KeyBank: 2024 Home Equity Review
Written by
Edited by
The Bankrate promise
At Bankrate we strive to help you make smarter financial decisions. While we adhere to strict , this post may contain references to products from our partners. Here's an explanation for .
At a glance
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
Loan amount
$10,000-$500,000 for HELOC; $25,000-$500,000 for home equity loan
Min. credit score required
Undisclosed
Repayment terms
5-30 years for home equity loan
Funds available in
Undisclosed
Benefits
- If you have KeyBank checking and savings accounts, you can get a 0.25 percent rate discount on home equity products.
- For a HELOC, KeyBank allows you to lock in a fixed rate to protect against fluctuating rates and stabilize your monthly payments.
Drawbacks
- You must be a resident of one of these states to apply for a home equity loan with KeyBank: Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont or Washington. Likewise,
- KeyBank doesn’t offer HELOCs in Alabama, Arizona, California, Nevada, Texas or Washington, D.C.
- If you repay your home equity loan or close your HELOC within three years, you’ll be required to pay closing costs (more on that below).
Home equity loan products offered
KeyBank offers home equity loans and home equity lines of credit (HELOCs) with an up to 80 percent combined loan-to-value (CLTV) ratio. The bank’s home equity loans have terms from five years to 30 years. Its HELOCs range from $10,000 to $500,000 and its home equity loans range from $25,000 to $500,000.
Types of fees charged
KeyBank charges an origination fee of $295 for home equity loans and a $50 annual fee for HELOCs. Additionally, while you won’t be charged for some closing costs upfront, you’ll be required to repay certain closing costs if you pay your loan off and close your account within three years.
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 must live in a state where the bank operates, as well. The bank currently doesn’t offer HELOCs in Alabama, Arizona, California, Nevada, Texas and Washington, D.C. It only offers home equity loans in Alaska, Colorado, Connecticut, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.
How to apply with KeyBank
You can apply for your home equity loan or HELOC with KeyBank at a branch or online. The application process requires you to provide some financial information, such as tax returns and bank statements. If you have questions, you can call 888-KEY-0018 Monday through Friday from 8 a.m. to 8 p.m. ET or Saturday, 9 a.m to 3 p.m. ET.
How Bankrate scored KeyBank
| Affordability | 6.4/10 |
| Availability | 9.4/10 |
| Borrower experience | 6.6/10 |
KeyBank customer ratings and reviews
This lender has 0 recent reviews.
Be the first to write a review of your experience with KeyBank.