GoldKey Interest-Only Mortgage1
Strategic financing to fit your home and your plans.
Built to meet the strategic needs of clients with significant assets, a GoldKey Interest-Only Mortgage can provide valuable financial flexibility. Structured properly, this mortgage may be used as an interest deduction, to enhance investment returns, reduce tax liabilities,2 and improve liquidity management. Whether you’re planning on higher future earnings or on selling your property within a shorter time period, a GoldKey Interest-Only Mortgage can be a great option.
Overview
| Loan Amount | $1 million to $3.5 million |
|---|---|
| Loan to Value (LTV) |
Up to 80% on $1.5 million |
| Interest Rate | Variable-rate options only |
| Private Mortgage Insurance (PMI) |
Not required |
Features and Benefits
Initial Period of Interest-Only Payments
Make lower, interest-only payments during the first 10-years of the loan, when the full amount of each payment may qualify as tax deductible.2
Competitive Rates
Finance your property at our latest competitive rate or qualify for an additional discount. GoldKey is available for clients with $250,000 or more in deposits or investments with Key, and Special Platinum Discount is available to clients with $2 million or more in deposits or investments with Key.3
Various Property and Loan Types Supported
Use this mortgage to purchase or refinance primary residences and second homes, including single-family homes, condos, and planned unit developments.
Contact Us
We'll walk you through your options. With your rates, terms, and benefits in hand, you'll have everything you need to take the next step.
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. All home lending products, including mortgage 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 is 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.
Adjustable Rate Mortgage (ARM) interest rates and payments are subject to increase after the initial fixed-rate period. During the interest-only period, the minimum monthly payment required is the interest due on the loan. Paying the minimum payment during the interest-only period will not reduce the principal loan balance. At the end of the interest-only period, the minimum payment required will increase to include both interest and principal payments.
Adjustable Rate Mortgage (ARM) interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/6 mo. ARM, 7 years for a 7/6 mo. ARM, 10 years for a 10/6 mo. ARM) and assume a 30-year repayment term. During the interest-only period, the minimum monthly payment required is the interest due on the loan. Paying the minimum payment during the interest-only period will not reduce the principal loan balance. At the end of the interest-only period, the minimum payment required will increase to include both interest and principal payments.
Please consult your tax advisor.
Deposit or Investment Requirement: GoldKey products are available to KeyBank Borrowers with $250,000 or more Eligible Deposits and/or Investments with KeyBank. An additional Platinum discount is available to KeyBank borrowers with $2,000,000 or more in Eligible Deposits and/or investments with KeyBank. “Eligible Deposits and/or Investments” for the GoldKey mortgage loan discounts include any combination of money on deposit or invested in any KeyBank personal checking, savings, investment or equivalent Key Private Banking accounts that are owned by one or more of the mortgage loan applicants. An eligible checking account includes those consumer deposit accounts designated as personal checking accounts by KeyBank or KeyBank Hassle-Free Account. An eligible savings account includes those consumer deposit accounts designated as savings accounts by KeyBank, health savings accounts, certificates of deposit, or individual retirement accounts. Eligible investment accounts are investment accounts that are offered through Key Investment Services LLC (KIS)*. Minimum Eligible Deposits and/or Investment account balances must be in excess of any closing costs or down payment requirements associated with your loan and must be verifiable by no later than seven business days prior to closings.
Investment products are offered through Key Investment Services LLC (KIS), member FINRA/SIPC and SEC-registered investment advisor. Insurance products are offered through KeyCorp Insurance Agency USA, Inc. (KIA). KIS and KIA are affiliated with KeyBank National Association (KeyBank). Investment and insurance products made available through KIS and KIA are:
KIS, KIA and KeyBank are separate entities, and when you buy or sell securities and insurance products you are doing business with KIS and/or KIA, and not KeyBank.
NMLS# 399797. Equal Housing Lender.
