M&T Bank mortgage review
Choose from a host of options to fit your needs — from high amounts to flexible credit.
finder.com’s rating: 3.5 / 5.0
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.
|Loan products offered||Conventional, Jumbo, FHA, VA, USDA, Refinance|
|Minimum credit score||Conventional: 620|
|Minimum down payment (Conventional)||3%|
|State availability||Available in all states|
M&T Bank requirements
To borrow with M&T Bank, expect to meet several eligibility requirements — 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. Your debt-to-income ratio and the home’s loan-to-value ratio is also a consideration.
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
Costs and fees
Fees 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 costs.
- Third-party. Appraisal, survey and title service fees may go to secondary agencies instead of being paid directly to the lender, as will tax service reporting and fees for credit reporting.
- 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.
How to apply for a mortgage with M&T Bank
Use the steps below to start your application online:
- Navigate to the Mortgages page of the M&T Bank website and select Get Started.
- Step through the prompts to enter your personal and contact information.
- Enter information about your assets and income, as well as your real estate history. At the end of each section, you’ll be asked to review your answers and select Continue.
- Answer declaration and demographic questions and select Continue.
- Review and submit your application.
- Upload any documents required to verify your information.
Your application is underwritten and processed for preapproval. Once you’re approved and an offer is accepted, the home is appraised. If the appraisal is in line with what you’re paying, the loan is finalized and a local escrow officer or attorney closes with you.
What types of mortgages can I get through M&T Bank?
Other mortgage products M&T Bank offers
This bank also offers the following additional mortgage products:
- Refinance loans. Refinance your existing mortgage to get a better rate, lower monthly payments or get rid of mortgage insurance. M&T also offers the FHA Streamline refinance or VA Interest Rate Reduction Refinance Loan (IRRRL).
- Renovation loans. This lender offers the Fannie Mae Homestyle, FHA 203(k) and State of New York Mortgage Agency (SONYMA) remodel programs to make improvements on your current home or purchase a home that needs to be remodeled.
- M&T CHOICEquity. With CHOICEequity, get up to three loans and a home equity line of credit (HELOC). The maximum amount depends on your equity, but the minimum loan amount is $15,000.
- Biweekly mortgage. Save money on interest and pay off your mortgage faster by paying half your payment twice a month.
- Construction loans. M&T offers flexible terms with two-close options and rate-locks for your end loan on new construction projects.
- Get Started mortgage. This program allows you to finance 2% of your 3% down payment as well as your closing costs so that you can get into a home using less cash.
- Super-conforming loans. For loans up to $822,375, you may be able to get a mortgage with a minimum down payment of 5%.
How M&T Bank’s mortgage products compare to other lenders
With so many options, most borrowers will be able to find a mortgage that suits their needs. M&T offers all the traditional and government-backed loans and refinance programs, as well as loans more tailored to specific needs, such as high-amount loans or loans requiring a low down payment.
As of July 2021, the bank is offering an introductory rate on its home equity line of credit, so that you pay the prime rate minus 1.26% for the first six months. After that, your rate will be a minimum of 2.99% and 15.9%.
M&T Bank reviews and complaints
M&T Bank has tied with two other banks to rank 10th in the 2021 J.D. Power Primary Mortgage Servicer customer satisfaction survey. But as of August 2021, it has a less-glowing Better Business Bureau (BBB) profile, averaging only 1.08 out of 5 stars with 106 customer reviews.
M&T Bank is accredited with the BBB and has an A+ rating for responding to 565 complaints in the last three years, most of which report undue late fees and poor customer service.
M&T Bank pros and cons
Consider the perks and downsides of what this lender can offer you.
- Flexible mortgage options. Both government-backed and conventional options provide a good selection of low down payment and flexible term programs.
- No prepayment penalty. There’s no early repayment penalty, which allows you to pay down your mortgage whenever you have some extra funds.
- Mixed customer reviews. While it ranked well in the J.D. Power survey, 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.
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. The bank has branches with certified loan officers available in the following seven states:
- New Jersey
- New York
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Rhys Subitch is the loans editor at Finder, guiding Americans toward smart borrowing decisions. With over 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 in the lending sphere. They make frequent appearances on Finder's YouTube channel to talk through loan topics that range from the very basics to the latest government assistance programs. Before specializing in lending, Rhys was a personal finance writer for Finder’s credit cards, insurance, banking and mortgage verticals. They hold a BA in sociology and a certificate in editing from the University of Washington, Seattle.
M&T Mortgage’s wide variety of home loan products helps you purchase your home and lets you tap into your home’s equity if you ever need to refinance or use it to secure a line of credit in the future. But the bank’s branches are limited, which means you’ll have to be comfortable working solely online if you live outside the states where it operates.