PNC Mortgage Review
PNC offers loans for buying a home or refinancing an existing home mortgage. You can obtain a jumbo loan, conventional loan, or government-back mortgages, and choose from a fixed- or adjustable-rate mortgage.
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Key points:
- PNC offers a variety of mortgage options, including fixed- and adjustable-rate mortgages, conventional and jumbo loans; and FHA, USDA, and VA loans.
- Potential borrowers can be pre-approved online, so you’ll know how much you can borrow and on what terms before you apply.
- PNC offers specialized loans, including 80-10-10 combination loans, so you can buy with a smaller down payment and avoid private mortgage insurance
| Minimum Credit Score | Not disclosed |
| Minimum Down Payment | 3% |
| Loan Terms | 10 – 30 years |
| Other Loan Types | Adjustable-rate mortgage, jumbo loan, FHA loan, VA loan, 80-10-10 loan, PNC Community Loan |
Choosing the right mortgage lender is important because the lender you borrow from to buy your home will likely be a part of your life for many years.
PNC Bank is a mortgage lender with a wide selection of home loan options. It offers loans for people who want a government guarantee, are buying expensive properties, or are looking for a loan with a low down payment.
This PNC mortgage review will help you understand the features PNC offers to home buyers looking for a mortgage so you can decide whether a loan from PNC Bank is right for you.
In this review:
PNC mortgage loans for purchasing
| Minimum down payment | Loan terms | |
| Fixed-rate | 3% | 10 – 30 years |
| ARM | 3% | 1/1, 3/1, 5/1, 7/1, or 10/1 |
| Jumbo | Not disclosed | 15 – 30 years |
| FHA | 3.5% | Not disclosed |
| VA | 0% | 15 or 30 years |
| Specialized Loans | Not disclosed | 15 or 30 years |
Which mortgage loans does PNC offer?
PNC offers many types of mortgage loans, including:
- Fixed-rate loans.
- Adjustable-rate mortgages (ARMs).
- Jumbo loans.
- FHA loans.
- VA loans.
- USDA loans.
- Specialized loans.
Fixed-rate loans
Fixed-rate loans are ideal for borrowers who want a predictable payment schedule. While the interest rate is initially higher than for adjustable-rate loans, your rate and payment will never change for the life of the loan.
Adjustable-rate loans
Adjustable-rate mortgages (ARMs) can be a good option for borrowers who need to start with a lower monthly mortgage payment. These loans start with a lower interest rate than fixed-rate loans, but present more of a risk, because the rate could adjust upward with the market rate.
Adjustable-rate mortgages have fixed rates for a limited period, such as five years, before the rate begins to adjust, usually annually. PNC offers options for ARM loans including 1/1, 3/1, 5/1, 7/1, or 10/1 loan terms.
Jumbo loans
Jumbo loans are made for a larger amount than conforming mortgage loans. They could help you purchase property in an expensive area, but are usually harder to qualify for because borrowing more means a higher monthly payment.
FHA loans
FHA loans are guaranteed by the U.S. Federal Housing Administration, and PNC Bank is an approved lender. The qualifying criteria are more relaxed for FHA loans, which are intended to enable first-time home buyers, lower-income buyers, and buyers with poor credit to get mortgage loans.
VA loans
VA loans, backed by the U.S. Department of Veterans Affairs, are available to eligible veterans or military servicemembers and their families. They can be easier to qualify for and require a low or no down payment. The minimum down payment for a VA loan from PNC Bank is 0%.
USDA loans
USDA loans are backed by the U.S. Department of Agriculture to encourage homeownership in eligible rural parts of the country. You can find a USDA loan from PNC Bank with no down payment, and you may be able to roll other closing costs into the mortgage instead of paying upfront.
Specialized loans
PNC offers a variety of specialized loans, including 80-10-10 loans. These loans let you put down a 10% down payment, borrow 80% on one loan, and cover the remaining down payment with an additional 10% home equity loan.
This lets you avoid private mortgage insurance while making a low down payment.
Other specialized loans include loans for medical professionals, loans offering up to a $1,500 grant to help cover closing costs; and the PNC Community Loan, which comes with no PMI and a low down payment.
Pros & cons of a PNC mortgage loan
Pros
- PNC is a nationally recognized bank.
- You can visit local branches to get help with applying for or servicing your mortgage loan.
- You can be pre-approved online to find out what kind of loan you can qualify for.
- A wide selection of loan options means most borrowers can find an option that works for them.
Cons
- You cannot complete the entire mortgage process online. You will need to visit a local branch or speak with a loan officer via email or phone.
- PNC only lends to borrowers in 19 states.
Eligibility & application information
Eligibility varies by loan type but mortgage application requirements are similar across loans.
How to apply
You can apply for pre-approval for a PNC mortgage by visiting the company’s website and clicking “Get Started.” You’ll need to provide some basic information, including your name, address, Social Security number, and details about how much you want to borrow.
You can also move forward in the process by clicking “Find a Loan Officer,” to find local in-person support or by calling 877-508-3339.
What you need to apply:
- Proof of identity.
- Contact information.
- Social Security number to authorize a credit check.
- Tax returns.
- Bank statements and investment account statements.
- W-2 forms and 1099s.
- Details about other debts you owe.
PNC mortgage refinance loans
| PNC mortgage refinance loans | |
| Minimum credit score | Varies by loan |
| Loan amounts | Up to $484,350 |
| Maximum loan-to-value | Not disclosed |
| Loan terms | 10 – 30 years |
| Fees | Not disclosed |
PNC mortgage refi options
PNC Bank offers several options for refinancing your mortgage. Most of the refinance options are similar to the home buying loan options, so you can check out the information above to see which type of loan is right for you.
Options available for mortgage refinancing include:
- Fixed-rate loans.
- ARM loans.
- Jumbo loans.
- FHA refinance loan, which can be used to refinance an existing FHA loan.
- VA refinance loan, which can be used to refinance an existing VA loan.
- Home Equity Rapid Refinance, a lower cost way to refinance your mortgage with no application fee and minimal closing costs.
Pros & cons of a PNC mortgage refi
Pros
- You have a wide choice of refinance loan options, including government-backed loans and loans for more expensive properties.
- You can take advantage of Rapid Refinance, which helps you save on the high costs traditionally associated with refinancing a home mortgage loan.
- You can find in-person help at a local PNC branch.
Cons
- You can’t complete the entire refinance process online; you have to work with a loan officer at a local branch on the phone.
- You can only refinance if you live in one of the 19 states where PNC makes loans available.
Eligibility & application requirements
The requirements to refinance a loan with PNC are similar to the requirements associated with obtaining a loan for a newly purchased property. Like with newly purchased properties, they vary based on loan type.
How to apply
To apply for a PNC refinance loan, visit the PNC Bank website and click “Apply Now.” You can also click “Request Contact” on the website to get a loan officer to call you or call 877-508-3339.
What you need to apply:
- Details about the property you’re refinancing. You will likely be required to have the home appraised.
- Tax returns.
- Proof of income, including W-2s and 1099 forms.
- Your Social Security number for a credit check.
- Bank account and investment account statements.
- Details about outstanding debts.
PNC mortgage alternatives
Research and compare lenders to see which can offer you the best deal. You can check out our list of the best mortgage lenders to get prequalified quotes from several before you apply.
If you’re interested in refinancing your mortgage, check out our list of the best mortgage refinance companies.