KeyBank: 2024 Home Equity Review

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

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.