Valley Bank Reviews

Valley Bank is a commercial bank and direct lender based in New Jersey. There are over 200 physical branches with offices in Alabama, Florida, New Jersey and New York, as well as one location in Beverly Hills, California. The company has been in operation for nearly a century and offers personal and business banking options, wealth management and several mortgage and refinancing options. Borrowers can apply for a loan online or visit a local branch to apply in person.

Interested borrowers can either start an application online or contact Valley Bank directly and apply with a loan officer. You can get prequalified by entering your contact information, estimated home price and gross income. Then, a representative will contact you to complete the process. Prequalification doesn’t affect your credit, but if you decide to apply officially, Valley Bank will perform a hard credit check on all named borrowers.

You can also apply for a loan using the Valley Mortgage app, which you can use to upload documents, message your loan officer and track the progress of your application.

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Valley Bank application features

The only rates Valley Bank advertises are for its home equity lines of credit (HELOCs), which have a maximum annual percentage rate of 15.9% and a minimum of 3.5%.

While Valley Bank doesn’t list mortgage rates online, your rate typically depends on the current federal reserve rate and your:

• Credit score
• Debt-to-income ratio
• Down payment amount
• Loan amount
• Loan term
• Loan type
• Loan-to-value ratio

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Valley Bank offers several types of loans and refinancing options for borrowers:

• Conventional loans: These loans are available with fixed or adjustable interest rates, giving borrowers flexibility in how they structure their payments.
• Jumbo loans: For larger loan amounts, generally in excess of $806,500, depending on your location.
• FHA and VA loans: These government-backed loans offered through the Federal Housing Administration (FHA) and the Department of Veterans Affairs (VA) allow borrowers to qualify with lower down payments and more lenient credit requirements.
• Refinancing loans: Borrowers can choose standard refinancing or cash-out options, which allow them to borrow more than they currently owe.
• Home equity loans: This is a second mortgage that uses the equity in your home as collateral for a lump-sum loan.
• Home equity lines of credit: This option gives you a revolving credit line you can draw from as needed. You repay only what you use.
• Construction loans: These loans are used for new home construction, major renovations or land purchases. Certain restrictions apply.
• Community mortgage programs: Available in Alabama, Florida, New York and New Jersey, these are special loan programs for eligible first-time or low-to-moderate-income borrowers. Benefits include down payments as low as 3%, a reduced $495 origination fee and no private mortgage insurance requirements.

Borrower requirements at Valley Bank vary by loan and are not listed online. The best way to find out what loans you qualify for is to contact the company directly and fill out an application.

For the most part, Valley Bank doesn’t publish its mortgage costs or fees. In general, borrowers can expect to pay closing costs, appraisal, recording and origination fees.

The only listed costs are for the community mortgage programs, where some borrowers can qualify for a reduced origination fee of $495. The company also states that HELOCs have an annual fee of $75, and early termination fees may apply in certain states. Home equity loans from Valley Bank under $350,000 come with no closing costs.