PNC Bank Mortgage Review 2024 - NerdWallet (2024)

PNC's mortgage loan options

PNC Bank offers fixed-rate mortgages with terms of 10, 15, 20 and 30 years, as well as adjustable-rate mortgages. Government-backed mortgages — FHA, USDA and VA home loans — are on the menu, but the bulk of the loans PNC originates are conventional loans.

Among its conventional loan offerings is the PNC Community Loan, which requires a 3% down payment and, unlike many similar loans, doesn’t require PMI. The program is for low- to moderate-income borrowers.

PNC also offers a $5,000 grant to help with closing costs, down payments or other homebuying costs in certain markets or for buyers with qualifying incomes.

Jumbo mortgages are available for primary residences with down payments of 5% (much lower than the industry standard 20%), as are jumbo loans for vacation homes, investment and multifamily properties, and government-backed options.

The lender’s medical professional loan of up to $1 million is geared toward interns, residents, fellows or doctors who completed their residencies in the past five years. Like the Community Loan, it doesn’t require PMI.

PNC offers several ways to refinance your mortgage, including government-backed, cash-out and jumbo options.

Home equity loans and renovation loans are not available.

PNC HELOC

The lender also offers a home equity line of credit, or HELOC. These second mortgages are one way for homeowners to access home equity without refinancing or selling their home. Funds obtained with a second mortgage can be used for expenses such as home improvements, education costs or debt consolidation.

PNC's HELOC lets homeowners borrow a particularly large amount — up to $1 million — and choose a variable or fixed rate, which may be locked or unlocked for a fee at any point during the draw period. A rate discount is available to borrowers who autopay from a PNC checking account.

What it's like to apply for a PNC mortgage

PNC has bank branches and mortgage offices in many, but not all, states, so in-person service isn't available everywhere. But if you do live near a branch, the PNC website offers a tool to find and schedule an appointment with mortgage loan officers in your area.

PNC’s website also features a live chat option that allows borrowers to ask questions and get answers in real time. And customer service representatives are available by phone, with numbers that are easy to find on the lender’s website. However, when we called two of them, though the lender’s system answered almost immediately, we were prompted to enter account or personal data in order to speak with a representative.

You can apply for preapproval on the lender's website. The online application asks for basic information, such as your Social Security number, where you're looking for a home, how much you want to borrow and down payment amount. Then you can authorize the lender to verify your employment, income and financial assets electronically and check your credit.

Once your mortgage application goes through, you can register for an account to see its status and get updates when it hits certain milestones. You can also upload and submit documents, as well as send and receive messages with your loan officer and processor.

PNC's mortgage rates and fees

NerdWallet analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates. We measure annual averages across all loan types, as reported by the lenders. Overall, PNC charged average origination fees, and its mortgage rates were lower than average in the industry.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

PNC's mortgage rate transparency

PNC's website displays current interest and annual percentage rates, along with estimated monthly payments, for a variety of loans and terms. You can enter different loan amounts and ZIP codes in the rate quote tool to get customized sample rates according to credit score or down payment amounts.

What borrowers say about PNC mortgages

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow.

Alternatives to a home loan from PNC

Here are some comparable lenders we review that borrowers can consider.

Bella Angelos contributed to this review.

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