BBVA Compass has introduced the First-Time Homebuyer 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 homebuyer'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 homebuyers 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 five percent downpayment
►BBVA Compass Online Education Center (includes educational videos, calculators, etc.)
►FDIC Money Smart Homebuyer Education Course
"The First-Time Homebuyer 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 Homebuyer Mortgage program will also receive a BBVA Compass "What to Expect," 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."
For more information, visit www.bbvacompass.com.