Valon Mortgage Reviews

We recommend Valon Mortgage for homebuyers looking to close fast, since it claims closing on a home can take as little as 15 days. People who don’t want to be passed off to an unknown mortgage servicer once their loan closes will also appreciate that Valon Mortgage typically doesn’t sell its loans. That means you’ll likely only work with one company for the life of your loan.

However, homebuyers who want to work with established companies might feel uneasy with new companies like Valon Mortgage. It was founded in 2019, and there aren’t many reviews online about customers’ lending experience. Buyers looking to make a small down payment might also not find many options with Valon beyond an FHA loan. It generally requires at least 10% down for its loans and doesn’t offer VA or USDA loans.

Homebuyers wanting a mortgage can fill out Valon’s 10- to 15-minute online mortgage pre-approval application. The online application reduces the time it typically takes to apply by automatically pulling in your relevant information. Valon’s lenders will do a hard credit pull, which temporarily impacts your credit score.

From there, someone from its lending team contacts you about the best loan for your needs and your preapproval. Once a seller accepts your offer, Valon claims it can close on your mortgage in as little as 15 days.

In most cases, Valon will also be your loan servicer, so you’ll continue to work with the company for as long as you have the loan. Its online portal tracks your mortgage’s progress and manages your payments.

Valon Mortgage offers standard mortgage products like conventional, jumbo and FHA loans, but not others like VA or USDA loans. If you’re refinancing, your options include cash-out refinancing, home equity loans and home equity lines of credit.

Here’s what to know about Valon’s mortgage loans:

• Conventional loan: Valon usually requires borrowers to put a 10% to 20% down payment on their future home to be eligible for its conventional loan. Fixed- and adjustable-rate mortgages are available.
• Jumbo loan: These loans are used when you need to finance more than the limit set for a conventional loan. Fixed- and adjustable-rate mortgages are available.
• FHA loan: This government-backed loan is designed for low-to-moderate-income homebuyers purchasing their primary residence.

Besides home loans, Valon also sells home, auto and specialty insurance like flood, earthquake, Airbnb and more.

Valon doesn’t disclose its mortgage rate only. It only states that your rate depends on factors like your:

• Loan type
• Credit score
• Down payment amount
• Loan amount
• Property value
• Intended use of property

Once you have your Valon mortgage rate, you can compare it with your state’s average rates using the Consumer Financial Protection Bureau’s interest rate tool.

Valon doesn’t disclose its lender fees for its loan products. For mortgage loans, it claims that Valon homeowners save an average of $1,243 on fees, but it doesn’t elaborate on which fees are saving buyers money.

However, Valon does post its mortgage servicing fees, so you know the fees you might need to pay throughout your loan term. Valon doesn’t charge to cancel your escrow or generate a payoff statement and usually charges 5% of your monthly installment as a late fee.

Valon Mortgage is a legitimate mortgage lender and servicer headquartered in New York. The company has more than 200 employees and is processing over $5 billion in mortgages. It’s also an approved Fannie Mae and Freddie Mac loan servicer for government-backed loans. Valon Mortgage also raised $44 million in Series B funding from several investors.