Understanding a Home Equity Line of Credit

M&T’s CHOICEquity can help you get the most out of your home’s value. Watch to better understand how a home equity line of credit can work for you.


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Understand a Home Equity Line of Credit

Duration: 01:41 mins


M&T Bank loans are only available in New York, Maryland, New Jersey, Pennsylvania, Delaware, Connecticut, Virginia, West Virginia and Washington, DC. 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.

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 full details.

Non-discounted variable APRs will apply ranging from Prime – 0.26% (currently 2.99% APR) and Prime + 6.79% (currently 10.04% APR) for variable rate lines of credit ranging from $15,000 up to $1,000,000 with a maximum loan to value ratio 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 2.99% or above the Maximum APR of 15.90%. APR 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%.

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.

There are no application, annual or closing fees, but other fees may be charged when applicable.