M&T Bank Mortgage Reviews - What Is It?
WARNING: DO NOT BUY M&T Bank Mortgage Until You Read This Review!
Is it a Scam? Does It Really Work?
M&T Bank is a regional bank that offers full service as well as mortgages through their online portal and offices. According to their official website, they provide banking, investments, insurance, commercial financial services and mortgage through over 1600 ATMs, 800 branches, and numerous mobile and online services. The bank has many customers in Maryland, New York, New Jersey, Delaware, Pennsylvania, Connecticut, West Virginia, Virginia, and Washington, DC. Their 2016 annual report informs that the retail banking business issued 38,001 credit cards, opened 178,119 consumer checking accounts, originated 63,665 auto loans in the total amount of $1.5 billion as well as wrote 20,234 mortgages in the total amount of $4.2 billion. They are not the largest FHA lender in the country but they are highly respected by the customers. M&T Bank noted that it is more difficult for them to conduct business with so many new compliance rules and regulations. The bank works not only with low to middle income borrowers and local communities. They take part in different programs and even have a down payment assistance program in some areas.
According to the official website, M&T Bank offers a diverse mortgage products including FHA loans, conventional loans, VA loans, home equity loans and jumbo loans. Generally, this bank is based in Buffalo, N.Y., and provides many mortgage options including refinancing, purchase loans, reverse mortgages and HELOC's. The bank also functions as a servicer for loans that borrowers get from other financial institutions. They had received an influx of clients from CENLAR and Citi. What is special about their lineup of mortgages is their variety. Most other banks don't pay so much attention to HARP refinancing and reverse mortgages. We are going to discuss each type of mortgage offered by the bank and provide information about their mortgage rates in this review. We will also take a look at the available customer feedback about M&T Bank Mortgage and the company's customer service. This is important because purchasing a new home may be very stressful. Communication with your lender can ease the difficulties homebuyers may face in the process.
Customer Reviews - Does M&T Bank Mortgage Really Work?
As it was already mentioned, M&T offers a wide variety of loan programs with loan officers in Maryland, New York, New Jersey, Delaware, Pennsylvania, Washington, DC, Connecticut, West Virginia, and Virginia, and a limited number in the West Coast (Oregon, Washington, Colorado, Arizona, and Utah). The company also offers personalized service via an online mortgage process and by phone. Let us take a look at the types of mortgage offered by the bank. Homebuyers may benefit from VA, FHA, Conventional and Construction loans all of which are designed for those who are purchasing a home. One reason why there are many types of loans is because all borrowers are different. Some of them have bad credit, while others are looking for an easy way to fund a home for the first time in their lives. VA and FHA loans are popular options for almost all borrowers, as they are forgiving about down payments and credit scores.
For instance, FHA (Federal Housing Administration) loan is a government program which can be used only by those with credit scores in the 500's. It also requires a 3.5% down payment. If your scores are 580 or higher, your down payment can be 3.5%. If your scores are from 500 to 580, you can get an FHA loan if you meet all the other requirements and produce a 10% percent down payment. The VA loan is a product of the Department of Veteran Affairs that is designed for the military people. Your credit scores are not as important as they are with an FHA loan or conventional loan. You won't have to pay a down payment and the rates are quite competitive. However, these are conventional mortgages that have the best rates. They are meant for borrowers who can meet income and credit requirements that are higher than those of FHA and VA loans. The reward is that your solid income and credit of over 700 can lower your APR. To receive the lower rate, you will need to put down at least 5%. This reduces the risk that the company will lose money if you stop paying your mortgage for this or that reason. Construction loans are the final type of home mortgage you can get from the bank. These loans differentiate from those we have listed above, since they include building and financing the home.
As it was already mentioned, M&T Bank Mortgage is associated with a great number of positive reviews. For instance, one man reports that he has never had any issues with his M&T Mortgage. He only had positive experience with his mortgage, unlike all of the terrible experiences he had when BoA held my mortgage. Recently he found out from M&T that his insurance policy had been cancelled, so the customer faxed his new insurance documents and called the company's customer service to verify that everything was correct. It was pleasant experience he has ever had with any company. It is high time to take a look at the actual clients' testimonials found on third-party websites.
"I am satisfied with my M&T Bank Mortgage. I use M&T Bank on RT 17 M in Middletown N.Y. even though it is a small bank its representatives take good care of my banking needs. I have been with them for five years now and I find them to be wonderful. I do recommend this bank to everyone who has got in to a difficult financial situation and needs funds."
"M&T Bank Mortgage is ok. In general, I have been a customer of M&T Bank for a few years already. Whether talking to them over the phone or dealing with someone in the branch, I have always been amazed with their customer service. I do 95% of my bill paying via the Bill Pay feature online. There is bill pay guarantee. It means that if you set a payment in the system at least five days ahead of its due date and it arrives to the creditor late, M&T will reimburse you the cost of this late fee. I had this once several years ago. This feature does work!"
"I received M&T Bank Mortgage and I have to say that M&T is a very good lender. I managed to save about 100 dollars by revising my escrow account. I also received a new loan with lower interest rate under the new VA refinance rules. I was offered these benefits by the company at once. They wanted to make sure that my 30-year mortgage comes with the lowest interest rate. This saves me $60 a month, while a closing fee is 300 dollars. There is no variable interest, no cash out, no equity borrowing, just a fixed loan. I like these terms."
My Final Summary
Based on our research of M&T Bank Mortgage offerings, we think that they are a high-rate shop for any kind of homebuyers or homeowners. Their menu of buying loans provides both good-credit and bad-credit options. If you need to build a home on a lot, you are recommended to take a construction loan. And, if you wish to tap into your home's equity, you should opt for HELOC and reverse mortgage. The drawback of the bank is that some of their products (like reverse mortgages) are not available in some states. So, you are advised to check with the bank to make sure that the product you need is available in your state. M&T Bank Mortgages are a good fit for those who values a traditional banking experience and wants to avoid online-only lenders or who are M&T customers already. The majority of real customers are pleased with their loans they took from this company, which is a good sign for potential clients. Taking into account all advantages and disadvantages of the bank, I do recommend taking M&T Bank Mortgage.
M&T Bank Mortgage Pricing and Rates
The rates for different loans vary a lot. For example, ARM mortgage requires minimum credit score of 620, minimum down payment of 5% and maximum loan amount of $453,100. Interest rate is adjustable. Fixed-Rate mortgage requires minimum credit score of 620, minimum down payment of 3% and maximum loan amount of $453,100. Interest rate is fixed. MyTerms mortgage also requires minimum credit score of 620, minimum down payment of 3% and maximum loan amount of $453,100. Interest rate is fixed. If you need more details you can contact the customer service.