Introduction
We know mortgages get a bad rap, but that’s just because those people haven’t gone through Mechanics Bank. Our less-stress home loans make the borrowing process simple, easy to understand, and much more manageable.
Whether you’re looking for Fixed-Rate Mortgages (10% down), Fixed-Rate Mortgages (less than 10% down), Adjustable-Rate Mortgages or Construction Loans (For Owner-Occupied Dwellings), we have an option for you!
There are many reasons why you should borrow through Mechanics Bank. Here are three:
Options with no PMI for as little as 10% down payment
Whether you decide on a fixed or adjustable rate mortgage, we have options that do not charge you for Private Mortgage Insurance with as little as 10% down.
Flexible payment plans
Because every homeowner is unique, we’ll work with you to discuss the best options based on your financial situation.
Our mortgage experts
Our knowledgeable, friendly staff will be on hand to help you through every step of the process, offering high fives along the way.
Fixed-Rate Mortgages (10% down)
Key features:
10% minimum down payment required
Loan modification option
No Private Mortgage Insurance costs
Escrow services not available
Bi-weekly payment options available that can reduce principal more quickly, resulting in a shorter term and substantial interest savings over the term of the loan
Other Features:
- Available for purchases or refinances
- Terms as long as 30 years
- No prepayment penalty
Disclosures:
Subject to credit approval. Additional terms and conditions apply. Terms subject to change at any time without notice.
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires employees of federally regulated lending institutions who act as a mortgage loan originators ("MLO") to register with the Nationwide Mortgage Licensing System and Registry ("Registry"). Each Mechanics Bank MLO is registered with the Registry and has a unique identification number. If you would like to review the background of any Mechanics Bank MLO, find the MLO’s unique identification number from the MLO list PDF and go to www.nmlsconsumeraccess.org to perform a search.
Downloads:
Fixed-Rate Mortgages (less than 10% down)
Key features:
Less than 10% down payment options available
Escrow services included
Private Mortgage Insurance required for less than 20% down payment
Other Features:
- Available for purchases or refinances
- Terms as long as 30 years
- No prepayment penalty
Disclosures:
Subject to credit approval. Additional terms and conditions apply. Terms subject to change at any time without notice.
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires employees of federally regulated lending institutions who act as a mortgage loan originators ("MLO") to register with the Nationwide Mortgage Licensing System and Registry ("Registry"). Each Mechanics Bank MLO is registered with the Registry and has a unique identification number. If you would like to review the background of any Mechanics Bank MLO, find the MLO’s unique identification number from the MLO list PDF and go to www.nmlsconsumeraccess.org to perform a search.
Downloads:
Adjustable-Rate Mortgages
Key features:
As little as 10% down payment for owner-occupied dwellings
Interest rates adjust periodically according to terms
Monthly payment of principal and interest
No Private Mortgage Insurance (PMI)
Other Features:
- Available for purchases or refinances
- Terms as long as 30 years
- No prepayment penalty
- No escrowing of insurance or taxes
Disclosures:
Subject to credit approval. Additional terms and conditions apply. Terms subject to change at any time without notice.
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires employees of federally regulated lending institutions who act as a mortgage loan originators ("MLO") to register with the Nationwide Mortgage Licensing System and Registry ("Registry"). Each Mechanics Bank MLO is registered with the Registry and has a unique identification number. If you would like to review the background of any Mechanics Bank MLO, find the MLO's unique identification number from the listing below and go to www.nmlsconsumeraccess.org to perform a search.
Downloads:
Construction Loans
(For Owner-Occupied Dwellings)
Key features:
Single closing reduces costs
Either Fixed-Rate Mortgage Loan or Adjustable-Rate Mortgage Loan can be used
As little as 10% down payment for owner-occupied dwellings
No Private Mortgage Insurance (PMI)
Interest-only payments during prearranged construction phase
Other Features:
- No prepayment penalty
- No escrowing of insurance or taxes
Disclosures:
Subject to credit approval. Additional terms and conditions apply. Terms subject to change at any time without notice.
The Secure and Fair Enforcement for Mortgage Licensing Act (SAFE Act) requires employees of federally regulated lending institutions who act as a mortgage loan originators ("MLO") to register with the Nationwide Mortgage Licensing System and Registry ("Registry"). Each Mechanics Bank MLO is registered with the Registry and has a unique identification number. If you would like to review the background of any Mechanics Bank MLO, find the MLO's unique identification number from the listing below and go to www.nmlsconsumeraccess.org to perform a search.
Downloads:
Borrow our experts’ advice.
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