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M&T Bank mortgage review

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finder.com’s rating: 3.5 / 5.0

★★★★★

Choose from a host of options to fit your needs — from high amounts to flexible credit.

M&T Bank has been around for more than 160 years, but you’ll still only find locations in nine states and Washington DC. But, it hosts a number of home loan products — and allows you to apply from anywhere in the US if you’re comfortable with an online experience.

Details

Loan types Conventional, Refinance, Jumbo, FHA, VA, USDA
Minimum credit 620
Available States Available in all states

Pros

  • Full suite of mortgage options
  • Online support
  • Flexible repayment terms

Cons

  • Mixed customer reviews
  • Limited branch availability
M&T Bank has a mixed reputation online when it comes to customer reviews. Its Zillow page hosts just under 150 reviews as of October 2019, with an average rating of 4.99 out of 5 stars. Customers have high praise for several different agents, usually focusing on how smooth the lending process was.

With 428 complaints and an average of just over 1 out of 5 stars from the 54 customer reviews, M&T Bank has a much less glowing Better Business Bureau (BBB) profile. Complaints revolve around undue late fees and poor customer service. It's accredited with the BBB and has an A+ rating, partially due to its quick response and resolution time to customer complaints.

What types of loans does M&T Bank offer?

M&T Bank offers whole suit of mortgage and home loan options. And unlike some providers, its product list includes government-backed options for purchasing and refinancing.

  • Conventional mortgages. Adjustable-rate mortgages from M&T Bank come with a minimum down payment of 5%, and its fixed-rate mortgages have an even lower 3% minimum. Conventional mortgages from M&T Bank have a max amount of $484,350.
  • Jumbo mortgages. M&T Bank offers adjustable- and fixed-rate jumbo loan terms in amounts from $484,351 to $2 million. Payments can be made monthly or biweekly, whichever you prefer.
  • FHA loans. Because these are government-backed loans, they come with flexible credit requirements and a low minimum down payment of 3.5%. If you need help with the down payment, you could also use government grants and gifts from family members rather than just relying on your own savings.
  • VA loans. Active-duty military service members, veterans and their families can apply for a VA-backed mortgage, which offers 100% financing. You can also benefit from flexible creditworthiness requirements and no down payment.
  • USDA loans. Another government-backed option is a USDA loan. Apply if you’re looking to buy a house in a USDA-defined rural area, and meet the local income guidelines. Benefits of a USDA loan including borrowing up to 100% of the appraised value, 0% and flexible credit requirements.

Other loans offered by M&T Bank

  • Conventional refinance loans. Refinance your existing mortgage to get a better rate, lower monthly payments or to get rid of mortgage insurance.
  • FHA Streamline Refinance. A special type of refinance for FHA loans, Streamline Refinance lets you refinance with little extra costs.
  • M&T CHOICEquity. With CHOICEequity get up to three loans and a line of credit. The maximum amount depends on your equity, but the minimum loan amount is $15,000.
  • MyTerms Mortgage. Curate your own terms with M&T Bank’s MyTerms Mortgage. Choose how long you want the loan to last, get a rate that aligns with your creditworthiness and pay as little as 3% down.
  • Super-conforming loans. For loans up to $726,525, you may be able to get a mortgage with a minimum down payment of 5%.
  • VA IRRRL. A VA Interest Rate Reduction Refinance Loan (IRRRL) can help you refinance an existing VA mortgage.

M&T Bank fees

Fees can range depending on the type of mortgage you take out, but there are some standard ones you can likely expect to pay regardless.

  • Points. The origination fee for your mortgage is often calculated as a point, equal to 1% of your loan amount. A 1-point origination fee on a $350,000 mortgage would be $3,500.
  • Closing fees. Document processing, underwriting and attorney fees are all typically included under closing fees.
  • Third-party. Appraisal and title service fees may go to secondary agencies instead of being paid directly to the lender.
  • Ongoing. Property taxes and insurance are two of the main ongoing fees that come with getting a mortgage. You may also have to open an escrow account, which you pay into monthly to save for any potential repair costs and taxes.

Requirements

To borrow with M&T Bank, there are a number of eligibility requirements to meet — and these can vary based on the loan you’re applying for. FHA loans have the lowest minimum credit requirement at 580, while you’d need to have at least a 680 to qualify for a jumbo loan.

Credit score isn’t the only factor, but you have to consent to a credit check when you apply. Or work with an agent over the phone or online before you apply to detail your goals and find your best option.

Documentation

A full list of required documentation isn’t available on M&T Bank’s website, but there are some general pieces of information to have on hand when you apply.

  • W-2 forms for the past two years
  • Pay stubs for the past two months
  • Checking, savings and investment account statements for the past two months
  • Additional property and asset verification
  • Proof of mortgage or rental payments for the past year

How to get a home loan with M&T Bank

Preapproval is baked into the M&T Bank mortgage application process, and won’t change if you qualify. To begin online:

  1. Go to the M&T Bank website.
  2. Click Mortgages and loans.
  3. Select Start your loan search here.
  4. Choose Work online.
  5. Follow the prompts about the type of home, loan amount and basic credit information.
  6. Fill out the forms as prompted, entering your name, address and contact information.
  7. Provide information on your assets, income, real estate and any declarations.
  8. Review and submit your application.
  9. Upload any documents required to verify your information.
  10. Your application is underwritten and processed for preapproval.
  11. Once you’re approved and an offer is accepted the home is appraised.
  12. If the appraisal is in line with what you’re paying, the loan is finalized.
  13. A local escrow officer or attorney closes with you, or you can work with a mobile notary.

Pros and cons of M&T Bank

Pros

  • Full suite of mortgage options. Both government-backed and conventional options provide a good selection of mortgages in line with your needs and financial situation.
  • Online support. Customer service is available online via chat and email, plus download the mobile app for answers to your home loan questions.
  • Flexible repayment terms. There’s no early repayment penalty, which allows you to pay down your mortgage whenever you have some extra funds.

Cons

  • Mixed customer reviews. While its Zillow page shows promise for several M&T Bank agents, other customer reviews are less glowing. Your experience may vary, so make sure you understand the process before you start.
  • Limited branch availability. If you’re looking for a sit-down experience you’ll need to be in Washington DC or one of the nine states where M&T Bank operates.

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What is M&T Bank?

M&T Bank has been in business since 1856 and is headquartered in Buffalo, New York. It’s been on the Fortune 500 list for four years, coming in at 462 in 2019.

In terms of customer satisfaction surveys, J.D. Power’s 2019 study on primary mortgage servicers found it to be About average across all category ratings — including overall satisfaction, billing, communication, escrow and interaction experience. Overall it received one point higher than the industry average.

Frequently asked questions

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

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Expert review

Rhys Subitch

Review by


Rhys Subitch is a writer and editor at finder.com who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

Expert review

M&T Mortgage excels when it comes to adapting an old process into an intuitive online experience. It’s backed up by a suite of products, both in home loans and other personal finance options.

Despite the gold stars in product offerings and processing, it has a number of fairly average customer reviews and ratings.

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