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KeyBank mortgage review

This lender offers many types of mortgages, but it has horrible reviews and limited availability.

KeyBank is among the oldest banks in the United States, and it offers several types of specialized mortgages to meet the needs of different borrowers. Unfortunately, this lender only operates in 16 states, and customer reviews are straight-up awful.

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620

Minimum credit score

5%

Minimum down payment (Conventional)

Only available in: AK, CO, CT, FL, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA

State availability

Details

Loan products offeredConventional, Jumbo, FHA, VA, Refinance
Minimum credit score620
Minimum down payment (Conventional)5%
State availabilityOnly available in: AK, CO, CT, FL, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA
NMLS #399797

Review by


Michael Benninger is lead editor of banking at Forbes Advisor and a former writer at Finder, specializing in banking. His work and analysis has been featured in Business Insider, Yahoo Finance, GoBankingRates and the Los Angeles Times, among other top media. He holds a B.A. in business administration and marketing from Rowan University in New Jersey.

Expert review

KeyBank offers a wide variety of mortgage types, but it doesn’t disclose all of its fees online and only has a presence in 16 states. And even though KeyBank has been in business for nearly 200 years, judging by recent reviews, this lender still has a lot to learn about customer service. Make an appointment to meet with a KeyBank loan officer today, or research other lending options in your area.

Requirements

KeyBank offers several types of mortgages, and each type has its own set of requirements. Unfortunately, the company’s website doesn’t explicitly state specific requirements as far as debt-to-income ratios or minimum credit scores are concerned. To find out the actual requirements, contact a KeyBank loan officer.

Documentation

To apply for a mortgage with KeyBank, you need the following documentation:

  • Proof of income
  • List of assets
  • Credit card bills and other liabilities
  • Credit report

KeyBank costs and fees

KeyBank’s website doesn’t explicitly state all the fees this lender charges for mortgages, but these costs vary based on loan type and state laws. In general, expect to pay for appraisal, home inspection, homeowners insurance and loan origination in addition to the following fees:

  • Late fee. If you miss your monthly payment due date, KeyBank charges a late fee according to the terms of the loan.
  • Nonsufficient funds (NSF) fee. If you attempt to pay your mortgage from an account that’s closed or doesn’t have adequate funds, KeyBank charges a $15 NSF fee.
  • Amortization schedule fee. This fee covers the costs of obtaining copies of your amortization schedule, up to $15.
  • Copy fees. KeyBank may charge you up to $10 to obtain copies of certain documents and statements associated with your mortgage.
  • Payment history/disclosure fee. If you’re required to submit more than 12 months of your payment history, KeyBank may charge you up to $5 per year and per copy of an additional Annual Escrow Disclosure Statement.

How to apply for a mortgage with KeyBank

  1. Get prequalified. Meet with a loan officer to determine if you satisfy the credit requirements. If you do, work with them to determine your budget and find out how much of a down payment you should prepare to make at closing.
  2. Make an offer on your dream house. Once you’ve found a home, talk with your loan officer about your planned offer before submitting it to the realtor or existing owner.
  3. Apply for a loan. Gather your financial information and details about the property, then work with your loan officer to fill out the loan application.
  4. Wait while your loan is processed. KeyBank’s loan processing team reviews your application, and an appraiser visits the property to assess its value.
  5. Get approved. KeyBank’s underwriting team confirms your eligibility for the loan by reviewing your application, your credit report, the appraisal and other details.
  6. Prepare for closing. KeyBank’s team works with an attorney or title company to prepare the deed, title work and mortgage note needed to transfer the property to your name.
  7. Sign the final paperwork. Finalize the paperwork related to your loan, and pay for your down payment and closing costs.
  8. Move into your new home. Once the funds are transferred to the seller and the contract is verified by KeyBank’s team, you receive the keys to your new home.

What types of mortgages can I get through KeyBank?

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
This company accepts mortgage refinance applications.

Other mortgage products offered by KeyBank

In addition to the aforementioned loan types, KeyBank also offers these specialized mortgages.

  • SilverKey Mortgage. KeyBank offers this specialized mortgage type to help you get a more competitive interest rate on high-value homes.
  • GoldKey Mortgage. This mortgage type, available exclusively for KeyBank’s current banking clients, tailors mortgages to align with your financial status and life goals.
  • Key Community Mortgage. This program lets you take advantage of low down-payment options, making home ownership more affordable.
  • Fannie Mae HomeReady Mortgage. This government-backed loan — based on income and location — can make purchasing a home more affordable for qualified borrowers.
  • Combination Mortgage. This loan combines features of a traditional mortgage with aspects of a home-equity loan to increase your loan amount and lower your down payment.
  • GoldKey Interest-Only Mortgage. This loan, which is only available for existing KeyBank customers, makes sense if you plan on improving and selling your home shortly after buying it.
  • Medical Professional Loans. This customized mortgage is designed to meet the unique needs and time constraints of physicians and dentists.

How KeyBank’s mortgage products compare to other lenders

Compared to other mortgage lenders, KeyBank’s offerings are relatively standard. The only major distinctions are that KeyBank doesn’t offer USDA loans, but it does offer specialized mortgage types, such as the Medical Professional Loan and the GoldKey Interest-Only Mortgage. KeyBank’s Key Community Mortgage is also a standout product that features a lower down payment for qualified buyers.

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KeyBank reviews and complaints

As of July 2022, KeyBank reviews are generally negative, but most complaints about the company are related to its personal banking services — not its mortgage lending. KeyBank is accredited by the Better Business Bureau (BBB) and is rated A+. However, it also has an average rating of 1.11 stars based on 139 reviews on the BBB’s website.

Pros and cons of KeyBank

Pros

  • Down payments aren’t always required. Not all loan types require down payments.
  • Discounts available. Qualified borrowers may receive discounted rates and fees.
  • Several loan types. KeyBank offers several types of specialized mortgages

Cons

  • Not available nationwide. KeyBank is only licensed to issue mortgages in 16 states.
  • No online application. You must contact a loan officer to apply for a mortgage.
  • Negative reviews. KeyBank’s customer reviews are overwhelmingly negative.

What is KeyBank?

Founded in 1825 and headquartered in Cleveland, Ohio, KeyBank is the 29th largest bank in the United States. It specializes in personal and business banking but also offers mortgages and wealth management services. The company currently has more than 1,000 branches and 40,000 ATMs across 16 states, and it ranks 411th on the Forbes 500 list.

Frequently asked questions

Which states does KeyBank operate in?

  • Alaska
  • Colorado
  • Connecticut
  • Florida
  • Idaho
  • Indiana
  • Maine
  • Massachusetts
  • Michigan
  • New York
  • Ohio
  • Oregon
  • Pennsylvania
  • Utah
  • Vermont
  • Washington

What kind of home can I buy with a KeyBank mortgage?
KeyBank offers mortgages for single-family homes, condos, multi-unit buildings and investment properties.
If I have a KeyBank mortgage, do I need to submit my tax and insurance bills each time they’re due?
No. KeyBank usually retrieves these documents directly from your insurance company and local property tax office.

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