KeyBank Mortgage

KeyBank Mortgage Reviews

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About KeyBank Mortgage

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KeyBank (NMLS #399797) is a part of KeyCorp, a financial services company headquartered in Cleveland, Ohio. The company provides banking services and mortgage products to consumers across 37 states nationwide. KeyBank offers conventional, FHA, VA and jumbo loans.

    Pros & Cons

    • Competitive rates
    • Wide variety of loan options available
    • No PMI requirement on some loans
    • Online application
    • Not available in all states
    • No pre-qualification without a credit check


    KeyBank offers both fixed-rate and adjustable-rate mortgages (ARMs). The company generally publishes its starting rates for 30-year fixed, 15-year fixed, 7/6 ARMs and 5/6 ARMs. You can customize rates based on your state.

    Most borrowers choose fixed-rate mortgages because they offer a stable monthly payment that won’t change over the years. The predictable monthly payment is helpful when planning for spending.

    However, an ARM could be a good decision depending on your situation and goals. Most ARMs carry a low fixed rate for a number of years. After that, the rate resets regularly based on market conditions. With a 7/6 ARM, for example, there is a seven-year fixed-rate period followed by a rate reset every six months throughout the remainder of the loan term.

    ARMs may be best when you have plans to sell your home in a few years. It could help you save on interest during that time since ARM introductory rates are often lower than fixed rates.

    From 2019 to 2021, KeyBank's average home purchase rate was lower than the national average. In 2021, its average home purchase rate was 0.3% lower.

    Keep in mind that KeyBank offers a 0.25% rate discount to current banking customers with eligible checking and savings accounts.

    KeyBank Mortgage average home purchase rate vs. national average

    Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

    Application process

    You can begin the homebuying process online or by calling KeyBank directly. If you are a current KeyBank customer, you can log in to your online banking account to apply. Or, if you aren’t a current customer, you can complete an application as a guest.

    The application will start by asking if you are currently working with a loan advisor. You’ll also need to indicate whether you are looking to purchase or refinance. If purchasing, you’ll need to complete demographic information, as well as income and asset information.

    Once you complete the pre-qualification application, a loan advisor will reach out to finalize the application. Be prepared to answer additional questions about your income and debts — KeyBank uses this information to determine your loan amount. It may also be helpful to have the following financial documents handy: prior year’s tax return, recent pay stub, bank account statements (checking and savings) and retirement account statements. You’ll also give the lender authorization to pull your credit report so it can verify your debt obligations.

    Once your application is complete, your loan advisor can give you a timeline for when to expect a decision. You can check on your loan status within KeyBank’s application portal.

    KeyBank Mortgage application features

    Loan types

    KeyBank offers conventional loans (with fixed or adjustable rates), FHA, VA and jumbo loans (no USDA loans at the time of publishing). Loan terms generally range from 10 to 30 years.

    KeyBank also provides some affordable mortgage options, like Fannie Mae HomeReady and Key Community Mortgage. The Key Community Mortgage is a brand-specific loan available to borrowers with qualifying incomes and locations. It allows for 100% financing, which means there are no down payment requirements. It also has no private mortgage insurance requirements. It’s available for both home purchases and refinances.

    KeyBank offers specialty loans as well, like mortgages for medical professionals. If you are a current KeyBank customer, you can get the GoldKey and the GoldKey Interest-Only mortgages. Both loan options don’t require PMI.

    KeyBank saw an increase in home purchase applications from 2019 to 2021. In 2021, 14,442 home purchase applications were initiated. Of those applications, about 78% (11,285) turned into closed loans, and about 10% (1,466) were denied.

    Loan applications for home purchases only by year

    Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.


    KeyBank specializes in refinance loans. In 2021, about 55% of its originated loans were rate-and-term refinances and cash-out refinances.

    Even lenders who may not have specialized in refinancing before saw an increase in refinancing applications in 2020 and 2021. Mortgage rates dropped to historic lows, which prompted borrowers to seek to refinance and lock in a lower rate.

    Since then, rates have been rising. Not as many borrowers are expected to refinance in 2022 as in 2020 and 2021.

    Still, you may consider refinancing if you can get a lower rate and save money in interest over the life of the loan. You may have improved your credit by paying off debt and could qualify for a lower rate today. Consider the overall cost of the new loan (including closing costs) and compare it with your potential interest savings before you make a decision.

    Home purchase vs. refinance loans by year

    Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

    HELOC and home equity loans

    KeyBank offers both home equity lines of credit (HELOCs) and home equity loans. With a home equity loan, you can borrow up to 80% of the combined loan-to-value (CLTV) amount. Loan amounts range from $25,000 to $500,000, and loan terms range from five years to 30 years.

    With a HELOC, you can also borrow up to 80% of the CLTV. Loan amounts range from $10,000 to $500,000.

    KeyBank offers interest rate discounts on both HELOCs and home equity loans for current banking customers. You could save up to 0.25% if you qualify with a current KeyBank checking or savings account.

    Keep in mind that home equity loans carry fixed interest rates that won’t change over the loan term, while HELOCs have variable interest rates that can fluctuate over time. KeyBank does provide the opportunity to lock in part of your HELOC balance to a fixed rate.

    Home equity loans are most ideal when you know how much you need to borrow and you’ll need the funds upfront. For example, if you plan to renovate your kitchen, your contractor will likely provide an estimate for the entire cost of the project. On the other hand, if you don’t have an exact quote for a project or if you need consistent access to cash over time, a HELOC could be a good option. HELOCs allow you to draw cash from the credit line as needed.

    Remember that both HELOCs and home equity loans use your home as collateral, so you risk losing your home if you don’t pay back the funds.


    Before getting a mortgage, you’ll want to estimate how much house you can afford. You’ll also want to check the lender's website to see if you fit the criteria for obtaining a mortgage. Although KeyBank does not specify its borrower requirements on its website, most lenders require a 620 credit score for a conventional loan, 500 for an FHA loan and 580 for a VA loan.

    Down payment requirements also vary by loan type. Conventional loans typically require a 3% down payment. With an FHA loan, the down payment requirement depends on your credit score. Borrowers with a 580 or higher can make a 3.5% down payment, while those with a score lower than 580 may need to put down 10%. VA loans typically have no down payment requirements.

    National mortgage requirements by type

    For more information on other loans, see our guides on jumbo and USDA loans.

    Costs and fees

    KeyBank does not list its lender fees for new mortgage loans on its website. Typically, a lender will assess an origination fee of 0.5% to 1% of the loan amount or a flat fee. This origination fee generally encompasses all aspects of the loan origination, like the application, processing and underwriting, although some lenders may charge separate fees for those services as well.

    The lender fees are part of the closing costs you pay to start a new loan. Closing costs usually range from 2% to 5% of the loan amount and include third-party service fees (like the home appraisal) and prepaid items (like real estate taxes).

    After you apply for a loan, you’ll receive a Loan Estimate, which gives you an estimate of closing cost totals. Shortly before closing, you'll receive the Closing Disclosure, which tells you the exact loan costs and charges.


    What is KeyBank Mortgage?

    KeyBank Mortgage, part of KeyCorp, is a large financial services company. It offers conventional loans (with fixed or adjustable rates), FHA, VA and jumbo loans. There are also specialty programs for medical professionals.

    Is KeyBank Mortgage legit?

    KeyBank is a reputable lender. It's part of KeyCorp, one of the nation’s largest financial services companies, with assets totaling $187 billion as of June 30, 2022, according to the company. KeyCorp has been in business for more than 60 years.

    Where is KeyBank Mortgage available?

    KeyBank Mortgage is available in 37 states and Washington, D.C. The company has branches in 16 states, including Alaska, Colorado, Connecticut, Florida, Idaho, Indiana, Maine, Massachusetts, Michigan, New York, Ohio, Oregon, Pennsylvania, Utah, Vermont and Washington.

    KeyBank Mortgage Reviews

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      How do I know I can trust these reviews about KeyBank Mortgage?
      • 4,463,492 reviews on ConsumerAffairs are verified.
      • We require contact information to ensure our reviewers are real.
      • We use intelligent software that helps us maintain the integrity of reviews.
      • Our moderators read all reviews to verify quality and helpfulness.
      Page 1 Reviews 0 - 10
      StaffLoan Process

      Reviewed April 1, 2024

      The branch did not process the death paperwork of a deceased mortgage holder and subsequently foreclosed on the estate while it was IN PROBATE. They never notified the personal representative of the estate despite having their contact information. They refused to cooperate with the PR until the heirs were forced to pay off the mortgage, plus the constant "property appraisals" and the attorney fees. They ignore Executive Services case queries, i.e., string you along to think that they are concerned. Nah. And OF COURSE never sent property owner's tax forms.

      Punctuality & SpeedLoan Process

      Reviewed Feb. 13, 2023

      KeyBank Mortgage Loan Servicing. With automatic bill payer set up to pay our home loan each month our escrow amount changes without us knowing. The loan payment goes up by $300 and yet we keep paying the original amount. Because we are now not sending the full amount the system does not apply the money sent to the home loan and just holds it, begins charging late fees, AND starts sending credit agencies notifications that we are delinquent in payment. The best part is when KeyBank files to foreclose and sends threatening letters... This is the first notification we received regarding this matter. Calling the Keybank Mortgage Loan Servicing folks... We are told it is completely our fault... KeyBank did it all "by the book." Don't do business with this company if you can help it.

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        ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page .
        1. Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Sept. 26, 2022.

        KeyBank Mortgage Company Information

        Company Name:
        KeyBank Mortgage