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Valley Bank Mortgage Review 2024

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At a glance

Valley Bank
Editor's take

The regional Valley Bank offers mortgages to qualified borrowers across the U.S., and could be a good option if you already bank here. It offers some especially appealing loans for first-time homebuyers, and also stands out for its My Mortgage portal and mobile app, which helps you stay on top of your loan application.

Bankrate Score
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4.4
Rating: 4.4 stars out of 5
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Customer Rating
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This lender has 0 recent reviews.
Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

All U.S. states

Dollar Coin

Min. down payment

3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans

At a glance

Valley Bank

4.4

Rating: 4.4 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

Undisclosed

Valley Bank overview

Valley Bank is a full-service regional bank with branches across Alabama, Florida, New Jersey and New York. Headquartered in Wayne, New Jersey, the bank was established in 1927 and holds more than $61 billion in assets. In addition to offering traditional checking, savings and other banking products, Valley Bank is licensed to offer mortgages throughout the entire U.S. Typically, you can get prequalified (assuming you’re eligible) within a few hours of request and conditionally approved in 48 hours. The average closing time for purchase loans is around 30 days.

Pros and cons of Valley Bank

Pros
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    Rates updated daily for easy comparison

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    Mobile app powers efficient digital experience

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    Low refinance fees

Cons
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    Branches only available in some states

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    Minimum borrower requirements not disclosed online

Our Editor’s Take on Valley Bank

The regional Valley Bank offers mortgages to qualified borrowers across the U.S., and could be a good option if you already bank here. It offers some especially appealing loans for first-time homebuyers, and also stands out for its My Mortgage portal and mobile app, which helps you stay on top of your loan application.

How Bankrate scored Valley Bank

  • Affordability: Valley Bank’s mortgage rates are lower than Bankrate’s averages (as of this review), making this lender a potentially competitive option for your loan. In most cases, you’ll pay a flat origination fee.
  • Availability: Valley Bank works with borrowers nationwide and maintains branches in four states. Uniquely, the bank offers a home staging line of credit for sellers, along with the standard set of mortgage options.
  • Borrower experience: Valley Bank provides a mix of both digital and in-person service.

Affordability: 6.8/10

Valley Bank’s mortgage rates for conforming, government and jumbo loans are publicly listed on its website and updated daily. While the bank’s fees vary by type of loan, the typical origination fee is $1,175.

Availability: 9.6/10

Valley Bank’s loan offerings include conventional, FHA, VA and USDA loans, along with some home equity options and refinancing. If you’re selling your home, the bank’s home staging line of credit can help you cover the cost of preparing it for listing. The bank also offers construction and home improvement financing.

Borrower experience: 9.8/10

Valley Bank has been in business for close to 100 years. It isn’t accredited by the Better Business Bureau, but does have an A+ rating from the organization based on its responsiveness to customer complaints.

Notably, with the Valley My Mortgage mobile app, you can apply for a loan and upload and e-sign documents. The bank also offers a webinar educating first-time homebuyers on the basics of financing, down payment options and affordability.

How to apply for a mortgage with Valley Bank

You can apply for a mortgage with Valley Bank in person at a branch location, online or by phone at 800-522-4100. If you have questions about a loan, you can contact the bank Monday through Friday from 9 a.m. to 5 p.m. ET. Here are some tips to prepare for the process:

  1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
  2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
  3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Valley Bank

Valley Bank offers both rate-and-term and cash-out refinancing options, with a flat fee structure: $499 for standard refinances and $999 for cash-out refinances.

Compare Valley Bank to other lenders

Valley Bank
Rating: 4.4 stars out of 5
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4.4

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Renasant Bank
Rating: 4 stars out of 5
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4.0

Bankrate Score
Info
Read full review
TD Bank
Rating: 3.9 stars out of 5
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3.9

Bankrate Score
Info
Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

Undisclosed

Min. credit score required

620 for conventional loans, 600 for FHA loans

Min. credit score required

620 for conventional loans

Down payment

3% for conventional loans; 3.5% for FHA loans; none for VA loans and USDA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans

Nationwide availability

All U.S. states

Nationwide availability

31 states, including Florida, Georgia, Ohio, Pennsylvania, Texas

Nationwide availability

Connecticut, Delaware, Florida, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, North Carolina, Pennsylvania, Rhode Island, South Carolina, Vermont, Virginia and Washington, D.C

Valley Bank customer ratings and reviews

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