How to Manage Your Money: A Complete Beginner's Guide |

How to Manage Your Money: A Complete Beginner's Guide |

Mortgage Lending With M&T Bank

Mortgage Lending With M&T Bank

(upbeat music)
– Whether you're a first-time home buyer,
a move up home buyer, or even planning for your
retirement, mortgage lending does not have to be
a difficult process. I'm here looking at some
new construction homes with my son, and to meet with M&T
Bank senior vice president of mortgage lending,
Scott Vahue. He's gonna go over some
available mortgage options for me, but first I wanna
check out this house. (upbeat music)
– Ahh. There you go, are you gonna take
a bath? – Yeah. – Laura, what'd you
think about the house? – I love it, I love
this kitchen by the way. I love the white cabinets
and I love that it's an open kitchen because I have a
son, obviously, and I like to see what he's doing and
where he's playing, so I think that's a big thing for families.

– Oh yeah. – They love open kitchens. – Moving can be stressful
enough and we try to make it as easy and as simple as we can. On top of that, we like to have
a really broad product menu so folks only have one
place that they need to come to when they need their
mortgage financing done. – What's the first step
for a new home buyer? – First step for a new home
buyer is you should really come up with a budget
of what you can afford. From there, you really need
to move to, "Where do I "wanna live? "What type of house
to I wanna have? "Do I wanna be in a
condo, a townhouse? "Do I wanna be in
a big development?" Things like that, then you
can move on to, "What are the "best ways for me
to finance that?" – [Narrator] And whether it's
new construction to build your dream home, a home
purchase or even a fixer upper, M&T Bank has you
covered with a variety of financing options.

– Can you walk me through
some of the mortgage options that are out there? – The first, and this is
probably what suits maybe 70-75% of the population would be
your traditional 30-year fixed-rate kind of mortgages. You might have
heard of Fanny May or Bernie Mac
– Yes. – or FHA and things like that. That really helps
a lot of people. But associated with those
are all kinds of assistance programs for
first-time home buyers and folks that buy in certain
areas around the country. Those are where it
gets really complex. What really surprises most
people is they think, "I gotta "have 20% down," or
something like that. "I've gotta have
perfect credit." That's not true at all. Folks can get into houses
for less than $1000. There's even some very targeted
programs where you don't even need any cash
to close on them. – [Narrator] For those that
already own a home, M&T Bank offers a wide range of
refinance mortgage options that allow home owners the ability
to tap equity to consolidate debts, make home improvements,
lower their current interest rate, or adjust the
term of their loan to pay off sooner or reduce
their payment.

– I didn't know there were
so many options when it came to mortgages. I had no idea that you could
a bridge loan if you had a house and you couldn't
sell it right away. I had no idea that you could
get a construction loan, a renovation loan. That's why I know it's so
important to actually talk to a lender. – Best thing that happens is
you find out other options you may not have thought about. You may find out about free
money, grant down payment programs, that you had no idea,
or even really discounted rates. We've talked about first-time
home buyers, repeat home buyers, and every single
one of those segments could include seniors, so very
important aspect of our product offering, and frankly, an
important aspect to being the community back. – I'm a widow and I would
like to go into a retirement community, but my husband
used to do all the mortgage matters and I just don't know,
where do I begin? – Have you thought about
how you're gonna afford this new house? – Well, I heard about a
reverse mortgage out there, but I'm not sure I know
that much about it.

Mortgage Lending With M&T Bank

– A reverse mortgage is
a really neat financial planning tool. As a senior, we have financial
counseling requirements so these are actually
certified financial counselors that run through what your
situation is and really help you understand what some
of your best options are in addition to what your
loan officer or bank may be telling you. – That would be one thing
that I would've been worried about if he didn't tell me. That gives me a really
good peace of mind.

Nowadays many banks also offer
online tools to help get people started. At M&T they have an online
and mobile app where you can get pre-approved or play with
different payment scenarios to determine
corresponding loan sizes. – You always hear that
term, pre-approval. Why is it so important
to be pre-approved? – If you think of what's
recently happened in the housing market,
there are all these people that are trying to buy houses
and there's not enough houses for sale, so when you go
to a realtor and say, "I wanna put an offer on your
"house," they won't even let you put one in until
you have a pre-approval. Being a part of the communities
we serve is super important. It all feeds into what's
long-term best for our communities, and it may
sound a little bit corny but I always think about Jimmy
Stewart in "It's A Wonderful Life", and that's the kind
of banker we wanna be.

That's the kind of place M&T is. Being in the mortgage
business, we're really in the American Dream business. For more information on
available mortgage options, visit the M&T Bank
website at, or go to our website at (uplifting music).

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