Home Equity Rates

Effective July 24, 2017
Minimum loan amount on home equity loans and lines $10,000.00. Rates subject to change without notice.

Term

  • 5yr
    10yr
    15yr
  • 25yr

Rate Change Frequency

  • Fixed
    Fixed
    Fixed
  • Adjustable

Rate

  • 4.500%
    5.000%
    5.500%
  • 4.250%

Annual Percentage Rate (APR)*

  • 4.870%
    5.196%
    5.639%
  • 4.250%

Payment
per $1,000

  • $18.64
    $10.60
    $8.18

Special
Terms

  • See Below #1, #3
  • See Below #1, #2, #3
* APR = Annual Percentage Rate. Maximum APR is 18%.
Actual interest rate and APR are based on your loan qualifications and may be higher than the rates displayed on the website. All loans are subject to credit approval.

#1 Rate and margin can be reduced by 0.25% for customers with a Mechanics Savings Bank checking account set up with direct deposit and automatic payment.
#2 Interest only during draw period. Draw period of 10 years. At the end of the draw period, repayment is scheduled over 180 months. The APR* cannot exceed 18%. APR adjusts monthly based on an index plus a margin. Closing costs are typically $500.
#3 Flood and/or property insurance is required.