Understanding a Home Equity Line of Credit

IMPORTANT DISCLOSURES

M&T CHOICEquity is only available in Connecticut, Delaware, Maine, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Vermont, Virginia, Washington DC, and West Virginia. 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 details.

The M&T CHOICEquity Introductory variable Annual Percentage Rate (APR) of Prime [[IntroMargin]] (currently 6.99% APR) will apply only during the first six (6) billing cycles (“Introductory Period”) after your new M&T CHOICEquity Account is opened. Thereafter, the APR, including the APR on any existing balance, will convert to the applicable non-discounted variable APR for the life of the line.  Your Introductory and non-discounted variable APRs 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 [[PrimeAsOf]] = [[PrimeRate]].  Your non-discounted variable APR will be between Prime - 0.06% (currently 8.44% APR) and Prime + 7.39% (currently 15.89%) for variable rate lines of credit between $15,000 and $1,000,000, with a maximum loan to value 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. Your variable APR will never exceed 15.90% APR. Minimum APR is 2.99% after the expiration of the Introductory Period.

Accounts closed within 36 full calendar months of your opening date are subject to reimbursement of 3rd party fees paid in connection with establishing your account. These fees will range for line sizes up to $1,000,000 as follows by state:  [[EarlyClosingFeeList]].  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 or annual fees, or closing costs, but other fees may be charged when applicable.