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I'm Approved. But What About My Property?

Does M&T Bank require flood insurance on properties?

When M&T Bank reviews your loan application, we work with a third-party company that specializes in reading FEMA's flood maps. They determine whether your home is located in a flood area. If your home does fall in a flood area, you will need to purchase flood insurance. It's required because standard homeowner's insurance coverage won't…

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Are there special requirements for buying a condo?

Buying a condominium is like buying a single-family home, but there are some differences. When you buy a condo, we'll want to review the governing documents for the community, assess the sales history of the neighborhood, confirm the percentage of occupied rental properties on site, and also look at the overall health of the community….

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A property appraisal report takes how long?

Property appraisals are thorough documents. They include not only an assessment of your home, but also your neighborhood, sales trends and more. And they take time to compile – as they should. The appraisal is about your new home, so it's important to all of us. Typically expect to receive a final report within 10-14…

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Are both an appraisal and a home inspection needed?

Home inspections and home appraisals sound similar, but they have very different purposes. Appraisers look for large-scale factors – such as whether there's evidence of termites (nasty!), or the property's sales history. They aren't looking to see if a bathtub needs caulking, faucets leak or whether a ceiling fan operates properly – that's what "those…

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What does M&T Bank review in an appraisal?

In addition to reviewing paperwork about your financial history and ability to fork over some dough for a monthly mortgage, M&T Bank also reviews your new home's appraisal. This is to make sure that the home is a good investment for you. By analyzing factors of your property appraisal such as sales history in your…

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What is an appraisal and who completes it?

Appraisals are an official assessment of a home's value, not a friend's guess (but that sounds like an awesome game show). Property appraisals help lenders like M&T Bank confirm the property's value. By having an unbiased third party figure out the value, a lender can then do the math to figure out how much is…

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What happens when the appraisal is more than the sales price?

It's possible for the appraised value of your new home to be slightly different than what you're paying for it. If your new home gets appraised for more than the purchase price, it won't change the amount you borrow. We look at sale prices and appraisals, and use the lower of the two to determine…

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