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KeyBank home equity review

Offers home equity loan rate discounts if you set up a savings or checking account, but state availability is limited.

KeyBank offers home equity loans and no-closing-cost HELOCs with relationship discounts, but it’s only available in select states and many customer reviews point to poor service.

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Details

Loan products offeredHome equity loan, HELOC
Minimum credit scoreHome equity loans and HELOCs: 660
APR rangeHome equity: 2.94% to 6.38%
HELOC: 3.50% to 7.41%
Repayment termsHome equity: 5 to 30 years
HELOC: 35-year term (15-year draw and 20-year repayment period)
Loan limitsHome equity: $25,000 and up
HELOC: $10,000 and up
State availabilityAK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA

Pros and cons of KeyBank

Pros

  • Competitive rates. As of May 2021, KeyBank offers APRs under 3% for eligible borrowers with a KeyBank Client Discount.
  • Rate discounts available. KeyBank offers a 0.25% relationship discount on its home equity products if you open a savings and a checking account at the bank. Depending on the account type, you may not need to maintain a minimum balance.
  • High combined LTV (CLTV) limit. With a KeyBank HELOC, you may be eligible to borrow up to 90% combined loan-to-value (CLTV), which is the LTV on both your primary mortgage and HELOC together.

Cons

  • Negative online reviews. KeyBank has hundreds of negative online reviews and complaints regarding poor service over the phone, online and in person.
  • Limited state availability. KeyBank offers home equity products only in select states.
  • Annual fees on HELOCs. KeyBank’s HELOC product attracts an annual $50 fee, whether you use the line of credit or not.

What types of fees does KeyBank charge?

  • HELOCs. KeyBank’s HELOC has no closing costs, but it charges an annual $50 fee.
  • Home equity loan. KeyBank charges a $295.00 origination fee on its home equity loans.

Also, if you close your HELOC or pay off your home equity loan within 36 months of your agreement, you must pay KeyBank for the bona fide fees paid to third parties on your behalf.

KeyBank requirements

To find out if you’re eligible for a KeyBank home loan, visit the company’s website. Basic eligibility for a mortgage with the company includes:

  • Residency in select states
  • Two years’ history of employment
  • A FICO credit score of at least 660
  • No history of bankruptcy in the past two years

Documentation

Be prepared to provide the following documents with your loan application:

  • State-issued ID
  • Employment history for the past two years
  • Two most recent pay stubs
  • Last two years’ W-2s
  • Last two years’ profit and loss (P&L) statements and balance sheets (for self-employed persons)
  • Homeowner’s insurance declaration page
  • Last month’s mortgage statement

How to apply for a home equity loan with KeyBank

Here are the steps to start an online application for a home equity loan or HELOC at KeyBank. If you have any questions, call the bank’s mortgage number at 800-539-2075.

  1. Go to the KeyBank website and navigate to the Personal tab. Hit Products, then select Home Loans & Mortgages and choose Compare Home Loans & Lines of Credit.
  2. Select Learn More under Home Equity Line of Credit (HELOC) or Home Equity Loans.
  3. Scroll down and choose a product and hit Apply Now.

Note: We were not able to finish the online application. After selecting the Apply Now button several times, we received an error message each time stating we should contact the online support center at 866-424-6578 during the following hours:

  • Weekdays from 7:00 a.m. to midnight ET
  • Weekends from 8:00 a.m. to 9:00 p.m. ET

What types of home equity products does KeyBank offer?

KeyBank offers these two types of home equity products:

  • Home equity loan. A fixed-rate installment loan with loan limits starting at $10,000 and up and offering LTVs from 80% (standard) to 90% (high-value), depending on your circumstances.
  • HELOC (Home Equity Line of Credit). An adjustable-rate revolving line of credit with loan limits starting at $10,000 and up and offering LTVs from 80% (standard) to 90% (high-value), depending on your circumstances.

KeyBank also offers these types of mortgage products:

  • First-time homebuyer mortgages. Choose from KeyBank’s Key Community Mortgage program, FHA and VA loans and Fannie Mae HomeReady, which offer lower credit score eligibility and down payment requirements.
  • Jumbo loans. KeyBank’s Silver Key and Gold Key mortgages offer loan amounts up to $3.5 million and have no private mortgage
  • Combination “piggyback” loans. Combines a traditional loan with a home equity loan to help you increase your down payment and eliminate PMI.
  • Mortgage refinance. Enables you to replace your current mortgage with a new one with better terms to lower your interest rate, remove PMI or get cash out.

How KeyBank’s home equity products compare to other lenders

Compared to other lenders, KeyBank offers a standard choice of home equity products, plus a wide range of specialty loans for a variety of circumstances. KeyBank offers competitive rates and relationship discounts on its home equity products for customers that maintain both checking and savings accounts with the bank.

Compare home equity loan and HELOC options

Compare these lenders and lender marketplaces by the type of home equity product you're searching for, state availability and minimum credit score. Select See rates to provide the company with basic property and financial details for personalized rates.
Name Product Loan products offered State availability Min. credit score
SoFi
(NMLS #1121636)
SoFi
Conventional, Home equity, Refinance
Not available in: HI, MO, NM, NY, WV
620
No hidden fees, multiple loan terms, and member discounts available.
Figure
(NMLS #1717824)
Figure
HELOC
Not available in: DE, HI, KY, MD, NY, SC, TX, UT, WV
620
Speedy prequalification, minimal fees and a wide range of loans and terms with this HELOC lender.
LendingTree
(NMLS #1136)
LendingTree
HELOC, Home Equity loans
Available in all states
620
Connect with vetted lenders quickly through this free online marketplace.
Hometap Equity Partners
Hometap Equity Partners
Home equity investment
Only available in: AZ, CA, FL, MA, MD, MI, MN, NC, NJ, NY, OR, PA, VA, WA
600
Sell a portion of your home's equity for cash without monthly payments or hurting your credit score.
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Compare up to 4 providers

KeyBank reviews and complaints

As of May 2021, KeyBank has a 3.1 out of 5 rating on Wallethub from 860 reviewers and a 1.04 out of 5 customer rating on the Better Business Bureau (BBB) website from over 100 customers. KeyBank has been accredited with the BBB since 1933 and has an A+ business rating with 314 complaints closed in the past three years.

Online reviews are overwhelmingly negative, with reviewers frequently describing the bank as “the worst,” detailing terrible customer service experiences, unresolved fraud claims and delays with mortgage applications. However, most online complaints focus on the bank’s overall service and not home loans specifically.

Our verdict

If you’re after a competitive interest rate on a home equity loan or line of credit, KeyBank may be a good option. But you’ll be on the hook for various fees, and the bank doesn’t receive good ratings on its customer service. If KeyBank doesn’t have what you’re after, compare more home equity lenders to find the perfect one for you.

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