Valley National Bank Mortgage Review 2021

Valley National Bank overview

Valley National 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 $41 billion in assets. In addition to offering traditional checking, savings and other banking products to customers in the area, Valley National Bank is licensed to offer mortgages throughout the entire U.S. According to Len Blaifeder, the bank’s first vice president of marketing, prequalifications are usually issued within a few hours of request. 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.

Good for

Borrowers who appreciate a convenient digital experience, low refinance costs or quick closing times, or first-time homebuyers with lower incomes

Loan types

• 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

Lender fees

While Valley National Bank’s fees vary by type of loan, the typical origination fee is $1,175. Refinancing with the bank comes with either an all-in $499 price tag for a rate-and-term refinance or $999 for a cash-out refinance. 

Rates

Valley National Bank’s mortgage rates for conforming, government and jumbo loans are publicly listed online and updated daily.

Reputation

Valley National Bank is not accredited by the Better Business Bureau but does have an A+ rating from the organization based on its responsiveness to customer complaints.

Online services

Valley National Bank has made big strides into the digital world with the recent introduction of the Valley MyMortgage mobile app, which Blaifeder says is “a true game-changer in terms of convenience and speed.” Borrowers can apply, upload documents and e-sign through the app on desktop or mobile. Along with the app, the bank also offers a webinar for first-time homebuyers to provide education on the basics of financing, down payment options and affordability.

Minimum borrower requirements

Valley National Bank’s credit score requirements vary by loan program. Rather than sharing specific thresholds, the bank recommends speaking with a home loan consultant to determine eligibility. The bank can review alternative credit data such as rent payment history when evaluating borrowers. 

Refinancing with Valley National Bank 

Valley National Bank is a solid, low-cost option for refinancing with a transparent fee structure that includes all costs ($499 for standard and $999 for cash-out refinance). As of August 2021, its refinance rates were competitive with Bankrate’s national average.

Not sure if Valley National Bank is right for you? Consider these alternatives

• Renasant Bank mortgage review: Another traditional bank with a regional presence and nationwide mortgage availability
• First Midwest 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
• LowRates.com mortgage review: An online lender with a litany of mortgage products to choose from
• Philadelphia Mortgage Advisors review: A regional lender with first-time homebuyer and affordable housing programs

Breakdown of Valley National Bank overall review score

• Affordability: 14.75/15
• Availability: 18/20
• Borrower experience: 14/15

Review methodology

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.