Home Equity Loans
You've got big plans. KeyBank can help you attain them with a home equity loan. Our loans let you borrow against the equity in your home with a fixed rate and term. So, go ahead and plan. We'll help make sure you have the money you need.
Overview
| Combined Loan to Value (CLTV) | Up to 80% CLTV1 |
|---|---|
| Loan Amount | $25,000 to $500,000 |
| Interest Rate |
Fixed |
| Term | Five to 30 years2 |
| Manage in Online Banking |
Yes |
| Client Discount | .25% interest rate discount3 for qualifying KeyBank clients |
Features
- Get a 0.25% interest rate relationship discount on a new KeyBank Home Equity Loan when you bank with Key or when you sign up for automatic payments from a KeyBank checking account3
- Fixed rate, one-time distribution loan
- Borrow up to 80% of your home’s appraised value across the combined balances of all loans1
- Interest paid may be tax-deductible4
Home Equity Loan
Up to 80% Combined Loan-to-Value1
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage, home equity loans and home equity lines of credit, are subject to credit and collateral approval. Not all home lending products are available in all states. Hazard insurance and, if applicable, flood insurance are required on collateral property. Actual rates, fees, and terms are based on those offered as of the date of application and are subject to change without notice.
To apply for a home equity loan, you must:
- Be 18 years of age or older
- Live within the following states: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, or WA
- Agree to provide additional personal and business information, if requested, such as tax returns and financial statements
- Certify that all information submitted in the application is true and correct
- Authorize the bank and or a credit bureau to investigate the information on the application
Please read our Disclosures. If you applied for your credit account online within the last 90 days, you may also review the original disclosures provided to you.
Loan-to-value ratios apply only to loans secured by owner-occupied real estate.
Typical loan payment examples for a 10/6 ARM are as follows: Monthly interest-only payments 1-120: $4,356.16 with an interest rate of 6.625% / 8.185% APR. Monthly principal and interest payments 121-359: $7,220.69 with an interest rate of 11.625% / 8.185% APR. Final monthly principal and interest payment of $7,212.07 with a rate of 6.625% / 8.185% APR.
Typical loan payment examples for a 7/6 ARM are as follows: Monthly interest-only payments 1-84: $4,356.16 with an interest rate of 6.625% / 8.840% APR. Monthly principal and interest payments 85-359: $7,475.33 with an interest rate of 6.625% / 8.840% APR. Final monthly principal and interest payment of $7,473.99 with a rate of 11.625% / 8.840% APR.
Typical loan payment examples for a 5/6 ARM are as follows: Monthly interest-only payments 1-60: $4,273.97 with an interest rate of 8.375% / 8.382% APR. Monthly principal and interest payments 61-359: $6,362.45 with an interest rate of 6.500% / 7.668% APR. Final monthly principal and interest payment of $5,975.78 with a rate of 8.500% / 7.668% APR.
To receive relationship benefits on a new KeyBank home equity loan, which provides a 0.25% interest rate reduction, you must have owned a Relationship Account at any time during the home equity loan application process, but no later than seven (7) business days prior to the closing of the home equity loan. This Interest rate reduction is available on new KeyBank home equity loan applications only. As an alternative to the relationship benefit, you may obtain a 0.25% interest rate reduction if you complete and submit, no later than seven (7) business days prior to the closing of the home equity loan, the Monthly Automatic Payment form to have your recurring payment for your KeyBank home equity loan automatically deducted from an "Eligible KeyBank Consumer Checking Account". For home equity loans, the 0.25% interest rate reduction will be reflected in the interest rate on the Promissory Note. "Relationship Account" means (A) an open Eligible KeyBank Consumer Checking Account with five (5) or more Qualifying Transactions posted to a single Eligible KeyBank Consumer Checking Account in a calendar month, which may not be aggregated across other accounts you own, OR (B) an open Key Private Bank Checking or Key Private Bank Personal Checking account. An "Eligible KeyBank Consumer Checking Account" means: any KeyBank consumer checking account designated as a personal checking account by KeyBank, including KeyBank's Hassle-Free checking account, but excluding a health savings account. "Qualifying Transactions" include, but are not limited to, point of sale transactions, bill payment(s), ATM transactions, check, cash or direct deposits, and electronic funds transfers. Qualifying Transactions exclude adjustments, advances, reversals, refunds, account to account transfers, person-to-person transfers, interest, service charges, and service fees. Qualifying Transactions must be completed at least three (3) business days prior to application to be eligible for inclusion in determining whether you met the "Relationship Account" portion of the "Bank with Key" criteria. The 0.25% interest rate reduction may not be combined with certain other discounts or promotions and may not be available for all home lending products. Other terms, conditions, and/or limitations may apply. Contact KeyBank Home Lending for more details.
Please consult your tax advisor.
NMLS# 399797. Equal Housing Lender.
