SAN
ANTONIO, Sept. 26, 2023 /PRNewswire/ -- Frost, the
subsidiary of Cullen/Frost Bankers, Inc. (NYSE: CFR), and one of
the largest banks based in Texas,
has introduced its Progress Home Equity Loan, designed to offer
funding to low-to-moderate income homeowners at competitive rates
and terms.
"At Frost, everyone is significant, and introducing products
like this, especially when interest rates are high, demonstrates
our commitment to making sure everyone has a place at Frost," said
Chairman and CEO Phil Green. "The
Frost Progress Home Equity Loan – along with our new Progress
Mortgage – will make people's lives better by providing funding at
low rates and affordable terms to increase their sense of financial
belonging."
The Frost Progress Home Equity Loan is available to owners of
single-family residences as well as condominiums and townhomes.
Homeowners can qualify if their income is no greater than 80% of
their county's median family income (as defined by the Federal
Financial Institution Examination Council). The Progress Home
Equity Loan is available for terms of 10, 20, 25 and 30 years, and
in most cases borrowers will have no closing costs. There is no
maximum loan amount, but the maximum loan-to-value percentage is
80%.
The new Progress Home Equity Loan is a companion to the Frost
Progress Mortgage, which the company is introducing across
Texas as it expands its new
mortgage lending operations. Like the Progress Home Equity Loan,
the Progress Mortgage is available to borrowers with no greater
than 80% of their county's median family income, and it offers
competitive rates with substantially lower closing costs. The
Progress Mortgage also offers 100% financing – meaning borrowers
don't have to make a down payment – and no required private
mortgage insurance.
More information about the new Frost Progress Home Equity Loan
is available at
https://www.frostbank.com/personal/banking/loan-products/equity.
About Frost:
Frost is the banking, investments and insurance subsidiary of
Cullen/Frost Bankers, Inc. (NYSE: CFR), a financial holding company
with $48.6 billion in assets on
June 30, 2023. One of the 50 largest
U.S. banks by asset size, Frost provides a full range of banking,
investments and insurance services to businesses and individuals in
the Austin, Corpus Christi, Dallas, Fort
Worth, Houston, Permian
Basin, Rio Grande Valley and San
Antonio regions. Founded in 1868, Frost has helped Texans
with their financial needs during three centuries. For more
information, visit www.frostbank.com.
For more information:
Bill Day
210-220-5427 office
210-288-5498 mobile
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SOURCE Frost