Move with Confidence

Whether it’s your first home, moving someplace new or considering refinancing, we want you to feel comfortable about your decision. We created our resource center to share articles and guides to help you get started.

Articles & Guides

Guide

First-time home buyers

From figuring out what you can afford to getting the keys—we’re here to help with each step so you can focus on finding the right home.

Guide

Loan types 101

Every homeowner and their finances are different. We’ll help you understand which loan option works best for you.

Article

3 Reasons to Consider a Mortgage Refinance

Learn about three ways refinacing your mortgage could have an immediate impact on your financial situation.  

Got questions? We’re here to help.

When purchasing a home, it's important to know how much you can afford. With a pre-approval, you'll determine in advance how much you may be able to borrow and the best mortgage options for you. This will help prepare for your future budget. Also, being pre-approved shows the seller that you are a serious buyer.

Home inspections and home appraisals sound similar, but they have very different purposes.

Property appraisals look at the big picture of what affects a home's value. A leaking roof or foundation issues can definitely affect value.

A home inspector is a construction expert. Maintenance and convenience factors are more in line with home inspections. While these issues might not affect a home's value immediately, these problems can worsen over time.

Property inspections give buyers confidence that the home they're buying has been well maintained. While the lender doesn't require an inspection, it is recommended that you get one. It's your chance to ask questions, get answers and, possibly, negotiate repairs or a lower sales price.

At the time of your mortgage application, you will receive a Loan Estimate – a federally required notice that provides details of the cost of obtaining a mortgage loan and the terms of the mortgage loan for which you have applied.

A few days before closing, you'll get a detailed Closing Disclosure that breaks down the total and final closing costs. This allows you to gather your funds and confirm the details of your loan. You'll know the exact amount you need to bring to closing.

Your individual rate is determined by adjustments made to the base rate. These adjustments are driven by your credit score, loan purpose, occupancy type, loan-to-value, any discount points purchased and other factors.

Interest rates fluctuate. Inflation, retail inventory, consumer activity and employment determine what interest you pay on your mortgage loan. With a healthier economy more money becomes available, pressure on inflation increases and rates, generally, go up.

The Federal Funds Rate is what banks charge each other to loan money. That translates to other lending transactions, such as credit cards, auto loans and mortgages.

The Federal Reserve can change the rate up to eight times a year at Federal Open Market Committee meetings. When rates change, the Fed buys or sells government treasury bonds to change the level of money available to the financial markets and the public. This means a constantly changing table of base interest rates for mortgages.

Credit history is considered when applying for a mortgage loan. Your credit score, also known as a FICO® score, helps determine the types of home loans you can qualify for and affects your interest rate. To assess creditworthiness, lenders review your score to see how you've handled past credit obligations. This is a good indication of how you will handle them in the future. A higher credit score may help you qualify for a better interest rate and a lower down payment.

By law, you are entitled to one free credit report per year. Visit annualcreditreport.com or contact any of the following credit reporting agencies:

If you see an error in your credit report, document it and report it quickly.

DTI is the percentage of your gross monthly income that goes toward paying housing and debts. It is one way that mortgage lenders measure a borrower's ability to manage monthly payments and repay debts.

For example, if your mortgage payment and other monthly debts equal $1,000, and your monthly gross income is $4,000, your DTI is $1,000 divided by $4,000, or 25%.

A mortgage escrow account allows borrowers to pay ongoing property tax and homeowner's insurance costs within their monthly mortgage payments. These additional funds accumulate in an escrow account managed by M&T Bank, and we pay property taxes, homeowner's insurance and any mortgage insurance on your behalf from your escrow account. 

Current mortgage rates

Rates differ by location and details of the loan desired. We’re happy to help you get a rate customized to your situation.

Additional options are available. Chart data is for illustrative purposes and is subject to change without notice. Advertised APR is based on a set of loan assumptions including the cost of approximately 1.000 point due at closing. One point is equal to one percent of your loan amount. Your actual APR may differ depending on your credit history and loan characteristics.

UNDERSTANDING THE PROCESS

What to expect for buying or refinancing.

We’re here to help you understand what’s next so you can plan ahead and make the right choice for you. 

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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.