U.S. regional financial institution, KeyBank, is headquartered in Cleveland, Ohio and is operated by KeyCorp (NYSE: KEY), an established bank holding company.
U.S. regional financial institution, KeyBank, is headquartered in Cleveland, Ohio and is operated by KeyCorp (NYSE: KEY), an established bank holding company. The lender provides various mortgage loans for qualified borrowers. KeyBank’s mortgage interest rate quotes listed below are updated for May 7, 2015.
At the Cleveland-based mortgage lender, the home loan conditions demand that a borrower must have a strong credit score and to pay origination fees amounting to 1.00% of the total loan value to the bank. Moreover, the loan to property value ratio must not exceed 80%.
Under KeyBank’s home mortgage program, the long-term 30-year fixed mortgage is listed at a rate of 4.070% on Thursday. The mortgage loan’s annual percentage rate (APR) is set at 4.123%. Individuals, who are interested in obtaining the shorter-term, 15-year FRM, will see it being offered at a rate of 3.250%. The APR, which shows the interest, mortgage insurance and other costs of the loan at a yearly rate, is quoted at 3.345%.
Potential customers, who need more flexibility in terms of interest rates may want to consider the bank’s adjustable rate mortgage (ARM) options. 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.
As far as current ARM rate quotes are concerned, the flexible 10/1 adjustable rate loan starts at 3.750% and it carries 3.514% by way of annual percentage rate. Individuals, who prefer the 7/1 ARM alternative, will see the mortgage rate hovering at 3.330%. The loan package is accompanied by an APR figure of 3.205%.
The financial institution also offers non-conventional loans, like the FHA-backed 30-year mortgage. The aforementioned loan package is quoted at a rate of. 3.750% and an APR figure of 3.859% rounds out the package. The shorter-term, 15-year fixed FHA loan solution starts at 3.375%. The corresponding APR variable stands at 3.568%.
VA mortgages are also available at this lender, with the 30-year VA loan schemes coming out at 3.750% interest, whilst the APR is set at 3.825%. In case of the 15-year VA mortgage, borrowers can expect to pay 3.125% in interest. The loan’s corresponding APR hovers at 3.277%.
The mortgage interest rate quotes given are liable to change without notice and can vary when the loan is approved or the funds are disbursed. The APR calculations were made using closing costs and discount points, assuming that the borrower will conform to the loan conditions, including lock-in periods.
For further details on KeyBank’s current mortgage interest rates, as well as information on borrowing terms and conditions, please see the bank’s website.