Now could be a good time to buy a home in Columbus.
Apply for conditional approval for a home loan.
With the recent dip in mortgage rates, now could be a good time to explore how much you may be able to save by making the move to homeownership.
Owning vs. Renting in Columbus
Possible Monthly Savings
This image presents the possible monthly savings if you own home in Columbus, Ohio instead of renting a home in Columbus, Ohio.
It shows an average monthly rental payment of $1,437 compared to an average monthly mortgage payment of $1,044. The difference, and potential savings, between the monthly rental payment and monthly mortgage payment is $393.
Please see disclosures one and two at the bottom of the page to see how the average monthly rental payments and average monthly mortgage payments were obtained.
Payments for illustrative purposes only; based on a $165K mortgage at 6.51% APY, including taxes and insurance.
KeyBank clients can earn special rates and credits toward a mortgage on a new home.
- 0.25% interest rate discount3
Qualify when you sign up for automatic mortgage payments from your Key checking account. - $5,0004 KeyBank Neighbors First CreditSM
Home must be owner-occupied in a community designated for the credit.
Resources to help you toward homeownership.
Apply for conditional approval.
Easily apply for conditional approval with our online application. Once you’re conditionally approved, a licensed mortgage loan officer will work with you to see whether you’re eligible for KeyBank’s discounts and credits.
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.
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Example loan amount $165,000 based on a purchase price of $206,250, down payment of 20% or $41,250, 30 year fixed rate mortgage with an interest rate of 6.51% APR, and monthly payment of $1,044. Example rates and APR effective as of 10/15/2024 and are subject to change without notice. Above scenario assumes a first lien position and an excellent credit profile including a FICO score of 740 or higher, and a debt-to-income ratio of 36% or lower. Learn more about estimated mortgage payments. The Annual Percentage Rate (APR) is the cost of credit over the term of the loan expressed as an annual rate. The APR shown is based on interest rate, points and certain estimated finance charges. Your actual APR may be different.
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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.
To receive relationship benefits on a new KeyBank mortgage loan, which provides a 0.25% interest rate reduction, you must have owned a Relationship Account at any time during the mortgage loan application process, but no later than seven (7) business days prior to the closing of the mortgage loan. This Interest rate reduction is available on new KeyBank mortgage 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 mortgage loan, the Monthly Automatic Payment form to have your recurring mortgage payment for your KeyBank mortgage loan automatically deducted from an “Eligible KeyBank Consumer Checking Account”.
For fixed-rate mortgages, the 0.25% interest rate reduction will be reflected in the interest rate on the Promissory Note. For adjustable-rate mortgages (“ARMs”), the 0.25% interest rate reduction will apply to the initial fixed interest rate period and will be reflected in the maximum amount the interest rate can increase of the term of the loan, subject to the minimum interest rate that may be charged per the terms of the Promissory Note or Agreement.
“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.
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Available on primary residence first lien purchases only. Property must be located in an eligible community as determined by KeyBank. Eligible Communities are subject to change without notice. Additional terms or restrictions may apply. Ask us for details. Credits up to $5,000 to be used towards closing costs and prepaid fees.
Key.com is a federally registered service mark of KeyCorp.
NMLS #399797. Equal Housing Lender.
