KeyBank, a financial institution based in Cleveland, offers both home equity loans and home equity lines of credit (HELOCs) to qualifying homeowners. While home equity loans are limited to 15 states, HELOCs are available in 44 states. Borrowers can access up to $500,000 through KeyBank, making it a competitive option for those in need of home equity financing. The streamlined application process and extensive product offerings have led to KeyBank being recognized as one of the best lenders for home equity loans and HELOCs.
KeyBank offers a variety of loan options, including home equity loans, HELOCs, and rate-lock HELOCs. The APR for home equity loans starts at 10.29%, while for HELOCs, it starts at 11.70%. Homeowners can borrow between $25,000 and $500,000 with repayment terms ranging from five to 30 years for home equity loans, and a 15-year draw period followed by a 15-year repayment period for HELOCs. KeyBank’s longer repayment terms and low minimum loan amounts make it an attractive option for those seeking flexibility and affordability in their home equity financing.
A notable advantage of KeyBank is its interest rate discount for borrowers who open a checking and savings account, where the bank shaves off 0.25% from their interest rate. Additionally, the bank offers a fixed-rate option for HELOCs, allowing borrowers to lock in their interest rate on the loan amount. The low minimum loan amount for HELOCs at $10,000 is beneficial for those who only need access to a smaller amount of money without paying interest on funds they won’t be using.
However, there are some limitations to consider when choosing KeyBank for home equity financing. The bank offers home equity loans in only 15 states and HELOCs in 44 states. For homeowners needing less than $25,000, a home equity loan from KeyBank may not be an option. There is also an early termination fee if the loan is paid off and closed within 36 months. Despite these limitations, KeyBank’s competitive interest rates and flexible loan terms make it a viable option for homeowners in need of home equity financing.
When it comes to the loan options, KeyBank offers home equity loans with loan amounts ranging from $25,000 to $500,000 at a fixed rate. For HELOCs, borrowers can access between $10,000 and $500,000 with a 15-year draw period followed by a 15-year repayment period. KeyBank also provides a rate-lock HELOC, allowing borrowers to lock in a fixed rate on a portion or all of their loan balance during the draw period. The bank also offers a construction loan for home renovations, catering to homeowners looking to improve their properties.
In terms of fees, KeyBank charges a $295 origination fee for home equity loans, along with potential title insurance premiums. There is also a $50 annual fee to keep a HELOC open, with potential closing costs if a closing agent is involved. Additionally, a fee may be charged if the home equity loan or HELOC is closed within 36 months of opening. It is essential for borrowers to consider these fees when evaluating the overall cost of obtaining home equity financing through KeyBank.
