Mortgage - FAQ

To get started, speak to a dedicated Loan Officer at 1-877-801-4686 for available home lending products offered by KeyBank or visit https://www.key.com/personal/home-loans-lines/home-loans-lines.html.

Points, also known as discount points, are optional and lower your interest rate in exchange for paying an upfront fee at the time of closing. Lender credits lower your closing costs but may result in a higher rate for the life of your loan.

Laurel Road is a brand of KeyBank National Association (“KeyBank”). KeyBank will be the lender on your loan.

If you have any questions related to your closed KeyBank Mortgage, please call KeyBank at (800) 422-2442. Clients using a TDD/TTY device, please use (800) 539-8336.

For available commercial loans offered by KeyBank, please visit www.key.com/businesses-institutions/industry-expertise/commercial-real-estate/overview.jsp

Yes, depending on the mortgage program, we typically require private mortgage insurance (PMI) when your down payment is less than 20%. However, there are some mortgage programs, like the KeyBank Physician Mortgage, that do not require PMI.

To get started, speak to a dedicated Loan Officer at 1-877-501-4686 for available home lending products offered by KeyBank.

Yes, we offer loans for investment properties.

Yes, it may affect your credit score. We recommend checking out https://www.myfico.com/credit-education to learn more.

Generally, a pre-qualification is an estimate of the size of the loan you may be eligible for based on unverified information. A pre-approval is generally a stronger estimate of your affordability because it is based on documented financial information that is submitted before you’ve found a home to purchase.

KeyBank has mortgages for a variety of home types and uses from single-family homes to condos, multi-unit properties and investment properties. To get started, speak to a dedicated Loan Officer at 1-877-801-4686 for available home lending products offered.

Anyone who:

• Reached the age at which a mortgage can be legally obtained (may vary depending on state)
• Has a valid SS number or Individual Taxpayer Identification Number (ITIN)
• Can provide legal residency documentation

In order to make a credit decision, we require verification of your credit score and financial information. For your convenience, you can securely link accounts and/or upload documents to meet this requirement. Please note you are not required to provide verification documentation until after you receive a Loan Estimate.

Points are optional and is additional money paid at closing that that may lower the rate for the life of the loan. Credits may result in a higher rate for the life of the loan in order to receive a credit that is received at closing to help cover closing costs. Credits cannot exceed closing costs.

Our online application lets you apply at your own pace, so you can move as quickly or slowly as you’d like − but we help move things along by letting you know when we need information, what information we need, what to do next, and how your application is progressing.

For questions regarding your mortgage application in progress, you can contact your Mortgage Loan Officer at any time via email, or you can call us at (877) 801-4686, anytime between 8:30 AM – 6:00 PM ET, Monday-Friday. Members using a TDD/TTY device, please use (800) 539-8336. For questions regarding your existing funded mortgage, please contact our Member Services team at 1-833-HCP-BANK (427-2265) (TDD/TTY: 1-800-539-8336), or email us at [email protected].

KeyBank offers a variety of competitive mortgage products to meet almost any need. We’ll work with you to understand your financial situation and goals so we can recommend the best approach. We have fixed- and adjustable-rate conventional mortgages, specialty mortgages including combination or piggyback loans and jumbo loans, and affordable mortgages like Key Community, FHA, Fannie Mae and VA loans, as well as mortgages specifically for medical professionals. To get started, speak to a dedicated Loan Officer at 1-877-801-4686 for available home lending products offered.

The security of your personal information is one of our top priorities. KeyBank’s loan origination system is encrypted at industry standards to ensure that our customers’ data is safe at all times.

Generally, we will need any current mortgage statements, homeowners and property tax information, current income, and asset documents.

KeyBank will service your loan but reserves the right to transfer the servicing of your loan after closing. If your loan was transferred you will receive a letter from KeyBank along with your new servicing company. Please refer to the contact information on those letters and reach out to the new servicer with any questions about your loan.

A cash-out refinance is when you unlock the equity in your home by refinancing your existing mortgage for more than what you owe. This could give you access to the equity in your house to pay off high-interest debt, complete some home improvements, or other necessary expenses.

KeyBank’s Physician and Dentist Mortgage is a home loan tailored specifically to physicians and dentists featuring up to 95% financing for loans of $1,500,000 or less with no Private Mortgage insurance required.* These loans have fewer restrictions than conventional mortgages and recognize the lender’s trust in medical professionals’ creditworthiness and earning potential. *Only available to interns, residents, fellows, doctors, dentists, clinical professors, researchers, or managing physicians with a current license and a degree of Doctor of Medicine (MD), Doctor of Osteopathic Medicine (DO), Doctor of Podiatric Medicine (DPM), Doctor of Dental Surgery (DDS), or Doctor of Dental Medicine (DMD). Doctors and dentists that are not actively practicing are ineligible. Additional conditions and restrictions apply.

The typical timeframe for an appraisal is 10-30 days and a copy of the appraisal will be provided after the appraisal is completed, and no later than three days before the loan closes.

An appraisal is required in order to determine the fair market value of the property securing the mortgage loan. The appraiser’s report will determine if there is enough equity, or value, in the property to support the loan amount requested.

An appraisal is an assessment of the current market value of a property by an independent, licensed professional.

The home inspection is an evaluation of the condition of the property, while the appraisal is an evaluation of the value of the property.

In addition, to conducting a thorough review of the property, an appraiser takes into account different market factors, including comparable properties that have similar features and qualities that have also sold recently in the same general area as the property being assessed.

Closing costs are the fees and expenses you pay when you close on your home. They include standard expenses like appraisal fees, credit report fees, and title fees. But, depending on the specific loan and state requirements, there could be other costs as well. You can request a Loan Estimate at KeyBank to see estimated closing costs based on your specific loan scenario and property location. Your closing costs may include the following fees or charges:

• Origination charges like application fees, processing fees, discount points, and rate-lock fees
• Fees for services that are required and selected by KeyBank like the appraisal fee, credit report fee, tax service fee, MERS fee, and flood certification fee
• Fees for services that are required by KeyBank, but the provider can be chosen by the consumer like title fees
• Taxes and government fees like recording and transfer taxes/fees
• Prepaids are the first payments for costs, such as homeowners insurance, flood insurance, real estate taxes, and prepaid interest
• Initial escrow payment covers payment of future costs, such as homeowners insurance, flood insurance, and property taxes
• Other costs including anything else not covered, such as an optional owner’s title policy

Extensions are available, as needed, which may require additional fees.

The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) is a broader measure of the cost of borrowing money than the interest rate. The APR reflects the interest rate, any discount points, mortgage broker fees, most closing costs, and other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.

Quoted rates are eligible to change based on market conditions until you lock your rate. Fees are subject to change based market conditions until you receive a Loan Estimate. Once a Loan Estimate is received, the fees can only change within certain thresholds or if you request a change to the loan.

Our quoted rates reflect the current market rates for that day, but they are not guaranteed until you lock your rate during the application process. You can lock your rate once you’ve entered in the subject property in the system.

Your monthly payment includes principal and interest, as well as mortgage insurance (if applicable) and escrow (homeowners insurance and tax).

Most of KeyBank’s mortgages are due on the 1st of the month, but please refer to your loan closing documentation, first payment letter or monthly statement to confirm your payment date, or call mortgage customer service at 1-800-422-2442.

Income – A lender wants to know how much you can reasonably afford for a mortgage given your current income. Your W-2 forms, employer paychecks and public assistance documentation are all good resources to understand what your collective income is.

Assets – On top of your income, a lender may want to know how your overall financial health is to determine if you can handle a responsibility like a mortgage. You will want to have an overall idea of your combined assets, savings, and real estate.

Debts – A lender wants to know how much debt you have and look at your overall debt-to-income ratio in order to assess what you may be able to afford. Not sure what your debt-to-income ratio is? We’ve got you covered. This article explains everything you need to do.

Credit – A peek into your credit history can offer a lender an idea of how responsible and creditworthy you are. Ensure that you are taking the steps in the right direction to build up a good FICO score.