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Valley Bank Mortgage Review 2023

Name: Valley Bank Mortgage Review 2023
Item: Valley Bank
Rating: 4.8
Author: David McMillin

Written by

David McMillin

Edited by

Suzanne De Vita

Updated May 31, 2023

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At a glance

Editor's take

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.

Bankrate Score

Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.

4.8

Bankrate Score

Customer Rating

Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.

To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.

This lender has 0 reviews.

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

Min. credit score required

Undisclosed

Nationwide availability

Available in all U.S. states

At a glance

4.8

Bankrate Score

Loans offered

Nationwide Availability

Available in all U.S. states

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 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.

Pros and cons of Valley Bank

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

Cons

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

Our Editor’s Take on Valley Bank

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.

Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:
- Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
- Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
- Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.
Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

Bankrate's methodology page spells out our rating process in greater detail.

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

Renasant Bank mortgage review – Another traditional bank with a regional presence and nationwide mortgage availability
Old National Bank mortgage review – Another brick-and-mortar institution that offers mortgages throughout most of the country
Wyndham Capital Mortgage review – Also offers refinancing but does not charge lender fees