Valley National Bank Mortgage Review 2021

By Jennifer Bradley Franklin

Please note: In response to the coronavirus pandemic, lenders are changing their requirements continuously. Although we strive for accuracy at the time of publication, please be sure to check with the lender for updated details on down payments, credit scores, etc.

At a glance

Valley National Bank

4.3

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Loans offered

Conventional, jumbo, fixed-rate, adjustable-rate (ARM), FHA, VA, USDA, construction; refinancing options include cash-out refinancing and no-cash out refinancing; home equity lines of credit (HELOCs)
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Nationwide availability

Available in all U.S. states; not available in U.S. territories
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Min. credit score required

Minimum credit score requirements not available

Pros and cons

Pros

  • Offers $499 flat fee for refinancing
  • First-time homebuyers can receive $250 off of closing costs when they set up automatic mortgage payments through a Valley checking account
  • Offers $899 flat-fee cash-out refinance program in New Jersey and New York
  • Has proprietary Community Loan program for low- to moderate-income borrowers purchasing their first home

Cons

  • Offers loans in all states, but only has offices in Alabama, Florida, New Jersey and New York
  • Borrowers need to start the application process to determine if they qualify
  • Some programs have limited availability for certain states

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.

Loan types

  • Conventional
  • Jumbo
  • Fixed-rate
  • Adjustable-rate (ARM)
  • FHA
  • VA
  • USDA
  • Construction
  • Cash-out refinancing
  • No-cash out refinancing
  • Home equity lines of credit (HELOCs)

Lender fees

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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