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M&T CHOICEquity Line of Credit |
M&T Home Equity Loan |
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| What is it? |
A revolving line of credit with the ability to lock in up to 3 loan segments. Funds can be used for whatever you like, whenever you want during the 10 year draw period. |
A loan with a fixed rate and term |
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| It’s used for… |
Ongoing expenses such as:
- Credit Card debt
- Education
- Home Improvements
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One-time major expense such as:
- Credit Card debt
- Home Improvements
- Car
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| Collateral type |
1-4 family owner-occupied or vacation home |
1-4 family owner-occupied or vacation home |
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| Maximum Equity |
Up to 80% |
Up to 80% |
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| Billing |
Monthly statement with one monthly payment |
Coupon book or payment deduction from bank account |
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| Access to funds |
Available during 10 year draw period by writing a check or transferring funds using M&T Web Banking. |
One-time disbursement of funds for amount of loan |
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| Benefits |
*Interest may be tax deductible |
- *Interest may be tax deductible
- No additional credit approval or paperwork required to set up loan segments
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