Residential Mortgages

Valley offers flexible terms, competitive rates and local, timely decisions to make the borrowing process easier and more convenient for you. View our loan products and choose the home financing that is right for you.

HOME EQUITY LOANS

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Let the equity in your home help finance a once in a lifetime vacation, make overdue renovations or pay for personal expenses. Valley's home equity loans have no application fees, quick approvals and potential tax deductions*. For your convenience, have your payment automatically deducted from a Valley checking account to receive a .125% rate discount. If your first mortgage is with Valley, you can also receive an additional .25% rate discount, for a total rate discount of .375%.

FIXED RATE LOANS - $10,000 TO $250,000
3 to 5 years3.875% APR
Over 5 to 10 years3.875% APR
Over 10 to 15 years4.125% APR
Over 15 to 20 years5.125% APR
FIXED RATE LOANS - $250,001 TO $500,000
3 to 5 years4.000% APR
Over 5 to 10 years4.000% APR
Over 10 to 15 years4.250% APR
Over 15 to 20 years5.250% APR

APR's are valid as of 1/16/2014 and are subject to change without notice. An example that illustrates typical terms for a $100,000, 10 year fixed rate home equity loan has an APR of 3.875% and a monthly payment of principal and interest of $1006.52. The actual interest rate will be determined based on credit history, the loan amount and repayment term, in accordance with Valley's credit guidelines. Available for first and second mortgage loans only on single and two family, owner occupied homes, condominiums, and single family vacation homes, located in NJ, NY and PA. An escrow account for taxes and insurance premiums is required for home equity loans that are in first lien position. The estimated monthly payment above does not include taxes and insurance premiums, and the actual monthly payments will be greater for home equity loans that require an escrow account. There are no closing costs for typical loans up to a maximum loan amount of $250,000. Closing costs will apply to loan amounts greater than $250,000, including without limitation: appraisal fees, title insurance and recording fees. There is a maximum loan amount to appraised value ratio of 75% and the amount of any existing mortgage loans on the mortgaged property will be included in this calculation. Property insurance is required; title insurance and flood insurance may also be required. Subject to credit and collateral approval. This is not a commitment to lend. Additional terms and conditions apply. Terms and conditions are subject to change without notice.

A .125% rate discount is available for home equity loans that have monthly payments automatically deducted from a Valley checking account. An additional rate discount of.25% is available for fixed rate home equity loans in first lien position, or for fixed rate home equity loans is in second lien position behind a Valley first mortgage lien only.

New Jersey Properties - There is an early cancellation fee of $190 if the home equity loan is paid in full during the first 15 months.

New York Properties - If the home equity loan is paid in full within the first 36 months, there is an early cancellation fee equal to the actual closing costs paid by Valley, including the portion of the New York mortgage recording tax paid by Valley.

*Consult a tax advisor concerning the deductibility of interest.