Mortgage Payment F A Qs
Get answers to your questions about paying your mortgage.
How can I make mortgage payments to M&T?
You can make your mortgage payments in the following ways:
Online Payments. Visit M&T Online Banking. If you haven’t already created a User ID and Passcode, you will need to do so by selecting “Enroll Now.” Learn more about how to enroll in online banking (PDF). Note: you do not need an M&T Bank checking or savings account to make an online payment–you can use a checking or savings account at any financial institution.
Payments by Mail. P.O. Box 62182, Baltimore, MD 21264-2182. Be sure to include your coupon with your first payment to M&T. If you’ve misplaced your coupon, write your new M&T mortgage account number on your check. Payments should be made payable to M&T Bank.
Automatic Deduction. You can automatically deduct your mortgage payment from the account of your choice through M&T by visiting M&T Online Banking. To enroll in non-monthly deductions, follow the instructions at mtb.com/achenroll.
Other Payment Options: Pay in-person at any M&T branch
Visit our How To Make a Payment page for more information.
Can I set up automatic payments to use funds from my bank account?
You can automatically deduct your mortgage payment monthly from the account of your choice through M&T by visiting M&T Online Banking. To enroll in non-monthly deductions, follow the instructions at mtb.com/achenroll.
Learn how to enroll in automatic payments.
Can I cancel my automatic payments?
Yes, you can cancel your automatic payments in a variety of ways:
1. If you’re enrolled in monthly automatic payments, log in to M&T Online Banking to cancel online or call us at 1-800-724-2224
2. If you’re enrolled in the Flexible Payment Program, call us at 1-800-724-2224
3. If you’re enrolled with an online or third-party bill pay provider, please reach out to that provider to cancel the service
Note: If you choose to call us to cancel this service, you’ll need to call no later than three business days prior to the scheduled deduction.
Will I be charged a late fee if the last day of my grace period falls on a weekend or holiday?
A late fee will not be charged if the payment is received the next business day after the weekend or holiday.
When will my funds be deducted from my account to pay my mortgage?
Online payments may take 24 – 48 hours to be deducted from your account, but will post to your mortgage same day. Please allow 24 hours for your payment to be visible on your mortgage account.
Phone payments may take up to 48 hours to deduct from your account, but will be posted to your mortgage same day. Please allow 24 hours for your payment to be visible on your mortgage account.
Automatic payments will be deducted from your account on the designated deduction date. Please allow 24 hours for your payment to be visible on your mortgage account.
If I mail my mortgage payment or pay at a branch, when will it be credited to my account?
Account payments will be credited to your account on the day received, not the postmarked date. Payments must be:
- Made in United States Funds by check (please include account number) or money order paid to M&T Bank
- Accompanied by an account payment stub (remittance coupon)
- Received at our address indicated on the payment stub by 5pm on any day, Monday through Friday that is not a legal holiday
Payments are not accepted at M&T mortgage origination offices.
At a Branch
Account payments made at an M&T Branch must be:
- Made in United States Funds in cash, by check or money order made out to M&T Bank
- Received by the business day cutoff for that specific location, in order to be credited to your account on the date received
- Payments received after the cutoff for that specific location, may be processed the following business day.
Can I make a partial payment?
M&T does not accept partial payments, but we do offer a flexible payment plan that allows you to select a payment frequency (weekly, bi-weekly or semi-monthly) that matches your schedule. The payments will be automatically deducted from your designated checking or savings account.
Enroll in the Flexible Mortgage Payment Plan
Please note: Enrolling in the Flexible Payment Plan does not change the principal and interest payment arrangement specified in your mortgage loan documents. The deducted funds will be applied to your mortgage when sufficient funds have accumulated to make a full monthly payment, as outlined in your mortgage promissory note.
Can I pay my mortgage with my credit card?
While you’re unable to make a mortgage payment using a credit card or debit card, you can set up automatic deductions from your checking/savings account each month to pay your mortgage. You may also make an online payment using M&T Online Banking.
What's in a Monthly Mortgage Payment?
Based on your loan documents, your monthly mortgage payment may be made up of the following:
Why did my payment change?
Payments on fixed rate mortgages typically do not change unless you have an escrow account with annual taxes and homeowner’s insurance included in your monthly payments. As your annual property tax and insurance costs change, the amount needed to cover these costs in your monthly payment is impacted. If these costs increase, you can opt to either have your future payments adjusted to cover the difference or pay the difference in full to maintain the lowest possible payment.
Depending on your mortgage program, monthly payments may change. This most commonly occurs with adjustable rate mortgages (ARMs). After the initial fixed-rate term comes to a close, the interest rate can change up or down depending on market conditions – meaning your monthly payment may rise or fall.
My payment is automatically deducted from my checking/savings account each month. If my payment changes, do I need to adjust the payment amount currently being deducted?
If you’re enrolled in automatic deductions (monthly or the Flexible Payment Program), the new payment amount will automatically be deducted from your account.
If you have additional funds being deducted to reduce your principal, the additional amount will remain the same as initially set up. If you wish to change this amount and you are enrolled in monthly automatic deduction, you can do so using M&T Online Banking or by contacting us. If you are enrolled in our flexible drafting program, please visit mtb.com/achenroll to make any update to the additional principal amount. Changes must be made no later than 5 business days before the scheduled draft date for both monthly and flex drafting programs.
**If you did not enroll in ACH, but your payments are automatically deducted from your account using your bank’s online bill pay system, you’ll need to modify the monthly payment amount.**
Can I make additional payments to the principal balance of my loan?
Yes! When you make your regular monthly mortgage payment, you can include an additional amount to be applied directly to your principal. Additional principal payments will only be applied after the current month's full payment has posted to your account.
If you’re paying by check, please indicate by writing the amount of the extra principal payment on your Mortgage Account Statement coupon where designated and on the memo of the check.
When you make your payment using M&T Online Banking, you can elect to include additional principal along with your payment.
Recoverable Corporate Advance (RCA) F A Qs
What is a recoverable corporate advance?
A recoverable corporate advance fee is a fee or total of fees M&T will pay on behalf of their customer to cover default servicing-related expenses such as bankruptcy advances, foreclosure costs, delinquent HOA payments, and property inspections, maintenance, or valuation fees.
For more information please click here to view our fee table.
Where does recoverable corporate advance show on my mortgage loan statement?
Click here to see a sample billing statement.
How can I pay the recoverable corporate advance assessed to my mortgage loan?
You can make a payment toward the outstanding recoverable corporate advance at any time.
If you are making your monthly mortgage payment by phone, please let our representative know how much you would like applied to the recoverable corporate advance balance.
If you mail in your monthly mortgage payment, please indicate in a letter and on the note section of the check or money order how much you would like applied to the outstanding recoverable corporate advance balance.
Please note, all recoverable corporate advance fees are due when you pay off your mortgage loan or sell the property.
How can I avoid being charged recoverable corporate advances?
By keeping your mortgage loan current.
Is there interest charged on the recoverable corporate advance balance?
No interest is charged on these fees.
The M&T servicing team is happy to assist you.
Contact us if you have questions about your
existing M&T mortgage.