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About PNC Mortgage
This profile has not been claimed by the company. See reviews below to learn more or submit your own review.
Based in Pittsburgh, Pennsylvania, PNC Bank is one of the largest banks in the U.S. It has branch locations scattered throughout 29 states and Washington, D.C. and offers checking and savings accounts, credit cards, loans, mortgages and investment services. Some of PNC Bank's most popular accounts are its Virtual Wallet, which is an all-in-one checking and savings account, and its “S is for Savings” account for kids.
- Variety of loan types
- Check rates with no identifying information
- Homeownership grants and special offers
- Loan officers available seven days a week
- Physical branches in only 28 states
- HELOC not available in all states
Featured Reviews
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
Year | Difference from national average |
---|---|
2021 | -0.17% |
2020 | +0.05% |
2019 | -0.08% |
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
Features | Availability |
---|---|
Online application | |
Mobile document upload | |
Physical branches | 28 states |
Publishes minimum rate on website | |
Rate lock | 60 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
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 26,465 | 26,772 | 31,423 |
Home purchase loans closed | 17,318 | 16,290 | 18,121 |
Home purchase applications denied | 2,588 | 2,650 | 2,826 |
Home purchase preapprovals denied | 185 | 405 | 1,182 |
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
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 18.55% | 18.08% | 20.06% |
Refinance loans | 47.36% | 50.86% | 41% |
Cash-out refinance | 13.01% | 6.65% | 6.33% |
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 score | Min. down payment | Compare with other lenders | |
---|---|---|---|
Conventional | Typically 620 | Typically 3% | Mortgage lenders |
FHA | 500 | 3.5% with 580 credit score | FHA lenders |
VA | Set by lender (often 580) | 0% | VA lenders |
USDA | Set 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:
- Work with a loan officer to submit an application and supporting documents.
- Review your Loan Estimate and confirm you want to proceed with applying.
- PNC verifies your income and assets and requests additional information if necessary.
- PNC issues an initial loan decision by email or phone.
- PNC makes a final approval decision; you may need to submit additional documents as part of this step.
- 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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A link has directed you to this review. Its location on this page may change next time you visit.
- 4,606,585 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Sources
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Aug. 25, 2022.
- 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
