PNC Bank mortgage review

PNC Bank was the ninth-largest mortgage originator in 2022, according to federal data. It offers numerous types of mortgage loans, including conventional, government-insured (FHA, VA, and USDA), jumbo, and home equity lines of credit (HELOCs). You can start the pre-approval process and apply for a PNC mortgage online or in person if you live near one of the bank’s 2,300 branches. 

Our PNC mortgage review focuses on loans for homebuyers and homeowners, but the bank also offers personal banking, auto loans, student loans, credit cards, and wealth management services. PNC mortgage rates are competitive, and you can get a general idea about rates by entering a few details on the website. 

• Competitive rates
• Variety of mortgage products
• Low down payment options
• $5,000 closing cost grants for eligible borrowers
• Specialty loans for medical professionals
• Apply online or in person 

• The mortgage process isn’t 100% digital
• HELOCs aren’t available in all states
• No renovation mortgages or home equity loans

PNC Bank offers a variety of home loan products, including purchase, refinance, and home equity lines of credit (HELOCs). Here’s a quick rundown of your options. 

• Conventional loans. The government doesn’t back these loans, so they have stricter eligibility requirements. They can be fixed-rate or adjustable-rate mortgages with a term of 10, 15, 20, or 30 years. You’ll generally need a down payment of at least 3% and private mortgage insurance (PMI) if you put down less than 20%. 
• FHA. FHA loans are government-backed loans with more flexible credit requirements and down payments as low as 3.5%. PNC offers standard fixed-rate terms up to 30 years. Eligible borrowers may qualify for a $5,000 PNC Grant to help with closing costs. The fees range from 3% to 5% of the loan amount.  
• VA. VA loans are guaranteed by the U.S. Department of Veterans Affairs (VA) and offered to active military, veterans, Reservists, and National Guard members. Fixed loan terms range between 15 and 30 years. You can get a VA loan with little to no down payment and no private mortgage insurance. Fees for VA loans typically range from 3% to 5% of the loan amount.  
• USDA. When you’re buying a home in a rural area, you may qualify for a USDA loan with no down payment. These loans can be used to buy a new or existing residential property that will be your permanent residence. Closing costs and reasonable expenses can be rolled into the loan.  
• Jumbo mortgages. PNC offers fixed and adjustable-rate jumbo mortgages with terms of 15 to 30 years. You can finance up to $5 million to buy a primary or second home. PNC’s website says the fees typically range from 3% to 5% of the loan amount.  
• Refinancing. Mortgage refinancing lets you lower your interest rate, change terms, consolidate debt, or take advantage of specialized loans. PNC offers a variety of refinancing options, including fixed-rate, adjustable-rate, jumbo, FHA, and VA loans.  
• HELOCs. PNC’s Choice Home Equity Line of Credit (CHELOC) lets you tap into your home equity to renovate your home, refinance your mortgage, or consolidate debt. You can switch between fixed and variable rates, but the website says you’ll pay a fee every time you lock or unlock your interest rate. PNC doesn’t offer the CHELOC product in Alaska, Hawaii, Louisiana, Mississippi, Nevada, or South Dakota. 

• PNC Community Mortgage. This specialized loan program has down payments as low as 3% with no private mortgage insurance (PMI). Gift funds are allowed as part of your down payment.  
• Medical Professionals mortgage. This loan is specifically designed for interns, residents, fellows, and doctors who completed their residency in the last five years. You can borrow up to $1 million (primary residences only), and the loan doesn’t require private mortgage insurance. Fixed-rate and adjustable-rate terms are available. 

PNC Bank offers fixed-rate loans with terms between 10 and 30 years and down payments as low as 3% of the property’s purchase price. Adjustable-rate mortgages (ARMs) come with initial terms of seven or 10 years and are available on conforming, VA, and FHA mortgages. PNC’s minimum down payment varies by loan type. VA loans typically allow 0% down, while conventional loans require 3%, and FHA loans have a 3.5% minimum down payment. 

PNC offers single-family loan amounts up to $726,200, with no minimum loan amount on conventional and government-backed loans (VA, FHA, and USDA). The most you can borrow depends on your qualifications and the type of mortgage you want. PNC offers jumbo mortgages for up to $5 million. 

PNC doesn’t disclose minimum credit scores for specific loan types, but lenders generally require a credit score of at least 620 for conventional loans and 580 for FHA mortgages. PNC’s down payment requirements vary by loan type. VA loans typically have a 0% down payment. The minimum down payment for conventional loans is 3%, and FHA loans usually require 3.5% down. 

Most lenders charge fees, but some are higher than others. PNC Bank doesn’t disclose exact costs, but its website indicates that you can expect to pay 3% to 5% of the loan amount in fees. 

The process for getting a mortgage at PNC Bank is similar to what other online mortgage lenders offer. You can start the pre-approval and mortgage process online or in person at one of PNC’s branch locations (you can find and schedule a loan officer appointment on PNC’s website).

After you complete the initial steps, you’ll be connected to a loan officer who will answer questions and guide you through the rest of the process. You’ll determine which loan works best for your budget, confirm your interest rate (fixed or variable), and then PNC will send you a Loan Estimate outlining the terms of the offer. If everything looks OK, you’ll let PNC know you’re ready to proceed.

From there, the PNC team will arrange a property appraisal and work with you to verify your income and assets. When everything is approved, PNC will call you to schedule the closing. 

If you apply online, PNC might offer an instant decision on your pre-approval application, though pre-approval times vary by situation. While PNC doesn’t offer a typical closing timeline, the approval, underwriting, and closing process might take 30 to 90 days. 

PNC Bank is a worthy option if you want a large selection of mortgage products (including low down payment loans), prefer working with a well-established bank, or need a jumbo loan to finance a pricier home purchase. It’s also a good choice if you’re looking for an in-person mortgage experience and live near one of its roughly 2,300 branches.

PNC Bank doesn’t offer renovation mortgages or home equity loans (though it offers HELOCs), so you should look elsewhere if you’re after one of these loan types. Also, consider looking elsewhere if you prioritize in-person support and don’t live near a PNC branch. 

The best mortgage lenders (and best banks) offer competitive rates and low fees. The national average rate on a 30-year fixed-rate mortgage is 8.04% as of Oct. 29, and PNC mortgage rates generally fall in line with industry averages. PNC says its closing costs typically range from 3% to 5% of the home purchase price. However, it offers grants of up to $5,000 to help qualified borrowers with closing costs, making buying a home of your own more affordable. 

Editorial Disclosure: All articles are prepared by editorial staff and contributors. Opinions expressed therein are solely those of the editorial team and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in this article is accurate as of the date of the publish. Check the lender’s website for the most current information.

This article was originally published on SFGate.com and reviewed by Lauren Williamson, who serves as Financial and Home Services Editor for the Hearst E-Commerce team. Email her at [email protected].