More information of Adjustable-Rate Mortgage (ARM)
M&T Bank's adjustable-rate mortgage is available to those living in: CT, DE, NH, NJ, NY, NY, ME, ME, MD, MA, PA, VT, VA, DC and WV. In terms of eligibility, you will need a FICO score of 620, consent to have your credit history reviewed during the application and speak with an agent before beginning the process.
Although the documentation details are not on the official website, it is possible that the lender may request:
- W-2 forms for the last 2 years
- Pay stubs for the past 2 months
- Additional verification of assets and property
- Proof of payments for rents or mortgage for the previous year
- Financial statements for the last 2 months for your accounts and investments.
We do not have the information on the different plans offered by this bank for their conventional ARM. What we do know is that the maximum amount you can apply for is close to $550K, you can finance 95% of the value of the home and they provide certain protections for interest rate fluctuations.
You may be interested in: Chase Bank Adjustable-Rate Mortgage
The M&T Bank adjustable-rate mortgage makes sense for those who reside where M&T Bank operates and want to pay it off faster. Although these mortgage loans are fairly standard within traditional banking, it is worthwhile to review on Busconómico which alternatives are the best rated by the users themselves.
Español: Hipoteca variable de M&T Bank