M&T Bank mortgage review

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 $510,400.
• 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 $765,600, 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

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More details

Features	Loan types: Conventional, Jumbo, FHA, VA, USDA, Home Equity, HELOC, Reverse, Refinance Minimum credit score: Conventional: 620 FHA: 500 VA: 620 USDA: 640 Jumbo: 800 Minimum down payment: 3%

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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

• Which states have M&T Bank locations?

  You can visit an M&T Bank in person if you live in Washington DC or one of the following nine states:

  • Connecticut
  • Delaware
  • Florida
  • Maryland
  • New Jersey
  • New York
  • Pennsylvania
  • Virginia
  • West Virginia

• How can I make mortgage payments to M&T Bank?

  Make payments by mail or online. Online payments can be made from your M&T Online Banking account every month, or you can sign up for automatic payments.

• Can I check rates without consenting to a credit check?

  Yes, but they won’t be personalized rates. You can go to the M&T Bank Loans and rates page to see general rates, APRs and points for conforming, FHA, VA and jumbo loans.

  The values are general though, and your personalized quote may be more or less than what’s shown. If you do request a personalized quote, M&T Bank may require a copy of your credit report.