not applicable if the property securing the line of credit is located in Texas). In addition, the combined loan-to-value (CLTV) for the property securing the HELOC cannot exceed 80%. Offer is available only to Cal­ifornia, Texas, New Mexico, Arizona, Colorado, Alabama and Florida residents. Offer is not available for line increases on existing BBVA Compass HELOCs, Purchase Money Second Lines or to refinance existing BBVA Compass HELOCs or Home Equity loans. The Special Introductory Rate for HELOCs qualifying for the Offer is variable and is based on the Wall Street Journal U.S. Prime Rate (as of 6/15/2017, Prime Rate was 4.25%) minus the designated margin of 1.51%. The Offer applies to all advances taken during the first 12 months after line opening. After the 12 month introductory rate period is completed, the variable interest rate will be based on the Wall Street Journal U.S. Prime Rate (4.25% as of 6/15/17) plus a margin determined by the specific characteristics of your transaction (ranges are currently 0.38% to 2.74%). In no event will the APR be less than 3.50%, which is the floor rate and the maximum APR for all HELOCs will not exceed 18%. The Offer’s promotional APR is subject to forfeiture upon borrower becoming 60 or more days past due. Special Variable Rate The Offer may not be combined with any other promotional discount, but may be combined with Bank-paid closing costs.

HELOC: All HELOC applications are subject to program eligibility, underwriting, and collateral requirements and approval, including credit approval. BBVA Compass must receive a valid first or second real estate lien on a primary or secondary residence occupied by the borrower, provided that HELOCs secured by non-homesteaded properties are not available in Texas. Property insurance required, including flood insurance where applicable. Minimum required periodic payment is $75 or total line amount outstanding, whichever is less. A $75 annual fee is charged on the first anniversary of the line and every year thereafter (not applicable in Texas). A $75 fee is charged for each fixed rate conversion option that is exercised, waived for the first transaction. Texas HELOCs: Maximum credit line cannot exceed 50% of appraised value of property securing the line of credit. BBVA Compass must receive a valid first or second real estate lien under Article XVI, Section 50(a)(6) of the Texas Constitution on a primary residence occupied by the borrower. Minimum draw in Texas is $4,000. In order to use convenience checks to make draws, borrower must submit request for convenience checks to BBVA Compass. VISA Platinum Credit Card is not available to make draws in Texas. Debt Consolidation: The relative benefits you receive from loan consolidation will vary depending on your individual circumstances. If your Home Equity Loan or Line has a longer term than the bills you are consolidating, you may not realize savings over the entire terms of your Home Equity Loan or Line.

Closing Costs: BBVA Compass will pay for all closing costs on new home equity products with amounts ranging from $10,000 to $500,000. Credit requests for less than $10,000 or more than $500,000 shall be subject to actual closing costs incurred and permitted by law. Bank-paid closing costs are subject to recoupment if the line of credit is paid off and closed within 2 years (not applicable in Texas). To be eligible for bank-paid closing costs, you must to complete a $10,000 draw within 30 days of account opening which must remain outstanding for 90 days (not applicable in Texas). Closing costs vary by state and typically range from $675 on a $10,000 credit line to $6,250 on a $500,000 credit line. Texas closing costs typically range from $935 to $4,165 depending on credit line amount.

BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group. Compass Bank, Member FDIC and an Equal Housing Lender.