Valley National Bank overview
Valley National Bank is a full-service bank and mortgage lender with more than 200 locations across Alabama, Florida, New Jersey and New York. The bank is part of publicly traded holding company Valley National Bancorp. In addition to personal and business banking, Valley National Bank offers mortgage loans and refinancing.
Founded in 1927 under the name Passaic Park Trust Company, Valley National Bank is now headquartered in Wayne, New Jersey. The company holds approximately $41 billion in assets.
- Adjustable-rate (ARM)
- Cash-out refinancing
- No-cash out refinancing
- Home equity lines of credit (HELOCs)
Valley National Bank does charge origination fees, but they vary according to the loan and the borrower’s qualifications. The bank is known for its $499 refinance program and its $899 cash-out refinance program (available in New Jersey and New York only). The bank also offers relationship pricing and perks based on the size and value of the customer’s relationship.
Minimum borrower requirements
Valley National Bank doesn’t publish or disclose minimum borrower credit requirements; prospective borrowers must connect with a mortgage consultant or begin the loan application process to determine creditworthiness. According to a Valley National Bank representative: “Credit scores are one part of the qualification process. We are not bound by absolute numbers…We have numerous low-down payment programs which offer relaxed qualifying requirements, including those below 5 [percent down].”
Valley National Bank also follows Fannie Mae and Freddie Mac’s underwriting guidelines, which means borrowers can put as little as 3 percent down on some loans.
“In addition to programs offered in conjunction with GSEs [government-sponsored enterprises], we have our own Community Portfolio products which offer special pricing and low-down payments for LMI [low- to moderate-income] households seeking their first home,” according to the Valley National Bank SVP and head of content strategy and public relations.
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