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Laurel Road began originating student loans in 2013 and has since helped thousands of professionals with undergraduate and postgraduate degrees consolidate and refinance more than $7 billion in federal and private school loans. Laurel Road also offers a suite of online graduate school loan products, personal loans and mortgages that helps simplify lending through technology and personalized service. In April 2019, Laurel Road was acquired by KeyBank, one of the nation’s largest bank-based financial services companies. Laurel Road is a brand of KeyBank National Association offering online lending products in all 50 U.S. states, Washington, D.C., and Puerto Rico. The mortgage product is not offered in Puerto Rico. KeyBank is a Member FDIC, Equal Housing Lender. NMLS ID # 399797.
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.
Yes, Laurel Road is a direct lender, which means we support borrowers throughout the entire loan process and provide funds at closing.
The home inspection is an evaluation of the condition of the property, while the appraisal is an evaluation of the value of the property.
KeyBank will service your loan, but reserves the right to transfer the servicing of your loan after closing. If your servicing rights are transferred to a new servicer, you will be notified of the transfer in advance.
You will be provided with payment instructions in the closing package, including a coupon to make your first payment.
1 Savings vary based on rate and term of your existing and refinanced loan(s). Refinancing to a longer term may lower your monthly payments, but also may increase the total interest paid over the life of the loan. Refinancing to a shorter term may increase your monthly payments, but may lower the total interest paid over the life of the loan. Review your loan documentation for total cost of your refinanced loan.
†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. APR is for informational purposes only and is subject to change without notice and may be subject to pricing add-ons related to property type, loan amount, credit score, loan to value, refinance with cash out, state specific fees, and other variables.
‡Adjustable rate mortgage (ARM) interest rates and payments are subject to increase after the initial fixed-rate period (5 years for a 5/6-month ARM, 7 years for a 7/6-month ARM and 10 years for a 10/6-month ARM). ARM rates assume no increase in the financial index after the initial fixed period. ARM rates and monthly payments are subject to increase after the fixed period: ARMs assume a 30-year term. For more information on ARMS please view the Consumer handbook on adjustable-rate mortgages (CHARM) booklet here.
NOTICE: This is not a commitment to lend or extend credit. Conditions and restrictions may apply. Information and offer are subject to change without notice. All loans are subject to credit and collateral approval.
Lender complies with the Federal Fair Housing Act. Lender does not engage in business practices that discriminate on the basis of race, color, national origin, religion, sex, disability, marital status or family status (including having children under the age of 18 and pregnant women). Lender also does not discriminate because all or part of your income may be derived from a public assistance program or because you have in good faith exercised any right under the Consumer Credit Protection Act. The federal agency that monitors Lender’s compliance with the Federal Fair Housing Act is the Office of the Comptroller of the Currency.
As used throughout this Rewards Program Disclosure (“Disclosure”), the terms “Lender”, “we”, “us”, and “our” mean KeyBank National Association. By using the Site, you are accepting the terms of the Rewards Program and this Disclosure as described herein, and as amended from time to time.
Lender offers applicants the opportunity to participate in a reward-based program (the “Rewards Program”) throughout the Lender’s mortgage loan application process using the Lender’s online mortgage platform or Site. Through the Rewards Program, applicants may have the opportunity to accrue points that will be redeemable and applied towards costs at closing.
The accrued points are earned by choosing certain specified options to complete the mortgage loan application process. The most cost effective and efficient tasks lead to the greatest amount of points. When you close your mortgage, the total amount of points earned are awarded and then converted into a lender credit. The dollar amount of the lender credit is then applied toward eligible non-recurring closing costs or disclosed fees.
Your participation in the Rewards Program is voluntary, and is expressly conditioned on compliance with the Rewards Program Rules and with all present and future Program Rules, terms, regulations, policies, and procedures that Lender may, in its discretion, adopt from time to time.
ACCRUING POINTS AND/OR CHOOSING CERTAIN SPECIFIED OPTIONS TO COMPLETE THE MORTGAGE APPLICATION PROCESS DOES NOT AFFECT THE REVIEW OF THE BORROWER’S MORTGAGE APPLICATION, LENDER’S ULTIMATE DECISION REGARDING THE BORROWER’S MORTGAGE APPLICATION, OR ANY TERM OF A LOAN OFFERED BY LENDER OTHER THAN A REDUCTION OF NON-RECURRING CLOSING COSTS OR DISCLOSED FEES.
This information is current as of November 1, 2019 and is subject to change.