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Refinance with Chase or M&T Bank

Daniel Cohen
UpdatedNov 9, 2010
Key Takeaways:
  • It pays to shop when refinancing a mortgage.
  • Both Chase and M&T Bank have refinance loan options.

Should I refinance my mortgage with Chase or M&T Bank?

I have Chase for my mortgage, but I started a refinance with M&T bank about 5 weeks ago. The representative at M&T has been dishonest and has not been accurate with numbers. I have raised this to the attention of his management and they are reviewing the matter. As a backup I checked with my current lender and they were able to turn around information for me within the same day. Chase has always been responsive and I've never had any surprises working with them. Do I allow my initial experience with one person at M&T bank color my decision to continue business with them? (They are promising a lower payment, but the agent has not been able to justify his estimate). Or do I jump ship and allow my current mortgage holder to refinance my loan? I thought Chase would not have any incentive to offer me a lower payment, but a new bank would be interested in my loan for the business.

the problem with dealing with a person who has demonstrated dishonesty is that one never knows when he or she is telling the truth.

m&t bank has assets of $69 billion and employs more that 12,000 full-time employees. it is not surprising that in its 40-year history the company hired an unscrupulous loan officer, although it is unfortunate fate landed him or her in your lap. my advice is to sever your dealings with this loan officer and send a clear, unambiguous message to his or her manager the reason you are choosing a competitor. cite examples of his or her dishonesty. the loan officer needs help, and if you continue to do business with him or her m&t bank’s management will think no problem exists.

jpmorgan chase & co. has assets of more than $2 trillion and employs 220,000 employees. chase’s mortgage business is larger than m&t bank, which does not mean it is better or offers lower rates — it is simply larger.

implied in your message is the question why chase would want to refinance your mortgage. the simple answer is it would rather you not refinance, but if you are going to refinance it would like you to remain as a customer.

i encourage zero brand loyalty when it comes to shopping for a mortgage. makes it easy to compare mortgage offers and different loan types and to get no-cost quotes from up to pre-screened lenders.

i hope this information helps you find. learn & save.