Has anyone refinanced through Valley National?

They have this $499 and $899 (for cash back for equity) deal. I did some google search for reviews and read quite a few from people whose houses were appraised far below market value - below even the tax assessment. And with their fine print, they get to keep the cash without buying the loan. Has anyone had a positive experience? Or negative? Thanks!

We used them and it was tough. The appraisal was low, but OK for us, but they were careless with the paperwork and assumed it was my fault. I have purchased and refinanced several homes, and I can tell you it was their mistake. It did work out, but watch every step, and don't assume it is all smooth.

We did not refinance with Valley National because of the appraisal issue. It was VERY low. We ended up having a very good experience (and rate) with Garden State Home Loans.

http://www.gardenstateloans.com/

We refi'd with Valley about a year or so ago, and had no problem with the appraisal, paperwork, or anything. It was quick and easy in our case. But I can't say if the bad reviews are rare or common, since it would have been unlikely for the low appraisal issue to impact us (we bought a semi-fixer on the cheap a few years before the bubble).

If you're on the fence, I've heard good things about the group Tarheels mentions in terms of rates and fees.

Garden state home loans

I'm happy to help anyone who needs to refinance. We have competitive rates and fees...and proper, accurate appraisals. Because I am local and know the area so well,I've been known to personally pull comps for my clients! (Unlike many banks out there!)

Sarah Maloney

Finance of America, a Blackstone company

(973)715-6446

Smaloney@financeofamerica.com

Hi Sarah! Do your fees compare?

And thanks, everyone!

Yes of course! And I frequently give clients a credit for closing costs. There are many ways to do it.

FYI...Valley does the loans they want to do. They set parameters or apply "overlays" so clients don't qualify. They want lower loan to value stuff. Their rates are okay. Many people don't "fit". We do all types of loans and have many programs. We also follow base Fannie/Freddie guidelines.

What's the rate for 30 yrs, excellent credit?

krugle1 said:
What's the rate for 30 yrs, excellent credit?

What is the loan to value? Single family? Owner occupied? Just a rate & term?

In general, rates can be found here

Mortgage Rates and Market Data

Please make note of assumptions. Rates vary by scenario. There are many factors that go in to pricing. You can use these rates as a guide but your personal rate quote may be a touch higher/lower, depending on your circumstances.

TarheelsInNj said:
We did not refinance with Valley National because of the appraisal issue. It was VERY low. We ended up having a very good experience (and rate) with Garden State Home Loans.
http://www.gardenstateloans.com/

+1. Great rates, very easy to work with remotely. And received credit for all closing costs.

Best deal, lowest rates are at Pentagon Federal Credit Union. You can join for a $25 deposit.

festus said:
Best deal, lowest rates are at Pentagon Federal Credit Union. You can join for a $25 deposit.

And how are those appraisals?

Rates are rates. We're all very close. The top 50 lenders in the country are all within like 20 bps. Fees should one compared of course but great customer service is paramount. Local gets you a solid appraisal. Plus, you should have a real contact, not an 800 number.

I agree completely with the sentiment that local is a more fair appraisal. We had an awful experience with every national company through which we've tried to refinance or get a home equity line of credit. Smoothest sailing was with Garden State Home Loans and then Peapack-Gladstone for the HELOC.

TarheelsInNj said:
I agree completely with the sentiment that local is a more fair appraisal. We had an awful experience with every national company through which we've tried to refinance or get a home equity line of credit. Smoothest sailing was with Garden State Home Loans and then Peapack-Gladstone for the HELOC.

Didn't I give you comps for your house?

mammabear said:

TarheelsInNj said:
I agree completely with the sentiment that local is a more fair appraisal. We had an awful experience with every national company through which we've tried to refinance or get a home equity line of credit. Smoothest sailing was with Garden State Home Loans and then Peapack-Gladstone for the HELOC.

Didn't I give you comps for your house?

You did! But PNC wouldn't even consider them or re-appraising. Whereas Peapack-Gladstone didn't even need them for our HELOC.