M&T Mortgage Review

M&T mortgage products are for borrowers who want a consistent person to talk to about the mortgage process. Its loan officers are experienced and happy to walk you through every step of the process. It’s a great fit for first-time home buyers and more experienced home buyers who are looking for expert advice and excellent service. 

Since M&T Bank doesn’t offer a completely online mortgage, it’s the best fit for those who live near an M&T branch. M&T offers conventional and government-backed mortgages and specialized products for first-time home buyers. It also offers renovation loans, home equity lines of credit and refinancing. M&T Bank is also an approved lender with many state homebuyer assistance programs. 

M&T mortgage loans and available products are available in all states.

M&T Bank offers a wide variety of mortgage products to use during the homebuying process and after. It offers products for home buying and home improvement as well as loans for refinancing, renovations and accessing your home equity. Given the versatility of the M&T mortgage catalog, you can find a loan that suits your situation. There is more available than a standard 30-year mortgage, and you should consider your options before making a final decision.

Home Purchase Loans

M&T mortgage offers several types of purchase loans. While reviewing your options, speak to a loan officer about the duration of the loan. While your payment rises with a 20, 15 or 10-year loan, you can pay off the home much faster.

• Conventional home loans: Conventional loans are loans that aren’t insured by a government program. These loans can be a bit more difficult to get than government-backed loans due to their higher credit score requirements.
• Government-backed loans: These loans are insured by a government agency.
• FHA loans are a popular option, especially with first-time home buyers. FHA loans have a low down payment requirement and a low credit score requirement.
• VA loans are no down payment mortgages for veterans and current service members who qualify.
• USDA loans also have no down payment and are designed to help moderate- and low-income home buyers buy homes in rural areas. 

M&T also offers a mortgage for first-time home buyers and a doctor loan program. Remember, additional costs will include closing costs, home inspections, termite letters (where required), private mortgage insurance and even an interest rate lock-in fee. Remember, loan terms vary.

Home Loans for Refinancing

M&T Bank has several products for refinancing. With a refinance loan, you pay off your current mortgage and replace it with a new one. You might refinance to improve the terms of your mortgage, take out cash or switch from an adjustable-rate mortgage to one with a fixed interest rate. M&T offers conventional refinance products as well as refinances for borrowers with FHA, USDA and VA loans. 

Home Loans for Renovations

Sometimes your dream home needs a little work — or a lot of work. A renovation loan allows you to buy your home and finance your renovations all at once. Instead of having multiple loans, you just have 1 loan to deal with. M&T offers FHA 203(k) renovation mortgages, which allow you to improve your home so it’s more energy efficient and livable. It also offers Fannie Mae HomeStyle mortgages, which are larger renovation loans. 

Home Equity Lines of Credit

If you’ve owned your home for a while, you probably have equity. Your equity is the difference between your mortgage balance and how much your home is worth. If you owe $100,000 on your home and it’s valued at $175,000, you have $75,000 in equity.

M&T’s CHOICEquity product allows you to access that equity. If you’re approved, you’ll have a line of credit. A line of credit is a bit like a credit card; you have a maximum amount you can use. You don’t have to use your entire line of credit, though. You can draw on it as you need to. Once you use your line of credit, you can start paying it off. 

M&T’s CHOICEquity offers fixed or adjustable rates. These products have a lot of flexibility, so if you have a lot of equity in your home, a line of credit can be a good way to access that equity and pay for home repairs, educational expenses or consolidate debt. 

Average Days to Close Loan

M&T Bank doesn’t disclose its average closing time — how long it takes from your initial mortgage loan application to signing the final paperwork. The national average closing time in April 2022 was 48 days for all loans. Generally mortgages close in 30 to 60 days depending on the needs of the buyer and seller. You will get a loan estimate that gives you an idea of how long the process will take, but there’s no way to know until the title company gets back to you.

First-time homebuyers should be patient during this process. Yes, you have homeownership goals, but they must be tempered with the knowledge that the process can take some time.

M&T Bank offers a standard mortgage process. You start with preapproval, which gives you an idea of how much you can borrow, competitive interest rates that are available and which mortgage types will work best. Next, you submit your official application and documentation. The M&T processing team reviews your information and asks for additional documentation if needed. Next, an underwriter reviews everything and makes a final decision. 

Once you’re approved, you receive your closing documents to review. About 3 to 7 business days later, you’ll meet with your settlement agent or attorney to sign the closing documents and pay any funds due. Generally, you will meet with the attorney in the title company’s office because they—traditionally—have prepared all the documents and will disperse funds.

Credit scores are a computer-generated number based on your credit history. Lenders use them as a short-hand to get a sense of how you handle credit and debt. Lenders typically have a minimum credit score, but M&T doesn’t disclose its minimum publicly. 

In general, conventional mortgages typically require a credit score of at least 620. VA loans require a minimum credit score of 620, and USDA mortgages require a 640. Remember, USDA loans require no down payment and are only available for those living in rural areas, as defined by the USDA, and must meet certain income requirements.

FHA loans require at least a 580 credit score, while a jumbo loan requires a credit score of 700. If you’re not sure of where you stand, talk to a loan officer with the M&T mortgage team. A loan officer can review your situation, and if you don’t meet the credit requirements for a mortgage right now, the officer can give you suggestions for how to improve your credit. 

Preapproval Documents

Before you contact M&T Bank or any other lender, it’s best to have your financial documents ready for review. You should gather:

• Your 2 most recent pay stubs
• Your W-2s and tax returns from the past 2 years
• Your 2 most recent bank statements
• Documentation of any other income sources
• Documentation of any name changes
• Your state-issued ID

If you’re a veteran who is considering a VA loan, you should also obtain your Certificate of Eligibility. 

Once your loan application is reviewed, M&T may request more information. For example, if you’re self-employed, you may need to provide more bank statements or a profit and loss statement. To keep the process moving, respond to any requests as quickly as possible. 

Customer Service

You can reach M&T representatives in several ways. One is by visiting a branch. Branches typically keep normal business hours and may be open Saturdays as well. 

If you are in the application process, you can reach mortgage sales at 888-253-0799 Monday through Friday from 8:30 a.m. to 9 p.m. You can also reach mortgage sales on Saturdays from 10 a.m. to 2 p.m. Your main point of contact is your loan officer, so be sure to get your officer’s contact information to stay in touch throughout the process. 

If you already have a mortgage, you can reach mortgage servicing at 800-724-2224. Representatives are available from 8:30 a.m. to 9 p.m. Monday through Friday. 

You can access your mortgage information online at any time. You can also sign up for automatic payments, view escrow information and see your loan schedule any time. 

In a world where we are increasingly disconnected, it’s nice to work with a local bank and a local lender. M&T Bank offers personal service, but it has the resources of a large, regional bank. You can start the process online and stay in touch online, by phone or in person. It’s a great choice for first-time home buyers who might need guidance to find the best mortgage for their needs, but others will enjoy the consistency in service.

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