BIRMINGHAM, Ala., March 29 /PRNewswire/ -- BBVA Compass has
introduced the First Time Home Buyer Mortgage, a product designed
to help make one of the biggest financial decisions in life,
simple. The First Time Home Buyer Mortgage is built with an
understanding of the first time home buyer's needs, both pre- and
post-purchase. The product features a host of online resources that
guide the buyer through the purchase process, a required financial
literacy course to help them understand the financial commitment
being made and a mortgage with terms that allow breathing room in
monthly finances so that the buyer can truly make their new house a
home.
"First time home buyers are one of the engines which will help
fuel economic growth," said Shelaghmichael
Brown, senior executive vice president and head of Retail
Banking. "This was made abundantly clear by President Obama's
extension of the First-Time Homebuyer Credit. At BBVA Compass, we
are focused on making credit available, while striving to keep our
approach simple for homebuyers."
Features of the First Time Home Buyer Mortgage include:
- One posted rate
- First payment is not due for three months
- No lender fees (Includes PMI, Origination, Processing,
etc.)
- As low as 5% down payment
- BBVA Compass Online Education Center (Includes educational
videos, calculators, etc.)
- FDIC Money Smart Home Buyer Education Course
"The First Time Home Buyer Mortgage is a product which not only
guides the purchaser through what can be a very complicated
process, but also provides important financial education so that
they can more fully understand their financial obligations in
owning a home. At the end of the process, BBVA Compass pledges to
do our part by providing them with an affordable and easy to
understand mortgage so that they can live comfortably in their
home," said Brown.
Each participant in the First Time Home Buyer Mortgage program
will also receive a BBVA Compass "What to Expect". This
communication is a simple document which concisely outlines each
step of the mortgage process, from application to closing, along
with helpful tips and documents needed along the way.
"Purchasing a house can be a very confusing process," said
Jon Mulkin, executive vice president
and director of consumer asset products. "Our new mortgage product
eliminates that confusion by ensuring that the buyer not only
understands the mortgage process, but also their participation
within it."
BBVA Compass' First Time Home Buyer Mortgage is available
throughout BBVA Compass' seven state footprint, which includes
Texas, Alabama, California, Arizona, Florida, Colorado and New
Mexico. Interested consumers may learn more about the First
Time Home Buyer Mortgage by visiting www.bbvacompass.com, calling
1-888-8-LENDING or requesting more information from their local
BBVA Compass branch.
ABOUT BBVA COMPASS
BBVA Compass is a Sunbelt-based financial institution that
operates 724 branches including 387 in Texas, 92 in Alabama, 65 in California, 77 in Arizona, 45 in Florida, 36 in Colorado and 22 in New Mexico. BBVA Compass is the 15th largest
U.S. commercial bank based on deposit market share and ranks among
the largest banks in Texas (4th),
Alabama (3rd) and Arizona (5th). Additional information
concerning BBVA Compass can be found on our website
www.bbvacompass.com.
BBVA Compass is a subsidiary of Compass Bancshares, Inc., a
wholly owned subsidiary of BBVA (NYSE: BBVA) (MAD: BBVA). BBVA is a
financial services group with more than $785
billion in total assets, 48 million clients, 7,600 branches
and approximately 104,000 employees in more than 30 countries. BBVA
ranks among the top 20 largest financial institutions in the world
based on market capitalization and 20th in Global Finance
magazine's list of the "World's 50 Safest Banks" for 2009. BBVA
provides its customers around the world with a full range of
financial services, including commercial and wholesale banking,
retail banking services, consumer loans, mortgages, credit cards,
securities brokerage, wealth management, pension plan management
and insurance. The BBVA Group maintains a leadership position in
Spain, Mexico, Latin
America and the Sunbelt Region of the United States as well as operations in
China, France, Germany, Hong
Kong, Italy, Japan, Singapore, Switzerland, and the United Kingdom.
Editor's Note:
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BBVA Compass is a trade name of Compass
Bank.
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SOURCE BBVA Compass