Mechanics Bank Mortgage Rates, Fees & Info

Walnut Creek, CA

LEI: 549300TF1E42EUFBSL45

Tax ID: 94-0672780

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)

    • Review & Overview

    Mechanics Bank is a smaller bank specializing in Refi loans. Mechanics Bank has a high proportion of conventional loans. Their top markets by origination volume include: Los Angeles, San Francisco, Sacramento, Salinas, and San Diego among others. We have data for 40 markets. (Some data included below & more in-depth data is available with an active subscription.)

    Mechanics Bank has an 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
    Home Equity Line of Credit (HELOC) 6.27% 12/16/24
    30 Year Conventional Purchase 5.74% 12/16/24
    30 Year Conventional Refi 5.85% 12/16/24
    30 Year Cash-out Refi 6.06% 12/16/24
    15 Year Conventional Purchase 5.27% 12/16/24
    15 Year Conventional Refi 5.43% 12/16/24
    15 Year Cash-out Refi 5.43% 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

    686

    Origination Dollar Volume (All Markets)

    $964,570,000
    Show all (11) 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
    Los Angeles-Long Beach-Anaheim, CA (FHA|USDA|VA) 86 $326,530,000 $3,796,860 $4,739 4.13%
    San Francisco-Oakland-Berkeley, CA (FHA|USDA|VA) 123 $108,395,000 $881,260 $3,838 3.97%
    SACRAMENTO-ROSEVILLE-FOLSOM, CA (FHA|USDA|VA) 26 $61,210,000 $2,354,231 $3,204 3.87%
    SALINAS, CA (FHA|USDA|VA) 53 $51,825,000 $977,830 $3,908 4.18%
    SAN DIEGO-CHULA VISTA-CARLSBAD, CA (FHA|USDA|VA) 12 $45,370,000 $3,780,833 $3,717 4.40%
    BAKERSFIELD, CA (FHA|USDA|VA) 13 $43,455,000 $3,342,692 $3,570 4.33%
    SAN LUIS OBISPO-PASO ROBLES, CA (FHA|USDA|VA) 68 $40,510,000 $595,735 $3,425 4.41%
    RIVERSIDE-SAN BERNARDINO-ONTARIO, CA (FHA|USDA|VA) 34 $40,210,000 $1,182,647 $5,591 4.60%
    FRESNO, CA (FHA|USDA|VA) 14 $33,830,000 $2,416,429 $3,966 4.67%
    SAN JOSE-SUNNYVALE-SANTA CLARA, CA (FHA|USDA|VA) 19 $27,285,000 $1,436,053 $4,120 3.96%
    SANTA MARIA-SANTA BARBARA, CA (FHA|USDA|VA) 52 $24,460,000 $470,385 $3,514 4.71%
    OXNARD-THOUSAND OAKS-VENTURA, CA (FHA|USDA|VA) 45 $22,935,000 $509,667 $3,945 3.31%
    MERCED, CA (FHA|USDA|VA) 11 $18,795,000 $1,708,636 $3,853 4.68%
    MOUNT VERNON-ANACORTES, WA (FHA|USDA|VA) 1 $17,875,000 $17,875,000 $0 5.25%
    NAPA, CA (FHA|USDA|VA) 14 $13,380,000 $955,714 $4,671 4.57%
    PORTLAND-VANCOUVER-HILLSBORO, OR-WA (FHA|USDA|VA) 2 $10,260,000 $5,130,000 $0 4.85%
    CHICO, CA (FHA|USDA|VA) 17 $8,775,000 $516,176 $3,564 5.62%
    SANTA ROSA-PETALUMA, CA (FHA|USDA|VA) 7 $7,835,000 $1,119,286 $3,254 3.58%
    MEDFORD, OR (FHA|USDA|VA) 3 $7,715,000 $2,571,667 $0 4.75%
    SANTA CRUZ-WATSONVILLE, CA (FHA|USDA|VA) 10 $7,450,000 $745,000 $4,642 4.03%
    Ukiah, CA (FHA|USDA|VA) 1 $6,005,000 $6,005,000 $0 4.80%
    Outside of Metro Areas 18 $5,440,000 $302,222 $3,912 4.96%
    STOCKTON, CA (FHA|USDA|VA) 3 $5,165,000 $1,721,667 $3,118 3.77%
    VISALIA, CA (FHA|USDA|VA) 11 $3,495,000 $317,727 $3,741 5.53%
    EL CENTRO, CA (FHA|USDA|VA) 11 $2,875,000 $261,364 $3,127 4.84%
    VALLEJO, CA (FHA|USDA|VA) 3 $2,585,000 $861,667 $5,272 3.93%
    Clearlake, CA (FHA|USDA|VA) 1 $2,575,000 $2,575,000 $0 3.55%
    RENO, NV (FHA|USDA|VA) 1 $2,205,000 $2,205,000 $0 3.35%
    REDDING, CA (FHA|USDA|VA) 4 $2,180,000 $545,000 $3,742 3.66%
    Sonora, CA (FHA|USDA|VA) 3 $2,115,000 $705,000 $3,904 5.07%
    Fernley, NV (FHA|USDA|VA) 1 $2,005,000 $2,005,000 $0 3.50%
    Seattle-Tacoma-Bellevue, WA (FHA|USDA|VA) 1 $1,855,000 $1,855,000 $0 4.65%
    LAS VEGAS-HENDERSON-PARADISE, NV (FHA|USDA|VA) 1 $1,405,000 $1,405,000 $0 3.50%
    YUBA CITY, CA (FHA|USDA|VA) 4 $1,320,000 $330,000 $2,860 4.13%
    SPOKANE-SPOKANE VALLEY, WA (FHA|USDA|VA) 1 $1,225,000 $1,225,000 $0 4.60%
    MADERA, CA (FHA|USDA|VA) 4 $1,140,000 $285,000 $4,058 3.53%
    Truckee-Grass Valley, CA (FHA|USDA|VA) 1 $1,105,000 $1,105,000 $0 4.65%
    MODESTO, CA (FHA|USDA|VA) 3 $875,000 $291,667 $3,498 4.96%
    Red Bluff, CA (FHA|USDA|VA) 3 $695,000 $231,667 $3,993 4.17%
    Eureka-Arcata, CA (FHA|USDA|VA) 1 $205,000 $205,000 $3,850 4.88%
    Mechanics Bank's top markets include Los Angeles, San Francisco, Sacramento, Salinas, and San Diego among others.

    Their top states include:
  • California (FHA|USDA|VA)
  • Washington (FHA|USDA|VA)
  • Oregon (FHA|USDA|VA)
  • Nevada (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.

    SAFEAMERICA CREDIT UNION
    Similarity Rank: 54
    LONG BEACH CITY EMPLOYEES Federal Credit Union
    Similarity Rank: 236
    Los Angeles Federal Credit Union
    Similarity Rank: 248
    COASTHILLS
    Similarity Rank: 408
    1ST NORTHERN CALIFORNIA
    Similarity Rank: 429
    FRONTWAVE
    Similarity Rank: 544
    KD CAPITAL MORTGAGE CORPORATION
    Similarity Rank: 616
    FOOTHILL FEDERAL CREDIT UNION
    Similarity Rank: 648
    LBS FINANCIAL
    Similarity Rank: 707
    SESLOC
    Similarity Rank: 714

    Product Mix

    Loan Type Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Conventional 540 $926,770,000 $1,716,241 $3,902 3.80%
    HELOC 146 $37,800,000 $258,904 n/a 5.96%

    For 2022, Mechanics Bank's most frequently originated type of loan was Conventional, with 540 originations. Their 2nd most popular type was HELOC, with 146 originations.

    Loan Reason

    Loan Reason Originations Total Value Avg. Loan Avg. Fees Avg. Rate
    Refi 317 $724,485,000 $2,285,442 $3,637 4.00%
    Home Purchase 119 $144,615,000 $1,215,252 $5,434 3.53%
    Cash Out Refi 106 $57,930,000 $546,509 $3,367 3.91%
    Other 74 $17,330,000 $234,189 $3,342 5.92%
    Home Improvement 70 $20,210,000 $288,714 $3,145 5.47%

    For 2022, Mechanics Bank's most frequently cited loan purpose was Refi, with 317 originations. The 2nd most popular reason was Home Purchase, with 119 originations.

    Loan Duration/Length

    Loan Length Originations Total Value Average Loan Average Fees Average Rate
    30 Year 288 $222,060,000 $771,042 $4,018 3.94%
    15 Year 225 $680,655,000 $3,025,133 $3,349 3.99%
    Other 151 $61,305,000 $405,993 $0 5.90%
    5 Year 22 $550,000 $25,000 $0 0.00%

    For 2022, Mechanics Bank's most frequently cited loan duration was 30 Year, with 288 originations. The 2nd most popular length was 15 Year, with 225 originations.

    Origination Fees/Closing Costs

    Origination Fee/Closing Cost Originations Total Value Average Loan
    $<1k 252 $144,160,000 $572,063
    $1k-2k 9 $2,305,000 $256,111
    $5k+ 2 $1,540,000 $770,000
    $3k-4k 1 $435,000 $435,000
    $4k-5k 1 $285,000 $285,000

    Mechanics Bank's average total fees were $4,018, while their most frequently occuring range of origination fees (closing costs) were in the $<1k bucket, with 252 originations.

    Interest Rates

    Loan Rate Originations Total Value Average Loan
    3-4% 223 $389,225,000 $1,745,404
    4-5% 196 $453,080,000 $2,311,633
    5-6% 77 $51,495,000 $668,766
    2.5-3% 77 $46,455,000 $603,312
    <2.5% 36 $7,470,000 $207,500
    6-7% 36 $8,670,000 $240,833
    7-8% 27 $6,435,000 $238,333
    Over 8% 14 $1,740,000 $124,286

    During 2022, Mechanics Bank's average interest rate for loans was 3.94%, while their most frequently originated rate bucket for loans was 3-4%, with 223 originations.

    Loan Sizing

    Loan Size Originations Total Value Average Loan Average Fees Average Rate
    $1MM+ 217 $802,255,000 $3,697,028 $5,922 4.02%
    $200k-400k 157 $45,465,000 $289,586 $3,316 4.50%
    $100k-200k 85 $11,455,000 $134,765 $3,193 4.97%
    $400k-600k 82 $40,690,000 $496,220 $3,714 4.25%
    $600k-1MM 82 $61,550,000 $750,610 $4,186 3.86%
    $100,000 or less 63 $3,155,000 $50,079 $2,887 4.07%

    2022 saw Mechanics Bank place emphasis on $1MM+ loans with 217 originations, totaling $802,255,000 in origination value.

    Applicant Income

    Applicant Income Originations Total Value Average Loan Average Fees Average Rate
    $250k+ 146 $113,000,000 $773,973 $4,715 4.45%
    $150k-250k 105 $47,665,000 $453,952 $3,939 4.40%
    $100k-150k 103 $32,525,000 $315,777 $3,606 4.10%
    $50k-75k 69 $10,965,000 $158,913 $3,118 4.41%
    $75k-100k 55 $14,055,000 $255,545 $3,316 3.85%
    $50k or less 21 $2,415,000 $115,000 $2,979 5.06%

    Mechanics Bank lent most frequently to those with incomes in the $250k+ range, with 146 originations. The second most popular income band? $150k-250k, with 105 originations.

    Applicant Debt to Income Ratio

    DTI Ratio Originations Total Value Average Loan Average Fees Average Rate
    20-30% 114 $51,210,000 $449,211 $4,238 4.59%
    30-36% 80 $36,910,000 $461,375 $3,842 4.24%
    <20% 74 $30,770,000 $415,811 $3,472 4.09%
    42% 52 $25,180,000 $484,231 $3,863 4.92%
    39% 30 $17,160,000 $572,000 $4,003 4.55%
    41% 27 $12,815,000 $474,630 $3,805 4.20%
    37% 27 $9,345,000 $346,111 $3,468 4.88%
    40% 26 $19,470,000 $748,846 $3,716 4.40%
    38% 23 $9,715,000 $422,391 $3,845 4.42%
    43% 9 $2,745,000 $305,000 $7,780 6.21%
    36% 8 $3,870,000 $483,750 $4,444 4.36%
    44% 4 $480,000 $120,000 $0 6.31%
    46% 4 $670,000 $167,500 $0 6.06%
    45% 2 $320,000 $160,000 $0 6.56%
    49% 1 $165,000 $165,000 $7,803 4.38%
    47% 1 $115,000 $115,000 $2,828 3.75%

    Mechanics Bank lent most frequently to those with DTI ratios of 20-30%, with 114 originations. The next most common DTI ratio? 30-36%, with 80 originations.

    Ethnicity Mix

    Applicant Ethnicity Originations Total Value Average Loan Average Fees Average Rate
    Not applicable 145 $631,915,000 $4,358,034 $0 4.10%
    White 414 $245,270,000 $592,440 $3,843 4.40%
    Not provided 81 $61,445,000 $758,580 $3,832 4.09%
    Asian 27 $16,095,000 $596,111 $4,869 3.30%
    Chinese 1 $3,205,000 $3,205,000 $0 4.60%
    Other Asian 2 $3,090,000 $1,545,000 $3,287 4.20%
    Black 12 $3,040,000 $253,333 $4,107 3.89%
    Japanese 1 $205,000 $205,000 $0 4.75%
    American Indian 1 $125,000 $125,000 $3,309 5.63%
    Vietnamese 1 $125,000 $125,000 $0 8.50%
    Native Hawaiian or Islander 1 $55,000 $55,000 $0 7.25%

    Approval Rates

    Total approvals of all applications
    88.98%

    Mechanics Bank has an average approval rate.

    Pick Rate

    Approvals leading to origination
    80.03%

    Mechanics Bank has a below average pick rate.

    Points and Fees

    Points Originations Total Value Average Loan
    NA 686 $964,570,000 $1,406,079

    Occupancy Type Mix

    Dwelling Type Originations Total Value Average Loan
    686 $964,570,000 $1,406,079

    LTV Distribution

    Loan to Value Originations Total Value Average Loan Average Fees Average Rate
    20-40% 165 $144,915,000 $878,273 $3,670 4.31%
    40-60% 204 $502,890,000 $2,465,147 $3,608 4.05%
    60-80% 163 $281,005,000 $1,723,957 $4,475 4.16%
    80-100% 12 $7,580,000 $631,667 $5,019 4.40%
    Under 20% 120 $27,630,000 $230,250 $3,176 5.45%