Mortgages Without MysterySM

Fremont Bank was one of the first lenders to offer a No Closing Cost mortgage and has a proud history of offering this to our clients for over 20 years.

Understanding Our No Closing Cost Mortgage & HELOC Loans

You can find out more about this program in our outline below or in Fremont Bank’s Mortgage Application Booklet which is included in your disclosure package when you apply for a mortgage.

Here's What Is Covered

Fees normally charged by a lender are included in the Fremont Bank’s No Closing Cost program. If you choose Fremont Bank’s “No Closing Cost” loan program, there will be no charge for the following customary non-recurring closing costs:

Courier Expense
Credit Report
Flood Certification & Monitoring
Lender's Title Insurance
Loan document and origination fees
Loan Documentation
Loan Origination
Reconveyance Tracking
Tax Service
Wire Fee*
* Fremont Bank Documents Only

Here's What Is Not Covered

The No Closing Cost program does not include all of the fees charged at settlement. Customary fees associated with purchase transactions, such as owner’s title insurance and title company documentation fees, are not included in Fremont Bank’s No Closing Cost loans and are paid by the borrower. Depending on your situation and where you live, you may need funds to pay the following costs:

Grant deeds and associated notary and recording fees
Homeowner’s (hazard) insurance premiums
Flood insurance premiums (if needed)
Mortgage and transfer taxes
Owner's Title Policy
Private mortgage insurance premiums (if needed)
Real Estate Taxes
Reserve (or escrow) funds for property taxes and homeowner’s insurance (if required)
Structural pest control, roof, or other inspections

How The Option Works

While the No Closing Cost option does cover most of the customary non-recurring closing costs; it does not mean you’re getting something for free. It’s typical for a no closing cost loan to have a slightly higher interest rate to make up for the covered fees over time.

Fremont Bank does require an application fee be paid prior to processing your application, however it is credited back when your loan funds. In other words, if you owe money at closing, it will be reduced by the credit amount of the application fee paid, or for 2-4 family homes $300 of the application fee paid will be credited. If you are receiving money back, the application fee credit is included as part of the funds to borrower. If the loan does not close for any reason, such as denied by the bank, closed for incompleteness or you withdraw your application, the application fee is nonrefundable.

Refinance vs Purchase Loans

What are the differences between these two types of loans?


For refinances, the term No Closing Cost refers to “non-recurring” closing costs. It does not apply to “recurring” costs such as fees associated with paying off your current mortgage, taxes and insurance costs due at closing or associated with impounds. Recurring costs would apply whether you choose to refinance or not and thus, are not considered as part of the No Closing Cost mortgage.

Additionally, if your application is for a refinance loan, you will be responsible for paying any prepayment penalty on an existing loan, whether imposed by a third party lender or by Fremont Bank. Some additional costs you may incur when refinancing include the following:

  • Payoff Demand Statement Fee
  • Prepayment penalty
  • Reconveyance fee
  • Subordination fees

Also, if there is a need to subordinate another loan the subordination fee will be your responsibility. In addition, tax and insurance costs that are either required to be paid at closing or collected for purpose of establishing an impound account are not covered with the No Closing Cost option. Third party fees for title vesting changes such as those associated with Grant Deed/Affidavit of Death, or other documents are your responsibility.


Purchase transactions typically have greater closing costs than refinances, and as such, our No Closing Cost option does not cover costs unique to a purchase transaction or “recurring” costs.

However, our No Closing Costs program does cover all of the “non-recurring” closing costs outlined below. Choosing a Fremont Bank No Closing Costs option for your purchase will offer a competitive interest rate and cover the vast majority of non-recurring closing costs associated with your transaction.

4 Ways to Get Started

We're here to help make it easier to refinance or purchase a home with our no closing costs loan program.

Apply Online

Use your computer or smartphone from the comfort of your home.

Locate a Loan Officer

Find a Relationship Loan Officer in your area.

Request a Call

Speak with a Loan Officer, who will help guide you through your application.

Talk to an Expert

A loan representative can answer your questions and take your application.

Looking for More Information?

Follow the links below to learn more about purchasing or refinancing a home.

No Closing Cost options available on purchase and refinance transactions but may not be available on all loan types, including certain Federal, State or Local government programs.

Loan interest rates are based on current market rates, are subject to pricing adjustments related to several factors including, but not limited to, property type and location, loan amount, loan type, loan-to-value, occupancy type, borrower credit history. Mortgage insurance may be required if loan-to-value (LTV) is higher than 80% which could increase the monthly payment and APR.

Adequate property insurance (which may include flood insurance) is required. Borrower responsible for insurance requirements and applicable state, county, city taxes which can be substantial. Additional loan programs may be available. Other restrictions may apply.

The annual percentage rate (APR), is the cost of credit over the term of the loan expressed as an annual rate. The APR above based on interest rate, loan origination fees and applicable closing costs and does not take into account other loan specific finance charges you may be required to pay. Actual rate will be determined after receipt of completed application and prior to execution of loan documents. Rate lock may not be available until final loan approval; fee may apply.

No Closing Cost loans are subject to terms and conditions of Fremont Bank's Application Fee Agreement, which lists the specific costs and fees the borrower will not pay. An application fee may be required after a loan application is submitted, which will be refunded as a credit on your Closing Disclosure at closing. Application fee is non-refundable if your loan is denied, withdrawn or does not close for any reason. Borrower is responsible for paying all fees and charges imposed by brokers or an existing third party lender (for example, payoff demand statement fee and/or a reconveyance fee) as well as any prepayment penalty imposed by any third party lender or Fremont Bank. Loans with lower nominal interest rates may be available to borrower willing to pay points and fees.

Refinancing to lower your monthly payment may extend the number of monthly payments and/or the total amount paid when compared to your current situation. Other loan programs are also available. If you are a servicemember on active duty, prior to seeking a refinance of your existing mortgage loan, please consult with your legal advisor regarding the loss of any benefits you are entitled to under the Servicemembers Civil Relief Act or applicable state law.

Loans available for properties located in CA or NV. Rates may not be available in all areas. Actual rates may vary. Loans subject to credit qualifications and underwriting requirements. Property type and other restrictions may apply. Loans with lower nominal interest rates may be available to borrower willing to pay points and fees. Other loan programs available. Call for details.