Finding money for down payments can be a challenge, and piggy banks are only so
large. When you work with M&T Bank for your home loan, we'll need to know
where the funds for your down payment come from, even if it means you got a little
Here are a couple of reasons why you might decide to borrow money toward down payments:
Expected money gets delayed but your mortgage loan process is already underway.
You could stop it until you get the money, but that often means doing a lot of the
paperwork again. Instead, it's easier to get a quick secured down payment loan to
put you over the top.
Another reason could be that you get a deal with an amazingly low interest rate.
Mortgage rates are some of the lowest out there, but small loans sometimes offer
very good rates, as well.
If you decided to get a down payment loan to help you through the process, that’s OK.
It’s perfectly acceptable to do this – just make sure you include information about this
loan in the Liabilities section of your mortgage loan application.