Valley National Bank Mortgage Rates, Fees & Info
Passaic, NJLEI: KI0VI4JRMCIJ329YTN75
Tax ID: 22-1186387
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Mortgage Data
Review & Overview
Valley National Bank is a small bank specializing in Home Purchase and Cash Out Refi loans. Valley National Bank has a high proportion of conventional loans. They have a a low proportion of FHA loans. (This may mean they shy away from first time homebuyers.) They have a low ratio of USDA loans. Their top markets by origination volume include: New York, Philadelphia, Miami, Tampa, and Orlando among others. We have data for 97 markets. (Some data included below & more in-depth data is available with an active subscription.)Valley National Bank has an average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Valley National Bank is typically an average fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.
We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.
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SimulatedRates™Mortgage Type |
Simulated Rate | Simulation Date |
|---|---|---|
| Home Equity Line of Credit (HELOC) | 6.43% | 11/17/24 |
| 30 Year Conventional Purchase | 6.21% | 11/17/24 |
| 30 Year Conventional Refi | 6.40% | 11/17/24 |
| 30 Year Cash-out Refi | 6.50% | 11/17/24 |
| 30 Year FHA Purchase | 7.29% | 11/17/24 |
| 30 Year FHA Refi | 6.27% | 11/17/24 |
| 30 Year VA Purchase | 6.51% | 11/17/24 |
| 30 Year USDA Purchase | 6.75% | 11/17/24 |
| 15 Year Conventional Purchase | 5.97% | 11/17/24 |
| 15 Year Conventional Refi | 5.97% | 11/17/24 |
| 15 Year Cash-out Refi | 5.97% | 11/17/24 |
| These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates. | ||
Valley National Bank Mortgage Calculator
Your Estimates
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This is not an official calculator from Valley National Bank. It uses our SimulatedRate™
technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.
The default purchase price is the median sales price across the US for 2022Q4, per FRED.
Originations
3,009Origination Dollar Volume (All Markets)
$2,900,055,000Awards
Valley National Bank - 2023
Valley National Bank is a 2023 , due to their low .
For 2023, less than of lenders were eligible for this award.
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Relative Rate
Valley National Bank's average 30 year fixed mortgage rate was
6.6%.
The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.
This yields a difference of 0.12%.
Relative Fees (Closing Costs)
Valley National Bank's average total fees/closing costs for a 30 year fixed rate
mortgage were $6,815.
The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including
both points & up-front fees in addition to origination fees) were $9,089.
Top Markets
Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.
| Market | Originations | Total Value | Average Loan | Average Fees | Average Rate |
|---|---|---|---|---|---|
| New York-Newark-Jersey City, NY-NJ-PA (FHA|USDA|VA) | 1,807 | $1,302,565,000 | $720,844 | $4,596 | 6.67% |
| Philadelphia-Camden-Wilmington, PA-NJ-DE-MD (FHA|USDA|VA) | 39 | $348,205,000 | $8,928,333 | $4,345 | 6.64% |
| Miami-Fort Lauderdale-Pompano Beach, FL (FHA|USDA|VA) | 227 | $259,305,000 | $1,142,313 | $5,307 | 6.69% |
| TAMPA-ST. PETERSBURG-CLEARWATER, FL (FHA|USDA|VA) | 216 | $176,990,000 | $819,398 | $6,678 | 6.73% |
| ORLANDO-KISSIMMEE-SANFORD, FL (FHA|USDA|VA) | 49 | $98,755,000 | $2,015,408 | $5,580 | 6.58% |
| BIRMINGHAM-HOOVER, AL (FHA|USDA|VA) | 29 | $75,395,000 | $2,599,828 | $4,553 | 7.07% |
| BRIDGEPORT-STAMFORD-NORWALK, CT (FHA|USDA|VA) | 10 | $74,800,000 | $7,480,000 | $7,862 | 6.75% |
| TRENTON-PRINCETON, NJ (FHA|USDA|VA) | 10 | $66,350,000 | $6,635,000 | $5,503 | 7.14% |
| OCEAN CITY, NJ (FHA|USDA|VA) | 60 | $47,920,000 | $798,667 | $7,059 | 6.51% |
| LANCASTER, PA (FHA|USDA|VA) | 2 | $43,060,000 | $21,530,000 | $0 | 5.90% |
| GREENVILLE-ANDERSON, SC (FHA|USDA|VA) | 3 | $31,635,000 | $10,545,000 | $4,217 | 6.58% |
| PALM BAY-MELBOURNE-TITUSVILLE, FL (FHA|USDA|VA) | 32 | $28,230,000 | $882,188 | $5,704 | 6.78% |
| POUGHKEEPSIE-NEWBURGH-MIDDLETOWN, NY (FHA|USDA|VA) | 88 | $26,990,000 | $306,705 | $5,733 | 6.56% |
| ALLENTOWN-BETHLEHEM-EASTON, PA-NJ (FHA|USDA|VA) | 36 | $26,710,000 | $741,944 | $1,863 | 6.67% |
| AUSTIN-ROUND ROCK-GEORGETOWN, TX (FHA|USDA|VA) | 2 | $23,980,000 | $11,990,000 | $5,330 | 6.02% |
| NAPLES-MARCO ISLAND, FL (FHA|USDA|VA) | 56 | $23,510,000 | $419,821 | $6,849 | 6.73% |
| MEMPHIS, TN-MS-AR (FHA|USDA|VA) | 1 | $22,825,000 | $22,825,000 | $0 | 6.41% |
| Chicago-Naperville-Elgin, IL-IN-WI (FHA|USDA|VA) | 4 | $22,070,000 | $5,517,500 | $11,214 | 7.53% |
| CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) | 26 | $20,170,000 | $775,769 | $6,466 | 6.34% |
| North Port-Sarasota-Bradenton, FL (FHA|USDA|VA) | 31 | $18,115,000 | $584,355 | $6,307 | 6.84% |
| TALLAHASSEE, FL (FHA|USDA|VA) | 1 | $16,255,000 | $16,255,000 | $0 | 6.28% |
| Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) | 4 | $15,980,000 | $3,995,000 | $10,921 | 6.07% |
| Outside of Metro Areas | 26 | $12,890,000 | $495,769 | $6,043 | 7.02% |
| PENSACOLA-FERRY PASS-BRENT, FL (FHA|USDA|VA) | 2 | $11,030,000 | $5,515,000 | $3,392 | 7.54% |
| ATLANTIC CITY-HAMMONTON, NJ (FHA|USDA|VA) | 17 | $10,495,000 | $617,353 | $6,066 | 6.35% |
| KINGSTON, NY (FHA|USDA|VA) | 23 | $7,165,000 | $311,522 | $6,844 | 6.76% |
| VINELAND-BRIDGETON, NJ (FHA|USDA|VA) | 1 | $7,075,000 | $7,075,000 | $0 | 5.69% |
| JACKSONVILLE, FL (FHA|USDA|VA) | 35 | $6,385,000 | $182,429 | $2,188 | 6.87% |
| ATLANTA-SANDY SPRINGS-ALPHARETTA, GA (FHA|USDA|VA) | 2 | $5,420,000 | $2,710,000 | $11,825 | 6.32% |
| DELTONA-DAYTONA BEACH-ORMOND BEACH, FL (FHA|USDA|VA) | 17 | $4,695,000 | $276,176 | $3,840 | 5.59% |
| LAKELAND-WINTER HAVEN, FL (FHA|USDA|VA) | 15 | $4,195,000 | $279,667 | $1,970 | 6.73% |
| PORT ST. LUCIE, FL (FHA|USDA|VA) | 7 | $3,505,000 | $500,714 | $8,247 | 7.39% |
| JOHNSON CITY, TN (FHA|USDA|VA) | 1 | $3,405,000 | $3,405,000 | $0 | 7.00% |
| Washington-Arlington-Alexandria, DC-VA-MD-WV (FHA|USDA|VA) | 2 | $2,970,000 | $1,485,000 | $6,790 | 8.25% |
| PUNTA GORDA, FL (FHA|USDA|VA) | 5 | $2,965,000 | $593,000 | $4,064 | 6.73% |
| AUBURN-OPELIKA, AL (FHA|USDA|VA) | 10 | $2,680,000 | $268,000 | $4,077 | 6.74% |
| CHARLESTON-NORTH CHARLESTON, SC (FHA|USDA|VA) | 1 | $2,505,000 | $2,505,000 | $9,656 | 5.75% |
| Okeechobee, FL (FHA|USDA|VA) | 1 | $2,505,000 | $2,505,000 | $0 | 6.21% |
| ASHEVILLE, NC (FHA|USDA|VA) | 2 | $2,130,000 | $1,065,000 | $6,546 | 6.69% |
| PEORIA, IL (FHA|USDA|VA) | 1 | $2,055,000 | $2,055,000 | $0 | 7.41% |
| PANAMA CITY, FL (FHA|USDA|VA) | 1 | $2,005,000 | $2,005,000 | $16,748 | 5.75% |
| LOUISVILLE, KY (FHA|USDA|VA) | 1 | $1,945,000 | $1,945,000 | $9,417 | 8.50% |
| MONTGOMERY, AL (FHA|USDA|VA) | 16 | $1,800,000 | $112,500 | $1,972 | 6.92% |
| Sebastian-Vero Beach, FL (FHA|USDA|VA) | 5 | $1,505,000 | $301,000 | $4,338 | 6.55% |
| EAST STROUDSBURG, PA (FHA|USDA|VA) | 8 | $1,430,000 | $178,750 | $3,816 | 6.88% |
| HARRISBURG-CARLISLE, PA (FHA|USDA|VA) | 1 | $1,315,000 | $1,315,000 | $17,594 | 6.63% |
| Steamboat Springs, CO (FHA|USDA|VA) | 1 | $1,305,000 | $1,305,000 | $3,818 | 5.75% |
| CHARLOTTE-CONCORD-GASTONIA, NC-SC (FHA|USDA|VA) | 3 | $1,255,000 | $418,333 | $4,211 | 6.62% |
| OSHKOSH-NEENAH, WI (FHA|USDA|VA) | 1 | $1,205,000 | $1,205,000 | $4,218 | 7.50% |
| PROVIDENCE-WARWICK, RI-MA (FHA|USDA|VA) | 1 | $1,195,000 | $1,195,000 | $15,614 | 7.63% |
| MYRTLE BEACH-CONWAY-NORTH MYRTLE BEACH, SC-NC (FHA|USDA|VA) | 3 | $1,135,000 | $378,333 | $3,772 | 7.00% |
| SALISBURY, MD-DE (FHA|USDA|VA) | 3 | $1,125,000 | $375,000 | $3,681 | 6.83% |
| NEW HAVEN-MILFORD, CT (FHA|USDA|VA) | 3 | $985,000 | $328,333 | $7,386 | 7.63% |
| ALBANY-SCHENECTADY-TROY, NY (FHA|USDA|VA) | 3 | $935,000 | $311,667 | $8,167 | 7.13% |
| Hudson, NY (FHA|USDA|VA) | 1 | $885,000 | $885,000 | $8,523 | 5.75% |
| CINCINNATI, OH-KY-IN (FHA|USDA|VA) | 2 | $870,000 | $435,000 | $4,303 | 6.75% |
| BELLINGHAM, WA (FHA|USDA|VA) | 1 | $865,000 | $865,000 | $4,695 | 5.50% |
| AUGUSTA-RICHMOND COUNTY, GA-SC (FHA|USDA|VA) | 1 | $765,000 | $765,000 | $0 | 6.25% |
| Cullowhee, NC (FHA|USDA|VA) | 2 | $760,000 | $380,000 | $6,179 | 6.92% |
| Breckenridge, CO (FHA|USDA|VA) | 1 | $725,000 | $725,000 | $0 | 6.75% |
| DENVER-AURORA-LAKEWOOD, CO (FHA|USDA|VA) | 2 | $710,000 | $355,000 | $3,036 | 6.13% |
| SPRINGFIELD, MA (FHA|USDA|VA) | 1 | $705,000 | $705,000 | $5,519 | 6.75% |
| Alexander City, AL (FHA|USDA|VA) | 7 | $695,000 | $99,286 | $5,028 | 6.92% |
| Montrose, CO (FHA|USDA|VA) | 1 | $655,000 | $655,000 | $3,741 | 6.88% |
| GAINESVILLE, FL (FHA|USDA|VA) | 2 | $590,000 | $295,000 | $0 | 6.30% |
| VISALIA, CA (FHA|USDA|VA) | 2 | $580,000 | $290,000 | $8,200 | 5.75% |
| BALTIMORE-COLUMBIA-TOWSON, MD (FHA|USDA|VA) | 1 | $515,000 | $515,000 | $8,267 | 6.25% |
| ROCHESTER, NY (FHA|USDA|VA) | 4 | $510,000 | $127,500 | $4,645 | 6.44% |
| COLORADO SPRINGS, CO (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,093 | 6.88% |
| Kill Devil Hills, NC (FHA|USDA|VA) | 1 | $455,000 | $455,000 | $4,839 | 5.88% |
| READING, PA (FHA|USDA|VA) | 1 | $445,000 | $445,000 | $9,957 | 7.38% |
| Cullman, AL (FHA|USDA|VA) | 2 | $410,000 | $205,000 | $3,607 | 6.80% |
| BURLINGTON-SOUTH BURLINGTON, VT (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,610 | 6.50% |
| NASHVILLE-DAVIDSON-MURFREESBORO-FRANKLIN, TN (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $5,594 | 6.25% |
| ATHENS-CLARKE COUNTY, GA (FHA|USDA|VA) | 1 | $405,000 | $405,000 | $4,613 | 6.38% |
| INDIANAPOLIS-CARMEL-ANDERSON, IN (FHA|USDA|VA) | 1 | $365,000 | $365,000 | $3,466 | 6.63% |
| Torrington, CT (FHA|USDA|VA) | 1 | $355,000 | $355,000 | $0 | 5.99% |
| Wauchula, FL (FHA|USDA|VA) | 1 | $345,000 | $345,000 | $5,465 | 7.63% |
| RALEIGH-CARY, NC (FHA|USDA|VA) | 1 | $325,000 | $325,000 | $0 | 7.50% |
| OCALA, FL (FHA|USDA|VA) | 1 | $315,000 | $315,000 | $11,467 | 6.12% |
| SEBRING-AVON PARK, FL (FHA|USDA|VA) | 1 | $295,000 | $295,000 | $4,988 | 5.88% |
| Boston-Cambridge-Newton, MA-NH (FHA|USDA|VA) | 1 | $255,000 | $255,000 | $4,453 | 6.75% |
| MCALLEN-EDINBURG-MISSION, TX (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $8,583 | 5.63% |
| CHATTANOOGA, TN-GA (FHA|USDA|VA) | 1 | $235,000 | $235,000 | $2,818 | 7.63% |
| THE VILLAGES, FL (FHA|USDA|VA) | 1 | $215,000 | $215,000 | $0 | 7.50% |
| COLUMBUS, GA-AL (FHA|USDA|VA) | 1 | $195,000 | $195,000 | $8,629 | 5.75% |
| TUCSON, AZ (FHA|USDA|VA) | 1 | $175,000 | $175,000 | $5,157 | 5.88% |
| ANNISTON-OXFORD, AL (FHA|USDA|VA) | 1 | $155,000 | $155,000 | $2,635 | 6.49% |
| SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) | 1 | $135,000 | $135,000 | $0 | 5.49% |
| NEW ORLEANS-METAIRIE, LA (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 6.38% |
| LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 4.99% |
| NORWICH-NEW LONDON, CT (FHA|USDA|VA) | 1 | $105,000 | $105,000 | $0 | 5.99% |
| MOBILE, AL (FHA|USDA|VA) | 1 | $95,000 | $95,000 | $0 | 7.25% |
| LaGrange, GA-AL (FHA|USDA|VA) | 1 | $85,000 | $85,000 | $0 | 8.25% |
| Palatka, FL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 5.63% |
| Talladega-Sylacauga, AL (FHA|USDA|VA) | 1 | $45,000 | $45,000 | $0 | 7.09% |
| GREENSBORO-HIGH POINT, NC (FHA|USDA|VA) | 1 | $35,000 | $35,000 | $0 | 8.25% |
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Product Mix
For 2023, Valley National Bank's most frequently originated type of loan was Conventional, with 1,769 originations. Their 2nd most popular type was HELOC, with 1,190 originations.
Loan Reason
For 2023, Valley National Bank's most frequently cited loan purpose was Home Purchase, with 1,156 originations. The 2nd most popular reason was Home Improvement, with 950 originations.
Loan Duration/Length
For 2023, Valley National Bank's most frequently cited loan duration was 30 Year, with 2,327 originations. The 2nd most popular length was 20 Year, with 298 originations.
Origination Fees/Closing Costs
Valley National Bank's average total fees were $6,815, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 662 originations.
Interest Rates
During 2023, Valley National Bank's average interest rate for loans was 6.60%, while their most frequently originated rate bucket for loans was 7-8%, with 1,012 originations.
Loan Sizing
2023 saw Valley National Bank place emphasis on $200k-400k loans with 923 originations, totaling $270,835,000 in origination value.
Applicant Income
Valley National Bank lent most frequently to those with incomes in the $250k+ range, with 832 originations. The second most popular income band? $150k-250k, with 749 originations.
Applicant Debt to Income Ratio
Valley National Bank lent most frequently to those with DTI ratios of 30-36%, with 616 originations. The next most common DTI ratio? 20-30%, with 509 originations.
Ethnicity Mix
Approval Rates
Total approvals of all applications84.23%
Valley National Bank has a below average approval rate.
Pick Rate
Approvals leading to origination70.85%
Valley National Bank has a below average pick rate.
Points and Fees
| Points | Originations | Total Value | Average Loan |
|---|---|---|---|
| NA | 3,009 | $2,900,055,000 | $963,794 |
Occupancy Type Mix
| Dwelling Type | Originations | Total Value | Average Loan |
|---|---|---|---|
| 3,009 | $2,900,055,000 | $963,794 |