CHOICEquity Home Equity FAQs
Have questions about a home equity line of credit? We have the answers to help you make the most of your home's equity.
What is equity?
Equity is the difference between the current value of your home (known as the fair market value) and any remaining mortgage or loan balance.
Equity = Your home's value - Remaining mortgage balance(s)
How much can I borrow?
For the M&T CHOICEquity Account, the maximum loan to value for a primary residence is 85.99% for lines up to $500,000, and 75.99% for lines greater than $500,000, up to $1,000,000. The maximum loan to value for vacation homes is 70.99% (up to $250,000).
How do I calculate my available equity?
1. Estimate the current value (or fair market value) of your home and multiply it by 85.99% (70.99% for a vacation home).
2. Then subtract any mortgage balance(s) you have on your property.
3. The result is the amount of equity that the M&T CHOICEquity Account could make available to you.
What will be my rate?
Your rate will depend on several things, including your credit standing, the line amount you are requesting, the loan-to-value ratio and other requirements. To see our rates, visit the Loan Rate Finder.
What property types are eligible for M&T CHOICEquity?
Single family primary residences, vacation homes, manufactured homes, condos and townhomes. If you're not sure that your residence meets these definitions, call us at 1-800-724-3222 or visit a branch to discuss.
What is a draw period?
The draw period is the period of time during which you can access the available funds in your line of credit. The draw period for CHOICEquity Accounts is 10 years.
Accounts closed within 36 full calendar months of your opening date are subject to reimbursement of 3rd party fees paid in connection with establishing your account. These fees will range for line sizes up to $1,000,000 as follows by state: [[EarlyClosingFeeList]]. 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.
What is a repayment period?
The repayment period begins when your draw period ends. During the repayment period, you pay off any remaining balance by making principal and interest payments. The CHOICEquity Account features a 20-year repayment period. When your account enters the repayment period, you no longer have access to the CHOICEquity revolving line of credit.
Accounts closed within 36 full calendar months of your opening date are subject to reimbursement of 3rd party fees paid in connection with establishing your account. These fees will range for line sizes up to $1,000,000 as follows by state: [[EarlyClosingFeeList]]. 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.
How do I lock in a fixed rate and payment while using my CHOICEquity line of credit?
You can use your CHOICEquity as a line of credit during the 10-year draw period. Or, you can choose to convert (or lock in) all, or a portion of the amount borrowed to a fixed-rate loan, and you have the option to lock in up to a total of three fixed rate loans within your line of credit at any one time . The benefit of a fixed-rate is that you'll have the dependability of the same rate and payment amount every month.
You can have the entire amount of your balance on the variable portion of the line or lock in that balance as a fixed-rate -- or have a mix of both. Variable and fixed-rate balances will be broken out on your statement and will be rolled up into one payment that is due on the same date every month.
Stop by any branch or call us at 1-800-724-6444 and we can assist you – with no reapplying, additional paperwork or approvals needed.
How many times can I request a fixed rate on all or some of my CHOICEquity balance?
During your draw period, M&T Bank's CHOICEquity Account allows for up to three fixed-rate, fixed-term loan segments at any one time. Depending on the loan term you select, the payment period of your loan term(s) may extend beyond the draw period. You can request as many fixed-rate loan segments as you like during the draw period, but you can only have up to three at one time.
Where will the closing take place for my M&T CHOICEquity Account?
After you have been approved for the CHOICEquity Account, your closing will be scheduled at the convenient bank branch of your choice.
During the closing, you will sign all of the necessary documents. You may also be required to provide items for documentation, such as proper identification and your updated Homeowners Insurance Policy.
How do I access the money available in my M&T CHOICEquity Line of Credit?
You'll receive a book of personalized checks that gives you direct access to your line of credit. You can also access your account in person at any M&T branch office or by making transfers from your line to your M&T checking account through M&T Online Banking.
Can an M&T CHOICEquity Line of Credit be linked to my checking account as a form of overdraft protection?
No. The M&T CHOICEquity Line of Credit cannot be used for overdraft protection.
As payments are made to my M&T CHOICEquity Line of Credit, do funds become available to use again?
Yes, as long as you make principal and interest payments on your line of credit, you can use the funds again during your draw period up to the original credit limit.
How do I determine the payoff amount on my M&T CHOICEquity Account?
For the most accurate payoff amount, please call us at 1-800-724-6444 and we’ll be happy to assist you.
Who can I contact if I have more questions?
We're happy to assist. Please call 1-800-724-3222 or stop by any M&T branch.
Where do I mail my M&T Home Equity or Line of Credit payments?
Please mail payments to:
M&T Bank
P.O. Box 62146
Baltimore, MD 21264-2146
| Rate Info | |
|---|---|
| PrimeRate | 8.00% |
| PrimeAsOf | 9/20/24 |
| IntroMargin | -1.51% |
| LowMargin | -0.56% |
| HighMargin | +6.89% |
| MinAPR | 2.99% |
| MaxAPR | 15.90% |
| ExampleAmount | $25,000 |
| ExamplePayment | $239 |
| ExampleAPR | 9.84% |
| Early Closing Fees | |
|---|---|
| CT | 4,443 |
| DE | 3,806 |
| ME | 2,956 |
| MD | 18,409 |
| MA | 3,956 |
| NH | 3,088 |
| NJ | 4,674 |
| NY | 30,231 |
| VT | 3,657 |
| VA | 7,370 |
| DC | 4,866 |
| WV | 3,276 |
The M&T CHOICEquity Introductory variable Annual Percentage Rate (APR) of Prime [[PlusIntroMargin]] (currently [[IntroAPR]]) 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 [[PrimeAsOf]] = [[PrimeRate]]. Your non-discounted variable APR will be between Prime [[PlusLowMargin]] (currently [[LowAPR]] APR) and Prime [[PlusHighMargin]] (currently [[HighAPR]] APR) for variable rate lines of credit between $15,000 and $1,000,000, with a maximum loan to value of 85.99%. Final APR is based on borrower credit profile (as reported to M&T by an outside reporting agency), loan to value(LTV), lien position, deposit relationship, line amount, and collateral state. APR will never be below the Minimum APR of [[MinAPR]] (after the expiration of the Introductory Period) or above the Maximum APR of [[MaxAPR]].
Accounts closed within 36 full calendar months of your opening date are subject to reimbursement of 3rd party fees paid in connection with establishing your account. These fees will range for line sizes up to $1,000,000 as follows by state: [[EarlyClosingFeeList]]. 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.
Unless otherwise specified, all advertised offers and terms and conditions of accounts and services are subject to change at any time without notice. After an account is opened or service begins, it is subject to its features, conditions and terms, which are subject to change at any time in accordance with applicable laws and agreements. Please contact an M&T representative for details.