Everything You Need to Know About a M&T Mortgage

Consumers have plenty of choices when it comes to their mortgage company, and most people carefully compare companies before making a decision. If you’re looking at the options for your mortgage, M&T Bank could be a great choice. As a full-service bank, M&T offers many options for mortgages, along with the convenience that comes from working with a major corporation.

Mortgage Basics
M&T offers a full line of mortgage products. Many homeowners choose the security of a fixed rate mortgage. This options means that you’ll be paying the same amount of money each month for the lifetime of the loan. However, M&T also offers adjustable rate mortgages, which can start with lower interest rates but have the possibility of greatly increasing in the future. M&T also offers jumbo mortgages for those looking to purchase a home that exceeds the limits of conventional mortgages, and may even have options for those looking to finance the purchase of an existing mobile home.

Bi-Weekly Payments
One easy way to pay of your mortgage more quickly is to make bi-weekly payments instead of monthly payments. You simply divide your monthly payment in half and pay it every two weeks. Over the course of the year, you end up making 26 half-payments, which equals 13 full payments. That extra payment goes a long way toward reducing the principal balance. M&T works directly with homeowners who want to make use of this technique, and there are no penalties for paying off your mortgage early.

Help for First Time Homebuyers
Some states offer grant programs for first time homebuyers. M&T works with these organizations to provide financial literacy skills and mortgages to those receiving grant money. If you qualify for this type of program, you will typically have to commit to a savings program that requires you to set aside a specific amount of money each month. If you choose M&T for this program, you’ll open a specific savings account with them and you’ll have to get your mortgage through them.

Online Access
M&T offers online access to customer’s mortgage accounts. This is true whether you have other accounts with M&T or not. When logging into your account, you can make payments and see how much you have left on your mortgage. While most mortgage programs will require you to sign up for automatic monthly payments, this online access makes it easy for you to make additional payments to lower the principal balance.

Payment Assistance
M&T approves your mortgage based on your financial status at the time you applied for the mortgage. If you’re suffering from financial hardship and are unable to make mortgage payments, you could potentially lose your home. Fortunately, M&T understands that everyone has their ups and downs. The company wants to work with you to get back on track. For example, they might allow you to divide up missed payments and repay them over time or they might add those to the principal balance and refinance the mortgage to make it more affordable. If you’re having a hard time making payments, contact M&T to ask about your options.

Mortgage Experts
Whether you’re buying your first home, buying a vacation home or looking to refinance, M&T has knowledgeable mortgage experts on hand to help you understand the process and decide which option is best for you. All you have to do is schedule an appointment to talk with someone. Make a list of any questions or concerns you might have ahead of time. It’s a big decision and you want to be sure you know what you’re getting yourself into.

Depending on your needs, M&T may be the right mortgage company for you. Take the time to research all of their available products for the best fit.