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5 Common Mortgage Myths. Eliminated.

We totally get it – buying a home for the first time is a big deal. It's not just the financial commitment; there's paperwork to fill out, and then there's the decorating. These are all very significant grown-up duties.

Don't be intimidated. We know it's a huge decision to put down roots. At M&T Bank, we're here to help make the home-buying process smooth. Let's start by dispelling five myths you may have heard about qualifying for a mortgage.

I need a big down payment to qualify. Right?

Maybe you've heard qualifying for a mortgage requires as much as a 20% down payment. You should know M&T Bank offers many mortgage options with requirements as low as 3% or no down payment at all to qualifying buyers! Some programs also allow your down payment to be a gift from a relative, and others even let you borrow the money with a loan from your 401k account. So if your bank account isn't bursting at the seams, no worries. We've got options for almost any budget.

I'll need a lot of cash for closing costs.

With our low fees and lender credit options, you won't have to worry about hefty amounts of cash layered on top of your down payment. Plus, we can show you how to get up to 9% of the sales price from the seller to pay towards your closing costs. In fact, doing so may be far more powerful than negotiating a lower sales price! To learn more, our experts are here and ready to guide you through your options.

My Credit Is Terrible. So I Won't Qualify.

We get it: mistakes happen. Thankfully, that doesn't mean you won't qualify for a home loan. Credit scores are only one factor. Rest assured – whatever your situation – M&T Bank considers the big picture and does everything it can to help you qualify for a home loan. Options could include FHA loans , where applicants with credit scores as low as 580 may qualify or VA home loans, where veterans with credit scores as low as 620 may qualify.

My age is going to be a problem.

Maybe you're concerned your age is going to work against you and your ability to buy that home you've been eying. Whatever you've been told about how tough it might be qualifying for a mortgage, you should know that owning a new home is probably within your reach. Whether you've grown up with actual books or Facebook, don't assume age factors into the home loan process. As long as you're at least 18 years of age, you may qualify for a mortgage.

A mortgage payment is always higher than a rent payment.

You actually could save money by buying a house rather than continuing to rent. In today's high-rent environment and with historically-low interest rates, a mortgage payment may actually be less than rent – or close to it. Plus, mortgage interest, property taxes and mortgage insurance may provide you with tax deductions that rent cannot offer. Be sure to consult a tax adviser.

Let an M&T Bank home loan professional guide you through your options. We are a pretty big company; been around for a pretty long time (est.1856) and are made up of pretty great people. But we're still a hometown bank at heart and that'll show in how we treat you. Think of your loan officer as the person riding shotgun in your home-buying adventure. We're here to help you achieve your home-owning goals faster than you can say "home sweet home." Talk to an expert, utilize our easy loan wizard to explore products, rates and payments or get pre-approved now.


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At M&T Bank, we're homeowners too. We understand it can be a little confusing. We know applying for a loan is the beginning of a big journey – and we will be right by your side every step of the way.

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Homeowners Just Love
M&T Bank

"M&T provided the best rate, lowest points and closing costs. Our loan officer was knowledgeable, took time to explain everything, and was a pleasure to work with – he responded to emails and calls quickly, even on the weekend. Working with him made the process easy."

- David J., Erie, CO.
5 Myths About Qualifying for a Mortgage | M&T Bank