M&T Mortgage Review: Pros, Cons, Rates, What to Expect

m&t bank logo

One of the most important financial decisions you will ever make over the course of your life is buying a house. Before deciding on a mortgage company, you should carefully consider their financial strength, the types of loan programs they offer, and the number of educational resources they have. This article is going to be an M&T Mortgage review that will cover these types of essential factors.

young couple celebrating being new home owners in front of their new, white house

M&T Mortgage – Details and Overview

M&T Mortgage is part of M&T Bank. It was initially founded back in 1856 and has maintained positive portfolio performance with every passing quarter since 1976. The bank currently holds over $123 billion in assets. The organization regularly manages to score net profits that exceed $1 billion. In total, the bank currently operates in 15 different states all across the United States. They also offer some additional mortgage financing options through lending partners in other areas as well.

The states that they currently operate in include:

  • Arizona.
  • Colorado.
  • Connecticut.
  • Delaware.
  • District of Columbia.
  • Florida.
  • Maryland.
  • New Jersey.
  • New York.
  • Oregon.
  • Pennsylvania.
  • Utah.
  • Virginia.
  • Washington.
  • West Virginia.

M&T Mortgage Loan Process Explained

Gather Your Financial Information

Before starting the M&T Mortgage process, you will need to focus on gathering your financial information. Some important documents you will need are your most recent pay stubs from the past month, your bank statements for your checking and savings account, and your prior year tax return information.

You will also need to have a rough approximation of your total monthly bills as well. This includes things like your car payment, student loan, and credit card payments. Go ahead and tally all of these numbers up to get an estimate of how much your monthly debt payments are.

The last thing you should do before progressing to the next step in your loan process is checking your credit reports. You’re allowed one free copy of all three of your credit reports each year. Once you receive your copy, review it for any possible discrepancies and resolve them before proceeding to the pre-qualification stage.


You should now have all of the basic information you need to get yourself pre-approved at M&T Mortgage. The pre-approval process seeks to give you a rough approximation of how much budget for a house you can receive. The loan officer will ask for copies of your financial details that were outlined in the previous step to make their calculations. Having your monthly debt load will help them give you as accurate of an estimate as possible.

It’s also common for loan officers to initiate something known as a soft pull on your credit report. This gives them a rough approximation of your creditworthiness without actually checking your credit. If you checked your credit score yourself earlier, you can actually give the mortgage broker your exact scores to get you an even more accurate pre-approval quote.

M&T Mortgage lets users start their own pre-qualification process online by using their website. Once you’ve filled out the form, a mortgage broker will usually contact you directly via telephone within 24 to 48 hours. Alternatively, you can speak directly with a professional and give all the information directly via telephone at 1-888-253-0799.

Understand Loan Types

decreasing piles of coins with monopoly pawns on top of them in the shape of house

While the pre-approval process is a great place to start your home buying experience, it’s also important to understand the potential loan types M&T Mortgage offers. The most common type of loans they offer is known as prime loans.They have interest rates that are around 3.6 percent for 30-year mortgages.

For people who are buying a home for the first time, there is a special loan program called FHA. These loans require much smaller down payment amounts and have more flexible credit requirements. The current rate for an FHA 15-year loan is just three percent. For military members and their families, M&T Mortgage also offers VA loans that have rates as low as 3.25 percent for 30-year mortgages.

They also have a special loan type called jumbo mortgages. These loans are reserved for the most expensive property types that typically exceed most other program limits. The current rate they offer for a 30-year loan starts at just 3.75 percent.

The majority of these loan types are available as either adjustable rate mortgages or fixed rate mortgages. Fixed rate mortgages are much more stable and are perfect for people who prefer to keep a stable payment amount. Adjustable rate mortgages typically have much lower initial interest rates. This solution can be particularly useful for people who want to save money initially and potentially save when interest rates drop at a later date. You can always check their most recent rate listings by visiting their mortgage rate page.

Prepare For Closing and Beyond

Once you find a potential property you like and have a seller who accepted your offer, the loan moves onto the closing stage. It is particularly important to manage your financial situation carefully during this process. M&T Mortgage is going to officially run your credit report and ask to check your financial information again with updates, pay statements, and other details.

During this process, it is important that you stay in regular contact with your mortgage broker. They will often ask for new documents. They will also work with you to schedule things like appraisals. On top of that, you will be asked to get quotes from potential insurance companies to help get the initial amount you will need for your escrow deposit.

If things go well and the property meets the requirements of your given loan program type, you should close a deal successfully within two to three weeks. Once you receive your first mortgage statement with your account number, you can visit their online banking page to register your account. Once registered, you can quickly schedule payments, check your mortgage balance, and view important documents electronically.

M&T Mortgage Customer Service Review

M&T Mortgage communicates with new customers via telephone and secure email only. While their general customer service for traditional banking is available seven days a week, mortgage-related questions can only be answered Monday through Friday from 8:30 am to 8 pm EST. Even with the lack of weekend hours, their representatives are always friendly and work quickly to resolve most concerns.

Contact Information

Pros and Cons of M&T Mortgage

set of keys with a keychain in the shape of a green house


  • Rates are very easy to locate and prominently displayed.
  • Variety of different loan types and terms to choose from. This way, you have more chances to find an ideal mortgage program for you.
  • Ability to initiate a pre-qualification stage online.
  • Tax statements and other important documents are available electronically.


  • Lack of online account tools for new applicants.
  • Mortgage loan officer locator tool is difficult to find.
  • No weekend hours for customer service or loan officers.

Final Word

M&T Mortgage is a company that has been around since 1856. During this time, the organization has maintained relatively reliable financial results. They offer a wide selection of mortgage types and offer a variety of useful tools on their website for potential new borrowers. This makes them a great choice to consider for your home financing needs. If you’ve tried them out for yourself, feel free to tell us about your experience with them.

Image source: 1, 2, 3, 4


Please enter your comment!
Please enter your name here