Many or all companies we feature compensate us. Compensation and editorial research influence how products appear on a page. Home Equity KeyBank Home Equity Loan and HELOC Review: Rates, Requirements, and More Updated Sep 09, 2025 9-min read Reviewed by Zina Kumok Reviewed by Zina Kumok Expertise: Student loans, home equity, credit scores, personal loans, banking, education planning Zina Kumok is a personal finance writer dedicated to explaining complex financial topics so real people can understand them. As a former newspaper reporter, she has covered everything from murder trials to the Final Four. Learn more about Zina Kumok 3.1 /5 Our take: KeyBank offers two ways to tap into your home equity: a fixed-rate home equity loan and the Key Equity Options® HELOC. While both products offer up to 80% CLTV and flexible terms, they’re only available in select states and don’t offer prequalification. Customer reviews are mixed, and fees may apply depending on the product. Several alternatives offer more transparency, speed, and broader availability. (See our picks for the Best HELOCs and Best Home Equity Loans.) HELOCView Rates 0.25% interest rate discount for KeyBank checking clients Up to 80% CLTV Allows interest-only or principal + interest repayment Online account management No prequalification or soft credit check $50 annual fee Mixed to poor customer reviews Rates (APR)Variable; specific rates not disclosedFunding amount$10,000 – $500,000Repayment termsRevolving 15-year draw + 15-year repayment Home Equity LoanView Rates Up to 80% CLTV Long loan terms up to 30 years Key Opportunities Home Equity Loan provides a permanent interest rate discount available for owner-occupied homes in qualifying communities, selected for their economic and demographic makeup Available in only 15 states $295 origination fee on standard home equity loan Rates (APR)Fixed; specific rates not disclosedLoan amounts$25,000 – $500,000Repayment terms5 – 30 years Table of Contents About Key Equity Options® HELOC Costs and fees Repayment How to apply Alternatives vs. Figure vs. Aven vs. FourLeaf About KeyBank home equity loans KeyBank Home Equity Loan Costs and fees Repayment How to apply Key Opportunities Home Equity Loan Costs and fees Repayment How to apply Alternatives vs. Figure vs. Spring EQ vs. Navy Federal Pros and cons Customer reviews Contact KeyBank About Key Equity Options® HELOC Rates (APR)Variable; specific rates not disclosedFunding amount$10,000 – $500,000Repayment termsRevolving 15-year draw + 15-year repayment KeyBank’s HELOC, officially called the Key Equity Options® Home Equity Line of Credit, offers flexible access to funds during a 15-year draw period, followed by a 15-year repayment period. Borrowers can choose between variable rates, interest-only payments, or convert part of the balance to a fixed-rate option. This product is best for homeowners who want long-term access to credit for recurring expenses, such as home renovations, tuition, or medical bills. Costs and fees Annual fee: $50 Closing costs: May apply if a closing agent is used (up to $400) NSF fee: $15 Third-party taxes and fees: Florida documentary tax, mortgage tax in some states Rate discount: 0.25% off if you set up autopay from a KeyBank checking account There is no origination fee and no prepayment penalty for the HELOC. Repayment Draw period: 15 years (118 months in Connecticut) Repayment period: 15 years Payment options during draw: Interest-only; Principal + interest; Minimum monthly payment depends on interest rate and balance How to apply To apply, you’ll need to: Be at least 18 years old Live in an eligible state (HELOC not available in AL, AZ, CA, DC, NV, TX) Provide personal, employment, and financial details Agree to a credit check and possibly an appraisal You can apply online, over the phone, or at a local KeyBank branch. Current customers can log in to prefill some information, but KeyBank doesn’t offer a soft credit prequalification. Alternatives to Key Equity Options® HELOC If KeyBank’s HELOC availability, fees, or application process don’t meet your needs, here are three strong alternatives to consider: 3.1 View Rates View Rates Rates (APR) Variable; specific rates not disclosed Funding $10K – $500K Terms (Yrs.) 15 Min. Credit Score Not disclosed 3.1 View Rates Best Overall 4.9 View Rates View Rates Rates (APR) 6.70% – 14.65% fixed Funding $20K – $400K Terms (Yrs.) 5, 10, 15, or 20 Min. Credit Score 640 4.9 View Rates Best Customer Reviews 4.8 View Rates View Rates Rates (APR) 6.99% – 15.49% fixed Funding $5K – $250K Terms (Yrs.) 5, 10, 15, or 30 Min. Credit Score 640 4.8 View Rates Best Credit Union 4.7 View Rates View Rates Rates (APR) 7.75%+ (fixed for 12 months, then variable) Funding $10K – $1M Terms (Yrs.) 20 Min. Credit Score 670 4.7 View Rates 12-month introductory rate starting at 6.49% for VantageScores of 720 and up1, with variable post-introductory rates starting at 7.75% KeyBank vs. Figure Figure stands out with a digital-first HELOC alternative that offers fixed rates, fast approval, and funding in as little as five days. Unlike KeyBank, there’s no annual fee and no draw period—just one fixed loan segment. However, Figure may charge origination fees depending on your location. KeyBank vs. Aven Aven is a newer fintech lender offering a modern HELOC alternative with cashback rewards and no annual fee. Its structure is more flexible than KeyBank’s, and it doesn’t charge many traditional banking fees. However, it’s not as well-established and may have stricter eligibility. KeyBank vs. FourLeaf FourLeaf Credit Union offers personalized customer service and competitive HELOC rates, especially for local members. Like KeyBank, it supports up to 80% CLTV, but may offer more personalized support and faster underwriting. About KeyBank home equity loans KeyBank Home Equity Loan Rates (APR)Fixed; specific rates not disclosedLoan amounts$25,000 – $500,000Repayment terms5 – 30 years KeyBank’s standard home equity loan offers fixed interest rates, predictable monthly payments, and terms up to 30 years. It’s best for homeowners who need a lump sum upfront for a major project and want the stability of consistent repayment over time. Costs and fees Origination fee: $295 Late fee: Varies by state and loan terms Prepayment penalty: Applies if the loan is repaid in full within 36 months Third-party fees: May include appraisal, title, and mortgage taxes in certain states A 0.25% interest rate discount is available if you link automatic payments from a qualifying KeyBank checking account. Repayment Fixed monthly payments over a term of 5 to 30 years Interest rate is fixed at the time of origination No interest-only option; principal and interest are both due monthly You may access online banking to manage payments How to apply To apply, you must: Be at least 18 years old Live in an eligible state (see list below) Provide personal and financial information (e.g., income, employment, tax returns if requested) Certify that your home is owner-occupied Eligible states for home equity loans: AK, CO, CT, ID, IN, MA, ME, MI, NY, OH, OR, PA, UT, VT, WA You can apply online, by phone, or at a branch. You’ll need to authorize a credit check and may need to pay for an appraisal. Key Opportunities Home Equity Loan Rates (APR)Fixed; specific rates not disclosedLoan amounts$25,000 – $100,000Repayment terms1 – 30 years The Key Opportunities Home Equity Loan is designed for homeowners in designated communities. It offers the same fixed-rate structure as KeyBank’s standard home equity loan, but with a few notable differences, including a lower maximum loan amount and no origination fee. It’s best for lower-income or underserved borrowers who qualify based on location. Costs and fees Origination fee: None Late fee: Varies by loan agreement and location Prepayment penalty: Applies if paid off within 36 months Third-party fees: May include appraisal, title, and taxes You’ll still qualify for the 0.25% rate discount if you have a qualifying KeyBank checking account with automatic payments. Repayment Fixed monthly payments over 1 to 30 years Loan is disbursed in one lump sum Principal and interest are both due monthly How to apply To qualify, you must: Be at least 18 years old Live in a designated census tract or eligible community within the same 15 states as the standard home equity loan Submit full financial information Certify the home is your primary residence KeyBank requires verification that the property is in an eligible area. You’ll need to speak with a KeyBank mortgage loan officer to confirm eligibility and apply. Alternatives to KeyBank’s home equity loan If you’re looking for wider availability, lower fees, or a more streamlined digital process, here’s how KeyBank stacks up against three excellent fixed-rate HELOC and home equity loan options: 3.1 View Rates View Rates Rates (APR) Not disclosed Funding $25,000 – $500,000 Terms (Yrs.) 1 – 30 Min. Credit Score Not disclosed 3.1 View Rates Best Fixed-Rate HELOC 4.9 View Rates View Rates Rates (APR) 6.70% – 14.65% fixed Funding $20K – $400K Terms (Yrs.) 5, 10, 15, or 30 Min. Credit Score 680 4.9 View Rates Best for Accessing 90% of Equity 4.1 View Rates View Rates Rates (APR) 9.50%+ Funding $25K – $500K Terms (Yrs.) 5 – 30 Min. Credit Score 640 4.1 View Rates Best for Military Members 3.9 View Rates View Rates Rates (APR) 7.34%+ Funding $10K – $500K Terms (Yrs.) 5, 10, 15, or 20 Min. Credit Score Not disclosed 3.9 View Rates KeyBank vs. Figure Figure offers a fully online application and funding process for its HELOC, making it much faster than KeyBank’s traditional home equity loan. While both offer fixed-rate loans with up to 80% CLTV, Figure can fund loans in as little as five days. KeyBank may be a better fit if you prefer in-person service or already bank there and want to take advantage of its customer discount. KeyBank vs. Spring EQ Spring EQ offers greater flexibility, including interest-only options and the ability to borrow more than 80% of your home’s value in some cases. It’s a good option for borrowers who need more cash than KeyBank’s LTV limits allow. That said, Spring EQ may charge higher fees depending on your location. KeyBank vs. Navy Federal Navy Federal Credit Union home equity loans are a top pick for military families. It offers low rates, no origination fee, and solid customer service, plus eligibility for both active duty and retired members. However, you’ll need to be a member to apply. KeyBank has no membership requirement, but loan availability is limited to 15 states. Pros and cons Pros 0.25% interest rate discount if you’re already a Keybank customer Long home equity loan repayment term options Interest-only or principal + interest repayment for HELOC Key Opportunities Home Equity Loan provides a permanent interest rate discount available for owner-occupied homes in qualifying communities Cons No prequalification with a soft credit check Poor customer reviews May assess a prepayment penalty Home equity loans available in just 15 states Origination fee for standard home equity loan ($295) Customer reviews SourceRatingNumber of reviewsBetter Business Bureau (BBB)1.14/5133 Trustpilot1.4/5149Collected in September 2025. KeyBank is BBB-accredited and has an A+ rating on the platform. However, it earns mixed to negative customer reviews on BBB and Trustpilot. While some customers report helpful in-branch service, many note poor communication, slow loan processing, and difficulty reaching support, issues that could be especially frustrating during a time-sensitive application. Many reviews are for KeyBank overall, not specifically for home equity products. However, we recommend factoring in the bank’s general reputation for service and responsiveness. Contact KeyBank You can reach KeyBank customer support through multiple channels: Phone: 1-800-539-2968 (Available 24/7) Live chat: Monday – Friday, 7 a.m. – midnight Eastern; Saturday – Sunday, 8 a.m. – 9 p.m. Eastern In person: Visit a KeyBank branch near you (Find a location) Online: key.com If you’re already a KeyBank customer, you can start or resume your application by logging into your online account. How we rated KeyBank We designed LendEDU’s editorial rating system to help readers find companies that offer the best home equity products. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms. We compared KeyBank to several home equity lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating, recapped below. Company Our recommendation Rating (0-5) 3.1 View Rates Check out the Best HELOCs and Best Home Equity Loans first 3.1 View Rates About our contributors Written by Zina Kumok Zina Kumok is a personal finance writer dedicated to explaining complex financial topics so real people can understand them. As a former newspaper reporter, she has covered everything from murder trials to the Final Four.