KeyBank is a regional mortgage lender based in Cleveland, Ohio and is managed by KeyCorp (NYSE: KEY), an American bank holding company.
KeyBank is a regional mortgage lender based in Cleveland, Ohio and is managed by KeyCorp (NYSE: KEY), an American bank holding company. The bank advertises several home loans for customers at the following interest rates valid for December 3, 2014.
Take note, that the home loan conditions demand that a borrower must have a strong credit score and pay origination fees amounting to 1.00% of the total loan value to the lender. Moreover, the loan to property value ratio must not exceed 80%.
The popular fixed rate conventional loans include the 30-year FRM, which is advertised at KeyBank at a rate of 4.020% on Wednesday. The loan comes with an annual percentage rate (APR) of 4.069%. The updated mortgage information also revealed that the 15-year home mortgage can be secured at a rate of 3.375%. The corresponding APR is quoted at 3.463%.
Customers, who need more flexibility in terms of interest rates may want to use the adjustable rate mortgage (ARM) options KeyBank. These come with a fixed interest rate period then the rate is adjusted depending on prevailing interest rates at the reset schedule for the rest of the loan’s duration. KeyBank has a couple of ARM alternatives in its mortgage loan portfolio.
Moving away from popular fixed rate mortgages, the bank’s adjustable rate loan options include the 10/1 ARM, which can be secured at a rate of 3.540% and it carries an APR of 3.330%. Those favoring thee 7/1 ARM alternative, will see it being traded at an interest rate of 3.210%, whilst the corresponding APR hovers at 3.078%.
Besides the above mentioned loans, KeyBank also provides non-conventional mortgages for interested customers, like FHA and VA loans. Currently, the 30-year fixed FHA-backed loan is available at a rate of 3.875%, whilst the corresponding annual percentage rate is quoted at 3.948%. A shorter-term alternative is the 15-year fixed FHA mortgage, which can be obtained at a rate of 3.250% and the APR is coming out at 3.418%.
Other non-conventional loans include the 30-year fixed VA mortgage, which can be secured at a rate of 3.875% and it features 3.956% by way of annual percentage rate. In case of the 15-year VA loan, it has an opening rate of 3.250%, the lender’s data revealed. This loan package is accompanied by an APR of 3.413%.
The interest rate quotes given are liable to change without notice and can vary when the loan is approved or the funds are disbursed. The annual percentage rate calculations were made using closing costs and discount points, assuming that the borrower will conform to the loan conditions, including lock-in periods.
For additional information on KeyBank’s current mortgage interest rates, as well as details on borrowing terms and conditions, please head over to the lender’s website or contact a loan officer in charge.