KeyBank provides mortgage and home equity products to borrowers in 15 states, including no-money-down loans.
Borrowers who meet specific criteria can get conventional loans, FHA loans, adjustable-rate mortgages, jumbo loans, and other types of financing.
Currently, in many states, KeyBank is the number 1 mortgage lender. They simplify the process and help you get the loan you need to buy your home. In this article, we outline the Keybank Mortgage Review.
In this article, we answer any questions you might have about Keybank mortgages and also provides a full review. Keep reading!
Table of contents
- Why should you consider Keybank Mortgage?
- What Mortgage Loans Does KeyBank Provide?
- How can you Apply for Keybank Mortgage?
- What are the Requirements for a Keybank Mortgage Loan?
- What Documents do you need for Keybank Mortgage?
- What are Keybank Charges?
- How to Apply for a KeyBank Mortgage
- What is the Minimum Credit Score Required?
- Where Does Keybank Mortgage Do Business?
- How is Keybank Mortgage Rated?
- How to Contact Keybank Mortgage?
- What Are Some of the Online Features of KeyBank?
- What are Keybank Mortgage Loans Ideal for?
- What Do I Need To Do To Get Prequalified For A Mortgage?
- When should I consider refinancing my mortgage?
- How do KeyBank’s mortgage products stack up against those of other lenders?
- Frequently Asked Questions
- Conclusion
- References
- Recommendations
Why should you consider Keybank Mortgage?
There are several reasons you should consider a Keybank mortgage. While there are advantages, there are drawbacks too. Below are some reasons you should hold tight onto Keybank Mortgage.
Advantages
- KeyBank provides various discounts to qualified borrowers.
- There are loans available with no down payment.
- There are many mortgage and home equity products available.
Drawbacks
- KeyBank only lends in 15 states.
- Borrowers cannot apply for a loan online.
- United States Department of Agriculture Loans are not available.
What Mortgage Loans Does KeyBank Provide?
KeyBank provides a few specialized loan products. Here are a couple of examples:
Key Community Mortgage
Loans with no down payment and no private mortgage insurance are available to low- and moderate-income households. With this loan, KeyBank also accepts nontraditional credit histories.
SilverKey Mortgage
Borrowers for high-value homes can qualify for a loan of up to $3.5 million with no PMI through SilverKey Mortgage.
You could also check out: Huntington Mortgage Review 2023: Interest Rates & Plans.
GoldKey Mortgage
Wealth management clients with a high net worth who are key private bank clients can get a loan of up to $3.5 million. PMI is not required, and borrowers can use asset depletion as qualifying income by dividing their assets by a set number of months.
Loans for Medical Professionals
Doctors, dentists, and veterinarians can borrow up to $1.5 million with a combined loan-to-value ratio of 100% for all loans on the property. You do not require any PMI.
Freddie Mac HomeReady Mortgage
With this federally backed loan, borrowers with certain income levels can qualify for a mortgage with a 3% down payment and lower PMI payments.
Borrowers can combine a mortgage and a home equity loan with a 10% down payment and no PMI.
Combination mortgage
This loan combines traditional mortgage features with aspects of a home equity loan for the increment of your loan amount while lowering your down payment.
Interest-Only Mortgage from GoldKey
This loan, available only to current KeyBank customers, makes sense if you intend to improve and sell your home soon after purchasing it.
KeyBank also provides-
- Fixed-rate and adjustable-rate conventional loans
- FHA financing
- Loans from the Veterans Administration
- Large loan amounts
- Mortgage consolidation
- Loans for a home equity
- Lines of credit for a home equity
Have you seen the GMFS mortgage review? Read: GMFS Mortgage Review 2023: Interest Rates & Plans
How can you Apply for Keybank Mortgage?
KeyBank does not accept online mortgage applications. To begin the process, you’ll need to speak with one of the bank’s loan officers. The company does not specify how long it takes to close a mortgage, but mortgages from any lender typically close within 30 to 60 days of the application.
Being prepared with all of the necessary documentation is an excellent way to expedite the process.
You should see Sun West Mortgage Review 2023: Interest Rates & Plans.
What are the Requirements for a Keybank Mortgage Loan?
KeyBank offers a variety of mortgages, each with its own set of requirements. Unfortunately, the company’s website does not state specific requirements for debt-to-income ratios or minimum credit scores. Contact a KeyBank loan officer to learn more about the particular needs.
What Documents do you need for Keybank Mortgage?
You will need the following documents to apply for a mortgage with KeyBank:
- Income documentation
- Asset inventory
- Credit card bills and other obligations
- Credit history
What are Keybank Charges?
The KeyBank website does not explicitly state all the mortgage fees this lender charges, but these costs vary depending on loan type and state laws.
In general, you should budget for appraisal, home inspection, homeowners insurance, and loan origination fees, in addition to the following payments:
- Late payment penalty. If you miss your monthly payment due date, KeyBank will charge you a late fee following the loan terms.
- Fee for insufficient funds (NSF). If you try to pay your mortgage with a closed or insufficiently funded account, KeyBank charges a $15 NSF fee.
- Fee for the amortization schedule. This fee, up to $15, covers the costs of obtaining copies of your amortization schedule.
- Copy costs. KeyBank may charge you up to $10 to obtain copies of certain mortgage documents and statements.
- Payment history/fee for information. KeyBank may charge you up to $5 per year and per copy of an additional Annual Escrow Disclosure Statement if you need to submit more than 12 months of your payment history.
It would help if you read: Roundpoint Mortgage Review in 2023: Interest Rates & Plans.
How to Apply for a KeyBank Mortgage
Pre-qualify yourself
Consult with a loan officer to see if you meet the credit requirements. If you do, consult with them to determine your budget and how much down payment you should expect to make at closing.
Make a bid on your dream home
Once you’ve found a home, consult with your loan officer before submitting an offer to the realtor or current owner.
Request a loan
Gather your financial information and property details, then work with your loan officer to complete the loan application.
Wait for your loan to get processed
The loan processing team at KeyBank reviews your application, and an appraiser visits the property to determine its value.
Get approval
The underwriting team at KeyBank confirms your loan eligibility by reviewing your application, credit report, appraisal, and other details.
Prepare for the end
KeyBank’s team collaborates with an attorney or title company to prepare the deed, title work, and mortgage note required to transfer property ownership to you.
Sign the final documents
Complete your loan paperwork and pay for your down payment and closing costs.
Set up your new residence
You will receive the keys to your new home once the funds have to get transferred to the seller and KeyBank’s team verifies the contract.
It would help if you also read: Rocket Mortgage Fieldhouse Review 2023: What you need to know.
What is the Minimum Credit Score Required?
While Keybank Mortgage does not specify, most mortgage loans require a minimum FICO credit score of around 620.
Before you make up your mind on a mortgage, you should read Amerihome Mortgage Review 2023: Interest Rates & Plans.
Where Does Keybank Mortgage Do Business?
KeyBank only provides mortgage and home equity products to residents of the following 15 states:
- Alaska
- Colorado
- Connecticut
- Idaho
- Indiana
- Maine
- Massachusetts
- Michigan
- New York City
- Ohio
- Oregon
- Pennsylvania
- Utah
- Vermont
- Washington
How is Keybank Mortgage Rated?
KeyBank has an A+ rating with the Better Business Bureau and a Trustpilot rating of 1.8 out of 5 stars.
KeyBank’s parent company, KeyCorp, received 79 mortgage-related complaints from the Consumer Financial Protection Bureau in 2021. The most frequently encountered issues were:
- There was an issue with the payment process.
- Making an application for a mortgage or refinancing an existing mortgage.
- A mortgage is being closed.
KeyBank responded to the CFPB promptly to all issues, closing 70 with an explanation, eight with monetary relief, and one with nonmonetary ease.
See this article: CrossCountry Mortgage Review 2023: Interest Rates & Plans.
How to Contact Keybank Mortgage?
You can reach their customer service by phone at 888-539-0018. They are also available Monday through Friday from 8 a.m. to 8 p.m. Eastern Time and Saturday from 9 a.m. to 3 p.m. ET.
You can also reach them via
- Keybank mortgage official website
- Call them or schedule a time to have them call you.
- Contact a loan officer
- YouTube
What Are Some of the Online Features of KeyBank?
Borrowers cannot apply for a mortgage through KeyBank’s website. You can instead apply by phone or in person at a KeyBank branch.
Borrowers can use the lender’s website to apply for a home equity loan or line of credit. You can make loan payments using the bank’s online banking system.
You could also check out: Huntington Mortgage Review 2023: Interest Rates & Plans.
What are Keybank Mortgage Loans Ideal for?
- Individuals who are eligible for one of the lender’s specialized loans.
- People who live in a KeyBank service area.
- People who prefer to work with a bank representative during the mortgage process.
What Do I Need To Do To Get Prequalified For A Mortgage?
Every situation is unique, but banks use criteria to determine mortgage qualifications. In the prequalification checklist, you can find out what you’ll need to start.
Read: GMFS Mortgage Review 2023: Interest Rates & Plans
When should I consider refinancing my mortgage?
In a nutshell, it depends. There are a few factors that make this the right time. Interest rates have dropped, or your finances have improved. Consider shortening your term.
Whatever your plans are, they can assist you in determining when the time is right for you. See our article on when to refinance your mortgage.
How do KeyBank’s mortgage products stack up against those of other lenders?
In comparison to other mortgage lenders, KeyBank’s offerings are standard. KeyBank does not offer USDA loans but provides specialized mortgage types such as the Medical Professional Loan and the GoldKey Interest-Only Mortgage.
KeyBank’s Key Community Mortgage is another standout product that offers qualified buyers a lower down payment.
You should see Sun West Mortgage Review 2023: Interest Rates & Plans.
Frequently Asked Questions
KeyBank is a well-known national bank with FDIC-insured deposit accounts. What kinds of funds you’re looking for and what you value most in a bank will determine whether it’s a good bank for you.
There is no definitive answer as to whether a mortgage lender or a bank will provide a better rate. Your mortgage rate depends primarily on your credit score, the amount of debt you already have, the location of your property, your down payment, and the size of the loan you are applying for.
KeyBank is one of the top 25 banks in the United States regarding total assets. KeyBank provides credit cards, personal loans, checking accounts, savings, home loans, auto loans, and other financial services.
Loans are frequently denied due to poor credit, insufficient income, or an excessive debt-to-income ratio. Examining your credit report will assist you in determining what the issues were in your case.
A mortgage backed by the Federal Housing Administration (FHA) may be easier to qualify for than a conventional loan. When you pay FHA mortgage insurance, you protect FHA-approved lenders from losses.
Conclusion
KeyBank provides a wide range of mortgage products but does not disclose all of its fees online and is only present in 16 states.
Despite being in business for nearly 200 years, recent reviews indicate that KeyBank still has much to learn about customer service.
References
Recommendations
