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I started my application on april 1st for a home equity line of credit. I have a 801 credit score and my home is paid off appraised at 482K. I am a 1099 employee and have one credit card with a 590.00 balance. I have been a PNC customer for 35 years and my income is over 100K but I started a LLC November 2019. I was told I should ask for a 200K equity line which in fact I only needed 60K. They denied me for 200K saying my debt to income was too much.. And even denied 60K!!!! I don't have DEBT but they wouldn't listen. I would take a gamble on me 100 times over asking for 60K on a 482K house... TAKE MY HOUSE if I don't pay your couple hundred dollar a month loan.. geez.
Anyhow, I applied last Friday at another bank.. Monday I was approved. I asked the new bank, "Why do you think PNC denied me?" She said, "I have no idea at all. I sent this to my underwriter and they approved you within minutes. You are really no risk at all.." DUH!!! Well.. PNC you just lost a loyal customer for 35 years. OH I forgot to mention... They did give me a 25K personal loan HA HA HA HA.. So they are taking a risk of a 25K personal loan with no collateral but they won't give me 60K equity line with a 482K house..?? MORONS!!!!
So, my experience starts with a little background. My significant other and I were attempting to progress in our life at 27. We decided instead of moving apartments/houses we would just make a huge step in the right direction and purchase our first home but, we had no idea where to start. We contacted a few realtors and loan providers but, as it was our first time we were a bit weary so instead of going with an independent provider we decided to go for a corporation because we knew they would have the money to give us a great deal.
We were right! we had great estimates and we were sold 2 awesome options by one of the PNC mortgage representatives but, there was so much that they did not explain to us. So we followed a few suggestions from friends and family, we got pre-approved for a set amount on a loan, then we contacted a realtor to show us some probable house options, after a few weeks of searching we found a place we wanted to buy. We went ahead and applied for the house, sent the information between the realtor and the bank agent over the course of 2 weeks and everything seemed to be going great... but, we were wrong.
So about 3 weeks before closing they informed us that they needed more paperwork. They didn't explain why. They just requested it, we complied simply because again, we have no idea what this all entails. During this time they never hinted or even referenced that we could still be denied later AFTER being pre-approved for the loan... (none of our financial situation had changed during this time) so, we moved forward and paid $1000 to inspect the house we were planning to buy and deposited another $1000 as an earnest deposit on the house.
A week later, 2 weeks before we were supposed to close, we received an email stating that we couldn't be fully approved because of our combined DTI and the only way we could ensure we were approved for this loan was to lower our DTI or get another cosigner. We inquired about lowering our DTI then 2 days later they said that was not actually an option, the only option was to get another cosigner.
So, after 2 months of running around, $2000 deep in funds already spent (1000 was applied to a credit card which we ended up paying off a few weeks later), being pre-approved for this loan, we were presented with an option that was not feasible... I would HIGHLY recommend to avoid using their service, they will waste your money, your time, and just laugh at you in the end when you demand to be compensated for their lack of knowledge and information relay. I really wish we knew there was a "final review" process before we even decided to attempt to use them. TL;DR We lost $2,000 and 2 months of precious house hunting time due to PNC being negligent, We will be using another loan provider come time we attempt round 2 of buying a house, I would suggest the same to other prospect buyers. Thank you for reading.
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I thought PNC would be a good company for a new home mortgage since they were large and well known. I had a home equity line for over 10 years with them on my previous home and never had an issue. When I first requested the loan I gave the PNC agent all the info. He said it would be no problem as long as he had 30 days because it was 2 weeks before the holidays. We were scheduled to close on Feb 1st because we were closing on our house we had lived in for 25 yr on 01/31.
When I questioned Reid, the PNC agent, on 1/28 as to why we still didn’t have a time set up for the closing, I found out there was a problem and the closing would have to be delayed. I couldn’t believe I was never told anything until 3 days before the closing! We were so fortunate that we had an excellent realtor, Pam **, who knew of a different terrific lender named Heather ** from Riverside Mortgage. She had us closed by 2/19 and Pam made arrangements for us to rent our new house until then. PNC was horrible and everyone should think twice before using them.
This may be a good mortgage company. It certainly does not provide a user friendly experience for their web page. I am not able to login. A new password was mailed to me after 5 days contacting them. I put in the new password and says it needs my phone number. I am not able to give them my phone number because it will not let me login. A perfect example of poor customer experience for their online account and structure. And they want more business!!!!
PNC is inept, incompetent uncaring unhelpful garbage of a company. Avoid at all costs. These companies and banks do not provide competent responsible service. They hope you give up and they keep your money and rip you off. They put you on hold again and again, play dumb and won't provide a supervisor. They just put you on hold and forget about you like a sick game. PNC is horrible!
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On December 6 2019 I submitted my mortgage payment to PNC Bank using TD Bill Pay. Pnc is claiming that they never received the payment and gave different stories about my mortgage payment. At one point told me they received a payment but it had an invalid account number meaning that my mortgage account number was wrong but the number they claim to have is my checking account number so they had enough information to refund the money back to td banks which they never did.
Also I have used td bill pay for years to pay my mortgage and it was never a problem. Information stored so you just click and pay, but my problem is that neither Td bank or Pnc bank want to be responsible for my money. No one want to help me on tracking my money which I understand it can’t be that hard. All I know is it was taken out of my account and never refunded to my account, leaving me to make extra payments for December, with no hope to get my money back.
If you are considering PNC Bank for a home mortgage please reconsider. We started the application process but withdrew after several errors and omissions. We thought the process would be easier because our current mortgage was with PNC Bank. Here's some of what happened, they omitted one of our incomes from the application, transposed our phone numbers, so each time we tried to use DocuSign we had to exchange phones, offered no advice when asked about questions on the application, overestimated that value of our home, and did not lower the estimate when asked to do so. Required an appraisal ($850) when other lenders said it was not necessary. We cancelled our loan application with PNC and we are about to complete the process with another lender, no appraisal required and a lot less stress. If you are considering PNC Bank for a home loan be prepared for endless problems and unnecessary fees.
Been with PNC mortgage for a long time. Never been late on a payment and they contacted me to lower my interest rate at a ridiculous price of 6K. Six thousand to do a little paperwork is insulting to someone who has been a loyal customer and made them a lot of money. They claim to be interested in helping me, but my perception is they are only interested in helping themselves to as much of my money as they possibly can. Well I do have choices, so I think it's time to find a lender with a heartbeat.
My loan was purchased by PNC. I attempted to pay off my arrearage via a lump sum amount and was told to get lost. They stated that I couldn't afford the house. I am receiving SSDI and SSI payments and they refused to comply with any program to try and assist me. Their only focus was on foreclosure. PNC refused to consider any other option, although several were available. I lost my house after years of payments were made.
I got a HELOC so we could cover some home repairs while putting the house on the market to sell since I already had a PNC Mortgage on the home. They really pushed me to open a PNC account so they could auto draft payments for a small discount, but I knew this would only be open a few months and it wasn't worth the headaches so I declined. I was busy going back and forth between where I was living and working during the week, and the home we were packing and prepping to go on the market on the weekends, I had mail coming to both addresses, and it was chaos. The mail piled up.
I could have sworn I set up payments with my bank, but I was wrong. Once I could breathe and go through all the mail, I found that the first missed payment was less than $3 and they hit me with a $40 late fee. After one more late payment, they closed the HELOC and reported me to the credit bureaus, dropping my FICO by over 100 points. They had my cell phone, but never called, and they had my email, but the only communication from them other than snail mail was an emailed survey request.
Luckily my home sale closes soon and that will pay off both the PNC Mortgage (which was never late or missed by the way) and the HELOC, but communication is not their strong point. I have formally requested that they remove the late report from my credit report, but they are taking the full 30 days to "investigate" and despite my calls asking for an update or any info, they have returned none of my calls.
PNC Mortgage Company Information
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- United States
- (888) 762-2265