Mechanics Bank Mortgage Rates, Fees & Info

Mansfield, OH

LEI: 254900048S1FLI3G2922

Tax ID: 34-0394160

5 stars - Updated: 12/2/24 - out of 5 stars, based on 22 reviews

Latest/2023 | 2022 Data | 2021 Data | 2020 Data | 2019 Data | 2018 Data

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Mortgage Data

Review & Overview

Mechanics Bank is a smaller bank specializing in Home Purchase loans. Mechanics Bank has a high proportion of conventional loans. Their top markets by origination volume include: Mansfield, Ashland, Columbus, Kalispell, and Bucyrus among others. We have data for 15 markets. (Some data included below & more in-depth data is available with an active subscription.)

Mechanics Bank has an above average approval rate when compared to the average across all lenders. They have a below average pick rate when compared to similar lenders. Mechanics Bank is typically a low fee lender. (We use the term "fees" to include things like closing costs and other costs incurred by borrowers-- whether they are paid out of pocket or rolled into the loan.) They typically have relatively high rates.

We show data for every lender and do not change our ratings-- even if an organization is a paid advertiser. Our consensus data does have lag, but it is highly correlated to a lender's rates & fees relative to their markets. This means that if a bank is a low fee/rate lender the past-- chances are they are still one today. Our SimulatedRates™ use advanced statistical techniques to forecast different rates based on a lender's historical data.

Mortgage seekers: Choose your metro area here to explore the lowest fee & rate lenders.

Mortgage professionals: We have various tools to make your lives easier. Contact us to see how we can help with your market research, analytics or advertising needs.

SimulatedRates™

Mortgage Type
Simulated Rate Simulation Date
30 Year Conventional Purchase 6.65% 12/2/24
30 Year Conventional Refi 6.66% 12/2/24
15 Year Conventional Purchase 6.14% 12/2/24
15 Year Conventional Refi 5.68% 12/2/24
15 Year Cash-out Refi 5.68% 12/2/24
These are simulated rates generated by our proprietary machine learning models. These are not guaranteed by the bank. They are our estimates based on a lender's past behaviors combined with current market conditions. Contact an individual lender for their actual rates. Our models use fixed rate terms for conforming loans, 700+ FICO, 10% down for FHA and 20% for conventional. These are based on consensus, historical data-- not advertised promotional rates.

Mechanics Bank Mortgage Calculator






Your Estimates

Estimated Loan Payment: Update the calculator values and click calculate payment!

This is not an official calculator from Mechanics Bank. It uses our SimulatedRate™ technology, basic math and reasonable assumptions to calculate mortgage payments derived from our simulations and your inputs.

The default purchase price is the median sales price across the US for 2022Q4, per FRED.


Originations

494

Origination Dollar Volume (All Markets)

$84,650,000
Show all (6) awards

Relative Rate

Mechanics Bank's average 30 year fixed mortgage rate was 5.9%.

The 2023 average 30 year fixed rate mortgage across all markets and lenders was 6.48%.

This yields a difference of -0.58%.

Relative Fees (Closing Costs)

Mechanics Bank's average total fees/closing costs for a 30 year fixed rate mortgage were $2,494.

The average total origination fees for 30 year fixed rate mortgages across all lenders (for all loan values, including both points & up-front fees in addition to origination fees) were $9,089.

Top Markets

Zoom/scroll map to see bank's per metro statistics. Subscribers can configure state/metro/county granularity, assorted fields and quantity of results. This map shows top 10 markets in the map viewport, as defined by descending origination volume.

Market Originations Total Value Average Loan Average Fees Average Rate
MANSFIELD, OH (FHA|USDA|VA) 355 $56,815,000 $160,042 $2,271 6.18%
Ashland, OH (FHA|USDA|VA) 74 $12,720,000 $171,892 $2,375 6.37%
COLUMBUS, OH (FHA|USDA|VA) 16 $4,910,000 $306,875 $2,837 5.75%
Kalispell, MT (FHA|USDA|VA) 1 $2,295,000 $2,295,000 $0 6.65%
Bucyrus-Galion, OH (FHA|USDA|VA) 20 $1,920,000 $96,000 $2,069 6.52%
TOLEDO, OH (FHA|USDA|VA) 2 $1,900,000 $950,000 $2,144 4.99%
Norwalk, OH (FHA|USDA|VA) 9 $1,325,000 $147,222 $2,397 6.54%
Mount Vernon, OH (FHA|USDA|VA) 9 $1,095,000 $121,667 $1,994 6.19%
Wooster, OH (FHA|USDA|VA) 2 $500,000 $250,000 $2,529 5.99%
PITTSBURGH, PA (FHA|USDA|VA) 1 $345,000 $345,000 $4,013 5.29%
Outside of Metro Areas 1 $205,000 $205,000 $933 6.25%
Marietta, OH (FHA|USDA|VA) 1 $205,000 $205,000 $3,135 5.49%
CLEVELAND-ELYRIA, OH (FHA|USDA|VA) 1 $185,000 $185,000 $2,418 5.75%
AKRON, OH (FHA|USDA|VA) 1 $135,000 $135,000 $1,377 6.25%
Sandusky, OH (FHA|USDA|VA) 1 $95,000 $95,000 $1,770 5.49%
Mechanics Bank's top markets include Mansfield, Ashland, Columbus, Kalispell, and Bucyrus among others.

Their top states include:
  • Ohio (FHA|USDA|VA)
  • Montana (FHA|USDA|VA)
  • Pennsylvania (FHA|USDA|VA)
  • Similar Lenders

    We use machine learning to identify the top lenders compared against Mechanics Bank based on their rates and fees, along with other useful metrics. A lower similarity rank signals a stronger match.

    Mechanics Bank
    Similarity Rank: 60
    The Community Bank
    Similarity Rank: 216
    The Merchants National Bank
    Similarity Rank: 630
    TrueCore Federal Credit Union
    Similarity Rank: 690
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 780
    BMI Federal Credit Union
    Similarity Rank: 783
    CME Federal Credit Union
    Similarity Rank: 990

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 494 $84,650,000 $171,356 $2,298 6.21%

    For 2023, Mechanics Bank's most frequently originated type of loan was Conventional, with 494 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 321 $68,645,000 $213,847 $2,656 6.13%
    Home Improvement 78 $5,550,000 $71,154 $1,399 6.47%
    Refi 60 $7,100,000 $118,333 $1,944 6.32%
    Other 34 $3,320,000 $97,647 $1,793 6.17%
    Cash Out Refi 1 $35,000 $35,000 $1,352 6.25%

    For 2023, Mechanics Bank's most frequently cited loan purpose was Home Purchase, with 321 originations. The 2nd most popular reason was Home Improvement, with 78 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 238 $47,270,000 $198,613 $2,494 5.90%
    Other 179 $18,655,000 $104,218 $1,715 6.51%
    20 Year 47 $7,935,000 $168,830 $2,325 6.80%
    30+ year 26 $10,590,000 $407,308 $4,396 5.79%
    15 Year 2 $130,000 $65,000 $2,446 6.59%
    10 Year 1 $55,000 $55,000 $1,878 5.99%
    1 Year 1 $15,000 $15,000 $0 8.00%

    For 2023, Mechanics Bank's most frequently cited loan duration was 30 Year, with 238 originations. The 2nd most popular length was Other, with 179 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 409 $60,715,000 $148,447
    $1k-2k 34 $13,430,000 $395,000

    Mechanics Bank's average total fees were $2,494, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 409 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    6-7% 209 $27,495,000 $131,555
    5-6% 200 $39,540,000 $197,700
    4-5% 44 $13,460,000 $305,909
    7-8% 41 $4,155,000 $101,341

    During 2023, Mechanics Bank's average interest rate for loans was 5.90%, while their most frequently originated rate bucket for loans was 6-7%, with 209 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 188 $10,740,000 $57,128 $1,560 6.45%
    $100k-200k 173 $25,155,000 $145,405 $2,387 6.13%
    $200k-400k 101 $27,595,000 $273,218 $2,898 6.02%
    $400k-600k 22 $10,410,000 $473,182 $4,079 5.86%
    $600k-1MM 6 $4,570,000 $761,667 $4,482 5.49%
    $1MM+ 4 $6,180,000 $1,545,000 $3,708 5.85%

    2023 saw Mechanics Bank place emphasis on $100,000 or less loans with 188 originations, totaling $10,740,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 126 $16,780,000 $133,175 $2,267 6.18%
    $100k-150k 93 $16,705,000 $179,624 $2,400 6.17%
    $75k-100k 75 $10,895,000 $145,267 $2,246 6.25%
    $50k or less 67 $5,805,000 $86,642 $2,044 6.27%
    $150k-250k 63 $13,755,000 $218,333 $2,477 6.19%
    $250k+ 22 $9,140,000 $415,455 $2,812 5.73%

    Mechanics Bank lent most frequently to those with incomes in the $50k-75k range, with 126 originations. The second most popular income band? $100k-150k, with 93 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 133 $17,885,000 $134,474 $2,154 6.27%
    30-36% 95 $14,265,000 $150,158 $2,189 6.27%
    <20% 58 $7,360,000 $126,897 $2,141 6.05%
    42% 42 $8,800,000 $209,524 $2,424 6.12%
    40% 25 $5,635,000 $225,400 $2,567 6.11%
    36% 22 $4,050,000 $184,091 $2,801 6.24%
    39% 20 $3,960,000 $198,000 $2,631 6.08%
    41% 19 $4,015,000 $211,316 $2,920 6.09%
    38% 16 $2,760,000 $172,500 $2,522 6.09%
    37% 8 $2,930,000 $366,250 $2,483 5.89%
    43% 4 $1,010,000 $252,500 $2,557 5.72%
    >60% 2 $210,000 $105,000 $2,403 6.47%
    44% 1 $35,000 $35,000 $933 6.25%
    50-60% 1 $165,000 $165,000 $2,181 4.99%

    Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 133 originations. The next most common DTI ratio? 30-36%, with 95 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 426 $68,790,000 $161,479 $2,278 6.18%
    Not applicable 40 $10,670,000 $266,750 $2,466 6.57%
    Not provided 13 $3,035,000 $233,462 $2,785 5.87%
    Black 7 $975,000 $139,286 $2,291 6.30%
    American Indian 4 $650,000 $162,500 $2,482 6.34%
    Asian 4 $530,000 $132,500 $2,215 6.30%

    Approval Rates

    Total approvals of all applications
    95.81%

    Mechanics Bank has an exceptionally high approval rate. They either target their audience very well or may have lax underwriting protocols.

    Pick Rate

    Approvals leading to origination
    86.44%

    Mechanics Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 494 $84,650,000 $171,356

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    494 $84,650,000 $171,356

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 58 $4,750,000 $81,897 $1,663 6.33%
    40-60% 56 $7,740,000 $138,214 $2,336 6.14%
    60-80% 114 $26,160,000 $229,474 $2,784 6.24%
    80-100% 195 $42,775,000 $219,359 $2,662 6.07%
    Under 20% 70 $3,190,000 $45,571 $1,248 6.46%