This page discusses and outline the benefits and features of Compass Bank mortgages.
Compass Bank is a banking institution operating 420 banking centers throughout Texas, Alabama, Arizona, Florida, Colorado and New Mexico: consequently, Compass Bank rates as the largest regional bank in the Sunbelt region. As Compass is such a major figure it is not surprising that Compass Bank mortgages are a popular choice for many homebuyers.
Compass Bank Mortgage Options in the USA
Compass Bank makes it easy for you to get the mortgage loan that best suits your needs. There are two types of mortgages offered by Compass Bank to people looking to buy a property in the US. Firstly, there is the Compass Fixed Rate Mortgage which locks you into one rate for the life of the loan. Secondly, there is the Compass Adjustable Rate Mortgage in which your loan rate changes to reflect changes in the Prime Rate.
Compass Bank Mortgages and Foreign Property Purchases
For those interested in buying a property outside of the US, Compass Bank also has what is called a Binational Mortgage, which is designed to finance property purchases in Mexico.
With Compass Bank Binational Mortgages, you can purchase a condo, single family home or even purchase land. You can also refinance an existing property that you may already own in Mexico. The minimum amount that you can borrow for this type of loan is $10,000 with a 20% down payment. Compass Bank Binational Mortgages also come in either fixed rate or adjustable rate mortgage options.
Applying for a Compass Bank Mortgage
Before you make a Compass Bank mortgage application, you will need take a few things into consideration:
- You need to know ahead of time how much you can afford to borrow and how much you can afford to pay each month for your mortgage payment.
- You will need to speak with a Compass Bank mortgages specialist. Compass mortgage specialists can tell you about any special lending programs that you might qualify for, any available offers and/or credit options if your credit history is not perfect.
- You may wish to have your Compass Bank mortgage application pre-qualified to determine how much you can afford. This can be a helpful step to help you in your homebuying search: if you know how much you can borrow, you know which properties you can look at and which ones you absolutely cannot afford.
- There is a a good deal of paperwork involved in applying for a mortgage so it is best to be prepared ahead of time.
- Make sure that you have all the required information when you complete your Compass Bank mortgage loan application. You will require as a minimum:
- SSNs of the applicants,
- Proof of address for the past 2 years,
- Employment information,
- W-2s for the past 2 years,
- 2 months worth of bank statement,
- and current expenses such as rent/mortgage payments, credit card and any loan payments and child support payments.
Compass Bank Mortgage Applications
You can apply for Compass mortgages at any Compass Bank branch, on-line or via the phone.