Is Pnc A Good Bank For Mortgage

Pnc Mortgage Variety Of Loan Types

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, including jumbo mortgages.

Among its conventional loan offerings is the PNC Community Loan, which requires a down payment as low as 3% and minimal cash reserves. Borrowers may use gift money as part of the down payment. The program is for low- to moderate-income borrowers. PNC also offers a $5,000 grant to help with closing costs in certain markets. The lenders 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. Gift money may be part of the down payment.

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Pnc Mortgage Is Right For You If:

You’re low on cash for the down payment or you are a low- or moderate-income earner. The special mortgage programs offer a wide variety of options to fit many home buyers’ needs. In particular, the low down payment mortgage with no PMI could be a long-term money saver.

You’re a medical professional. PNC’s medical professional loan has no PMI. It’s available for eligible medical interns, residents, fellows, and doctors who have completed a residency in the last five years. PMI is a monthly cost that can add up significantly over time, so avoiding it is a boon no matter your income or the size of your loan.

You’re afirst-time home buyer or repeat buyer who still feels a little flummoxed by the process. The well-designed educational tools could help you gain the knowledge you need.

How To Take Out A Personal Loan With Pnc Bank

PNC Bank could be a good choice for borrowers with good credit who are looking for low-interest personal loans mainly if theyre wanting to borrow $15,000 or more to take advantage of competitive rates.

To take out a personal loan with PNC Bank, you can apply online, over the phone, or at a branch location.

But before you apply, make sure to shop around and consider as many personal loan lenders as possible to find the right loan for you. PNC Bank isnt one of Credibles partners, but you can use Credible to compare rates from other vetted lenders in two minutes.

Credible makes it easy to find the right loan for you.

PNC Bank isnt a partner lender. But you can use Credible to compare rates from other lenders who offer personal loans in just 2 minutes.

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We’re A Trusted Partner

You can feel confident choosing us as your financial partner for this important milestone in your life.

Whether you need to start the home buying process, looking for a preliminary preapproval or need help after the closing, were available online, on the phone or face-to-face in your neighborhood branch. Were with you every step of the way. We service most of our customers home mortgage loans.

What To Do If You Are Rejected By Pnc

Do not be discouraged if your PNC mortgage loan application gets rejected. There are many factors that might contribute to why a borrower is denied a mortgage. For some borrowers, it might be due to a low credit score, having poor or insufficient credit history, a high debt-to-income ratio or insufficient income.

If your application is rejected, you will receive a letter explaining PNCs decision. The letter will outline the reasons why your application was denied. We advise you to read this document thoroughly. We also encourage you to reach out to PNCs representative or loan officer for additional information and resources to help you understand the mortgage loan process. Learning the exact reason why your application was rejected will allow you to identify the key areas where you need to make necessary changes to improve your application. By doing this, youll increase your chances of getting approved either by PNC or by another company.

MoneyGeek cautions you against immediately reapplying for a mortgage loan with a different company without making any significant improvements to your overall creditworthiness since doing so will only have a negative impact on your credit score.

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What To Do If You Get Turned Down

If you get turned down for a loan, ask your loan officer what specific steps you need to take to qualify for a PNC mortgage. Common reasons for not qualifying include: low income, too much debt, income history is too short or too unstable, or credit score is too low. But itâs helpful to learn the specific reasons that apply to your situation.

If you donât want to wait, you could consider pricier or higher risk options. These include working with an alternative lender whose criteria are less strict, getting a co-signer or finding a co-borrower. Of course, asking someone to take on a mortgage with you is no small commitment, especially if this person wonât be living with you.

How much home can you afford? To get an idea of what you can afford, try our mortgage calculator.

Itâs also a good idea to apply with several mortgage lenders to see where you stand. Donât worry about hurting your credit score: Submitting multiple applications within 45 days will have the same impact on your score as submitting a single application, according to the Consumer Financial Protection Bureau .

Pnc Bank Mortgage Rates And Fees

PNC shows customized mortgage rates on its website when you enter your zip code and desired loan amount. It shows rates for a variety of fixed-rate and adjustable-rate mortgage terms, plus FHA and VA loan rates.

Take these personalized rates with a grain of salt, though. PNC doesn’t let you enter information like your or down payment amount at this stage, which it will eventually use to determine your rate once you apply for preapproval.

PNC does charge some lender fees, but the exact fees vary based on where you live and how much you borrow. Its origination fee typically ranges from $675 to $1,240 although it doesn’t charge origination fees on FHA, VA, or USDA mortgages.

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Pnc Bank Mortgage Faq

PNC offers many types of mortgages, so it could be easy to find one that you qualify for. However, you’ll need to have a decent credit score, because it doesn’t accept alternative forms of credit like proof of paying bills on time. You should have a minimum 620 credit score for a conforming mortgage.

From the time you make an offer on a home, it typically takes around 45 days until closing. PNC will issue its final approval after the home appraisal and subsequent loan decision. After the final approval, it should take seven to 10 days to close.

PNC allows you to make mortgage payments by using online banking, setting up automated payments, mailing in your payment, visiting a branch, or paying over the phone. If you choose to pay over the phone, you’ll pay a $7 fee if the payment is coming out of a non-PNC bank account.

Pnc Mortgage Rates And Fees

• PNC Bank earns 3 of 5 stars for average origination fee.

• PNC Bank earns 3 of 5 stars for average mortgage interest rates.

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.

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Fees And How Long It Takes To Get The Money

PNC bank does not charge an application fee or origination fee on its personal loans.

Thats a good thing because it means you pay less over the life of the loan. You also wont pay a fee to pay the loan off early.

If you find a windfall and can pay the loan in full, theres nothing stopping you.

The one fee to worry about is the late payment fee of $36. If youre never late on a payment, you wont have to worry about this either.

When you apply for a loan, the whole process takes 10-15 minutes.

Depending on the specifics of your application, youll get an immediate decision, or will have to wait for one.

Once your loan is approved, the money will arrive in your account within a few days.

Customer Complaints About Pnc Bank

While the banking experience might rank highly, the overdraft fee certainly do not. The penalties for overdraft fees beyond a negative balance of $5 is $36 per item and they can charge you for four separate items each day. If you remain negative for 5 days they add another $7 daily fee to that. According to Consumer Affairs, they have a 1.5 out of 5 rating for the overall experience for customers. Many of the complaints have to do with the high overdraft fees especially when fraudulent activity takes place. In these situations consumers have dealt with fraudulent charges and overdraft fees that they have to pay out-of-pocket before the bank will even open the case and review the fraudulent activity in question.

Other consumers have had issues with fraud alerts, forged checks and lost cards all the while PNC holding the accounts and not taking action for the open disputes to reopen the accounts for the consumers in question and to reverse the charges from the fraudulent activity.

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Home Equity Loan Rates

PNCs HELOC product offers competitive rates as well as the ability to fix thHome Equity Loan Ratese rate to protect yourself from future interest rate increases. This is a very useful offer If you agree to a variable rate, your interest may rise. Also, if your home declines in value, you could end up paying more money than your home is worth.

PNC currently offers three home equity loan options:

• Traditional home equity loan, which starts at $1,000
• Accelerated PNC home equity loan, minimum is not disclosed
• PNC HELOC, with a minimum of $10,000

PNC also allows you to make interest-only payments on your HELOC balance, helping you save money every month.

Youre Our First Priorityevery Time

We believe everyone should be able to make financial decisions with confidence. And while our site doesnt feature every company or financial product available on the market, were proud that the guidance we offer, the information we provide and the tools we create are objective, independent, straightforward and free.

So how do we make money? Our partners compensate us. This may influence which products we review and write about , but it in no way affects our recommendations or advice, which are grounded in thousands of hours of research. Our partners cannot pay us to guarantee favorable reviews of their products or services.Here is a list of our partners.

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How Pnc Bank Mortgages Work

PNC provides loans in all 50 US states and Washington, DC. You can get the following types of home loans through PNC:

PNC does not offer reverse mortgages.

If you refinance, you can choose between a rate-and-term refinance or cash-out refinance. You may also streamline refinance your FHA, VA, or USDA loan.

Ask PNC about applying for the PNC Homeownership Grant. You’ll receive $1,500 to use toward buying expenses such as closing costs. PNC doesn’t provide much information online, but you can talk to an agent about the grant.

To speak with customer support, call Monday through Thursday from 8 a.m. to 9 p.m. ET, or Friday from 8 a.m. to 5 p.m. ET. Or call Saturday from 9 a.m. to 2 p.m. ET.

The Better Business Bureau gives PNC Bank an A+ rating. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.

Despite PNC’s great BBB score, the bank has had one recent public scandal. In 2019, PNC was accused of aiding a man in carrying out a fake debt relief project, which cost customers a total of $85 million. In 2014, PNC had suspected the man of running a scheme and closed his bank accounts. But nine months later, the bank let him open more accounts.

Pnc Mortgage Ease Of Application

PNC has bank branches and mortgage offices in many, but not all, states, so in-person service isn’t available everywhere. Customer service representatives are available by phone.

You can start the mortgage application process online or by phone. If you want to speak with someone first, the PNC website offers a tool to find mortgage loan officers in your area.

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 the status of your application and get updates when your loan hits certain milestones. You can also upload and submit documents as well as send and receive messages with your loan officer and processor.

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What Pnc Bank Offers

PNC Bank lends in all 50 states and DC. Its mortgage rates are competitive. You can get a rate quote by filling in your loan amount, loan type and ZIP code on PNCâs website.

These advertised rates can give you a general idea of the lenderâs offers. However, your own rate will depend on your financial situation, property type, mortgage program and market conditions when you lock in your rate. For example, an FHA loan with 5% down may have a higher APR than a conventional loan with 20% down.

How To Apply For A Mortgage With Pnc

Once youve prepared all your documents, its time to get preapproved and apply. You can do so online or in person at a branch. Use the following steps to get preapproved online.

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Happy Money Vs Pnc Bank

Rounding out the list of personal loan alternatives is the Happy Money loan, which gives qualified borrowers the option to take out up to $40,000 and is framed as a way of consolidating credit card debt.

This lender is the most transparent of the bunch when it comes to the various credit requirements associated with this loan. Borrowers should have a FICO Score of 640 or higher and zero current delinquencies on your credit report. And although it does have an origination fee, the company says that it has eliminated most common fees, like prepayment, late, check processing and annual fees. Plus, for those who are interested, Happy Money also offers prequalification, which can help you understand if youre a good candidate for the loan before committing to the lender.

Working With Pnc Mortgage

PNCs online Home Insight service comes in two flavors. The first is called Home Insight Planner. It lets you input your personal household budget and lifestyle details, and then guides you to the loan that should suit you best.

The second component, Home Insight Tracker, takes over when youve made an application. It has two main functions: First, to help you manage your application and access existing documents and status reports. Second, to upload documents and exchange messages with your loan officer in a secure environment.

Moreover, home buyers can begin both preapproval and loan applications online.

PNCs website also offers some helpful information to borrowers, including articles, guides, and tools. Its mortgage calculator allows you to forecast your potential monthly mortgage payments and it adjusts for assumptions, such as homeowners insurance and property taxes.

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Who Is Pnc Bank

• A depository bank and mortgage lender with roots in Pittsburgh
• The name is based on two former predecessors
• They acquired National City Mortgage during the housing crisis in 2008 to become a major mortgage player
• A top-25 mortgage lender nationally that funded about $36 billion in home loans during 2021

The history of PNC Bank can be traced all the way back to the mid-1800s, though its unclear when they first began offering mortgages on residential properties.

But one thing is certain theyve been around a while and look to be growing larger as time goes on, especially in the home lending space.

One major catalyst in their growth story had to do with their timely acquisition of National City Mortgage, which was a major home loan lender until the housing crisis hit in the early 2000s.

PNC Mortgage basically reinvented itself with the merger thanks to National Citys large mortgage presence. They were a top-10 mortgage lender up until the crisis.

However, PNC has yet to crack the top-10 lender list themselves, though its probably a matter of time if they continue on the same course.

Customer Service Reviews At Major Lenders

Along with PNCs satisfaction scores, we checked its customer complaints using the Consumer Financial Protection Bureau online database, where borrowers can file complaints against lenders. For PNC, the results in the database look good. It has fewer than one official complaint filed per 1,000 mortgage customers.

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