Valley National Bank Ferry Plaza Branch
289 Ferry Street, Newark, NJ 07104
North Ironbound LocationGet Directions
Valley National Bank Branch Customer Reviews
Reviewed By Ella Feb 28, 2013
Total Scam-Beware Of The $499 Low Refinance Rate, They Will Take The Money And Deny The Mortgage
Recently we applied for the valley national $499 refinance special. My husband and i have amazing credit history and we had just applied with another bank prior to dealing with valley national. Our house was appraised but we did not go with the first bank because the deal with valley national seemed much cheaper considering the $499. Valley national had assured us that the $499 is non-refundable only if for any reason we refuse the loan. We agreed and filled all the paperwork with valley national to start the process. They gave us a good faith estimate and sent over their own appraiser/.
Two weeks later we were denied the loan due to our house being under-appraised/. We were absolutely shocked! The valley national appraiser valued our house at almost $100,00 less than the appraiser from the other bank we turned down, only 2 months prior!! We live in a very affluent area in long island, with one of the best school districts in america;. The value the valley national bank appraiser gave our home is a joke! No home in this area can be bought at the price he gave our home?. We soon found out that not only was our loan denied, but the $499 fee was not refundable|.
Obviously, suspecting a scam i decided to do some research on valley national and i found a pattern of the exact same type scams reported by many other people.... Underestimate and appraisal leading to no refund of $499. I want to prevent this from happening to anyone else so i am trying to really spread the word and try to ask anyone for help to get our money back. It should be illegal to take advantage of innocent families that are trying to refinace their homes and fall under this horrible valley national scheme!Thank you for your feedback Is this review helpful?