What to Expect When You Apply for a Loan or Line of Credit

1. Review Your Finances, Goals and Options 

Before you determine whether a loan or line of credit is the right step for you, it’s important to have a clear understanding of your full financial picture. We’re available by phone at 1-800-KEY2YOU or in a branch to answer questions, learn about your goals, and discuss how to reach them.

2. Apply

Whether you apply online or in a branch, you'll need to provide personal information, so make sure to have your:

• Social Security number and a photo ID.
• Monthly gross income amount, (that’s your earnings before taxes and other deductions) including any secondary income sources.
• Current cash reserves from any checking, savings, CDs, retirement and investment accounts.
• Employer’s name and address.

Tip: To verify the information you give us during the application process, you may need to provide relevant documentation before your loan closes. Depending on the loan you're applying for, this may include pay stubs, tax returns and bank statements. Learn more about what to bring when you apply for a loan.

3. Your Application is Processed

We’ll review your information to ensure you meet the qualifications for the loan or credit line you applied for. We’ll keep in touch with you throughout the process, so you know what’s happening along the way.

• Depending on the type of loan you applied for and other factors, this process can be done the same day or take up to a few weeks.
• During this time, the information you provided during in your application will be verified for accuracy.
• Because your credit history is an important factor in the approval process, with your permission we’ll pull your credit score and send you a letter notifying you of your score.

Tip: Avoid applying for other loans, opening credit cards or making major financial changes while your loan application is in process. Doing so could impact your debt-to-income ratio. (Your debt-to-income (DTI) ratio, is determined by dividing your monthly debt payments by your monthly gross income. Shown as a percentage, the ratio helps lenders see how well you manage debt and whether you can afford to repay a loan.

4. Your Application is Decided

Once we’ve completed the approval process, you’ll hear from us and receive a letter letting you know the decision.

• Your loan may be approved, counter-offered, or declined. All the details, information and any stipulations pertaining to the credit decision will be explained in the letter you receive. Remember, your banker will be available to answer all your questions.

Tip: To keep your loan moving, you’ll want to respond promptly if your banker requests missing information or needs additional items such as an appraisal, title search, proof of income or other information.

5. Schedule Your Closing

Your banker will answer all your questions and explain every detail of your loan agreement, so you can close with confidence.

• When your loan is approved, your banker may contact you to schedule your closing and let you know what documents to bring with you.
• Be sure to bring any documents requested, including your photo ID and one additional proof of identity, to the closing.
• You’ll review and sign your loan documents.

6. Receive Your Funds

Funds are sent to you as quickly as possible, so you can set your plan in motion.

• Depending on the loan, you may receive your funds the same day¹ you close or several days later.
• You’ll be able to manage your loan anytime in KeyBank online and mobile banking.

Tip: Your banker will be with you every step of the way with the knowledge and expertise to answer your questions and keep the process moving.