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Valley Bank Mortgage Review 2023

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At a glance

Valley Bank


Rating: 4.8 stars out of 5
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Bankrate Score

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, fixed-rate, adjustable-rate; rate-and-term and cash-out refinancing; home equity line of credit (HELOC), home staging line of credit; construction and renovation loans


Nationwide Availability

Available in all U.S. states

Credit Good

Min. credit score required


Pros and cons

Checkmark Pros

  • Rates updated daily for easy comparison
  • Mobile app powers efficient digital experience
  • Low refinance fees
  • Quick average closing time
  • Programs for low-income homebuyers

Close X Cons

  • Branches only available in some states
  • Minimum borrower requirements not disclosed online

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 has been around since 1927 and holds approximately $54 billion in assets. In addition to offering traditional checking, savings and other banking products to customers in the area, 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. The bank offers two especially appealing low-down payment programs for first-time homebuyers with low to moderate incomes or who are purchasing a home in a low- to moderate-income community.

Valley Bank is good for

Borrowers who appreciate a convenient digital experience combined with local expertise, or those looking for a first-time buyer program

Breakdown of Valley Bank overall score

  • Affordability: Valley Bank’s mortgage rates are lower than Bankrate’s averages, making this lender a 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.


To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.

Affordability: 5/5

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: 5/5

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: 4.3/5

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 MyMortgage 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.

If you have questions about a loan, you can contact the bank Monday through Friday from 9 a.m. to 5 p.m. ET.

Refinancing with Valley Bank

Valley Bank is a solid option for refinancing with a transparent fee structure: $499 for standard refinances and $999 for cash-out refinances.

Alternatives to Valley Bank

Valley Bank consumer reviews



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Written by

David McMillin

Contributing writer

David McMillin is a contributing writer for Bankrate and covers topics like credit cards, mortgages, banking, taxes and travel. David’s goal is to help readers figure out how to save more and stress less.

Edited by

Suzanne De Vita

Arrow Right

Mortgage editor