Bank offers additional ways for homeowners to qualify and obtain attractive interest rates.
FREMONT, Calif., March 21, 2016–Fremont Bank, a leading full-service community bank in California, announced today that it has surpassed $600 million in mortgages under the Bank’s Ability-to-Repay (ATR) mortgage program. This program, launched in January 2014, provides mortgage financing to borrowers who demonstrate a strong ability to repay.
To further enhance the ATR mortgage program, Fremont Bank also announced the launch of an Interest-Only option for qualified borrowers. This continued mortgage product expansion underscores the bank’s commitment to meeting the current demand of mortgage clients.
“In early 2014, we noticed that a segment of our financially sound clients were having difficulties finding loan products that met their needs,” said Group Executive and Senior Vice President Gary J. De Luca. “To address our clients’ needs, we introduced flexible home loan program guidelines while also providing attractive interest rates.”
The ATR program offers borrowers 5-year and 7-year adjustable rate mortgages with competitive rates. Of note, the program allows such features as higher debt to income ratios, alternative sources of income and credit, prior credit challenges, and other flexible qualifying guidelines for primary residences, second homes and investment properties up to $2.5 million. The new Interest-Only option is available on all ATR programs for jumbo loan amounts with a 10-year interest-only period followed by a 20-year amortization.
The ATR program is available to borrowers through Fremont Bank’s retail organization as well as through approved mortgage broker partners. Fremont Bank has demonstrated its leadership, strength and innovation in offering mortgage options for over 50 years and remains committed to meeting their clients’ banking, lending and investing needs now and in the future.
About Fremont Bank
Fremont Bank (www.fremontbank.com
) is a leading retail and commercial bank, California mortgage lender, award-winning top philanthropic business and consistently ranks in Bay Area News Group’s “Top Bay Area Workplaces.” Founded in 1964, Fremont Bank is one of the oldest independent family-owned and managed banks in the state and focuses on personalized service for clients. It has 18 branches across the counties of Alameda, Contra Costa, Santa Clara, San Francisco, and Monterey with a loan production office in Orange County. Find Fremont Bank on Facebook at www.fb.com/FremontBank
and on Twitter at @FremontBank