PNC Mortgage

PNC Mortgage

 4.0/5 (887 ratings)
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Written by Emily Moore
Edited by Cassidy McCants

About PNC Mortgage

This profile has not been claimed by the company. See reviews below to learn more or submit your own review.

PNC Mortgage (NMLS #446303), a part of The PNC Financial Services Group, is a full-service lender with a variety of purchase and refinance mortgage products, including conventional, VA, USDA and FHA loans. PNC has physical branches in 28 states and Washington, D.C.

Overall Satisfaction Rating

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Pros

  • Variety of loan types
  • Check rates with no identifying information
  • Homeownership grants and special offers
  • Loan officers available seven days a week

Cons

  • Physical branches in only 28 states
  • HELOC not available in all states

Bottom Line

PNC Mortgage is a full-service mortgage lender that offers services online and at branches in 28 states. You’ll find many loan options for purchasing and refinancing, plus a HELOC with a choice of a fixed or adjustable rate. PNC lets you see rate estimates with no credit check.

Top PNC Mortgage Reviews

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Rated with 4 stars
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Good service. … Very flexible and communicative about the entire house-buying process. .... Allow you to keep the same agent for all the application procedures and then when trans...

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Rated with 5 stars
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My husband and I took out our mortgage in 2001, our mortgage was sold to PNC in 2006 I believe. We have never had any issues with them. The few times we have had to call, they wer...

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Rates

PNC Mortgage lets you check current mortgage rates for home purchase loans on its website by entering the home value, down payment amount, your credit score range and the property ZIP code.

PNC shows you interest rates and annual percentage rate (APR) estimates for 10-, 15-, 20- and 30-year fixed-rate loans as well as adjustable-rate loans with seven- and 10-year fixed-rate periods. Keep in mind these estimates assume certain debt-to-income (DTI) ratios, loan-to-value (LTV) ratios and other factors.

In 2022, mortgage rates on 30-year fixed-rate loans have risen to levels not seen since 2008, according to the Federal Reserve Bank of St. Louis. This has made adjustable-rate mortgages (ARMs) more appealing to some borrowers because these loans start with a fixed-rate period that often has a rate lower than a fixed-rate loan.

The risk with this type of loan, though, is that rates might increase in the future, which will raise your monthly payment. An ARM might be worth considering if you plan to sell or refinance the home before the rate changes, however.

Over the past three years, PNC Mortgage’s average rate for home purchase loans has remained close to the national average. In 2021, the average rate for this type of loan from PNC was 0.17% lower than the average in the U.S.

PNC average home purchase rate vs. national average

YearDifference from national average
2021-0.17%
2020+0.05%
2019-0.08%
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.

Application process

The application process with PNC starts on the website, where you fill out a questionnaire indicating whether you need a purchase or refinance loan and enter details about yourself and your financial situation. Alternatively, you can work with a loan officer at a PNC branch or call to speak to a loan officer any day of the week.

Within three business days of completing your application, you’ll get a Loan Estimate with estimated loan terms. If you decide to proceed, your loan officer will request documentation to verify your income and assets and help set up a property appraisal.

Your loan officer will next notify you of an initial approval decision and then a final approval decision. The closing usually takes place seven to 10 days after the final approval. PNC has a digital tool called Tracker that you can use to manage your application, view the status and send messages to your loan officer.

PNC Mortgage application features

FeaturesAvailability
Online application
Mobile document upload
Physical branches 28 states
Publishes minimum rate on website
Rate lock60 days
Pre-qualification (no hard credit pull)
Certified approval letter

Loan types

PNC Mortgage’s home loan products include the following:

  • Conventional loans
  • FHA loans
  • VA loans
  • USDA loans
  • PNC Community Mortgage (requires only 3% down, allows down payment assistance, doesn’t require private mortgage insurance).

In 2021, PNC Mortgage received 26,465 applications for home purchase loans. Of these, it closed 17,318 (about 65%) loans.

Loan applications for home purchases only by year

202120202019
Home purchase applications26,46526,77231,423
Home purchase loans closed17,31816,29018,121
Home purchase applications denied2,5882,6502,826
Home purchase preapprovals denied1854051,182
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.

Refinancing

Many homeowners refinanced in 2020 and 2021 due to historically low interest rates. In both years, refinance loans made up a majority of PNC Mortgage loans.

With higher rates in 2022, fewer people are expected to refinance. Still, you might consider a refinance if it can get you a significantly lower rate than what you’re currently paying.

Home purchase vs. refinance loans by year

202120202019
Home purchase loans18.55%18.08%20.06%
Refinance loans47.36%50.86%41%
Cash-out refinance13.01%6.65%6.33%
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.

HELOC and home equity loans

If you already own a home, have built up equity and need cash, you might consider PNC’s Choice Home Equity Line of Credit. The CHELOC, as it’s called, gives you the choice of a variable or fixed interest rate and the ability to switch from one to the other during the draw period.

Depending on where the property securing the loan is located, you can borrow up to 89.9% of the fair market value of the home. The CHELOC is not available in Alaska, Hawaii, Louisiana, Mississippi, Nevada or South Dakota.

Requirements

PNC Mortgage does not publish specific mortgage requirements online. The company states that, in general, you should be able to put down 3% of the sale price and that your monthly debts shouldn’t exceed 36% of your gross monthly income.

National mortgage requirements by type

Min. credit scoreMin. down paymentCompare with other lenders
ConventionalTypically 620Typically 3%Mortgage lenders
FHA5003.5% with 580 credit scoreFHA lenders
VASet by lender (often 580)0%VA lenders
USDASet by lender (often 640)0%USDA lenders

Cost and fees

According to PNC Mortgage, closing costs range from 3% to 5% of the loan amount. These costs may include the following on a purchase loan:

  • Origination fees
  • Settlement services (fees for appraisals, title search, credit reports, inspections, document recording)
  • Property insurance prepayment
  • Interest prepayment
  • Escrow deposits for taxes and insurance
  • Mortgage insurance
  • Discount points

For a refinance, closing costs may not include all of the above fees. The company recommends asking about a no-closing-cost option. You can use the calculator on PNC’s website to estimate closing costs on your loan before applying; after you apply, refer to the Loan Estimate for an estimate of all loan costs and fees.

FAQ

How does PNC Mortgage work?

PNC Mortgage breaks down the mortgage process into six steps:

  1. Work with a loan officer to submit an application and supporting documents.
  2. Review your Loan Estimate and confirm you want to proceed with applying.
  3. PNC verifies your income and assets and requests additional information if necessary.
  4. PNC issues an initial loan decision by email or phone.
  5. PNC makes a final approval decision; you may need to submit additional documents as part of this step.
  6. PNC provides the closing date and Closing Disclosure at least three business days before closing date.
Is PNC Mortgage legit?

PNC Mortgage is a part of The PNC Financial Services Group. PNC is one of the largest financial institutions in the U.S., with assets over $540 billion as of mid-2022, according to the company.

Where is PNC Mortgage available?

PNC Mortgage is licensed to originate loans in all 50 states and Washington, D.C. It has about 2,500 physical branches in 28 states.

PNC Mortgage Reviews

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How do I know I can trust these reviews about PNC Mortgage?
How do I know I can trust these reviews about PNC?
  • 4,151,585 reviews on ConsumerAffairs are verified.
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  • We use intelligent software that helps us maintain the integrity of reviews.
  • Our moderators read all reviews to verify quality and helpfulness.

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Page 1 Reviews 0 - 10
Rated with 1 star
Verified Reviewer
Original review: Nov. 10, 2022

PNC received my ACH payment then said that my bank did a stop transfer. So I checked with my bank and waited 3 days. My bank said and verified that they had not stop nor received back my funds. I received paperwork from bank, went to PNC to report and give them the paperwork from my bank. PNC then said it has to be your bank or you did something wrong when you set up ACH. I set everything up line their paperwork and customer service said to when I called the verifier I had done it right. Because PNC had just taken over my mortgage acct. Now going on 5 days later. They say it will take up to the 28th of the month to find out where my funds went to. And now I can not even set up next month's payment until this matter is taken care of. Worst customer service I have ever had. They make everything your fault and tell you so.

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Rated with 1 star
Verified Reviewer
Original review: Nov. 9, 2022

My mortgage was transferred to this bank and from day one I've been having nothing but issues. I was told in a letter that my automatic payments would continue and they included my bank's name and last four numbers of my account. Then a month later I get a letter saying my payment was late and that they don't have that information. I was unable to create an online account to see anything with them and spent hours on the phone. I was then told not worry because I wouldn't have to make a payment for a while due to it being a new transfer. That was incorrect and had to spend more time on the phone with them setting up the automatic transfer.

I received the forms they requested (by snail mail), mailed it in and still did not got automatic payments the following month. I literally gave up and just send my payments in the old school way and hope it covers the min amount since I'm enrolled in paperless billing but have no access to their online banking. It's a mess and certainly still struggling. I miss my old mortgage company! So simple and stress free.

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    Rated with 1 star
    Verified Reviewer
    Original review: Nov. 2, 2022

    My loan was sold to PNC from AmeriSave as these things happen. I'm writing this review as I'm still on the phone with them to provision my account. I'm on my fourth person trying to help me. Each time, the person said they would get me some help, they just forward my call to the next person with no information, which means that I have told my story starting with my name, account number, blab, blab, blab. This is my first interaction with them. This is not the time to refinance, but as soon as I can, I will.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: Sept. 18, 2022

    My wife and I were working with PNC on a HELOC loan. We both have 740 or higher credit with a debt to income ratio of under 50 and good income, we also invested over 120k in the property over the past 12 months. We started the process on 7/15/2022 and finally decided to use a different lender on 9/08/2022. The reason is because PNC used a drive by appraiser that undervalued our property by at least 115k. When we brought this to PNC’s attention and provided receipts and documentation, it was like pulling teeth to have them set up a new appraisal. When they finally did, it was the same appraisal company, but this time they came into our house.

    Two weeks later the new appraisal came in 20k less than their 1st appraisal. THAT’S IMPOSSIBLE SINCE WE HAD JUST INVESTED 120k. PNC did not want to loan us what we were requesting so we reached out to another lender, and we are already set to close on 9/22/22. The new lenders appraisal came in at 115k over what PNC had. They were so disturbed by the other appraisal company’s incompetence, that they decided to file a complaint. It took PNC almost 3 months to process a basic HELOC loan with good credit and income, as our new lender completed the process in about 3 weeks. I will never use PNC again!

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: July 28, 2022

    We are applying for a Home Equity Line Of Credit. Since the first week of June, we are applying for a Home Equity Line Of Credit!! Still In The Application Process!! Since the first week of June!! We are simple people, living a simple life, both retired, no investments, one mortgage, 2 credit cards, no other loans, and living in the "principal residence". We have 82% equity in our home.

    We got a loan officer who makes statements about approval that do not happen. We got denied because of it. We found out in a passing conversation with the loan processor!! We got denied 2 weeks ago and Still Have Not received anything in writing saying we were denied!! We are now 7 weeks in and starting all over again. Got passed onto a loan processor that Does Not Know The Difference Between:

    1) A Family "Trust"

    2) A Deed of "Trust"

    That is just scary!!! Getting asked 3 and 4 times for the same supporting documents. "Tracker", the website they request you work through, is frustrating to work with. We had a 4-page document to upload and it is not letting me because it is "too large". It is a mortgage website and 4-pages is too large?!?! We have had 8 homes between us, refinanced a dozen times, and have never had a worse experience. Save yourself time, trouble, aggravation, and headaches.... Run, do not walk away from the idea of working with these people. I can already tell you it is a smart move.

    2 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: May 20, 2022

    I have had a PNC Mortgage for many years, but have found their customer service in recent months wanting; in decline. As of about a year ago it was easy to mail in a principle only payment in-between the regular monthly mortgage payment, and see it correctly reflected in my online account a day or two later. In recent months, after mailing in a principle only payment, it would show up as a regular mortgage payment, and I would have to call in to have it corrected. This would take up to 10 days for it to then reflect properly. At one point the customer service person said I could do a transfer online. I tried that today, but it does not work. It won't allow for a payment less than the amount of the usual mortgage payment. Nowhere is there a function for principle only.

    I called customer service, and the person I talked to had no clue how to do the principle payment online. She said she would transfer me to the mortgage department, but was on hold for over 20 minutes, and I hanged up. Another corporation with declining customer service - people who cannot fix the issue, online programs that do not allow for simple principle payment. PNC is not easier to bank with, they are harder to use than in the past in my experience.

    3 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 11, 2022

    PNC Bank, is the worst bank, when it comes to mortgage. We had terrible experience with them. They are very unprofessional, unresponsive, careless to their clients. We have filled the online application, and gotten pre-approval. They have checked our credit scores, and had verified, our income, and all required documentation, prior to pre-approval, our application was denied by the underwriter, for having names, they did not like. The reason for denial is the new house, "that we provided the address for", before we put a non-contingent offer on, and confirmed the "Go Ahead "with the loan officer, before we wired, our deposit, that it was in close proximity to our, current address. They did not bother to investigate, verify or discuss with us, the issue, after 4 weeks of signing our contract, they send us the denial letter.

    Due to lack of timely response, from PNC, we lost our deposit of $41 K, and they wiped themselves clean, and did not care about us losing our money, due to their unresponsiveness, and their dishonesty. Had they notified us early in process, we could have tried another bank, by then we were two weeks of closing date, and could not get a loan approval on time and lost our deposit. I called the loan officer's supervisor, to discuss, he told me that, we did nothing wrong, nor lied in our application, everything matched the application, except the new house was in close proximity to the current address, and his hands are tied. When I contacted consumer affairs, the loan officer and her supervisor lied, and said "Good to Go" is not a commitment. Do not go for a Mortgage with PNC, you are going to regret dealing with them.

    2 people found this review helpful
    Rated with 1 star
    Verified Reviewer
    Original review: April 2, 2022

    Their online payment system is so bad that I had multiple late payments due to clicking the wrong “make a payment” button (there are multiple!) - I had to have someone walk me through how to literally just pay my mortgage. I am a millennial who took a took of online courses in college, has worked virtually for years, etc. and I couldn’t even navigate this website because of how poorly it’s designed.

    Their customer service is incompetent, though they’re often kind. With ANY question I’ve had, I’ve been told something different by each person I’ve spoken to. Clearly no one knows what’s going on. Multiple representatives have input incorrect information to their system regarding my loan on multiple occasions and claim they “can’t prove this wasn’t what was discussed.” (I thought calls were recorded? Could you not check?) Also, they call from different numbers each time they’ve contacted me so I rarely know to answer. There’s also no physical location within 3 hours driving distance of me so I have to deal with phone calls.

    Last issue I’ll mention is their mailing system. I have done everything in my power to request paperless mailing, but nothing works. If it were once a month or less, that’s fine! But it’s not. In fact, I would estimate that between my PNC mortgage and checking account, they send me at LEAST 5 pieces of mail per week. Multiple statements per month saying the exact same thing. Separate pieces of mail for me and my husband, despite both the loan and the bank account being joint. Honestly, if I could afford to refinance, I would do it in a heartbeat just to get away from PNC even if it meant a higher interest rate.

    2 people found this review helpful
    Rated with 3 stars
    Verified Reviewer
    Original review: Oct. 22, 2021

    Just tried to use PNC for a HEL. They were slow in processing and follow-up, etc. and VERY conservative with their appraisal. I get it...because of the housing bust a few years ago banks are more conservative in their appraisals BUT ours came back so ridiculously low. I mean, we refinanced our house a few months ago to get a lower rate (with a different lender) and their appraisal earlier this year was $35,000 higher than what PNC just said. How can that be? Our county tax appraisal just got bumped to the higher level so even they get this market (even though I don't want the higher taxes!).

    I explained to my PNC rep that I would like to challenge the appraisal and she agreed, said I should get 3 comparable properties from within 1 mile sold in the last however many days. I did so and submitted it to her. After that though she told me we didn't need to bother with the challenge since the amount I was asking for was low enough and there wouldn't be a problem using the appraisal they just did. Uh ok, I wouldn't think so but who am I to question their process? I figured she should know, so I trusted her. But, guess what ended up happening? Yep, few more weeks go by with little or no communication then I receive the "sorry we can't move forward" email due to appraisal.

    I wish I would have never wasted a "hit" on my credit report for this. I just had a gut feeling it wasn't going to go well but I've been banking with PNC for 30+ years and thought it'd be easy and convenient to have the HEL with them. I will say though at the outset of the loan process, PNC seemed great. You get access to their portal, everything is uploaded, agreements signed online, etc., but then the waiting came without much else happening. I'd recommend finding another lender who is committed to working through the loan process much quicker and knows your area; especially in this market where homes seem to go quickly!

    4 people found this review helpful
    Rated with 1 star
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    Verified Reviewer
    Original review: Oct. 22, 2021

    10-22-21 PNC is NOT CLIENT FACING at all! Can't reach Corporate either regarding several issues: 1) Their C/S phone systems are incompetent & keep hanging up when I'm being a loyal customer to pay early on my HELOC. Then they want to charge for using a C/S Rep. This is bogus! 2) They, in the past (very rare 1-2 times in a decade did I miss the exact due date on the HELOC - NEVER, EVER in 15 years late on the PNC primary Mortgage, in fact, am typically a month or two - or even three ahead on that!!!!) reported me late without sending a Confirm via mail Certified so they must take it off my Credit Report, which they didn't tell me they were required to by LAW, after refusing to remove the 1-2 lates on appeal! They just want to ding my credit = nasty! Can't reach their Executive Offices! NIGHTMARES in dealing with PNC... on two loans.

    3) I'd ordered the original Appraisal of my home, originated 15 years ago. They said it would take ~30 days, it's a month and 3/4 & not a sign of it yet. Calling today to track it down, yet again is over an hour of my time, I'm going to invoice them for deliberately messing me over! ENOUGH IS ENOUGH. Take care of your customers, else you'll have NONE! At last got a decent C/S guy Aaron #** who tried his best, despite being a 'peon' (his term). No one else would even identify themselves professionally, no less try to help! He deserves kudos!

    7 people found this review helpful
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    ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
    1. Federal Financial Institutions Examination Council, “HMDA Data Publication.” Accessed Aug. 25, 2022.
    2. Federal Reserve Bank of St. Louis, “30-Year Fixed Rate Mortgage Average in the United States.” Accessed Aug. 25, 2022.

    PNC Mortgage Company Information

    Company Name:
    PNC
    Year Founded:
    1852
    City:
    Pittsburgh
    State/Province:
    PA
    Country:
    United States
    Website:
    www.pnc.com