Microsoft's support for your web browser ended on January 12, 2016. To continue to use our online services, you must upgrade to a current version of Google ChromeTM, Mozilla Firefox® or Microsoft Internet Explorer®.

How to Prepare: New Home Construction

Building a new home comes with the responsibility of making many decisions—including where you finance your loan, hiring a contractor, and more.

Before you begin your project, here's a few helpful tips to consider:

Carefully inspect the property before building your new home

Make sure the property has access to all necessary utilities and appropriate water and sewage services. Choose a lot/land that is well suited to the type of home you will build.

Choose the right contractor

Hiring the right contractor impacts the success of your project and your overall enjoyment with the building experience. Contract price and quality of construction vary from contractor to contractor. That’s why we recommend you interview several contractors to compare bids. Then, select the contractor who makes you feel most comfortable.

Select a lender that saves you money

Just like choosing your contractor, selecting the right lender is important. BBVA Compass offers competitive financing options that save you money. Saving money on your financing allows you to put more money into your new home.

Lower building costs with sustainable and clearance materials

Using recycled building materials will help you save money and it's eco-friendly. Also, look for clearance products, such as floor models, reconditioned appliances, and discontinued models and products. (You can usually score big with discontinued flooring materials.)

Financing your new home construction

Every day, BBVA Compass helps people build their dream homes. We make the process of getting a home construction loan as easy as possible for you and your contractor. Benefits of our Construction Permanent Loan include:

  • One application, one approval, and one closing—saving you time and money
  • Loans up to $5 million available
  • New home construction periods up to 12 months
  • And more!

Learn More

Other new construction loan options at BBVA Compass include:

Fixed-Rate Mortgages

Looking for stable monthly payments? With a Fixed-Rate Mortgage, the interest rate on your mortgage loan remains the same for its entire term.

Learn More

Adjustable-Rate Mortgages

Most adjustable-rate mortgage (ARM) loans feature an initial fixed-rate period, with interest rates adjusting once per year after the fixed-rate term expires. 

Learn More

Jumbo Loans

If you’re buying a home with a higher property value and can manage larger monthly mortgage payments, a jumbo loan may be a good choice for you.

Learn More