M&T Bank Corporation is an American bank holding company headquartered in Buffalo, New York. It operates 950+ branches in 12 states and Washington D.C. across the Eastern United States, from Maine to Virginia offering both purchase and refinance options.
See today’s mortgage interest rates on TrueRate.
How M&T Bank compares to other lenders
| Headquarters | Buffalo, New York |
| Website | mtb.com |
| Rate | 0.43% lower than the median rate |
| Lender fees | $775 (M&T Bank loan median) |
| Savings after 1 year, compared to the median interest rate | $2,210 |
| Savings after 10 years, compared to the median interest rate | $14,480 |
For a $400,000 mortgage, M&T Bank’s rates—about 0.43% below the market average—and relatively low lender fee of $775 result in estimated savings of over $2,200 in the first year and nearly $14,500 over 10 years compared to the median lender.
What customers are saying
Customer reviews of M&T Bank’s mortgage services primarily highlight negative experiences, particularly regarding customer service and operational inefficiencies. Borrowers frequently report challenges with communication, including receiving inconsistent information from representatives and difficulty resolving issues. Many reviews on platforms like BBB and Yelp describe frustrations with payment processing errors, such as misapplied payments or delays in escrow account updates. Several customers expressed dissatisfaction with the handling of transferred mortgages, citing missing documents, delayed payments, and poor follow-up.
Additional complaints include issues with tax forms like 1098s not being mailed or accessible online, causing borrowers to spend hours resolving these matters. Some borrowers also reported feeling misled about their loan terms or escrow adjustments, leading to financial strain. A few reviews mention that the bank’s rigid policies and lack of proactive communication have negatively impacted their credit scores and refinancing opportunities.
While M&T Bank offers a variety of mortgage products, its reputation is marred by frequent complaints about unresponsive customer service and operational errors.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.