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  Fremont Bank HELOC

Fremont Bank HELOC

in Home Equity Lines of Credit from Fremont Bank

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Fremont Bank HELOC

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in Home Equity Lines of Credit from Fremont Bank

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Highlights
Highlights
Loan Amount $20,000 - $250,000
APR  (Variable APR) 5.38% - 18%
Maximum LTV 80%

Fremont Bank HELOC Review

Where does Fremont Bank HELOC do business?

Fremont Bank is based in Fremont, CA. The company was founded in 1964 and offers home equity lines of credit (HELOCs) to borrowers in 4 states across the USA.

How much can you borrow with a HELOC?

Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.

Fremont Bank HELOC allows borrowers to apply for lines of credit of up to $250,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 80%. That means the total debt secured by the property cannot exceed 80% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have good credit, you may qualify for a line of credit of up to $60k.

What are the terms for a HELOC via Fremont Bank HELOC?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Fremont Bank HELOC offers home equity loans with a draw period of up to 10 years and a repayment period of 20 years.

Is there a minimum draw requirement?

Yes, there is a minimum draw requirement of $300. Fremont Bank HELOC also requires borrowers to have a minimum average balance of $500 to avoid penalty fees.

What range of rates does Fremont Bank HELOC offer?

Fremont Bank HELOC offers home equity loans with APRs starting at 5.38% and up to 18%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

Rate is quoted with autopay discount*.

What fees does Fremont Bank HELOC charge for a HELOC?

Fremont Bank HELOC may charge a loan origination fee. Expect an initial processing fee of $95. There is also an annual fee of $75. Another fee you should factor in is a cancelation fee of up to $500.

What types of property can you use as security for a HELOC with Fremont Bank HELOC?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Fremont Bank HELOC will consider lines of credit secured by the following property types:

  • Primary home
  • Secondary homes and vacation properties

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Contact

  • Headquarters
  •   39150 Fremont Blvd
    Fremont, CA 94538
  •   Visit Site

Hours of Operation

  • Sunday Closed
  • Monday 9:00am - 6:00pm
  • Tuesday 9:00am - 6:00pm
  • Wednesday 9:00am - 6:00pm
  • Thursday 9:00am - 6:00pm
  • Friday 9:00am - 6:00pm
  • Saturday 9:00am - 1:00pm

Other Services by Fremont Bank

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  Available in 4 states
  • Arizona
  • California
  • Nevada
  • Oregon

Feature Breakdown

Initial Processing Fee $95
Annual Fee $75
Cancellation Fee $500
Minimum Age 18
Credit Score Range 660 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
  • Unemployed
Intended Use
  • Primary Home
  • Secondary Home
Maximum LTV 80%
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Residence
  • Social Security Number
  • U.S. Tax Identification Number
  • Driver License (or other photo ID)
  • Proof of citizenship/residence (Green Card)
Minimum Draw $300
Draw Period 10
Repayment Period 20
Required Average Balance $500
Loan Amount $20K - $250K
APR (Variable APR) 5.38% - 18%
Introductory Rate 3.99%

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