Valley Bank Mortgage Review 2024

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 was established in 1927 and holds more than $61 billion in assets. In addition to offering traditional checking, savings and other banking products, 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.

Pros and cons of Valley Bank

How Bankrate scored Valley Bank

• Affordability: Valley Bank’s mortgage rates are lower than Bankrate’s averages (as of this review), making this lender a potentially 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.

Affordability: 6.8/10

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: 9.6/10

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: 9.8/10

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 My Mortgage 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.

How to apply for a mortgage with Valley Bank

You can apply for a mortgage with Valley Bank in person at a branch location, online or by phone at 800-522-4100. If you have questions about a loan, you can contact the bank Monday through Friday from 9 a.m. to 5 p.m. ET. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Valley Bank

Valley Bank offers both rate-and-term and cash-out refinancing options, with a flat fee structure: $499 for standard refinances and $999 for cash-out refinances.

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.

  How we suggest lenders to compare

  To help you make the most informed decisions, our editorial team suggests two (2) alternative mortgage lenders for each lender reviewed in our comparison table. In most cases, these alternatives 1.) share the same strength (affordability, availability or borrower experience) as the lender reviewed; and 2.) rate highly for Bankrate Score. In the event more than two lenders meet these standards, we suggest the ones with the lowest APRs.