BBVA Compass, a subsidiary of Compass Bancshares, a wholly owned subsidiary of BBVA, has launched First Time Home Buyer Mortgage, a new product designed to help first time home buyers, both pre- and post-purchase.
The First Time Home Buyer Mortgage features online resources that guide buyers through purchase process, a required financial literacy course to help them understand the financial commitment being made and a mortgage with terms that allow to know in monthly finances so that they can truly make their new house a home.
Moreover, each participant in the First Time Home Buyer Mortgage program will receive a BBVA Compass ‘What to Expect’, a document which outlines each step of the mortgage process, from application to closing, along with helpful tips and documents needed along the way.
Shelaghmichael Brown, senior executive vice president and head of retail banking at BBVA Compass, said: “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.”
Jon Mulkin, executive vice president and director of consumer asset products at BBVA Compass, said: “Purchasing a house can be a very confusing process. Our new mortgage product eliminates that confusion by ensuring that the buyer not only understands the mortgage process, but also their participation within it.”