What is a mortgage transfer?
Mortgage transfers are a common occurrence, and many banks, including M&T, participate in the buying and selling of mortgage loans. What this means is that, while you may have borrowed your mortgage loan from one bank, another bank may acquire your mortgage and continue servicing it according to the terms of your loan documents.
As the borrower, the only thing that will change for you is where you send your loan payments and which bank you'll call for customer service. Your interest rate and number of remaining payments will stay exactly the same.
What can I expect?
At M&T, our goal is to provide you with friendly, personal service and access to the information you'll need to make this transition as easy as possible.
If you've been notified that the mortgage you opened at another bank is being transferred to M&T, you should have received instructions on how to access the timeline, FAQs and account lookup tool specific to your transfer. Links are also listed in the section below.
Regardless of which bank your mortgage is being transferred from, here's what you can expect to occur during the first few weeks.
- M&T Bank will notify you by mail that your mortgage has been transferred to us
- You will receive the M&T Welcome Kit. This includes a payment coupon for your first mortgage payment to M&T, which you will need to mail to us, along with your payment, while the transfer is being finalized. View a list of payment and correspondence addresses
- Your M&T mortgage account information becomes available. Once the account transfer is complete, you can access your account at My Mortgage Info or at 1-866-462-1156 and set up automatic withdrawal for future payments
- Your first M&T Mortgage billing statement arrives. You can choose to mail the payment to us or make it electronically.
- You will receive a copy of your "Escrow Analysis Review" by mail. This review helps us ensure that there are sufficient funds in your escrow account to cover any upcoming payments we are responsible for – and if not, to adjust the balance accordingly, which may change your mortgage payment slightly