Founded in 1964, Fremont Bank is a family-owned and managed retail and commercial bank operating in the State of California.
The bank’s headquarters are in Fremont, California and branches exist in several California counties. Fremont was one of the first banks to offer banking services on Saturdays, a service that began in the 1960s.
Fremont Bank Locations
Fremont Bank’s mortgage options include fixed and adjustable-rate mortgages, FHA, Jumbo, and Combination loans.
Located in California, with branches in:
-
- Contra Costa
- Alameda
- Santa Clara
- Monterey
- San Francisco
Retail Loan Offices in:
- Los Angeles
- Sacramento counties
Mortgages offered in California and Nevada only.
Fremont Bank Mortgage Facts
- Fixed and adjustable-rate mortgages available, as well as FHA loans, combo, and jumbo loans
- Loans are available for California and Nevada properties only
- Offers fully underwritten pre-approval letters, so borrowers know precisely how much they are approved for
- High-value home loans available, up to $2.5 million
- Low down payment and no closing cost options available to qualified borrowers
- Combo loan options let applicants combine more than one loan
- Special Purchase Team members advise applicants on which loans to consider
- No Closing Cost loans available for applicants who qualify
History of Fremont Bank
Fremont Bank began in 1964 and was founded by a WWII veteran who relocated to the San Francisco Bay Area in the 1940s. This bank is relatively unique in the sense that it has been family owned and operated from when it was founded to today.
The founder’s three kids continue to work with Fremont Bank and serve in management. As one of the first places to offer Saturday banking, Fremont Bank appears to have made significant efforts to tailor its services to the needs of customers.
According to the East Bay Times, in November 2018 Washington Hospital debuted a new facility, The Morris Hyman Critical Care Pavilion, named after Fremont Bank’s founder. Hyman was a well-known local philanthropist in addition to his work in banking.
Fremont Bank operates branches in California only, so borrowers should keep that in mind as they shop for a loan. Properties must be located in California or Nevada in order to qualify. The bank offers fixed- and adjustable-rate mortgages, FHA, Combo, and Jumbo loans as well as refinance programs.
One unique offering at Fremont Bank is the No Closing Costs mortgage and refinance loan program. Borrowers who qualify can avoid paying the typical non-recurring closing costs that are generally part of the mortgage closing process. To qualify, applicants must meet specific credit and other standards.
Currently, Fremont Bank has a Yelp score of 3.5/5 stars and 186 reviews. The bank’s BBB rating is A+ with customer reviews averaging stars.
Fremont Bank Loan Specifics
Fixed-Rate Loans
With this type of loan, borrowers get a single rate that stays the same for the entire length of the mortgage. Borrowers are protected in case Federal interest rates increase, so they know what to expect every month as they budget for their mortgages.
Applicants who want to lock-in a low rate may want to consider a fixed-rate mortgage, particularly if they plan to stay in the same home for several years. Fremont Bank offers 10, 15, and 30-year fixed-rate mortgages. Borrowers may need a 20 percent down payment to qualify for a loan.
Adjustable-Rate Loans
Although adjustable-rate mortgages do typically begin with a single low rate, market condition changes can result in rate fluctuations. Rates are subject to change and may increase or decrease over time.
This means borrowers could be obligated to pay higher rates and may end up paying more than they thought for a loan. It is also possible for rates to decrease. Applicants who may sell their home or want to refinance might benefit from adjustable-rate loans.
FHA Mortgage Loans
The government backs the Federal Housing Administration (FHA) loans from Fremont Bank and provide affordable financing with low down and monthly payments. Applicants who meet the income standards may pay as little as 3.5 percent down with an FHA loan. Fremont offers both adjustable and fixed-rate loans.
Combination Loans
Borrowers may qualify for a more expensive property or take out cash while closing on a home by obtaining a combination loan. Combo loans combine two different types of loans. Applicants may not need PMI, either. For applicants who need a bigger loan or plan to fund another project through the loan, a combo loan may be the right fit.
Jumbo Loans
For home purchases that are a bit more expensive than typical mortgages allow for, borrowers can obtain a jumbo loan. Fremont jumbo loans offer up to $2.5 million in financing. This option may be ideal for financing homes that are located in high cost-of-living neighborhoods.
No Closing Cost Loans
A unique program at Fremont Bank, the No Closing Cost loan allows borrowers to receive a mortgage without paying for any of the typical closing costs associated with mortgages.
For instance, borrowers avoid appraisal costs, credit report, escrow, title insurance, notary, points, recording, loan documentation, and other non-recurring expenses with getting a mortgage.
To qualify for this program, borrowers must be purchasing or refinancing a single-family home and must meet credit requirements. Closing costs that would otherwise be part of the applicant’s responsibility are refunded at closing.
Borrowers who qualify may save a significant amount of the total expense associated with getting a mortgage or refinance.
Fremont Bank Mortgage Customer Experience
Fremont Bank offers a variety of mortgage products and has loan guidance available for prospective borrowers who want to learn about their financing and refinancing options. Applicants can talk with a loan officer who can direct them to a suitable loan program.
Prospective borrowers must meet with a loan officer and Fremont branches, most of which are in the Bay Area, allow applicants to schedule appointments to learn more and begin the application process.
Prequalification is free and carries no obligation, so borrowers can get a better idea of what they qualify for and how much a home fits in their budgets.
Borrowers applying for mortgages at Fremont Bank will need to provide documentation, generally speaking, to demonstrate eligibility. To show that they can afford the monthly payments, applicants may need bank statements, W2 forms, tax returns from past years, pay stubs, documentation of assets, and other evidence, as requested.
Depending on the type of loan, requirements and credit standards may vary. Fremont Bank’s loan officers work with each applicant to find the right mortgage or refinance option.
Fremont Bank Lender Reputation
Fremont Bank’s Better Business Bureau rating is A+ with a customer review of three stars. Generally, this lender appears to have a positive reputation with customers*.
*Information collected December 5th, 2018
Fremont Bank Mortgage Qualifications
| Credit Score | Quality | Ease of Approval |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat Easy |
| 621-699 | Fair | Moderate |
| 620 and below | Poor | Somewhat Difficult |
| n/a | No credit score | Very Difficult |
Fremont Bank offers the best chances of approval and great rates to applicants with credit scores of 760 and higher. Within the 700 to 759 score range, borrowers may not receive the best mortgage options but will probably have a few different choices they can consider.
“Fair” credit applicants may not have access to the best offers from Fremont Bank. Without a credit score or credit history, borrowers may have difficulty getting a mortgage offer from Fremont Bank.
Applicants should bring plenty of income and asset documentation to their appointments with loan officers so that they can stand the best chances of approval.
| Debt-to-income ratio | Quality | Likelihood to get approval by lender |
|---|---|---|
| 35% or lessÊ | Manageable | Likely |
| 36-49% | Needs Improvement | Possible |
| 50% or more | Poor | Less Likely |
Freemont Bank Contact Information
Homepage URL: https://www.fremontbank.com/
Fremont Bank generally offers more favorable terms to borrowers with debt-to-income (DTI) ratios under 30 percent. With higher DTIs, it may be better to ask about government-backed loan options and alternative loans.
Phone Number & Additional Details:
- Company Phone: 1-877-732-0033
- Headquarters Address: 39150 Fremont Blvd., Fremont, CA 94538
If you live in the California area, Fremont could be a feasible option for your mortgage, but if not, you are still left searching for the best bank. Don’t worry, we’ve got you covered.
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