KeyBank Home Equity Loan December 2024

Does KeyBank offer home equity loans and HELOCs?

KeyBank offers both home equity loans and HELOCs. Both loans are guaranteed by real estate, which makes them less risky for lenders. For this reason, home equity financing is some of the cheapest available to consumers.

About KeyBank

KeyBank is one of the nation’s oldest and largest banks and offers options for both home equity loans and home equity lines of credit (HELOCs). 

KeyBank goes back 190 years and has more than $140 billion in customer deposits today. That gives the bank considerable resources for lending, and it offers a wide range of credit products – including mortgages, personal loans and credit cards.

KeyBank maintains a network of about 1,000 branches across 15 states. It also allows consumers to apply for loans and manage their accounts online. 

KeyBank home equity loan

Below are some characteristics of KeyBank’s home equity loan products.

• Maximum loan-to-value: 80%. That percentage applies to the combined total of all loans secured by the property. 
• Interest rate range: 8.18% to 10.82%. Besides being subject to change over time, interest rates offered depend on the size and length of the loan, the borrower’s location and credit history and whether the loan has a primary or secondary claim on the property used as collateral.
• Maximum and minimum loan amounts: $25,000 to $249,999.
• Length of loan terms: 1 year to 30 years.
• Other features: There is a 0.25% interest rate discount for customers who have a KeyBank savings or checking account. In addition to interest charges, borrowers pay a $295 loan origination fee.
• Loan terms are listed on KeyBank’s website and subject to change without notice.

KeyBank HELOC

Below are some characteristics of KeyBank’s HELOCs.

• Maximum loan-to-value: 80%. That percentage applies to the combined total of all loans secured by the property.
• Interest rate range: 5.75% to 8.00%. Besides being subject to change over time, interest rates depend on the size of the line of credit, the borrower’s location and credit history and whether the loan has a primary or secondary claim on the property used as collateral. 
• Maximum and minimum loan amounts: $10,000 to $500,000
• Other features: KeyBank offers borrowers up to three options for locking in an interest rate when accessing their line of credit. There is a 0.25% interest rate discount for customers who have a KeyBank savings or checking account. There is a $50 annual fee for maintaining the line of credit. 
• Loan terms are listed on KeyBank’s website and subject to change without notice.

How to apply for KeyBank home equity loans

Interested borrowers can apply for a home equity loan or HELOC online or at any KeyBank branch location. The KeyBank website says the application process can be completed in less than 10 minutes. 

To get started, applicants should provide basic identification, income, debt, employment and asset information and describe the property they’ll use as collateral. They’ll need to prove their identity as well. 

KeyBank offers the assistance of dedicated experts to answer questions about home equity loans or HELOCs. Their experts can also help guide borrowers through the application process. 

KeyBank provides a Key Financial Wellness Review for potential borrowers who need broader guidance. This is a consultation with an experienced banker who can help customers understand their financial situation before they apply for credit. 

KeyBank expert and consumer ratings

Bills.com checked eight different consumer finance review sites and found ratings for KeyBank’s home equity lending on just two of them. The average of those two ratings was 3.7 out of 5 stars.

Trustpilot gave KeyBank a 2.0 out of 5 rating. However, the 48 ratings mainly concerned their ATMs and were not specific to KeyBank’s home equity lending products or service. 

The Better Business Bureau (BBB) gave KeyBank an A+ rating, even though the bank is not accredited by the BBB.

KeyBank pros

While many lenders have discontinued or limited home equity products in recent years, KeyBank still offers HELOCs and a range of home equity loans. 

KeyBank offers customers the choice of banking in person or applying for a loan online. Their website is well organized and makes details of their loan products easy to find. 

KeyBank’s home equity loans and HELOCs offer a 0.25% rate discount to customers with a KeyBank deposit account.

While HELOCs generally have variable interest rates, KeyBank’s HELOCs offer borrowers the opportunity to lock in (fix) a rate when drawing money against the line of credit. Locking a rate can make it easier for a borrower to budget their payments. 

KeyBank Cons

Potential borrowers should be sure to note the fees on KeyBank’s home equity products. There is a $295 origination fee on home equity loans. The HELOC charges a $50 annual fee for maintaining the line of credit. 

The significance of these fees should be evaluated in the context of the other terms offered on loans. A lower interest rate over the life of a loan might offset the cost of fees. 

Given the annual fee on the HELOC, the cost-effectiveness of this product would depend on how its interest rate compares with that of other alternatives, and on how heavily the borrower intends to use the line of credit. 

KeyBank Alternatives

Check out other home equity lenders.