M&T Bank Mortgage Rates Review

With roots stretching back to antebellum New York, M&T Bank has long been a regional institution focused on serving customers and communities.

Initially chartered as Manufacturers and Traders Bank in Buffalo, M&T Bank has grown from financing durable equipment to a nationally ranked and recognized bank and lender.

With a place among the top 10 lenders of Small Business Administration loans, M&T Bank combines a strong enterprise lending portfolio and community banking principles to meet customer needs.

Its mortgage offerings reflect the bank’s extensive expertise, with different mortgages to fit different homebuyer demands.

M&T Bank has been accredited by the Better Business Bureau since 1923 and, as of October 2023, held an A+ rating.

M&T Bank Facts

• Community-focused bank founded before the Civil War
• Has more than 750 locations across coastal states, including Delaware, Connecticut, Maryland, New Jersey, New York, Pennsylvania, Virginia, West Virginia, and DC
• Accredited by the Better Business Bureau since 1923 and holds an A+ grade
• Wide selection of mortgage loans, including fixed rate, ARM, FHA, VA, USDA, as well as refinancing options
• Easy three-step online process for starting and submitting mortgage applications with instant preapproval
• Allows customers to chat with a mortgage expert online for assistance

States Serviced

• Delaware
• Connecticut
• Maryland
• New Jersey
• New York
• Pennsylvania
• Virginia
• West Virginia
• Washington, DC

Overall

Founded in 1856 before the American Civil War, M&T Bank started with $200,000 in capital.

Now, it maintains a steady and trusted banking presence in the Northeast and along the Atlantic Seaboard. Originally focused in Buffalo, where its headquarters still reside, M&T Bank has over $207 billion in assets as of 2023, as well as 750 branch locations.

In its history, the bank has persevered through the Great Depression, attracted investments from Warren Buffet, and gained the naming rights to an NFL stadium in Baltimore.

While M&T Bank has a profile as a reputable business lender (attaining the No. 1 Northeast ranking in J.D. Power’s 2017 Small Business Banking Satisfaction survey), it has a large menu of mortgage offerings that can fit various prospective homeowner needs, whether that means a low down payment, a first-time home loan, a government option, or a jumbo mortgage.

The bank also has many savings and deposit account products, as well as home equity lines of credit and various investment banking and financial retirement services. The bank, however, agreed to pay the U.S. Department of Justice $64 million in 2016 to resolve a claim it did not adhere to certain FHA underwriting standards.

M&T Bank Loan Specifics

Borrowers can research and select from a number of mortgage options when working with M&T Bank, including:

Fixed-Rate Mortgage

A fixed-rate mortgage is best for consumers who are looking long-term. Offered in 30-year and 15-year terms, the fixed rate loan carries a locked-in interest rate that does not fluctuate with the economy, ensuring homeowners know what their monthly mortgage payment will be.

M&T Bank fixed rate mortgages can be used for primary residences, secondary residences, and investment properties, come with as little as 3 percent money down requirements, and don’t have prepayment penalties.

Cash-out refinancing is also permitted. Another option to consider is the MyTerms Mortgage, which is a fixed-rate product that allows borrowers to set a custom term if they want to pay off a loan early or meet financial goals.

Adjustable-Rate Mortgage

An ARM is for borrowers who may move around a lot or want a shorter commitment. This type of loan features a fixed rate for a predefined introductory period that then rises or falls with prevailing interest rates for the rest of the term, recalculated once a year.

The benefits here are flexibility and cost-effectiveness for borrowers who don’t want to get handcuffed to a higher fixed rate when their future might be uncertain, like a job transfer or a growing family that needs more house.

FHA Mortgage

Backed by the Federal Housing Administration, these loans are geared toward first-time homebuyers with low credit or low savings. Down payments of as little as 3.5 percent are required, and M&T Bank allows 100 percent of that amount to be gifted.

Other particulars of these FHA loans include fixed- and adjustable-rate versions, streamlined refinancing for existing borrowers with existing FHA loans, and contributions toward closing costs from sellers or builders.

VA Mortgage

Veterans Administration home loans are intended for veterans, active-duty military personnel, National Guardsmen, and their families, offering them flexible debt-to-income requirements, zero private mortgage insurance, and zero down payment.

M&T Bank has another option, the VA Interest Rate Reduction Refinance, that can grant more favorable and personal terms for existing VA home loan borrowers.

USDA Mortgage

Meant to incentivize rural homeownership, U.S. Department of Agriculture-supported mortgages come with no down payment, broad property eligibility standards (many suburban properties can qualify), and 100 percent financing of appraisal value.

More lax credit qualification requirements also make such loans attractive.

Super-Conforming and Jumbo Loans

Borrowers who need an option beyond conventional mortgages, which are limited to $766,550 in value, can take out a super-conforming or a jumbo loan from M&T Bank.

Super-conforming loans are for buying in moderately more expensive neighborhoods, extending the maximum to$766,550; jumbo loans are for even higher dollar amounts and cover mortgages of up to $2 million.

Getting a super-conforming mortgage may allow borrowers to benefit from a lower interest rate than a jumbo loan if they’re not looking for a mansion.

M&T Bank Mortgage Options Overview

M&T Bank Mortgage Options	Description
Fixed-Rate Mortgage	• Long-Term Stability With Locked Interest Rates • Suitable for Primary, Secondary, or Investment Properties •Custom Terms Available
Adjustable-Rate Mortgage (ARM)	• Offers Flexibility With an Initial Fixed Rate that Adjusts Yearly • Ideal for Those With Uncertain Future Plans
FHA Mortgage	• Geared Toward First-Time Buyers With Low Down Payments • Fixed and Adjustable-Rate Options • Streamlined Refinancing and Cost Contributions Available
VA Mortgage	• Zero Down Payment, No Private Mortgage Insurance • Designed for Veterans and Military Personnel
USDA Mortgage	• Encourages Rural Homeownership With No Down Payment • Broad Property Eligibility and 100% Financing
Super-Conforming & Jumbo Loans	• For Higher-Value Properties • Super-Conforming Loans up to $766,550 • Jumbo Loans for Amounts up to $2 Million

M&T Bank Mortgage Customer Experience

One highlight of the customer experience with M&T Bank mortgage rates is that the application and preapproval processes can happen entirely online.

The bank has an online loan wizard that takes users through a step-by-step input of personal information that helps them find the best loan for their needs at the best rate.

Borrowers can even take advantage of an online chat function to speak with a mortgage expert as they complete the process, as well as instant pre-approval.

In addition to a 100 percent online process, the bank extends other benefits for borrowers, like:

• Locked-In Rates
• Personalized Loan Options
• Tools for Calculating and Research

It also makes cybersecurity a big focus, which helps ensure borrowers feel safe entering sensitive information (like a Social Security number) needed for application submission.

M&T Bank Lender Reputation

Having been in business for more than 150 years, M&T Bank has built a reputation in the communities and areas it services. It has been accredited by the BBB since 1923, holding a grade of A+, as well as received national and regional acclaim, including:

• No. 1 SBA lender in the cities of Baltimore and Buffalo, the state of Delaware, and Washington, DC
• No. 8 SBA lender nationally
• No. 1 or No. 2 market share for middle market clients and deposits in multiple New York regions

M&T Bank is an FDIC member and Equal Housing Lender with a Nationwide Multistate Licensing System identifier number 381076.

M&T Bank Mortgage Qualification

The primary criterion for mortgage qualification with M&T Bank is credit score. While income-to-debt ratios and other aspects will figure in, borrowers can quickly grasp what is needed to qualify for specific loan options by looking at the minimum credit score:

LOAN OPTION	MINIMUM CREDIT SCORE	MINIMUM DOWN PAYMENT
Fixed-rate	620	3 Percent
ARM	620	5 Percent
FHA	580	3.5 Percent
VA	620	0 Percent
USDA	640	0 Percent
Super-Conforming	620	5 Percent
Jumbo	680	10 Percent

M&T Phone Number and Additional Details

• Homepage URL: https://www.mtb.com/home-page
• Company Phone: 1-800-724-2440
• Headquarters address: One M&T Plaza, Buffalo, NY 14203

The Bottom Line – M&T Bank Mortgage Rates Review

M&T Bank, with its rich history dating back before the Civil War, has solidified its reputation as a trustworthy lender in the mortgage industry. Its diverse range of mortgage products ensures borrowers have options tailored to their unique needs.

The seamless online application process, combined with the security protocols, adds to the convenience and confidence of clients. However, it’s essential for potential borrowers to consider both the bank’s accolades and its past controversies when making decisions.

Overall, M&T Bank remains a prominent choice for many seeking community-focused banking and a wide array of mortgage offerings.

How We Review Mortgage Lenders: 

Good Financial Cents evaluates U.S. mortgage lenders with a focus on loan offerings, customer service, and overall trustworthiness. We strive to provide a balanced and detailed perspective for potential borrowers. We prioritize editorial transparency in all our reviews.

By obtaining data directly from lenders and carefully reviewing loan terms and conditions, we ensure a comprehensive assessment. Our research, combined with real-world feedback, shapes our evaluation process. Lenders are then rated on various factors, culminating in a star rating from one to five.

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