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.
Mortgage Loan Products At Pnc
PNC has an especially broad range of mortgage options. It offers conventional mortgages and all the government-backed mortgages .
PNC even has a couple special mortgage programs, for medical professionals and lower-income home buyers.
PNC also says its mortgages typically come with fees and costs totaling between 3 and 5 percent of the loan value.
The $1,500 closing cost grant from PNC
If youre getting a mortgage from PNC, you might be eligible for a $1,500 grant to help with your closing costs. PNC closing cost grants are available on 15- and 30-year loans with fixed or adjustable rates. To qualify, you must either live in a designated low- to moderate-income census tract, or have an income that does not exceed 80% of the local median.
What Could Be Improved
Many lenders offer a discount on the origination fee or the interest rate to customers who meet certain eligibility criteria. Relationship discounts on mortgages “may” be available but we think most customers won’t qualify for it. PNC Private Bank or Hawthorn customers who maintain at least $500,000 in balances can inquire about special pricing.
The wow factor
J.D. Power ranks PNC ninth in the 2020 U.S. Primary Mortgage Origination Satisfaction Study, with a score below the industry average. To be fair, PNC moved two places higher than in the previous year. Even so, PNC is squarely in the middle of the pack — not amazing, not dismal. Crossing the threshold of your new-to-you home is a champagne-worthy occasion, but the mortgage process isn’t an experience that makes most people dance with delight. In fact, it can be a frustrating and stressful time when you feel somewhat at the mercy of strangers who hold the key to your happy future. We all want to feel well cared for during this time, so there is something to be said for seeking out a mortgage lender whose service stands out.
Read Also: Rocket Mortgage Conventional Loan
How Do Pnc Bank And Ally Compare
- Choose this lender for low down payment options
- Watch out for poor customer service
- A good option for commercial real estate loans
- Choose this lender for clear time estimates
- Not ideal if youre looking for in-person support
- A good option for first-time homebuyers
Not available in: AK, HI, MD, MA, MN, NV, NH, NY, VT, VA, WY
- No home equity line of credit options
Overcharging Of Black And Hispanic Borrowers By National City
In December 2013, the Department of Justice and the Consumer Financial Protection Bureau announced that they had reached an agreement with National City Bank to resolve allegations that the bank had charged Black and Hispanic borrowers higher prices for mortgages between 2002 and 2008, before the acquisition by PNC. Regulators claimed that National City had violated the Fair Housing Act and Equal Credit Opportunity Act by charging more than 75,000 borrowers higher loan rates based on their race or ethnicity rather than their risk level. National City’s lack of pricing guidelines resulted in black borrowers being charged an average of $159 more in extra upfront fees or higher interest than white borrowers. Black borrowers also paid an average of $228 more annually over the life of the loan than white borrowers. Hispanics paid $125 more upfront and $154 more annually than white borrowers. Under the terms of the settlement, PNC was required to pay victims $35 million.
Read Also: Reverse Mortgage For Condominiums
Pnc Online Banking Is Your 24/7 Secure Online Resource For Viewing Important Mortgage Account Information And Accessing Helpful Tools To Manage Your Loan
Once logged into Online Banking start realizing the many benefits, including:
- Get organized and save paper with paperless Mortgage statements
- Setup account alerts to stay informed
- Schedule payments for your mortgage account
- Access mortgage documents such as your escrow statements and year-end tax statements Schedule Recurring Mortgage Payments
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.
Also Check: How Does 10 Year Treasury Affect Mortgage Rates
Important Legal Disclosures And Information
For Adjustable Rate Mortgages loans , rates may increase after settlement.
Borrower must satisfy pre-approval conditions outlined in commitment letter. Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions.
All borrowers must satisfy all conditions outlined in a commitment letter issued in connection with an application for mortgage credit. Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions. Program terms are subject to change.
PNC, PNC HomeHQ, PNC Home Insight, and Home Insight are registered service marks of The PNC Financial Services Group, Inc. . PNC has pending patent applications directed at various features and functions of Home Insight Planner and Home Insight Tracker. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
Refinancing Products Offered By Pnc
All lenders offer a variety of products. If youre looking to refinance, take a look at all of PNCs programs:
- 30- year fixed rate
- 15- year fixed rate
- 10-year fixed rate
As with all fixed rate home loans, the rate you agree to will not adjust over the life of your loan. A fixed-rate mortgage makes budgeting for your mortgage payment easier than with an adjustable rate mortgage. PNC offers terms ranging from 10 to 30-year fixed rates. Single family loan amounts will cap at $424,100 per the market limit. For PNC refinance rates, check their website directly.
- 3-1 ARM
- 7-1 ARM
- 10-1 ARM
ARM loans have a shorter term than most traditional fixed-rate mortgage terms but come with a tempting incentive. The shorter terms also mean lower interest rates. One downfall of an ARM is the higher monthly payments that accompany a shorter term.
The rate you lock will be set for the length of ARM you select. For instance, if you select a 5-1 ARM, the rate is set for a five-year period. After the initial five years, the loan will reset annually with a new rate that can be either higher or lower depending on market conditions at the time the adjustment occurs. Its ideal to accept a 5-1 ARM if your income may increase, you plan to live in the home for only a few years, you are coming to the end of your current home loan, or you expect interest rates to remain steady.
- FHA loans
- VA loans
Refinancing your home can save you money over the life of your loan
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How Pnc Mortgage Stacks Up
As one of the largest banks in the U.S., PNC Bank offers the benefit of personal banking as well as mortgages. For some, its advantageous to keep all banking in one spot, but for others, that aspect may not matter so much for mortgage lender comparisons. It ultimately depends on your personal finance preferences. Regardless, compared to many mortgage lenders, PNCs consumer offerings are well positioned. The mortgage site is useful and informative. Its one of the more user-friendly out there with easy navigation and well-written explanations. With mortgage rates built on the site, an application tracker and easily available information, you wont find yourself scratching your head about anything mortgage related.
However, if you were hoping to absolutely everything online, youre out of luck. At some point youll need to speak with a loan officer either via phone or email. Rocket Mortgage, part of Quicken Loans, is an option if youd like to keep everything digital and rather not speak to anyone in person.
The biggest downside to this lender is its lack of accessibility for certain borrowers. If youd like to speak with a loan officer in person but youre not in one of the states that offers one, PNC Bank may not work for you. Additionally, PNC Bank itself only has locations in 19 states.
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.
Also Check: Chase Mortgage Recast
How To Get Approved
Once youve decided to apply for a personal loan, youll need to figure out how to get approved for a loan. The first step towards getting approved is actually applying.
When you apply for a loan at PNC, you can apply in-person, online, or over the phone. However you apply, youll need to provide some information, including:
- Proof of income, such as bank statements or pay stubs
- Verification of employment
PNC uses this information to make a lending decision.
Though it may sound difficult to get the information and paperwork together, its important to gather as much as you can.
Providing a lender with as much information as possible gives you the best chance of getting approved for a loan.
If a lender has any questions, it will, at best, delay approval. At worst, you could be denied the loan.
Here Are Some Alternatives To A Pnc Student Credit Card:
- Discover it® Student chrome:$0 annual fee. 1 – 2% cash back, depending on the type of purchase. First year’s cash back matched. 0% intro APR on purchases for 6 months. This card’s regular APR is 12.99% – 21.99% Variable.
- Journey Student Rewards from Capital One:$0 annual fee. 1 – 1.25% cash back on all purchases . Eligible for a credit limit increase after making your first six monthly payments on time.
- Capital One Platinum Secured Credit Card:$0 annual fee. Initial credit limit of $200 with a deposit of $49, $99 or $200, based on the specifics of your credit history. Eligible for credit limit increase when you make your first six monthly payments on time.
There is no PNC student credit card. But students can still get a PNC credit card by somehow building excellent credit, applying with a co-signer, or getting an existing cardholder to make them an authorized user.
The PNC foreign transaction fee is 3% of the purchase amount when you buy something in a foreign country or from a merchant based outside the U.S. Most PNC cards have this 3% foreign fee. But there are three exceptions that don’t charge foreign fees: The PNC Premier Traveler® Visa Signature Credit Card, the PNC Travel Rewards Visa® Business Credit Card, and the PNC BusinessOptions® Visa Signature® Credit Card. You can only get the last two options if you own a small business, but anyone can get the PNC Premier Traveler® Visa Signature Credit Card card.
Recommended Reading: Are Discount Points Worth It
Compare To Other Lenders
|NerdWallet rating NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.||NerdWallet rating NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.||NerdWallet rating NerdWallet’s ratings are determined by our editorial team. The scoring formula takes into account loan types and loan products offered, online conveniences, online mortgage rate information, and the rate spread and origination fee lenders reported in the latest available HMDA data.|
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA
Loan Types and Products
Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA
Loan Types and Products
Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA
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How Pnc Compares To Other Personal Loan Companies
Like PNC, PenFed Credit Union is a traditional financial institution that also offers personal loans. Neither of the lenders charges borrowers prepayment penalties or origination fees, and APR ranges are similar with PenFeds rates extending from 4.99% to 17.99%. That said, the lenders also provide limited qualification information on their websites.
Despite the similarities, there are a few key differences between the lenders:
- PenFed and PNC loan offerings vary by location, but PNC applicants can enter their zip code to review available APR ranges. On the other hand, prospective PenFed borrowers can view rates during pre-qualification.
- While PNC does not offer a pre-qualification process, PenFed lets consumers see the rate theyre likely to qualify for with just a soft credit check.
- PenFed personal loans are available up to $50,000, while PNC borrowers are limited to $35,000 loan amounts.
Because PNC does not have a pre-qualification process, PenFed may be the best optionespecially for borrowers who arent sure theyll qualify for a loan and dont want to undergo a hard credit inquiry. PenFed also provides more information about its personal loans online, and it offers more flexible loan amounts and repayment terms than PNC.
Read our PenFed personal loans review.
Recommended Reading: Can You Refinance A Mortgage Without A Job
What To Know Before Getting A Personal Loan
When you need a quick way to get immediate cash, personal loans can be a solution. Theyre not a substitute for an emergency fund but can come in handy when you have a large upcoming expense or need to consolidate high-interest credit card debt.
Personal loans can be secured or unsecured loans. If you take out a secured loan, the lender will require you to pledge some form of property such as your car or another asset as collateral for the loan. If you fall behind on your payments, the lender can take and sell your collateral to get back their investment. Although secured loans are riskier for the borrower, they might offer lower interest rates than unsecured loans.
Unsecured personal loans, sometimes called signature loans, dont require collateral. Instead, the lender bases its decision on the applicants creditworthiness. Unsecured loans may have higher interest rates than secured loans, but theres no risk of losing your property if you miss payments. Keep in mind, though, that late or missed payments can still seriously hurt your credit score.
When deciding whether to accept a loan offer, carefully review the lenders disclosures and terms. Personal loans can have added fees, such as origination fees and late fees, that add to your overall cost. If you arent sure what fees are associated with the loan, contact the lender with your questions.
How Are Pnc Mortgage’s Rates Compared To The National Average
PNC Bank’s mortgage rates trend about the same as the national average. Keep in mind that to get the best advertised mortgage rate, you’ll need a good or excellent credit score. You’ll also need to meet the lender’s other requirements. And you may need to pay for mortgage discount points. Not everyone will get the lowest rate.
Read Also: Does Rocket Mortgage Sell Their Loans
How Pnc Bank Can Improve
PNC Bank is a reputable financial institution with several banking products available, including personal loans. But there are a few ways it could improve:
- Offer consistent loan amounts. The loan amounts for PNC Bank personal loans vary by state. This means you might not be able to borrow as much if you live in one state compared to another. If you need to borrow a large loan amount, another lender might be a better option.
- Provide more autopay discount options. Many personal loan lenders offer a rate discount if you sign up for autopay. PNC Bank does, too however, you must have your payments taken out of a PNC checking account, which limits how many borrowers can take advantage of the discount.
- Include more info on its website. PNC Banks online personal loan information is limited you wont find many details on its website about eligibility or credit requirements. This means you might have to call customer service or visit a branch for more information.
Keep Reading: Best Personal Loan Companies
Daria Uhlig is a contributor to Credible who covers mortgage and real estate. Her work has appeared in publications like The Motley Fool, USA Today, MSN Money, CNBC, and Yahoo! Finance.
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