Mortgage F A Qs
Get answers to frequently asked questions about mortgages.
Find a loan that makes you feel right at home.
M&T understands your loan is as unique as your home. We’re here to help.
Most Popular Loan Types
Adjustable Rate Mortgage (ARM)
Not every homebuyer is ready to settle down long term. This mortgage lets you start with a lower initial rate and monthly payment. That means more cash in your pocket to save for the future—wherever it may be.
Features & Benefits
| Minimum Downpayment | 5% |
| Minimum Credit Score | 620 |
| Maximum Loan Amount | $806,500 |
| Interest Rate | Adjustable |
Federal Housing Administration (FHA)
Some first-time homebuyers need a little help. That's why we offer a loan option with flexible credit requirements. You can also use gifted funds from family members or government assistance programs to help with your downpayment.
Features & Benefits
| Minimum Downpayment | 3.5% |
| Minimum Credit Score | 580 |
| Maximum Loan Amount | |
| Interest Rate | Fixed or Adjustable |
Fixed-Rate
We understand everyone’s budget is different. A fixed-rate mortgage guarantees your monthly payments remain stable over the life of your loan so that you can plan without surprises.
Features & Benefits
| Minimum Downpayment | 3% |
| Minimum Credit Score | 620 |
| Maximum Loan Amount | $806,500 |
| Interest Rate | Fixed |
Jumbo
You can dream big. If you’re looking for a home that requires a loan amount above $726,200, we have options with loan amounts of up to $3,000,000.
Features & Benefits
| Minimum Downpayment | 10% |
| Minimum Credit Score | 700 |
| Maximum Loan Amount | $3,000,000 |
| Interest Rate | Fixed or Adjustable |
Veterans Administration (VA)
We are thankful for our Veterans. That's why we work hard to qualify Veterans, making it easier for you to get home with flexible credit requirements and no downpayment.
Features & Benefits
| Minimum Downpayment | 0% |
| Minimum Credit Score | 620 |
| Maximum Loan Amount | No Maximum |
| Interest Rate | Fixed or Adjustable |
Ready to take the next step?
You can explore your loan options, payments, programs, and rates online.ÌýOr, our mortgage experts can help guide you through the process.
Additional Home Loan Options
We have additional home loan options available based on your particular needs to help you get into a home of your own. Scroll down to learn more about your options.
Bi-Weekly Mortgage
Potentially save thousands of dollars in interest.
When you buy or refinance your home with a bi-weekly mortgage, you’ll own your home years sooner and potentially save thousands of dollars in interest. With M&T’s Bi-Weekly Mortgage you simply make half of a regular monthly mortgage payment every two weeks, instead of a full payment once a month, helping you pay off your mortgage faster.
Call us atÌý1-888-253-0799Ìýfor more information or get started on your application.Ìý
Connecticut Housing Finance Agency (CHFA) Loans
Connecticut Housing Finance Agency (CHFA)Ìýmortgage programs offer low downpayments, fixed rates and lower monthly payments. They can be combined with Down Payment Assistance programs for properties located in the state of Connecticut.Ìý
Call us atÌý1-888-253-0799Ìýfor more information and to be directed to a local representative for help with getting started on your application.
Construction Financing
Specializing in new construction financing,ÌýM&T Bank offers years of experience mostÌýlenders can’t. That means we can provideÌýflexible financing solutions that help makeÌýbuilding a new home easy and affordable.
Features and Benefits
- Two-Close Construction Loan options
- A wide range of end loans including fixedÌýrate mortgages, adjustable rate mortgages,Ìýand jumbo loans
- Peace-of-mind with permanent end loan,Ìýinterest rate lock options
- Experienced mortgage consultants. WhenÌýyou come to M&T, you won’t just get a loan.ÌýWe’ll help you understand the home buildingÌýprocess, making you a more informed buyer,Ìýwhich could save you time and money.*
Call us atÌý1-888-253-0799Ìýfor more information or to get started on your application.
* M&T does not endorse specific builders or lots, nor does M&T make representations regardingÌýthe quality of any builder’s work or materials. M&T advocates the value of homebuyers educatingÌýthemselves regarding the home building process.
FHA Streamline Refinance
Fine tune the terms or interest rate of your mortgage, and get back on track. With reduced documentation, the FHA Streamline Refinance can help.
Features and Benefits
| Minimum Downpayment | 0% |
| Minimum Credit Score | No Minimum |
| Maximum Loan Amount | |
| Interest Rate | Fixed or Adjustable |
Call us atÌý1-888-253-0799Ìýfor more information orÌýget started on your application.Ìý
M&T's Home Starter Mortgage
M&T’s Home Starter Mortgage makes buyingÌýa home easy.Ìý
Buy a home with as little as 1% out-of-pocket and finance your closing costs.* M&T’s Home Starter Mortgage requires a cash downpayment of 3%. You can finance the remaining 2% downpayment that is required with a gift, a grant or an M&T unsecured loan. Plus, you’ll be able to finance most of your closing costs. This dramatically reduces the cash you’ll need to buy a home, enabling you to own a home years sooner.
The Home Starter Mortgage also features a low fixed interest rate. This low rate helps keep payments affordable, which makes buying a home or refinancing your mortgage easier.
Call us atÌý1-888-253-0799Ìýfor more information or to get started on your application.
* M&T’s Home Starter Mortgage is available in select counties in CT, DC, DE, ME, MA, MD, NH, NJ, NY, PA, VA, VT and WV. Certain conditions and restrictions apply. Offer subject to change.
HomeStyle Renovation Mortgage
M&T’s HomeStyle Mortgage offers higherÌýloan amounts for those interested in buying aÌýlarger home, and few restrictions on the type ofÌýimprovements that can be made. You can buyÌýor refinance a property that needs renovation,Ìýrepair or remodeling and easily finance bothÌýthe purchase and the improvements in oneÌýeasy step.
Call us atÌý1-888-253-0799Ìýfor more information or to get started on your application.
MASS Housing
M&T Bank offers a variety of Mass Housing programs designed to helpÌýmake mortgages affordable for Massachusetts residents.Ìý
Massachusetts Housing Partnership
The Massachusetts Housing Partnership (MHP) is designed to provide loans to low-to-moderate income first-time homebuyers in the State Massachusetts. This program has discounted interest rates and eliminates borrower-paid mortgage insurance requirement.Ìý
State of New York Mortgage Agency (SONYMA) Loans
SONYMA mortgage programs feature competitive interest rates, low downpayments, flexible underwriting guidelines, down payment assistance and no prepayment penalties for properties located in the state of New York.Ìý
Call us atÌý1-888-253-0799Ìýfor more information or to get started on your application.Ìý
Super-Conforming Loans
If your home purchase requires a larger loan amount, a super-conforming mortgage is available for loans over the maximum conforming loan amount of $806,500. If you need a loan above $806,500 and don't want to take on multiple mortgages, this mortgage typically offers lower interest rates than a jumbo for loan amounts up to $1,209,750 depending on the county.
Features and Benefits
| Minimum Downpayment | 5% | Ìý |
| Minimum Credit Score | 620 | Ìý |
| Maximum Loan Amount | $1,209,750 | Ìý |
| Interest Rate | Fixed or Adjustable | Ìý |
Call us atÌý1-888-253-0799Ìýfor more information orÌýget started on your application.Ìý
USDA (Rural Housing) Loans
Does fresh air, open spaces and 100% financing sound appealing?ÌýUSDA/Rural Housing loans make homeownership affordable for buyers with little cash savings. In fact, buyers in eligible rural and suburban areas can often purchase a home with no downpayment.
Features and Benefits
| Minimum Downpayment | 0% |
| Minimum Credit Score | 640 |
| Maximum Loan Amount | $806,500 |
| Interest Rate | Fixed |
Call us atÌý1-888-253-0799Ìýfor more information orÌýget started on your application.Ìý
VA Interest Rate Reduction
If you already have a VA home loan, here's a streamlined option to lower your interest rate.
Features and Benefits
| Minimum Downpayment | 0% |
| Minimum Credit Score | 620 |
| Maximum Loan Amount | No Maximum |
| Interest Rate | Fixed or Adjustable |
Call us atÌý1-888-253-0799Ìýfor more information orÌýget started on your application.Ìý
Vermont Housing Finance Agency (VHFA) Loans
Vermont Housing Finance Agency (VHFA)Ìýmortgage programs offer low downpayments, fixed rates and lower monthly payments. They can be combined with Down Payment Assistance programs for properties located in the state of Vermont.Ìý
Call us atÌý1-888-253-0799Ìýfor more information and to be directed to a local representative for help with getting started on your application.
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The Home Buying Process
We're here to help you understand the steps so you can focus on finding the right home.
RESOURCES & INSIGHTS
3 Reasons to Consider a Mortgage Refinance
Learn about three ways refinancing a mortgage could have an immediate impact on your financial situation.
This information is being provided for informational purposes only and is neither a loan commitment nor a guarantee of any interest rate. If you choose to apply for a mortgage loan, you will need to complete our standard application.
Our consideration for approval of your mortgage loan application will include verification of the information obtained in connection with your request, including but not limited to income, employment, asset, property value and/or credit information. Our loan programs are subject to change or discontinuation at any time without notice. Not all products are available in all states. Refinancing to reduce total monthly payments may lengthen repayment term or increase total interest expense. Interest rates are subject to change without notice.