KeyBank: 2022 Home Equity Review

Founded in 1825 in Albany, New York, KeyBank is one of the oldest major banks in the United States. Now headquartered in Cleveland, Ohio, with more than 1,000 of his branches in 15 states, it offers homeowners several choices. home equity loan home equity credit line, or HELOC.

James Martin/CNET

One of the advantages of KeyBank HELOC is that it comes with a fixed interest rate option. Rising interest rate environmentIn addition to mortgages, banks also offer banking services such as checking accounts, savings accounts, investment accounts and personal loans.

KeyBank: Overview

Types of Loans Offered

Home Equity Loan, HELOC



loan amount

Home equity loans range from $25,000 to $500,000. HELOC ranges from $10,000 to $500,000

minimum credit score


repayment terms

5 to 30 years

Mean Time to Approval


KeyBank offers borrowers a 30-year repayment option, making it ideal for those looking for a longer repayment period. HELOC also has a low minimum loan amount of $10,000, making it ideal for those who only need a small amount of funds and don’t want to pay interest to withdraw additional funds they don’t use.

For both HELOCs and home equity loans, homeowners can borrow up to 80% of their total loan-to-value (CLTV) ratio, which is the sum of their outstanding mortgage balance and other loans to their home. current value.

what we like

interest rate discount: The bank will reduce the interest rate by 0.25% when the borrower or family members who live together open KeyBank checking and savings accounts. This can save you tens of thousands of dollars over the life of your loan. .

fixed rate option: KeyBank HELOC interest rates are variable, but banks offer the option of fixing interest rates so you can save money when interest rates rise.

Payment of principal and interest: instead of making interest only payment During the first few years of HELOC repayment, you have the option to pay the principal balance and accrued interest. This also saves money in the long run.

Low Minimum Loan Amount: The HELOC minimum is $10,000. This is useful if you don’t need a lot of cash for a small project like remodeling your home office. However, higher HELOC minimums may force homeowners to withdraw more money than they need and pay interest.


Limited usage: The bank offers home equity loans only in 15 states: Alaska, Colorado, Connecticut, Idaho, Indiana, Massachusetts, Maine, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington. KeyBank HELOCs are eligible to qualify anywhere in the United States except Alabama, Arizona, California, Nevada, Texas and the District of Columbia.

Home equity loan minimums are high: Homeowners need less than $25,000 not eligible for KeyBank Home Equity Loans.

Early cancellation fee: If you have paid off your loan in full and closed your account within 36 months, you will be required to refund the third party fees paid by KeyBank on your behalf.

home equity loan options

KeyBank offers home equity loans and HELOCs in both fixed and floating rates. We also offer home construction loans for home renovations, although not all banks offer them as an option.


KeyBank charges a $295 initiation fee for home equity loans. You may also have to pay a title insurance premium, depending on the amount of the loan. For both HELOCs and home equity loans, if you have paid off your mortgage in full and closed your account within 36 months of opening the account, reimburse KeyBank for any third party fees incurred by KeyBank on your behalf during the closing process. responsible for .

How to get qualification

KeyBank does not disclose minimum credit score requirements, but with sufficient home equity (usually at least 15% to 20%) and a suitable and stable income, many lenders will consider scores starting in the 600 range. As long as you live in one of KeyBank’s 15 states and have hazard insurance on the property you currently own, you can apply for a home equity loan through KeyBank.

getting started

can apply online Or directly at one of KeyBank’s 1,000 branches. Documents required for mortgage approval are required, such as a recent Form W-2, payslips to verify income and employment, tax returns, and existing mortgage documents.

Sign up for KeyBank checking and savings accounts during the process and get a 0.25% discount on interest rates.

customer service

Call KeyBank or Bank branchThe Customer Service Mortgage Inquiry Line is available Monday through Friday from 5:00 am to 5:00 pm Pacific Time and Saturday from 6:00 am to 12:00 pm Pacific Time.

Live phone support:

  • Mortgage Options: 888-539-0018
  • Existing Mortgage Customers: 800-422-2442

Leave a Comment