If you have questions, you can call 88 Monday through Friday from 8 a.m. The application process requires you to provide some financial information, such as tax returns and bank statements. You can apply for your home equity loan or HELOC with KeyBank at a branch or online. You must live in a state where the bank operates, as well. 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. How to qualify for a home equity loan with KeyBank The bank’s home equity loans have terms as long as 30 years. KeyBank offers home equity loans and HELOCs with an up to 80 percent combined loan-to-value (CLTV) ratio. 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. KeyBank charges an origination fee of $295 for home equity loans and a $50 annual fee for HELOCs. 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).KeyBank doesn’t offer HELOCs in Alabama, Arizona, California, Nevada, Texas or Washington, D.C.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.For a HELOC, KeyBank allows you to lock in a fixed rate to protect against fluctuating rates and stabilize your monthly payments.If you have KeyBank checking and savings accounts, you can get a 0.25 percent rate discount on home equity products.Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. While we strive to provide a wide range offers, Bankrate does not include information about every financial or credit product or service. Other factors, such as our own proprietary website rules and whether a product is offered in your area or at your self-selected credit score range can also impact how and where products appear on this site. Therefore, this compensation may impact how, where and in what order products appear within listing categories, except where prohibited by law for our mortgage, home equity and other home lending products. We are compensated in exchange for placement of sponsored products and, services, or by you clicking on certain links posted on our site. We’re transparent about how we are able to bring quality content, competitive rates, and useful tools to you by explaining how we make money.ī is an independent, advertising-supported publisher and comparison service. The content created by our editorial staff is objective, factual, and not influenced by our advertisers. Our award-winning editors and reporters create honest and accurate content to help you make the right financial decisions. We continually strive to provide consumers with the expert advice and tools needed to succeed throughout life’s financial journey.Įditorial policy, so you can trust that our content is honest and accurate. Our experts have been helping you master your money for over four decades. So, whether you’re reading an article or a review, you can trust that you’re getting credible and dependable information. Our editorial team receives no direct compensation from advertisers, and our content is thoroughly fact-checked to ensure accuracy. We follow strict guidelines to ensure that our editorial content is not influenced by advertisers. Our goal is to give you the best advice to help you make smart personal finance decisions. Our editorial team does not receive direct compensation from our advertisers.īankrate’s editorial team writes on behalf of YOU – the reader. We maintain a firewall between our advertisers and our editorial team. Our editors and reporters thoroughly fact-check editorial content to ensure the information you’re reading is accurate. Our mission is to provide readers with accurate and unbiased information, and we have editorial standards in place to ensure that happens. Bankrate follows a strict editorial policy, so you can trust that we’re putting your interests first.
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