Take advantage of our HELOC rate discounts

Overview

Rates as low as 4.75% Variable APR
(rate includes discount of 1.00% for automatic payment and $50,000 initial draw) 

Enjoy a 1.00% interest rate discount with initial advances of $50,000 and above2

Enjoy a 0.50% interest rate discount with initial advances between $35,000 and $49,999.2

As a qualifying Home Equity Line of Credit (HELOC) applicant, you could enjoy easy access to available credit, competitive rates, flexible repayment options, and lower monthly payments.

Apply today, this offer expires December 31, 2018!

Recent non-discounted rates range from 5.75% to 11.13% variable APR. 

HELOC Features

Access the funds you need, when you need them

You can use a HELOC for a variety of purposes, including home improvements, major purchases (appliances, cars, RVs, boats, etc.), refinancing your existing mortgage2, debt consolidation3, and miscellaneous expenses. With a HELOC, you’ll enjoy features including:

Easy-to-access funds

Access your credit line whenever you need funds with four convenient options: a Visa® Platinum Credit Card, convenience checks, by phone or in branch. (Visa® Platinum Credit Card is not available to make draws in Texas.)

Competitive rates

Enjoy a competitive adjustable rate, with monthly payments that vary based on the rate and your outstanding balance. 

Interest-only payments

Make interest-only payments during the draw period. Interest-only payments may result in a lower monthly payment. However, your monthly payment will likely increase after the draw period ends. 

Fixed-rate advance

Choose to "lock in" up to three portions of your line of credit at a fixed rate, with fixed monthly payments. With a fixed-rate advance, you can pay down interest and principal, so funds become available for use again. A $75 fee is charged for each fixed-rate advance and is waived for your first transaction.1

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.3

 

 

 

Potential tax benefits

Potentially lower your tax bill when you deduct interest paid on your year-end taxes. (Please note that tax laws regarding the deductability of interest paid on HELOCs have recently changed. Please consult a tax advisor regarding the potential deductability of interest and charges.)

Terms & Eligibility

Important HELOC terms

Annual Fee

A $75 annual fee is charged on the first anniversary of the line and every year thereafter (not applicable in Texas).

Fixed-Rate Advance Fee

A $75 fee is charged for each fixed-rate advance taken and is waived for your first transaction.

Minimum Required Periodic Payment

You must make a payment of $75 or the total line amount outstanding, whichever is less.

Term Draw Period

Your draw period may last up to 10 years. Please speak with a banker to determine the draw period for your HELOC.

Repayment Period

  • 15 years if the balance owed is $20,000 or more
  • 10 years if the balance owed is less than $20,000

Maximum Interest Rate Cap

Maximum APR for all HELOCs will not exceed 18%.

 Details you need to make a smart decision

All HELOC applications are subject to program eligibility, underwriting, and collateral requirements and approval, including credit approval. Property insurance required, including flood insurance where applicable. Certain property types are not eligible collateral. Available only to California, Texas, New Mexico, Arizona, Colorado, Alabama and Florida residents.

1Interest Rate: Variable Annual Percentage Rate (APR) is based on The Wall Street Journal Prime Rate (“Prime”) (5.25% on 9/28/2018) plus a margin as identified in your credit agreement. APR will vary with Prime. Recent non-discounted APRs range from 5.75% to 11.13%. Your rate will depend on a number of factors, including your credit history. Your APR will not exceed 18% or go below 3.50% at any time during the term of your account. Prime may change at any time and is subject to change without notice. Contact us for current rates. 

2Rate Discount: For applications received between October 1, 2018 and December 31, 2018, and which close on or before February 15, 2019, discounted margins are available in the following amounts if you set up and maintain automatic payments from a BBVA Compass deposit account and take minimum draws within 15 days of account opening when that minimum balance is maintained for at least the first three billing cycles: (1) a margin discount equal to 0.50% will apply for initial draws between $35,000 and $49,999; and (2) a margin discount equal to 1.00% will apply for initial draws of at least $50,000. Discounted margins are subject to forfeiture upon borrower becoming 60 or more days past due or upon failing to meet one of the above requirements after closing. This offer may not be combined with any other promotional discount, but may be combined with Bank-paid closing costs. Discount offer is not available for line increases on existing BBVA Compass HELOCs.

3Closing 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 from borrower(s) if loan is paid off within 2 years (not applicable in Texas). Closing costs vary by state and typically range from $675 on a $10,000 credit line to $11,114 on a $1,000,000 credit line. Texas closing costs typically range from $935 to $7,339 depending on credit line amount.

4Additional Information: 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: BBVA Compass cannot use a customer’s home equity funds to pay (in part or in full) BBVA Compass non-homestead debt at account opening. 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. 

5Debt 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.

BBVA Compass is a trade name of Compass Bank, a member of the BBVA Group. Compass Bank, Member FDIC and an Equal Housing Lender. NMLS #402936   Rev. 09/2018