Home Equity Loans

Overview

Utilize the equity you've built in your home

Fixed APRs ranging from 4.04% to 9.09% based on loan amount.

Get a competitive fixed rate with funds disbursed as a lump sum. APRs from 4.04% to 9.09% based on loan amount and creditworthiness. Apply for a home equity loan online and start saving today!

Features

Home equity loan features

Use a home equity loan for a variety of purposes, including home improvements, major purchases (appliances, cars, RVs, boats, etc.), debt consolidation,* and miscellaneous expenses. Benefits include:

Lump sum funding

Receive your loan as a lump sum that you can use for almost any purpose. A home equity loan is a good option if you need to make a large, one-time-only purchase.

Competitive fixed rates

Get a competitive fixed rate based on your loan amount. Because a home equity loan uses your home’s equity as collateral, you could get a lower rate than with credit cards and other unsecured loan options.

See Rates Below

Affordable fixed payments

Enjoy the predictability of making fixed monthly payments for the life of your home equity loan. A fixed-rate loan helps make maintaining a regular monthly budget easy.  

 

Bank-paid closing costs

Speak with a banker to see if you qualify for special bank-paid closing costs. You may qualify if your line of credit is between $10,000 and $500,000 and certain conditions are met.**

Potential tax benefits

Potentially lower your tax bill when you deduct interest paid on your year-end taxes. (Please consult a tax adviser regarding the potential deductability of interest and charges.)

RATES & TERMS

Home equity loan rates

You could enjoy a low fixed rate on a home equity loan. Select your banking region to see available rates for each loan amount range.

Get Rates

Your banking region is currently set as   . If not correct, please change your banking region.

Loan Amount APR

$125,000+

As low as %

$50,000 - $124,999

As low as %

$10,000 - $49,999

As low as %

Annual Percentage Rates (APRs) are based on recent market rates, for illustrative purposes only, and subject to change without notice. Advertised APRs reflect assumptions and conditions related to property type, loan-to-value ratio, period of repayment, and credit score, among other variables. Your actual APR may be higher based on the characteristics of your loan transaction and credit history. Please contact us for details.

Home Equity Loan FAQs

Have questions about home equity loans? Find answers to commonly asked home equity loan questions in this helpful article.

Comparison Chart

Is a home equity loan or HELOC right for you?

Want to make the equity in your home work for you? Compare our home equity loans and HELOCs to determine which option is a good fit for your situation.

Features Home Equity Loan HELOC

Fixed or Variable Rate

Fixed rate, with fixed monthly payments

Variable APR, with option to lock in a fixed rate for three portions of the line of credit

Disbursal of Funds

Funds disbursed as a lump sum

Funds available as you need them. Minimum withdrawal may apply.

Bank-Paid Closing Costs

Available if you qualify

Available if you qualify

Potential Tax Benefits

Yes

Yes

Interest-Only Payment Option

No

Yes

How to Apply

Apply Now

Find a Location

Call 1-844-443-2282

Apply Now

Find a Location

Call 1-844-443-2282

FAQs

Frequently asked questions

What is a home equity loan and how does it work?

A home equity loan is a loan that uses the equity in your home as collateral. This type of loan is disbursed as a single lump sum, making it a great option when you need to borrow a specific amount.

How much you can borrow is based on how much equity you have in your home, which is the current appraised value of your home minus any outstanding mortgage or lien balances.

 

What can I use a home equity loan for?

You can use a home equity loan for a variety of purposes, including home improvements, major purchases (appliances, cars, RVs, boats, etc.), debt consolidation, and miscellaneous expenses.

What size home equity loan can I qualify for?

The amount you can borrow will be based on several factors, including home equity, your creditworthiness, and your debt-to-income ratio (i.e., how much debt you have compared to your monthly income).

A BBVA Compass banker can easily help you determine how much you can borrow using the equity you have in your home. To speak with a banker, visit a BBVA Compass branch near you.

Are there closing costs on a home equity loan?

Yes, you can expect to pay the same types of fees you would when getting a mortgage, such as an origination fee, appraisal fee, escrow fees, attorney fees, application fees, etc. However, since some of these fees are a percentage of the amount borrowed, you can typically expect them to be less than you would pay for a first mortgage.

Can home equity loan interest be deducted?

The interest you pay on your home equity loan may be tax deductible. However, you should always consult your tax adviser about the deductibility of interest.

Details you need to make a smart decision

All loans are subject to eligibility, underwriting, and approval, including credit approval. 

*Debt Consolidation: The relative benefits you receive from loan consolidation will vary depending on your individual circumstances. If your Home Equity Loan 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 Loan products with amounts ranging from $10,000 to $500,000. This offer is valid for all Home Equity Loans with the exception of PM2 loans. Credit requests for less than $10,000 or more than $500,000 shall be subject to actual closing costs incurred and permitted by law. Closing cost offer not available with refinance of a first mortgage. Bank-paid closing costs will be recouped if the loan is paid off within 24 months of closing (not applicable in Texas).  

Lien position: 2nd lien position only. 1st lien position Home Equity Loans not available. 1st lien position available as a Home Equity Line of Credit.

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