Valley Bank Mortgage Review 2025

Valley Bank overview

Valley Bank has been in business since 1927 and currently operates more than 200 branches with a strong footprint in Alabama, Florida, New York and New Jersey (along with one location in Beverly Hills, California). The bank offers the ability to apply online or contact a loan officer by phone. You can get a purchase loan or refinance your current mortgage with this lender.

Pros and cons of Valley Bank

How Bankrate scored Valley Bank

Affordability: 5/5

Because of Valley’s lower-than-average rates at the time of this review and the ability to qualify for a discounted origination fee, Valley scores the full 5 out of 5 stars for affordability. Other mortgage lenders may not charge upfront fees, but they might charge higher rates to compensate.

• Interest rates: Valley Bank only lists an example of the APR attached to one of its low down payment loan options, but it indicates that the bank’s rates are slightly lower than Bankrate’s average national mortgage rates (as of this writing).
• Down payment: The bank’s Community Advantage Program lets qualifying buyers put down just 3 percent. VA loans don't require any down payment, and FHA loans come with a minimum 3.5 percent down payment requirement.
• Fees: Valley Bank charges an origination fee, but it does not disclose the standard cost. Low- and moderate-income buyers can qualify for a discounted fee of $495, however.
• Closing costs: You'll need to pay closing costs, but the exact amount depends on the loan amount, the loan type you choose and your location, among other factors. Typically, these costs amount to between 2 and 5 percent of the total loan amount.

Availability: 4.8/5

Because of its wide range of loan products and nationwide geographic footprint, Valley received a nearly perfect availability score of 4.8 out of 5 stars. The only downside is a lack of USDA loans.

• Home loans offered: Valley offers mortgage products for almost every type of borrower, including conventional loans, FHA loans, VA loans and jumbo loans. However, the bank does not offer USDA loans, which means this lender might not be a fit for buyers searching in rural areas.
• Footprint: Valley Bank can originate mortgages in all 50 states.
• Where to find: Borrowers can apply online, but you can also talk to someone in person if you live in one of the few states with more than 200 branch locations. 

Borrower experience: 3.4/5

While Valley's lack of transparency regarding rates and fees makes it less appealing, the bank’s customer service experience stands out from many other mortgage lenders. Plus, you can visit a branch or handle your entire application with the My Mortgage app, which puts you in control of the process.

• Application and preapproval process: You can do just about everything via Valley’s My Mortgage mobile app, including submitting your documents, sending a message to your loan officer and more. Or you can apply online, by speaking to a loan officer over the phone or by visiting a local branch.
• Transparency: Valley falls short in the transparency department. The bank doesn’t publish rates — it only gives one example APR that it updates daily — nor is there an easy-to-find list of lender fees. You'll need to fill out an online form or contact a loan officer to get a better idea of what Valley can offer you in terms of rates.
• Customer service: The bank excels in customer service, offering virtual and in-person homebuyer education courses. Additionally, if you have questions about a loan, someone on the customer service team is available 24 hours a day, every day except Thanksgiving and Christmas. The bank also offers the ability to contact a specific loan professional.

Valley Bank reputation

Valley Bank does not hold accreditation from the Better Business Bureau at the time of this review, but it does receive an A+ rating from the organization. The bank did not receive a ranking in J.D. Power's 2023 mortgage origination satisfaction study. 

Valley has earned a reputation for supporting individuals and families facing affordability challenges. In 2023, the bank originated $887 million of multi-family and residential mortgages to support low- and moderate-income people and low- and moderate-income areas. 

Valley Bank special offers

Community Advantage Program

Designed for buyers who earn 80 percent or less than the median income in the area where they’re hoping to buy, this program requires a down payment of just 3 percent. In addition to the low upfront cost and a discounted origination fee of $495, borrowers don’t have to worry about paying private mortgage insurance, which can save hundreds of dollars in monthly fees.

Community Plus Program 

This program is somewhat similar to the Community Advantage Program, but it matters where you're buying property, not how much income you earn. If you’re purchasing a home in a designated low- or moderate-income community, you could qualify for this program. You’ll need to make a larger down payment of at least 5 percent, but you’ll still be able to avoid paying for private mortgage insurance. 

To be eligible for either program, you’ll need to opt to make automatic loan payments from a linked Valley Checking account. That’s not bad news, though: At the time of this review, the bank’s All Access Checking+ offers a $400 welcome bonus for new customers, which can help you offset some of your origination fee.

Refinancing with Valley Bank

Valley offers standard rate-and-term refinances and cash-out refinances, although the bank doesn’t provide an upfront rundown of the fees you’ll need to pay for either option. In either case, you can apply online and submit information about the property, your employment and income history, debt information and Social Security Number. You can also speak to a loan officer by phone or in person at a branch location.

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. 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.