KeyBank: Review of Home Equity Loans and HELOCs

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Suitable for a wide range of product offerings

key bank

key bank

Editor’s score: (4/5)

Suitable for a wide range of product offerings

key bank

Editor’s score: (4/5)

  • Products offered:

    Home Equity Loans, HELOCs, Interest Free HELOCs, Rate Locked HELOCs

  • Home Equity Loan Terms:

    5 to 30 years

  • HELOC terms:

    15-year withdrawal period, 15-year repayment period

  • Maximum LTV:

    80% for standard home equity loans and HELOCs, 90% for high value home equity loans and HELOCs

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Strong Points

  • Interest Only and Fixed Interest HELOC Options
  • Simplified application process for existing KeyBank customers
  • Smooth online user experience and website

Cons

  • High closing costs if you plan to use a closing agent
  • HELOC annual fee
  • Home Equity Loan Origination Fee

Conclusion

Headquartered in Cleveland, Ohio, KeyBank has a history of nearly 190 years. KeyBank provides home equity loans to customers in 15 states and his HELOC to customers in 44 states. Apart from the standard HELOC, KeyBank also offers interest-only and rate-locked options. Home Equity Loan amounts over $25,000 and HELOC lines over $10,000.

KeyBank HELOC has a $50 annual membership fee, but no closing costs unless closing is done by a closing agent. In that case, the closing fee could be up to $400. KeyBank offers his 0.25% discount rate to customers with eligible checking and savings accounts of KeyBank. In addition, there is an origination fee of $295 for home equity loans.

The KeyBank application allows you to apply for multiple products at once. If you’re not sure if KeyBank loans are available in your area, enter your zip code and the application will tell you. If you are an existing KeyBank customer, take a quick look at the application and there is an option to import your personal information from your account.

We like KeyBank because they offer a wide range of products. A streamlined application process for existing customers is helpful, but both existing and new customers will be pleased with the online user experience and availability of customer service provided by KeyBank.

editorial independence

As with all home equity loan and home equity credit line (HELOC) lender reviews, our analysis is not influenced by partnerships or advertising relationships. For more information on scoring methods, click here.

KeyBank Full Review

KeyBank, a Cleveland-based financial institution with 190-year-old roots, offers both home equity loans and lines of credit (HELOCs) to qualified homeowners. Home equity loans are limited to 15 states, while HELOCs are available in 44 states. Whatever product you choose, you can borrow up to $500,000 through KeyBank.With its extensive product offering and streamlined application process, KeyBank made our list Best lenders for home equity loans and lines of credit..

KeyBank: Home Equity Loan Products

KeyBank offers both home equity loan When HELOC, availability varies. The bank’s home equity loans are only offered to clients in his 15 states, while HELOC is offered to clients in his 44 states.

Loan amounts also vary. Home equity loans range from $25,000 to $500,000 and HELOCs range from $10,000 to $500,000. Home equity loans have repayment terms ranging from 5 to 30 years.

In addition to standard floating rate HELOCs, KeyBank offers Rate Locked HELOCs that allow you to lock a fixed rate during the drawing period. Banks also offer the option to make interest-only payments during this period.

You have to pay a $50 annual fee to keep HELOC open. If you choose a closing agent, you may be charged a closing fee of up to $400. Home equity loans are also subject to a $295 origination fee. Her KeyBank customers with eligible checking and savings accounts are entitled to a 0.25% discount.

Maximum number allowed in KeyBank Loan-to-value (LTV) ratio 80% for standard home equity loans and HELOCs. The loan-to-value ratio measures the amount of the loan compared to the value of your home.

KeyBank: Mortgage Rates and Fees Transparency

KeyBank offers a streamlined and transparent application process. On the website, you can check rates and rates by entering your zip code. If KeyBank makes loans in your state, share his current APR range with different repayment terms (shorter terms have slightly higher interest rates).

When lenders share this information online, homeowners can make better borrowing decisions. You don’t have to share any personal information to track these details, but you can check them online before deciding whether to proceed. , can offset the savings you get from low interest rates.

If you decide to apply, KeyBank offers a smooth and streamlined application process. Current customers can import their personal information directly into the application. If you have a KeyBank account, you can also contact his 24/7 customer support by phone or live chat during business hours.

How KeyBank compares to other home equity lenders

key bank TD Bank PNC Bank
Herlock Standard Floating HELOCs, Rate Locked HELOCs, Interest Only HELOCs Interest Only HELOCs, Rate Locked HELOCs Fixed Rate HELOC, Floating Rate HELOC
home equity loan Yes, in terms of 5 to 30 years Yes, 5, 10, 15, 20, or 30 year term No
States available 15 home equity loans and 44 HELOCs 15 states 44 states (not available in Alaska, Hawaii, Louisiana, Nevada, Mississippi, South Dakota)
Loan amount range $10,000 – $500,000 HELOCs; $25,000 to $500,000 home equity loans Loans from $10,000, HELOCs from $25,000 $10,000 to $1 million
HELOC Loan Terms Lottery period of 15 years.15 years repayment period Borrowing period 10 years, repayment period 20 years Repayment period 5 to 30 years (5 to 20 years in Tennessee)
Maximum LTV 80% for standard home equity loans and HELOCs, 90% for high value home equity loans and HELOCs 89.99% 89.9% (80% or 85% in some states)

How to Get the Best Home Equity or HELOC Rates

There is no shortage of lenders when it comes to home equity loans and HELOCs. Here are some tips for choosing a moneylender and finding the best rates for your loan.

Check out the products on offer

You can narrow down your options by choosing a home equity loan or HELOC loan type. Some lenders only offer one or the other, so knowing which product you’re after can help you focus your search.

a home equity loan It is a loan that is paid in installments at regular intervals. Received in one lump sum, he can usually pay a fixed monthly amount for 5 to 30 years. You can also get a fixed interest rate that stays the same for the entire term of the loan.

a HerlockOn the other hand, is a line of credit available as needed. You may have to pay an annual fee to maintain your HELOC, which is usually valid for 10 years. lottery period can be accessed during that time. HELOCs are usually variable rate, but some lenders allow you to lock in a fixed rate if you prefer.

If you want a fixed monthly payment, a home equity loan is a good option if you can budget in advance and know how much you need. HELOCs, on the other hand, can be a great option if you want more flexibility or are funding a project with variable costs.

shop with multiple lenders

It’s a good idea to hit the pavement whenever you’re looking for a loan. shop with multiple lenders Compare offers. One lender may offer better rates and fees than another lender. Lowering your interest rate, even by a small amount, can save you thousands of dollars over the life of your loan.

Some lenders allow you to check rates online through prequalification, but this does not affect your credit score. Take advantage of these interest rate check opportunities to find a home equity loan or his HELOC at the best interest rates.

borrow as much as you need

When you are borrowing against your home equity, it is important not to over-borrow. Home equity loans and HELOCs are secured loans that use your home as collateral.Dangerous if you can’t pay lose one’s house due to foreclosureAlso, if the value of your home drops, you could be submerged in water or be in debt for more than your home is worth.

Some lenders allow you to borrow up to 80% or 90% of your available capital, but that doesn’t mean you should. Keep borrowing to a minimum and avoid taking on too much debt.

Consider your budget

Before using a home equity loan or HELOC, Check your budget This is to ensure that monthly payments are made. A home equity loan lets you know in advance what your monthly payments will be. If you choose HELOC, your payment may change over time if interest rates fluctuate or if you switch from an interest-only payment to a full payment. Either way, make sure you can comfortably afford to pay the bills before taking out a loan.you loan calculator Estimate monthly payments and see long-term interest rates.

improve credit score

Your credit score has a big impact on the interest you get on a home equity loan or HELOC. Lenders view borrowers with good credit as less risky and, as a result, give better interest rates. If you can build up your credit before applying, you are more likely to get a lower rate.

your credit score It is based on a number of factors, including the outstanding amount and payment history. So paying off your debts and making your payments on time can help you improve your score, as can lower your credit utilization. You can also object to have it removed.

If you don’t need a home equity loan or HELOC right away, it can take months or a year. improve credit score It will save you money in the long run.

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