Mechanics Bank Mortgage Rates, Fees & Info

Mansfield, OH

LEI: 254900048S1FLI3G2922

Tax ID: 34-0394160

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

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  • SimulatedRates™
  • Mortgage Calculator

    • Mortgage Data

  • Originations
  • Top Markets
  • Product Mix
  • Loan Reason
  • Typical Rates
  • Loan Sizes
  • Dwelling Types
  • Similar Lenders
  • Loan Length
  • Loan to Value Info
  • Debt-to-Income
  • Applicant Income
  • Ethnicity Info
  • Approval & Pick Rates
  • Points and Fees
  • Origination Fees (Closing Costs)

    • Bank Data

  • Branches
  • Income
  • Loan Types
  • Deposit Mix
  • Loan Performance
  • Assets
  • Business Loans

    • Review & Overview

    Mechanics Bank is a smaller bank specializing in Home Purchase and Refi loans. Mechanics Bank has a high proportion of conventional loans. Their top markets by origination volume include: Mansfield, Ashland, Mount Vernon, Columbus, and Norwalk among others. We have data for 12 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 an above 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 about average 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.

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    SimulatedRates™

    Mortgage Type     		Simulated Rate Simulation Date
    30 Year Conventional Purchase 6.65% 12/16/24
    30 Year Conventional Refi 6.66% 12/16/24
    15 Year Conventional Purchase 6.14% 12/16/24
    15 Year Conventional Refi 5.68% 12/16/24
    15 Year Cash-out Refi 5.68% 12/16/24
    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

    678

    Origination Dollar Volume (All Markets)

    $89,990,000

    Employee count

    136 Show all (7) awards

    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) 527 $65,235,000 $123,786 $1,654 4.24%
    Ashland, OH (FHA|USDA|VA) 88 $12,320,000 $140,000 $1,576 4.28%
    Mount Vernon, OH (FHA|USDA|VA) 24 $4,910,000 $204,583 $2,260 4.09%
    COLUMBUS, OH (FHA|USDA|VA) 18 $3,960,000 $220,000 $2,056 4.13%
    Norwalk, OH (FHA|USDA|VA) 9 $1,165,000 $129,444 $2,130 4.22%
    Bucyrus-Galion, OH (FHA|USDA|VA) 6 $530,000 $88,333 $1,782 3.90%
    Sandusky, OH (FHA|USDA|VA) 1 $515,000 $515,000 $2,141 3.99%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $425,000 $425,000 $3,574 3.75%
    TOLEDO, OH (FHA|USDA|VA) 1 $375,000 $375,000 $2,926 4.15%
    AKRON, OH (FHA|USDA|VA) 1 $265,000 $265,000 $1,328 3.50%
    Outside of Metro Areas 1 $195,000 $195,000 $2,436 4.49%
    CAPE CORAL-FORT MYERS, FL (FHA|USDA|VA) 1 $95,000 $95,000 $1,659 3.99%
    Mechanics Bank's top markets include Mansfield, Ashland, Mount Vernon, Columbus, and Norwalk among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Florida (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: 96
    Columbus Metro Federal Credit Union
    Similarity Rank: 224
    TrueCore Federal Credit Union
    Similarity Rank: 360
    First Federal Savings and Loan Association
    Similarity Rank: 420
    Victory Community Bank
    Similarity Rank: 420
    VICTORY MORTGAGE, L.L.C.
    Similarity Rank: 728
    North Valley Bank
    Similarity Rank: 768
    CME Federal Credit Union
    Similarity Rank: 820
    BMI Federal Credit Union
    Similarity Rank: 870
    THE VINTON COUNTY NATIONAL BANK
    Similarity Rank: 935

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 678 $89,990,000 $132,729 $1,693 4.23%

    For 2018, Mechanics Bank's most frequently originated type of loan was Conventional, with 678 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 482 $68,770,000 $142,676 $1,810 4.21%
    Refi 149 $18,655,000 $125,201 $1,578 4.15%
    Home Improvement 24 $850,000 $35,417 $718 4.67%
    Other 23 $1,715,000 $74,565 $947 4.80%

    For 2018, Mechanics Bank's most frequently cited loan purpose was Home Purchase, with 482 originations. The 2nd most popular reason was Refi, with 149 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 310 $50,660,000 $163,419 $1,844 4.06%
    Other 195 $21,395,000 $109,718 $1,524 4.61%
    15 Year 74 $7,670,000 $103,649 $1,593 4.03%
    20 Year 71 $7,835,000 $110,352 $1,627 4.25%
    10 Year 21 $2,195,000 $104,524 $1,577 3.83%
    5 Year 5 $215,000 $43,000 $680 4.91%
    3 Year 2 $20,000 $10,000 $366 4.12%

    For 2018, Mechanics Bank's most frequently cited loan duration was 30 Year, with 310 originations. The 2nd most popular length was Other, with 195 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 606 $81,720,000 $134,851
    $1k-2k 13 $3,955,000 $304,231

    Mechanics Bank's average total fees were $1,844, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 606 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    4-5% 355 $44,245,000 $124,634
    3-4% 297 $43,645,000 $146,953
    5-6% 23 $1,525,000 $66,304
    2.5-3% 2 $500,000 $250,000
    7-8% 1 $75,000 $75,000

    During 2018, Mechanics Bank's average interest rate for loans was 4.06%, while their most frequently originated rate bucket for loans was 4-5%, with 355 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100,000 or less 307 $18,935,000 $61,678 $1,323 4.29%
    $100k-200k 252 $35,230,000 $139,802 $1,752 4.23%
    $200k-400k 103 $27,305,000 $265,097 $2,289 4.12%
    $400k-600k 11 $5,075,000 $461,364 $3,033 4.00%
    $600k-1MM 5 $3,445,000 $689,000 $2,744 3.76%

    2018 saw Mechanics Bank place emphasis on $100,000 or less loans with 307 originations, totaling $18,935,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k or less 185 $14,295,000 $77,270 $1,429 4.24%
    $50k-75k 172 $18,580,000 $108,023 $1,619 4.16%
    $100k-150k 130 $24,150,000 $185,769 $1,957 4.27%
    $75k-100k 102 $15,220,000 $149,216 $1,861 4.24%
    $150k-250k 55 $10,955,000 $199,182 $1,933 4.22%
    $250k+ 9 $4,555,000 $506,111 $2,398 3.85%

    Mechanics Bank lent most frequently to those with incomes in the $50k or less range, with 185 originations. The second most popular income band? $50k-75k, with 172 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 230 $29,390,000 $127,783 $1,720 4.25%
    30-36% 166 $24,950,000 $150,301 $1,723 4.21%
    <20% 123 $13,595,000 $110,528 $1,487 4.16%
    36% 22 $3,760,000 $170,909 $2,035 4.29%
    38% 22 $3,390,000 $154,091 $1,941 4.07%
    37% 21 $2,895,000 $137,857 $1,612 4.32%
    39% 20 $2,860,000 $143,000 $1,662 4.16%
    40% 19 $2,585,000 $136,053 $1,825 4.21%
    42% 11 $1,675,000 $152,273 $2,057 4.15%
    41% 10 $950,000 $95,000 $1,547 4.37%
    43% 8 $1,200,000 $150,000 $1,807 4.49%
    >60% 3 $655,000 $218,333 $2,074 4.13%
    48% 1 $75,000 $75,000 $1,650 3.24%
    50-60% 1 $55,000 $55,000 $0 5.50%

    Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 230 originations. The next most common DTI ratio? 30-36%, with 166 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 652 $87,500,000 $134,202 $1,692 4.22%
    Not applicable 15 $1,365,000 $91,000 $0 5.04%
    Asian 5 $465,000 $93,000 $1,790 3.97%
    Asian Indian 1 $325,000 $325,000 $2,336 3.89%
    Chinese 2 $170,000 $85,000 $1,378 4.77%
    Black 2 $90,000 $45,000 $1,583 3.99%
    American Indian 1 $75,000 $75,000 $1,538 3.24%

    Approval Rates

    Total approvals of all applications
    94.37%

    Mechanics Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    90.71%

    Mechanics Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 678 $89,990,000 $132,729

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    Multifamily:Site-Built 4 $720,000 $180,000
    Single Family (1-4 Units):Manufactured 13 $1,175,000 $90,385
    Single Family (1-4 Units):Site-Built 661 $88,095,000 $133,275

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 31 $1,695,000 $54,677 $1,193 4.30%
    40-60% 72 $7,780,000 $108,056 $1,710 4.03%
    60-80% 202 $24,980,000 $123,663 $1,735 4.29%
    80-100% 346 $54,550,000 $157,659 $1,806 4.18%
    Under 20% 27 $985,000 $36,481 $573 4.91%

    Bank Details

    Branches

    Bank Name Branch Branch Type Deposits (000's)
    Mechanics Bank 140 Mansfield Avenue Shelby, OH 44875 Full Service Retail $9,828
    Mechanics Bank 2 South Main Street Mansfield, OH 44902 Full Service B&M $106,127
    Mechanics Bank 2103 Park Avenue West Ontario, OH 44906 Full Service B&M $86,457
    Mechanics Bank 256 East Main Street Lexington, OH 44904 Full Service B&M $55,347
    Mechanics Bank 490 North Trimble Road Mansfield, OH 44906 Full Service B&M $8,799
    Mechanics Bank 65 Main Street Bellville, OH 44813 Full Service Retail $12,745
    Mechanics Bank 674 Free Road Shiloh, OH 44878 Full Service B&M $3,175
    Mechanics Bank 971 Lexington Avenue Mansfield, OH 44907 Full Service B&M $101,418
    Mechanics Bank 972 Ashland Road Mansfield, OH 44905 Full Service B&M $72,107

    For 2018, Mechanics Bank had 9 branches.

    Yearly Performance Overview

    Bank Income

    Item Value (in 000's)
    Total interest income $19,117
    Net interest income $17,510
    Total noninterest income $3,821
    Gross Fiduciary activities income $990
    Service charges on deposit accounts $991
    Trading account gains and fees $0
    Additional Noninterest Income $1,840
    Pre-tax net operating income $5,126
    Securities gains (or losses, -) $-18
    Income before extraordinary items $3,881
    Discontinued Operations (Extraordinary gains, net) $0
    Net income of bank and minority interests $3,881
    Minority interest net income $0
    Net income $3,881
    Sale, conversion, retirement of capital stock, net $0
    Net operating income $3,895

    Mechanics Bank's gross interest income from loans was $19,117,000.
    Mechanics Bank's net interest income from loans was $17,510,000.
    Mechanics Bank's fee based income from loans was $991,000.
    Mechanics Bank's net income from loans was $3,881,000.

    Bank Expenses

    Item Value (in 000's)
    Total interest expense $1,607
    Provision for credit losses $204
    Total noninterest expense $16,001
    Salaries and employee benefits $7,937
    Premises and equipment expense $2,265
    Additional noninterest expense $5,799
    Applicable income taxes $1,227
    Net charge-offs $225
    Cash dividends $4,133

    Mechanics Bank's interest expense for loans was $1,607,000.
    Mechanics Bank's payroll and benefits expense were $7,937,000.
    Mechanics Bank's property, plant and equipment expenses $2,265,000.

    Loan Performance

    Type of Loan % of Loans Noncurrent (30+ days, end of period snapshot)
    All loans 0.0%
    Real Estate loans 0.0%
    Construction & Land Development loans 0.0%
    Nonfarm, nonresidential loans 0.0%
    Multifamily residential loans 0.0%
    1-4 family residential loans 0.0%
    HELOC loans 0.0%
    All other family 0.0%
    Commercial & industrial loans 0.0%
    Personal loans 0.0%
    Credit card loans 0.0%
    Other individual loans 0.0%
    Auto loans 0.0%
    Other consumer loans 0.0%
    Unsecured commercial real estate loans 0.0%

    Deposits

    Type Value (in 000's)
    Total deposits $475,500
    Deposits held in domestic offices $475,500
    Deposits by Individuals, partnerships, and corporations $466,573
    Deposits by U.S. Government $0
    Deposits by States and political subdivisions in the U.S. $8,826
    Deposits by Commercial banks and other depository institutions in U.S. $101
    Deposits by Banks in foreign countries $0
    Deposits by Foreign governments and official institutions $0
    Transaction accounts $170,861
    Demand deposits $170,861
    Nontransaction accounts $304,639
    Money market deposit accounts (MMDAs) $86,352
    Other savings deposits (excluding MMDAs) $96,832
    Total time deposits $121,455
    Total time and savings deposits $304,639
    Noninterest-bearing deposits $30,703
    Interest-bearing deposits $444,797
    Retail deposits $448,941
    IRAs and Keogh plan accounts $28,361
    Brokered deposits $101
    Deposits held in foreign offices $0

    Assets

    Asset Value (in 000's)
    Total Assets $528,522
    Cash & Balances due from depository institutions $22,847
    Interest-bearing balances $14,320
    Total securities $50,973
    Federal funds sold & reverse repurchase $0
    Net loans and leases $438,041
    Loan and leases loss allowance $4,580
    Trading account assets $0
    Bank premises and fixed assets $11,543
    Other real estate owned $0
    Goodwill and other intangibles $0
    All other assets $5,118

    Liabilities

    Liabilities Value (in 000's)
    Total liabilities and capital $528,522
    Total Liabilities $486,557
    Total deposits $475,500
    Interest-bearing deposits $444,797
    Deposits held in domestic offices $475,500
    % insured (estimated) $93
    Federal funds purchased and repurchase agreements $9,253
    Trading liabilities $0
    Other borrowed funds $0
    Subordinated debt $0
    All other liabilities $1,804

    Issued Loan Types

    Type Value (in 000's)
    Net loans and leases $438,041
    Loan and leases loss allowance $4,580
    Total loans and leases (domestic) $442,621
    All real estate loans $413,458
    Real estate loans in domestic offices $413,458
    Construction and development loans $5,728
    Residential 1-4 family construction $4,503
    Other construction, all land development and other land $1,225
    Loans secured by nonfarm nonresidential properties $21,059
    Nonfarm nonresidential secured by owner-occupied properties $13,481
    Commercial real estate & other non-farm, non-residential $7,578
    Multifamily residential real estate $2,343
    1-4 family residential loans $377,347
    Farmland loans $6,981
    Loans held in foreign offices $0
    Farm loans $10,926
    Commercial and industrial loans $12,387
    To non-U.S. addressees $0
    Loans to individuals $5,730
    Credit card loans $0
    Related Plans $0
    Consumer Auto Loans $4,520
    Other loans to individuals $1,210
    All other loans & leases $120
    Loans to foreign governments and official institutions $0
    Other loans $89
    Loans to depository institutions and acceptances of other banks $0
    Loans not secured by real estate $0
    Loans secured by real estate to non-U.S. addressees $0
    Restructured Loans & leases $2,095
    Non 1-4 family restructured loans & leases $17
    Total loans and leases (foreign) $0

    Mechanics Bank had $438,041,000 of loans outstanding in 2018. $413,458,000 of loans were in real estate loans. $5,728,000 of loans were in development loans. $2,343,000 of loans were in multifamily mortgage loans. $377,347,000 of loans were in 1-4 family mortgage loans. $10,926,000 of loans were in farm loans. $0 of loans were in credit card loans. $4,520,000 of loans were in the auto loan category.

    Small Business Loans

    Categorization # of Loans in Category $ amount of loans (in 000's) Average $/loan
    Nonfarm, nonresidential loans - <$1MM 99 $14,720 $148,687
    Nonfarm, nonresidential loans - <$100k 34 $1,285 $37,794
    Nonfarm, nonresidential loans - $100-250k 30 $3,267 $108,900
    Nonfarm, nonresidential loans - $250k-1MM 35 $10,168 $290,514
    Commercial & Industrial, US addressed loans - <$1MM 134 $6,558 $48,940
    Commercial & Industrial, US addressed loans - <$100k 94 $1,723 $18,330
    Commercial & Industrial, US addressed loans - $100-250k 23 $1,661 $72,217
    Commercial & Industrial, US addressed loans - $250k-1MM 17 $3,174 $186,706
    Farmland loans - <$1MM 29 $5,011 $172,793
    Farmland loans - <$100k 8 $414 $51,750
    Farmland loans - $100-250k 12 $1,728 $144,000
    Farmland loans - $250k-1MM 9 $2,869 $318,778
    Agriculture operations loans - <$1MM 75 $4,934 $65,787
    Agriculture operations loans - <$100k 52 $1,326 $25,500
    Agriculture operations loans - $100-250k 16 $1,533 $95,813
    Agriculture operations loans - $250k-1MM 7 $2,075 $296,429