M&T CHOICEquity

Your home may be your most valuable asset. Unlock your home’s equity with M&T’s CHOICEquity Account and you can count on competitive rates and outstanding service.

Apply before July 10th to receive a special Introductory Rate offer.

The M&T CHOICEquity Introductory variable Annual Percentage Rate (APR) of Prime – 1.26% (currently 1.99%) will apply only during the first six (6) billing cycles (“Introductory Period”) after your M&T CHOICEquity Account is opened. Thereafter, the APR, including the APR on any existing balance, will convert to the applicable non-discounted variable APR for the life of the line. Your Introductory and non-discounted variable APRs may vary monthly based on changes in the Prime Rate as published by The Wall Street Journal in its "Money Rates" table. Prime rate as of 3/16/2020 = 3.25%. Your non-discounted variable APR will be between Prime -0.26% (currently 2.99% APR) and Prime +3.49% (currently 6.44% APR) for variable rate lines of credit between $50,000 and $500,000, with a maximum loan to value ratio of 80.99%, and are based on collateral state, lien position, line amount, loan to value ratio, deposit relationship, and creditworthiness (as reported to M&T by an outside reporting agency). Please contact M&T to discuss line amounts less than $50,000, line amounts between $500,000 and $1,000,000 and loan to value ratios above 80.99%. Your variable APR will never exceed 15.9% APR. Minimum APR is 2.99% after the expiration of the Introductory Period.

Affordable, Flexible & Convenient

  • Enjoy a revolving line of credit
  • Choose to lock in up to 3 fixed-rate loans within your line of credit, and enjoy the dependability of the same rate and payment amount every month
  • Consider an interest-only payment option during your draw period
  • Make payments only on the money you use
  • Manage your account easily anytime, anywhere through M&T Online Banking​​​
  • Receive convenience checks to draw from your line of credit
  • No application fee
  • No Annual Fees
  • No closing costs. However, if you close the account within 36 months after the date it is opened, you must reimburse us for certain fees we pay to third parties in connection with opening the account. Reimbursement of fees does not apply to accounts secured by properties located in the state of Pennsylvania

​​Eligible Loan-to-Value Range, Minimum & Maximum Loan Amount

  •  Maximum  Loan-to-value​ (LTV)
    • 85.99% for p​rimary residences (certain restrictions apply);
    • 70.99% for manufactured homes
    • 70.99% for vacation properties​​.
  • ​​​Minimum Loan Amount: $15,0​00
  • ​​Maximum Loan Amount: $1,000,000 for primary residences/$250,000 for vacation homes

​​Acceptable Collateral

  • 1- to 4-family owner-occupied homes, town homes and condom​​iniums
  • Vacation homes (only available for lines up to $250,000)
  • Deeded manufactured homes (only available for lines up to $100,000)​

​​Term, Interest Rates & Payment Options

  • Line of Credit features a 10-year draw period followed by a 20-year repayment period
  • Convert some or all of your balance to a fixed-rate loan within your CHOICEquity Account
  • Line of Credit features a variable rate
  • CHOICE Loan segment features a fixed rate for the duration of the selected term
  • Variable Line of Credit
    • During the draw period, make either interest-only or principal and interest payments for the first 10 years
    • ​During the repayment period, make the principal and interest payments
  • Fixed Rate Loan Segment: principal and interest payments at a fixed rate and term
  • For example, borrow $25,000 for as little as $160 per month. Terms and conditions apply.

Common CHOICEquity Line of Credit Fees >

Make a Payment

Already have a home equity line of credit with M&T? We offer a number of different ways to make your payment, so you can choose the most convenient method for you.

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There are no application, annual or closing fees, but late fees and returned payment fees may be charged when applicable.
There are no application, annual or closing fees, but late fees and returned payment fees may be charged when applicable.
Accounts canceled within 36 months of account opening are subject to reimbursement of 3rd party fees paid in connection with establishing the account.  These fees will range for line sizes up to $1,000,000 as follows by state:  CT:  up to $4,145, DC:  up to $4,760, DE:  up to $3,555, MD:  up to $17,853, NY:  up to $23,696, NYC:  up to $23,696, NJ:  up to $4,576, VA:  up to $6,894, WV:  up to $3,084.  These fees do not apply to PA properties.  Property insurance and flood insurance, if applicable, are required.  Other terms and conditions may apply.  Rates are subject to change.  M&T CHOICEquity accounts cannot be used to pay off existing M&T CHOICEquity or Home Equity accounts. Payment example assumes principal and interest payments for a $25,000 loan segment with a 240 month repayment term, at a non-discounted APR of 4.59%.
Combined with all other property liens.
Lines $15,000 to $500,000 subject to 85.99% maximum combined loan-to-value. Lines greater than $500,000, up to $1,000,000, subject to 75.99% maximum combined loan-to-value. Lines secured by second homes/vacation property subject to 70.99% maximum combined loan-to-value.
Applications above $1,000,000 are considered on an exception basis and are subject to more stringent credit criteria
Applicant must own the land, dwelling must be permanent foundation, and the living space must contain a minimum of 1000 sq. feet. Must be finished and in livable condition.
​Your variable APR will never exceed 15.9% APR.
Accounts canceled within 36 months of account opening are subject to reimbursement of 3rd party fees paid in connection with establishing the account.  These fees will range for line sizes up to $1,000,000 as follows by state:  CT:  up to $4,145, DC:  up to $4,760, DE:  up to $3,555, MD:  up to $17,853, NY:  up to $23,696, NYC:  up to $23,696, NJ:  up to $4,576, VA:  up to $6,894, WV:  up to $3,084.  These fees do not apply to PA properties.  Property insurance and flood insurance, if applicable, are required.  Other terms and conditions may apply.  Rates are subject to change.  M&T CHOICEquity accounts cannot be used to pay off existing M&T CHOICEquity or Home Equity accounts. Payment example assumes principal and interest payments for a $25,000 loan segment with a 240 month repayment term, at a non-discounted APR of 4.59%.
All loans and lines of credit are subject to credit approval. Additional terms and conditions may apply, depending on the type of collateral and other terms offered or chosen.
The M&T CHOICEquity Introductory variable Annual Percentage Rate (APR) of Prime – 1.26% (currently 1.99%) will apply only during the first six (6) billing cycles (“Introductory Period”) after your M&T CHOICEquity Account is opened. Thereafter, the APR, including the APR on any existing balance, will convert to the applicable non-discounted variable APR for the life of the line. Your Introductory and non-discounted variable APRs may vary monthly based on changes in the Prime Rate as published by The Wall Street Journal in its "Money Rates" table. Prime rate as of 3/16/2020 = 3.25%. Your non-discounted variable APR will be between Prime -0.26% (currently 2.99% APR) and Prime +3.49% (currently 6.44% APR) for variable rate lines of credit between $50,000 and $500,000, with a maximum loan to value ratio of 80.99%, and are based on collateral state, lien position, line amount, loan to value ratio, deposit relationship, and creditworthiness (as reported to M&T by an outside reporting agency). Please contact M&T to discuss line amounts less than $50,000, line amounts between $500,000 and $1,000,000 and loan to value ratios above 80.99%. Your variable APR will never exceed 15.9% APR. Minimum APR is 2.99% after the expiration of the Introductory Period.