Valley National Bank Launches Community Home Equity Line of Credit Program

Rhea-AI Summary

Valley National Bancorp (NASDAQ:VLY) introduces the Community Home Equity Line of Credit Program to support low-to-moderate income (LMI) borrowers. The program offers a low 12-month below market introductory rate of 6.67% with no closing costs, allowing LMI households to apply for lines of up to $250,000 for home improvements or other expenses. Valley aims to raise awareness in LMI communities and strengthen its commitment to supporting LMI customers.

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• Valley National Bancorp demonstrates a strong commitment to supporting low-to-moderate income (LMI) communities by introducing the Community Home Equity Line of Credit Program. The program offers an attractive variable rate and no closing costs, providing LMI households with financial flexibility for home improvements and other expenses.

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• None.

Valley’s new reduced variable rate consumer line of credit product will be introduced throughout Valley’s footprint to support LMI communities

MORRISTOWN, N.J.--(BUSINESS WIRE)-- Valley National Bank, the wholly-owned subsidiary of Valley National Bancorp (NASDAQ:VLY), today announced the launch of its new Community Home Equity Line of Credit Program designed to support the needs of low-to-moderate income (LMI) borrowers.

Today’s housing market has made it difficult for LMI families to trade up to a home that fits their needs. An alternative solution is to make improvements that provide additional space or new amenities to the existing house using a home equity loan. The Community Home Equity Line of Credit Program features a low 12-month below market introductory rate of 6.67% as of November 1, 2023, with no closing costs. LMI households can apply for lines of up to $250,000 to make the improvements they need. While many use the line of credit for their home, the line can also be used for other reasons such as healthcare costs, auto purchases or tuition payments.

“For more than 95 years, Valley has been dedicated to building stronger communities throughout the areas we serve,” said Kevin Chittenden, Valley Bank Executive Vise President of Consumer Lending. “The Community Home Equity Line of Credit program is just another example of how we’re putting actions behind our words. This product will provide LMI customers with an attractive variable rate to renew, renovate or update their homes at a time of interest rate volatility and economic uncertainty.”

Valley will actively promote this program throughout its footprint with a strong emphasis on raising awareness in LMI communities. This program will complement other LMI consumer lending initiatives such as Valley’s Low Down Payment / No PMI Community Mortgage Loans which have provided first time homebuyers an important point of entry into the market.

FOR MORE INFORMATION

To learn more about Valley’s Community Home Equity Line of Credit and other Community Mortgage Products, reach out to Shawn Cassidy, Director of Mortgage Sales at 516.662.7342

Valley is a member of the FDIC and an Equal Opportunity Lender.

About Valley

As the principal subsidiary of Valley National Bancorp, Valley National Bank is a regional bank with $61 billion in assets. Valley is committed to giving people and businesses the power to succeed. Valley operates many convenient branch locations and commercial banking offices across New Jersey, New York, Florida, Alabama, California, and Illinois, and is committed to providing the most convenient service, the latest innovations and an experienced and knowledgeable team dedicated to meeting customer needs. Helping communities grow and prosper is the heart of Valley’s corporate citizenship philosophy. To learn more about Valley, go to www.valley.com or call our Customer Care Center at 800-522-4100.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231116532208/en/

Pam Golden, pam@glapr.com

Source: Valley National Bank

FAQ

What is the Community Home Equity Line of Credit Program introduced by Valley National Bancorp?

The Community Home Equity Line of Credit Program is designed to support the needs of low-to-moderate income (LMI) borrowers by offering a low 12-month below market introductory rate of 6.67% with no closing costs, allowing LMI households to apply for lines of up to $250,000 for home improvements or other expenses.

How can LMI households benefit from the program?

LMI households can benefit from the program by having access to a low variable rate line of credit for renewing, renovating, or updating their homes, as well as for other expenses such as healthcare costs, auto purchases, or tuition payments.

What is Valley National Bancorp's objective with this program?

Valley National Bancorp aims to raise awareness in LMI communities and strengthen its commitment to supporting LMI customers by actively promoting the Community Home Equity Line of Credit Program throughout its footprint.