Are you searching for your next home? M&T can help you navigate the home buying process, while offering multiple loan
options, fast closings and personalized service.
Would you like to learn more about mortgage basics?
||Things to Consider
- Interest rate stays the same for the duration of your loan
- Monthly principal and interest payments are predictable
- Preferred by borrowers who plan to stay in their home for a long time
- Initial interest rate is typically lower than a fixed rate mortgage
- Buyer typically qualifies for a larger loan as lenders use a lower initial rate and payment when qualifying the borrower
- Interest rate and payments fluctuate at certain intervals depending on market conditions and economic indexes
- Often selected by borrowers who don't plan to own the property for more than a few years
- Builds equity faster and borrower pays less interest due to the shorter loan term
- Typically a slightly lower interest rate than a 30-year term
- Higher monthly payments than a 30-year term
- Lower monthly payments than a 15-year term
- Most popular loan term as payments are spread out over a longer period of time
- Better suited for lower income households and first-time buyers with little or no money down and lower closing costs
- Gift funds are allowed for some programs
- FHA and VA* are popular selections as qualifying guidelines are not as strict as a conventional loan
- With good credit and steady income, typically offers a lower interest rate than a government loan
- Good choice for many buyers but can be difficult for those with poor credit or a low down payment
- Subject to stricter credit and income guidelines than a government loan
|Condo and Co-op Loans
- Borrowers receive tax relief** and property appreciation without the maintenance considerations of a single-family home
- Guidelines are stricter as the financial stability of the entire condo complex must be considered
- Builds equity faster and pays off your loan sooner with bi-weekly payments
- Ability to budget with biweekly instead of monthly payments
Are you currently renting but would like to own?
Buying a home is one of the biggest decisions you'll ever make so it's important to consider both the benefits
and responsibilities of homeownership.
Owning a home gives you freedom to paint and remodel to suit your tastes. As a home owner you are responsible for taxes,
insurance and upkeep of the property. Over time you may build equity which can add to your personal wealth.
Owning a home can also provide income tax benefits.* Learn more
about the cost of renting.
Renting is a better choice if you don't want the responsibility for upkeep, you plan to relocate, or can't afford a down payment
and closing costs. Depending on your situation, renting may leave you with more available cash each month after living expenses.
Contact an M&T Loan Officer for more information.
Use this calculator
to determine how much you can borrow.
Would you like to learn more about affordable mortgage programs and options for first-time buyers?
There are many affordable home loan programs available. It's important to work with an M&T Mortgage Loan Officer to review down payment
and closing cost options, state-sponsored programs for low-income borrowers, programs for eligible veterans, and alternatives for first-time
home buyers. A first-time buyer is typically defined as someone who has not owned real estate in the past three years.
M&T's Get Started Mortgage features a low down payment for the borrower, and remaining down payment and closing costs can be funded
by a gift or grant. M&T's Get Started Mortgage* is available in certain counties in New York, New Jersey, Connecticut, Pennsylvania, Maryland, West
Virginia, Virginia, Delaware and Washington, DC. Talk to an M&T Mortgage Loan Officer for more information.
FHA Mortgages offer a low down payment option with no income limits and are available to most home buyers.
VA Mortgages offer special advantages to eligible veterans, reservists and active-duty personnel. No down
payment and closing cost assistance options may be available.
USDA Rural Housing Program makes homeownership affordable for buyers with little cash savings. Buyers in
eligible rural areas may be able to purchase a home with no down payment.
Are you interested in state programs that provide support and financial assistance to first-time homebuyers?
Participating state programs are available to help you purchase your dream home. Please contact the organization
in your state for details. M&T participates in the following programs:
Delaware State Housing Authority (DSHA)
Maryland Community Development Administration (Maryland CDA)
New Jersey Housing
The First Home Club is a grant program in New York State that provides down payment and closing cost assistance
to first-time homebuyers who meet income eligibility guidelines. This grant program through the Federal Home Loan Bank of
New York matches four dollars for every dollar you save up to a maximum assistance grant of $7,500. Borrowers must save $1875
of their own funds to maximize the matching funds grant.** Learn more about eligibility and how to participate in the
First Home Club.
An M&T Loan Officer can assist in determining if you are qualified and enroll you in the program. Once qualified, you will receive
a First Home Club Referral Authorization Form to open a First Home Club savings account and get started.
State of New York Mortgage Agency (SONYMA)
Do you want to purchase a vacation or second home?
Purchasing a second home can be very rewarding, but it comes with additional financial responsibilities. Learn how applying
for a new mortgage or using the equity of your current home can help achieve your goals.
Are you buying a condominium or co-op?
Buying a condo or co-op can be challenging due to stricter guidelines and lack of financing options. Contact an M&T Loan Officer
today about financing options available through M&T and navigating the process. Condominium and co-op financing available in CT,
DC, DE, MA, MD, NJ, NY, PA and VA.
Do you need a jumbo loan?
Looking to purchase a higher priced home? M&T offers jumbo loan financing up to $2 million. Qualifying loan requirements are
stricter, so M&T will work with you to make the process as easy as possible.
Are you looking to purchase investment property?
If you're planning to buy investment property, work with a lender that understands your needs and provides flexible financing options.
There are many benefits that go along with owning investment property, but there are more personal and financial responsibilities as well.
If you're ready to move forward, M&T can help.
Are you buying a home in need of improvement?
If you've found your dream home but it's slightly less than perfect, a Renovation Mortgage may be right for you. It's a convenient,
single loan that combines mortgage financing and home improvement financing all in one. Financing is based on the value of the home
after you make the improvements, so you're not limited by the amount of equity currently available to you. You can finance a wide range
of home improvements including siding, windows, roofing, a new kitchen or bath, additions, landscaping and more.
M&T's Renovation Mortgages offer low down payments, low closing costs and a variety of loan terms.
FHA 203(k) Renovation Mortgage
The FHA 203(k) features a low down payment and low closing costs. You can finance a variety of home improvements and
choose from short- and long-term fixed and adjustable rate mortgages.
A HomeStyle Mortgage offers larger loan sizes for homes in need of renovation, repair or remodeling.
SONYMA Remodel New York
Offered by the State of New York Mortgage Agency (SONYMA), this program features a competitive interest rate
for first-time buyers purchasing a home in need of improvement. Down payment assistance is available. Borrowers are
required to meet income and purchase price limits.
Do you want to buy a manufactured home?
If you are purchasing an existing double-wide or triple-wide manufactured home attached to a permanent foundation,
M&T may be able to help. There are geographic restrictions so be sure to speak to an M&T Loan Officer.