PNC Mortgage Rates

PNC Mortgage Rates Review

PNC Mortgage is part of the PNC Financial Services Group based in Pittsburgh. PNC Mortgage has branches in 19 eastern US states. Since mortgages are huge and complex, experts recommend finding a mortgage service that has in-person service.

PNC does have a wide variety of loans, including one with no mortgage insurance. They also offer down payment assistance programs.

If you are considering a PNC mortgage or refinance, we’ll take a deeper look into their services and rates.  

Quick Overview of PNC Bank Mortgages

  • Best for Low-to-moderate incomes or limited down payments
  • Online application
    • estimate PNC mortgage payments
    • track your application
    • can’t complete the entire mortgage process online
  • Loan type Purchase, Refinance, Equity, Jumbo, Fixed, Adjustable
    • FHA financing – yes                            
    • VA financing – yes
    • USDA financing – yes
    • other financing Community Loan, Combination Loan
  • Loan terms                     
    • 30-, 20-, 15-, 10- or 8-year fixed
    • 10/1, 7/1, 5/1, 3/1 and 1/1 ARMs
  • Minimum down payment 3%
  • Minimum FICO score   620
  • Credit considers nontraditional credit history like rent payments
  • Maximum loan              
    • Conventional – $484,350
    • Jumbo -$3 million.
  • Income to debt 45%, may be lower based on credit score and assets
  • Closing costs typically range from 3% – 5% of loan amount
  • Origination fee varies
  • Dwellings                                         
    • single-family dwellings in buildings containing up to four units
    • primary or secondary residence or a rental property
  • Average closing
    • purchase loan – 40 days.
    • refinancing loan – 60 days
  • Customer satisfaction
    • JD Power 2017 at industry standard
    • fewer complaints registered with CFPB

PNC Online Services

The PNC online services offer clear information on products. The main drawback is that you must speak with an employee. You can’t get clear information on fees. You can start the application process for your PNC bank mortgage online, over the phone, or in person.

If you are applying online, company representatives suggest that you get pre-approved. This step being online (or in person). You’ll need information on your:

  • Income
  • credit history and score
  • debt-to-income ratio
  • Assets

One drawback of PNC’s online mortgage estimator is that the program assumes you will be putting down 20% on conventional loans. This eliminates the need to purchase mortgage insurance. Government backed loans have a more flexible down payment requirement. If you plan on putting down less than 20% on a conventional, you will have to talk to a customer service representative.

Once you fill out the initial paperwork, a loan officer with contact you by phone in within 2 business days. During this phase, you’ll have to submit the following:

  • month of pay stubs
  • last two years of W-2s
  • self-employed persons will need two years of federal tax returns, a year-to-date profit and loss statement, and balance sheet
  • Nontraditional credit history such as rent payment history can be considered

Once your application is submitted, you can sign up for the Home Insight Tracker. You’ll get a PNC mortgage login at this point. This tool will give you the status of your PNC loan status. Otherwise, you’ll be contacted by phone or email as your application hits milestones.

The Home Insight Tracker also includes information on loan terms, interest rate, estimated payments, and submitted and outstanding documents.

PNC Mortgage Rates

PNC bank mortgage rate are slightly less than most major bank mortgages. However, it can be difficult to find out what the closing costs are. That makes it hard to compare individual mortgage quotes. In order to compare PNC bank mortgage rates with other mortgage lenders, you’ll have to speak with a customer representative. Request a formal home loan estimate to get a best estimate of fees.  

PNC Products

PNC offers a full range of products and is comparable with other banks. You can take out a mortgage, refinance an existing one, take out equity, and look for jumbo loans (over $484,350). They offer FHA, VA, and USDA financing for qualified borrowers.

If you are looking for fixed mortgages, PNC offers mortgages as for 8, 10, 15, 20 and 30 years.  PNC’s adjustable rate mortgages can be taken out for 10/1, 7/1, 5/1, 3/1 and 1/1. The first number is the number of years that your interest rate stays the same.

The PNC Combination Loan is a conventional first mortgage for 80% of the purchase price with a 10.1% down payment along with a home equity line of credit of 9.9% of purchase price. You don’t need to have mortgage insurance, so that may offset increased closing costs.

The PNC Community Mortgage is designed for borrowers meeting income criteria in designated areas. Qualified borrowers can finance up to 97% of the home with no PMI (private mortgage insurance) required. There may also be down payment assistance.

PNC Overall

PNC appears to have good customer service. However, a slightly unfriendly mortgage estimating online form can be frustrating when comparing closing costs. PNC offers a full range of products at competitive interest rates.

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