April 15, 2009 > Local bank makes $800 million in home loans in 90 days
Local bank makes $800 million in home loans in 90 days
Submitted By Casey Boggs
In an effort to help borrowers with affordable home loans and capitalize on historically low mortgage rates, Fremont Bank has loaned $800 million to more than 3,600 clients over the past 90 days.
In even better news, the bank plans to provide another 15,000-20,000 homeowners the ability to lower mortgage payments by the end of 2009.
The effort has also created new jobs, as 100 professional mortgage associates were hired this year to meet high service level standards. Fremont Bank plans hire additional staff as lending demand continues.
In the wake of the Obama administration's Home Affordability Program, millions of Americans can refinance their mortgages. The program also permits homeowners to refinance up to 105 percent of their home's value without mortgage insurance.
"Fremont Bank has stepped up and helped thousands of homeowners capitalize on the low mortgage interest rates by streamlining loans to qualified clients," says Vice President of Residential Lending Gary De Luca. "Fremont Bank continues to...assist homeowners with their mortgages and keep families in their homes."
With fixed-rate financing at historically low interest rates, qualified clients may be able to lower and stabilize their monthly payment by refinancing their mortgage loan.