KeyBank: 2021 Home Equity Review

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KeyBank is headquartered in Cleveland, Ohio, and is part of KeyCorp, which was formed in 1994 with the merger of Society Corp. and KeyCorp. KeyBank can trace its history to two banks: the Commercial Bank of Albany, New York (founded in 1825) and the Society for Savings from Cleveland, which was founded in 1849. KeyBank has more than 1,200 branches and 1,500 ATMs in 15 states.

KeyBank snapshot

Loan types offered Home equity loan, HELOC
APR range

Home equity loan: Varies by zipcode
HELOC: Varies by zipcode

Loan amount range Home equity loan: Starting at $25,000
HELOC: Starting at $10,000
Minimum credit score required Not specified
Repayment terms Home equity loan: Up to 30 years
HELOC: Not specified
Average time to approval Not specified


KeyBank offers several types of lending products. Here are a few of the benefits to home equity loans or HELOCs with KeyBank:

  • Rate discount: You can get a 0.25 percent discount on your loan if you have a KeyBank checking and KeyBank savings account.
  • High combined-loan-to-value (CLTV) ratios: You can borrow up to 90 percent of your home’s value with the bank’s high-value HELOC or home equity loan, though interest rates are higher if you have less home equity.
  • Easy access: With a HELOC, you can get access to your money with checks, in a branch or via online banking.


While there are many benefits to getting a home equity loan product from KeyBank, there are a few things to keep in mind:

  • Limited availability: You must be a resident of one of these states to apply for a home equity loan with KeyBank: Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont or Washington. KeyBank does offer HELOCs in Washington, D.C. and all states except Alabama, Arizona, California, Nevada and Texas.
  • High loan minimums: The minimum home equity loan amount is $25,000, and the minimum HELOC line amount is $10,000. If you need a small loan, this lender may not be a fit for you.

Types of fees charged

KeyBank charges an origination fee of $295 for home equity loans and a $50 annual fee for home equity lines of credit. There is also a $50 fee if you want to convert your variable HELOC into a fixed-rate. Additionally, while you won’t be charged for some closing costs up front, KeyBank will require you to repay certain closing costs if you pay your loan off and close your account within 36 months. You may be charged between $100 and $400 if a closing agent is used.

If you want a fixed rate for part of your HELOC balance, there’s a $50 fee each time you advance or unlock a fixed-rate option.

Loan products offered

KeyBank offers home equity loans and home equity lines of credit (HELOCs). It has two products for both. The standard home equity loan or HELOC allows up to 80 percent combined loan-to-value (LTV). There is also a high-value home equity loan or HELOC that allows 80.01 percent to 90 percent combined loan-to-value.

Home equity loans start at $25,000 and have terms as long as 30 years, with APRs starting at 2.52 percent. HELOCs start at $10,000, with APRs as low as 3.5 percent. These rates include a 0.25 percent discount for borrowers who have KeyBank savings and checking accounts. KeyBank’s rates may vary by location; these figures are for the 48837 ZIP code.

How to qualify for a home equity loan with KeyBank

You don’t have to have a previous relationship with KeyBank to qualify for a home equity loan or HELOC, but if you sign up for a checking and a savings account, you’ll get a rate discount. You can borrow up to 90 percent of your home’s value, but if you are borrowing more than 80 percent, your interest rates will be higher. KeyBank doesn’t specify a minimum credit score or income.

How to get started

You can apply for your home equity loan or HELOC with KeyBank at a branch or online. KeyBank claims that applying online should take less than 10 minutes, but you’ll want to make sure to have all of the relevant documents with you. This will include your driver’s license or other identification, your Social Security number and information about your home.

How Bankrate rates KeyBank

Overall Score 4.2
Availability 4.1
Affordability 4.0
Customer Experience 4.5

Editorial disclosure: All reviews are prepared by staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.

Written by
Dan Miller
Points and Miles Expert Contributor
Dan Miller is a contributing writer for Bankrate. Dan writes about loans, home equity and debt management.
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