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

Jump to:

  • 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)

    • 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 Bucyrus among others. We have data for 10 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 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.

    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% 12/16/24
    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

    715

    Origination Dollar Volume (All Markets)

    $125,665,000
    Show all (6) 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) 496 $84,500,000 $170,363 $2,340 4.49%
    Ashland, OH (FHA|USDA|VA) 126 $23,220,000 $184,286 $2,345 4.71%
    Mount Vernon, OH (FHA|USDA|VA) 26 $5,680,000 $218,462 $2,639 4.76%
    COLUMBUS, OH (FHA|USDA|VA) 19 $4,705,000 $247,632 $2,553 4.13%
    Bucyrus-Galion, OH (FHA|USDA|VA) 28 $3,410,000 $121,786 $2,318 4.36%
    Norwalk, OH (FHA|USDA|VA) 15 $2,495,000 $166,333 $2,210 4.67%
    TOLEDO, OH (FHA|USDA|VA) 1 $635,000 $635,000 $3,781 2.99%
    AKRON, OH (FHA|USDA|VA) 2 $560,000 $280,000 $3,357 3.74%
    LEXINGTON-FAYETTE, KY (FHA|USDA|VA) 1 $315,000 $315,000 $2,806 2.65%
    Findlay, OH (FHA|USDA|VA) 1 $145,000 $145,000 $0 5.59%
    Mechanics Bank's top markets include Mansfield, Ashland, Mount Vernon, Columbus, and Bucyrus among others.

    Their top states include:
  • Ohio (FHA|USDA|VA)
  • Kentucky (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
    First Federal Savings and Loan Association
    Similarity Rank: 366
    The Community Bank
    Similarity Rank: 406
    Directions Credit Union, Inc.
    Similarity Rank: 455
    CME Federal Credit Union
    Similarity Rank: 663
    TrueCore Federal Credit Union
    Similarity Rank: 765
    Kingston National Bank
    Similarity Rank: 1152
    THE VINTON COUNTY NATIONAL BANK
    Similarity Rank: 1222
    BMI Federal Credit Union
    Similarity Rank: 1275
    The Merchants National Bank
    Similarity Rank: 1358

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 715 $125,665,000 $175,755 $2,361 4.52%

    For 2022, Mechanics Bank's most frequently originated type of loan was Conventional, with 715 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Home Purchase 490 $94,220,000 $192,286 $2,527 4.58%
    Refi 166 $26,420,000 $159,157 $2,239 4.14%
    Home Improvement 35 $2,235,000 $63,857 $1,104 5.43%
    Other 24 $2,790,000 $116,250 $1,747 4.72%

    For 2022, Mechanics Bank's most frequently cited loan purpose was Home Purchase, with 490 originations. The 2nd most popular reason was Refi, with 166 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    Other 318 $49,430,000 $155,440 $2,169 4.50%
    30 Year 287 $56,245,000 $195,976 $2,397 4.37%
    20 Year 73 $7,685,000 $105,274 $2,291 5.44%
    30+ year 29 $11,805,000 $407,069 $4,141 3.98%
    15 Year 6 $330,000 $55,000 $1,934 4.79%
    10 Year 2 $170,000 $85,000 $1,797 2.99%

    For 2022, Mechanics Bank's most frequently cited loan duration was Other, with 318 originations. The 2nd most popular length was 30 Year, with 287 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 592 $100,210,000 $169,274
    $1k-2k 42 $16,120,000 $383,810

    Mechanics Bank's average total fees were $2,397, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 592 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 213 $41,625,000 $195,423
    5-6% 211 $31,025,000 $147,038
    4-5% 142 $26,910,000 $189,507
    2.5-3% 95 $19,045,000 $200,474
    6-7% 47 $6,165,000 $131,170
    7-8% 5 $385,000 $77,000
    <2.5% 2 $510,000 $255,000

    During 2022, Mechanics Bank's average interest rate for loans was 4.37%, while their most frequently originated rate bucket for loans was 3-4%, with 213 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $100k-200k 281 $41,275,000 $146,886 $2,259 4.52%
    $100,000 or less 220 $13,800,000 $62,727 $1,698 4.73%
    $200k-400k 165 $44,705,000 $270,939 $2,830 4.41%
    $400k-600k 40 $19,670,000 $491,750 $3,605 4.01%
    $600k-1MM 9 $6,215,000 $690,556 $4,563 3.76%

    2022 saw Mechanics Bank place emphasis on $100k-200k loans with 281 originations, totaling $41,275,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $50k-75k 168 $23,030,000 $137,083 $2,186 4.54%
    $50k or less 140 $13,730,000 $98,071 $1,914 4.17%
    $100k-150k 131 $29,035,000 $221,641 $2,547 4.66%
    $75k-100k 117 $19,945,000 $170,470 $2,412 4.52%
    $150k-250k 79 $23,595,000 $298,671 $2,933 4.38%
    $250k+ 18 $6,370,000 $353,889 $3,142 4.11%

    Mechanics Bank lent most frequently to those with incomes in the $50k-75k range, with 168 originations. The second most popular income band? $50k or less, with 140 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 207 $33,825,000 $163,406 $2,297 4.42%
    30-36% 150 $29,840,000 $198,933 $2,396 4.38%
    <20% 85 $11,045,000 $129,941 $2,148 4.36%
    40% 37 $6,865,000 $185,541 $2,314 4.40%
    42% 35 $7,115,000 $203,286 $2,539 4.78%
    37% 32 $6,230,000 $194,688 $2,589 4.66%
    41% 24 $4,840,000 $201,667 $2,447 4.62%
    38% 22 $3,890,000 $176,818 $2,435 4.76%
    39% 21 $3,755,000 $178,810 $2,482 4.59%
    36% 20 $3,700,000 $185,000 $2,305 4.59%
    43% 18 $4,250,000 $236,111 $2,633 4.32%
    >60% 3 $355,000 $118,333 $2,472 4.21%

    Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 207 originations. The next most common DTI ratio? 30-36%, with 150 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    White 641 $113,825,000 $177,574 $2,356 4.45%
    Not applicable 52 $7,840,000 $150,769 $3,124 5.39%
    Not provided 11 $1,725,000 $156,818 $2,308 4.95%
    Asian 6 $1,600,000 $266,667 $2,590 3.96%
    Black 3 $285,000 $95,000 $2,088 4.88%
    American Indian 1 $205,000 $205,000 $2,605 5.59%
    Asian Indian 1 $185,000 $185,000 $2,135 3.79%

    Approval Rates

    Total approvals of all applications
    97.90%

    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
    89.65%

    Mechanics Bank has an average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 715 $125,665,000 $175,755

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    715 $125,665,000 $175,755

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 49 $4,425,000 $90,306 $2,008 4.63%
    40-60% 84 $12,680,000 $150,952 $2,258 4.30%
    60-80% 189 $34,395,000 $181,984 $2,553 4.63%
    80-100% 352 $72,140,000 $204,943 $2,503 4.42%
    Under 20% 39 $1,845,000 $47,308 $1,080 5.26%