One of the principal subsidiaries of KeyCorp, KeyBank was created in 1994 after KeyCorp of Albany, New York merged with Society Corporation of Cleveland, Ohio. In many respects, the bank is much older, with a history dating back almost two hundred years to the 1800s.
KeyBank’s mortgage options include conventional fixed-rate and adjustable-rate mortgages, FHA, VA, Jumbo, Combination, Key Community Mortgages, Mortgages for Medical Professionals, and State Bond loans.
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KeyBank Background
KeyBank was founded in 1994 with the merger of KeyCorp of Albany, New York, and Society Corporation of Cleveland, Ohio. KeyCorp was once Commercial Bank of Albany, established in 1825, and Society Corporation used to be Cleveland’s Society for Savings, established in 1849.
Both of these older banks went through numerous mergers and acquisitions before they joined together to become what KeyBank is today.
The bank is very flexible with lending options and qualification terms, offering something for almost every borrower and credit history.
KeyBank is also diligent about providing information and resources that applicants can use to prepare for the mortgage process.
With a mortgage checklist, borrowers can track their income and asset documentation, as well as determine what else they need, to complete the application.
Currently, KeyBank has a Trustpilot score of 5.6/10 stars and two reviews with an average of 3/5 stars. The bank’s BBB rating is A+ with customer reviews averaging 1/5 stars.
Current KeyBank Mortgage Rates
KeyBank Mortgage Options
KeyBank has plenty of options when it comes to mortgage loans. Here is a breakdown of all their different mortgage loan options.
Fixed-Rate Loans
One rate stays the same for the entire length of the loan, so borrowers are protected against rate increases and know what to budget each month for their mortgages. This is an excellent option for locking in a low rate.
Applicants who plan to keep the same home for several years may benefit the most from a fixed-rate loan. KeyBank offers 10-, 15- and 30-year fixed-rate mortgages.
Conventional fixed-rate loans typically require a 20 percent down payment.
Adjustable-Rate Loans
Adjustable-rate mortgages start with one rate, but market conditions can cause the loan rate to fluctuate over time. Mortgage rates may increase later, and borrowers could end up paying more than they expected for a loan.
Rates may also decrease, however, and are typically fixed at a low rate for the beginning of the loan. Applicants who plan to sell their home soon or refinance later may benefit from an adjustable-rate loan.
FHA Mortgage Loans
Federal Housing Administration (FHA) loans from KeyBank are government-backed and offer affordable financing with low monthly payments and low down payment options.
Borrowers who meet the income qualifications may pay as little as 3.5 percent down on an FHA loan. Fixed or adjustable-rate loans are available.
VA Loans
VA loans are an affordable mortgage option for veterans, members of the armed forces, and surviving spouses. The VA guarantees part of these mortgage loans so that applicants may qualify for more favorable terms than with a conventional loan.
Low or no down payment, fixed or adjustable rate, and no private mortgage insurance (PMI) options are available.
Combination Loans
Two types of loans are combined–a mortgage and a separate home equity loan. This allows borrowers to qualify for a more expensive property or close on a home and also obtain cash for another purpose. PMI coverage is not necessarily required.
This might be the right option for applicants who need a larger loan amount or funding for another project, such as a major remodel.
SilverKey Mortgage Loans
With higher home values in mind, this loan is designed to make large mortgages more affordable with competitive interest rates and loan terms for homes valued up to $3.5 million. This loan might be the right fit for applicants in high-value home markets.
GoldKey Mortgage Loans
This is an exclusive product designed exclusively for Key Private Bank clients, offering loans up to $3.5 million with select interest rate options on fixed or adjustable-rate mortgages.
Fannie Mae HomeReady Loans
These federally-backed loans are designed to make home purchasing more affordable. Down payments as low as 3 percent are accepted, and borrowers must meet either income or location requirements to qualify. Purchase or refinance loans are also available.
Key Community Mortgage Loans
Borrowers may qualify for a no-down payment loan with no private mortgage insurance (PMI). Credit history requirements for this loan product are flexible, and the bank works with you to find all possible loan options. Homebuyer education courses may be required.
SONYMA Mortgage Loans
For New York-based first-time homebuyers only, this loan program offers low down payments, low-interest rates, and high loan maximums to make housing in New York more affordable.
Medical Professional Loans
Borrowers who are doctors, dentists, or veterinarians may qualify for a fixed or adjustable-rate mortgage with low down payments and a streamlined application process.
Mortgage Loan Options Overview
| Mortgage Loan Type | Description | Key Features |
|---|---|---|
| FHA Mortgage Loans | Government-Backed, Low Down Payment | • Down Payment: 3.5% • Fixed/Adjustable Rates |
| VA Loans | Affordable for Veterans/Military | • Low/No Down Payment • No Private Mortgage Insurance (PMI) • Favorable Terms |
| Combination Loans | Mortgage + Home Equity Loan | • No PMI Requirement • For Larger Loans/Projects |
| SilverKey Mortgage Loans | Large Mortgages with Competitive Rates | • Homes up to $3.5 Million |
| GoldKey Mortgage Loans | Exclusive for Key Private Bank Clients | • Loans up to $3.5 Million • Fixed/Adjustable Rates |
| Fannie Mae HomeReady Loans | Federally-Backed, Low Down Payment | • Down Payment: 3% • Income/Location Requirements |
| Key Community Mortgage Loans | No Down Payment, Flexible Credit History | • No Down Payment • Flexible Credit History • Homebuyer Education May Be Required |
| SONYMA Mortgage Loans | For NY-Based First-Time Homebuyers | • Low Down Payments • High Loan Maximums |
| Medical Professional Loans | For Doctors, Dentists, Vets | • Low Down Payments • Streamlined Application Process |
KeyBank Customer Service
KeyBank has a wide range of mortgage products available and extensive loan guidance on its website for borrowers to learn more about home financing and refinancing.
Applicants can refer to the KeyBank website and meet with a loan officer at one of the bank’s many community branches throughout the nation.
Prospective borrowers must apply for a KeyBank mortgage in person with help from a loan officer since there isn’t an online application available.
KeyBank doesn’t offer online quotes, although you can call a loan specialist by connecting with customer service.
Using one of their online calculators, you can estimate what your monthly payments and down payment might look like. To get a quote or be pre-qualified, most applicants will need to provide their SSN.
By scheduling an in-person appointment and meeting with a loan specialist, applicants can start the prequalification process.
KeyBank proudly announced that it has been ranked #1 for Online Experiences among Regional Banks in the J.D. Power 2023 U.S. Online Banking Satisfaction Study.
Apply for a Mortgage
KeyBank does require documentation for mortgage loan applications, which is typical. Borrowers need to demonstrate that they can afford the monthly payments.
To do so, they may be required to submit bank statements, W2 forms, tax returns from previous years, pay stubs, asset documentation, and other evidence.
Requirements and credit standards do vary by the type of loan. Mortgage officers at KeyBank try to develop a holistic profile of each borrower to determine the overall ability to repay the loan.
KeyBank has a Trustpilot score of 5.6/10 stars and two reviews with an average of 3/5 stars. The bank’s BBB rating is A+ with customer reviews averaging 1/5 stars.
- Information collected October 15, 2023
KeyBank Mortgage Qualifications
| Credit score | Quality | Ease of approval |
|---|---|---|
| 760+ | Excellent | Easy |
| 700-759 | Good | Somewhat Easy |
| 621-699 | Fair | Moderate |
| 620 and below | Poor | Somewhat difficult |
| n/a | No credit score | Somewhat difficult |
Applicants with “fair” credit may need an alternative mortgage program through KeyBank and may not have access to the best offers. KeyBank does offer loans to borrowers with no credit history or low credit scores, although these options are typically more limited. Applicants with credit scores of 760 and higher have the best chance of being offered great rates and favorable options at KeyBank.
Borrowers with scores in the 700 to 759 range may not qualify for the best mortgage options but are likely to have a few loan choices available to choose from.
For the best mortgage options at KeyBank, it’s helpful to have plenty of income and asset documentation available for a loan officer to review.
| Debt-to-income ratio | Quality | Likelihood to get approved by lender |
|---|---|---|
| 35% or less | Manageable | Likely |
| 36-49% | Needs improvement | Possible |
| 50% or more | Poor | Possible |
KeyBank Contact Info
KeyBank is more likely to offer favorable terms to borrowers with debt-to-income (DTI) ratios of 30 percent or less. When applying with higher DTIs, it may help to ask about KeyBank’s alternative loan and government-backed programs to get the best possible offers.
- Homepage URL: https://www.key.com/
- Company Phone: 1-800-539-2968
- Headquarters Address: 127 Public Square, Cleveland, OH 44114
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KeyBank Review
Product Name: KeyBank
Product Description: KeyBank is a prominent regional bank in the U.S., offering a wide spectrum of financial services including personal, business, and corporate banking. With its roots tracing back over 190 years, it boasts a solid reputation for commitment to customer service and community involvement. The bank's comprehensive product suite is complemented by its modern digital banking solutions.
Summary of KeyBank
As one of the nation’s major bank-based financial services companies, KeyBank has a deep history that underscores its commitment to both innovation and community values. Operating in multiple states with hundreds of branches, it serves a diverse range of clients, from individual account holders to large institutions. Beyond traditional banking, KeyBank provides investment services, mortgage solutions, and financial planning, ensuring a holistic approach to meet the varied needs of its clientele. Their recent recognitions, such as top rankings in online customer satisfaction, highlight the bank’s continuous efforts to blend personal touch with technological advancements. KeyBank’s dedication to community upliftment, through various initiatives and philanthropic endeavors, further solidifies its position as a bank with a purpose.
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Cost and Fees
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Customer Service
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User Experience
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Product Offerings
Overall
Pros
- Extensive Service Range: Offers a comprehensive suite of financial services, catering to individual, business, and institutional needs.
- Strong Digital Platform: Emphasizes on delivering a seamless online banking experience, as evident from recent accolades.
- Community Commitment: Actively involved in local initiatives and has a strong focus on philanthropy and community betterment.
- Long-Standing Reputation: A history spanning over a century signifies stability and trust in the financial landscape.
Cons
- Limited Geographic Footprint: As a regional bank, its branch presence is concentrated in specific states, potentially limiting accessibility for those outside its primary regions.
- Fees and Charges: Some customers find certain fees, like those for overdrafts or minimum balance requirements, to be on the higher side compared to competitors.
- Customer Service Variability: Given its expansive network, there can be occasional inconsistencies in service quality across branches.
- Rate Competitiveness: Interest rates, especially on savings products, may not always be as competitive as those of online-only banks.
