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PNC mortgage review
Options for high- and low-income borrowers, but no construction loans
finder.com’s rating: 3.9 / 5.0
★★★★★
PNC is a national bank with branch locations in 21 states and the District of Columbia. Among its suite of financial products is a wide array of mortgage and home loan options. And you don’t have to live in a state with a branch location — PNC offers its services nationwide.
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Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Available in all states
State availability
Details
| Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance |
|---|---|
| Minimum credit score | Conventional: 620 |
| Minimum down payment (Conventional) | 3% |
| State availability | Available in all states |
| NMLS # | 446303 |
Review by
Rhys Subitch
rhys.subitch@finder.comRhys Subitch is a personal finance editor at Bankrate and former loans editor at Finder, specializing in consumer and business lending. Rhys has nearly a decade of experience researching, editing, and writing for startups, Fortune 500 companies, universities and websites. They hold a BA in sociology and a certificate of editing from the University of Washington.
Expert review
With its suite of government-backed and community loans, PNC is good for buyers who need a low down payment option and help with closing costs. But borrowers looking to build their own house may want to find a lender with a specialized loan in place so they don’t have to pay closing costs twice.
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PNC Requirements
While FHA loans allow flexibility when it comes to creditworthiness, you’ll want to have a score in the excellent range to get the best rates on a conventional mortgage. Use its preapproval process if you’re unsure whether you’ll qualify for a mortgage with PNC.
PNC boasts a turnaround time of as little as 48 hours. It requires a credit check, but the application process takes only 20 to 30 minutes and in the end, PNC can provide you with a letter stating how much you’re preapproved to borrow.
Documentation
What you’ll need to apply varies slightly based on your circumstances and which loan you want. Typically you should have the following ready before you apply:
- Most recent month of pay stubs
- Two years of W-2 forms
- Child support agreement, divorce decree or alimony information
- Certified letter or 1099 for Social Security, pension or disability
- Bank statements for all deposit and investment accounts for the past three months
- Gift letter or evidence of transfer if you’re being gifted part or all of your down payment
- Proof of rent or mortgage payments for the past 12 months
- Explanations of any credit discrepancies
Costs and fees
Mortgage products come with a number of fees regardless of the lender you work with. As of May 2021, PNC states that fees for a conventional mortgage can cost between 3% and 5% of the loan.
The types of fees you may encounter regardless of loan type include:
- Points. Get a discount on your rate by paying discount points up front. Each point is equal to 1% of your loan amount.
- Processing and underwriting. Typically there are several fees associated with assessing your application and determining whether it meets the lender’s underwriting standards.
- Ongoing. Watch out for late or returned payment and annual fees that can occur over the life of the loan.
- Third-party. Title search and insurance, home inspection and appraisal fees are typically done with a third party and passed on to the borrower.
How to apply for a mortgage with PNC
Once you’ve prepared all your documents, it’s time to get preapproved and apply either online or in person at a branch. Use the following steps to get preapproved online.
- Navigate to the PNC mortgage page and select Start Digital Pre-Approval.
- Hit Apply Now, review what you’ll need to complete the process and select Continue.
- Enter your personal information and choose Continue.
- Provide information about where you live now and the home you want to purchase.
- Answer questions about your income and assets, then follow the prompts to answer the declaration questions.
- Review your application and submit.
What types of mortgages can I get through PNC Bank?
- Conventional
- FHA
- VA
- USDA
- Jumbo
Refinance options available through PNC Bank
Choose from the following refinance options:
- Cash-out refinance. Increase the size of your mortgage to tap into your home equity for cash you can use however you wish.
- Rate and term refinance. Lock in a lower interest rate or change the term of your loan to pay it off earlier or lower your payment.
- Specialty refinance. PNC Bank offers refinancing for FHA and VA loans and provides Jumbo loan options.
Other specialty loans
This lender also offers a few specialty loans.
- Community loan. This option offers a 3% down payment with no private mortgage insurance (PMI) requirement to lenders who qualify.
- Medical professional loan. Residents, interns, fellows and doctors who recently completed residency can get up to $1 million in financing with no PMI.
- Home equity line of credit (HELOC). PNC’s HELOC allows you to open a credit line worth up to 84.9% of your home’s value and switch between a fixed and adjustable interest rate for a nominal fee throughout the draw period.
How PNC’s mortgage products compare to other lenders
PNC offers all the mortgage loans you might expect from a bank its size, including fixed- and adjustable-rate conventional loans and government-backed loans from FHA, VA and USDA. The lender also offers low down payment options for low-income borrowers and loans for medical professionals with the potential for high incomes.
Low-income borrowers can apply for either a $1,500 or $5,000 grant towards closing costs on loans with terms between 15 and 30 years if they’re purchasing a home in an eligible area.
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PNC reviews and complaints
PNC isn’t accredited by the Better Business Bureau (BBB), but the company has an A+ rating as of July 2022 for answering over 3,000 customer complaints over the last three years. With 447 customer reviews, PNC scores 1.12 out of 5 stars. The lender scores abut the same on Trustpilot, where it has earned a TrustScore of 1.2 out of five stars with 372 reviews.
Customers report having issues with customer service, trouble with wire transfers and poorly handled escrow. But it should be noted that these reviews are for PNC Bank as a whole and not specific to mortgages.
Pros and cons of PNC
Pros
- Low down-payment options. Even conventional mortgages come with the potential for a minimum down payment of only 3%, and eligible borrowers can qualify for a loan option with no PMI.
- Closing costs grants available. Apply for a $1,500 or $5,000 grant to help cover your closing costs.
- Online application tracking. Get updates, manage your documentation, contact your loan team and more online from your smartphone or desktop.
Cons
- Limited branch locations. While you can get a mortgage in any state, you can’t visit a loan team in-person unless you live in the District of Columbia or one of the 21 states where PNC is located
- No construction options. Since this lender doesn’t offer a construction-to-permanent option, borrowers building their own houses might have to pay closing costs twice: once on their construction loan and again for a permanent mortgage.
What is PNC?
PNC Financial Services is a national bank that’s been in operation since 1845. It’s one of the largest banks in the country, and its branding is the result of a 1983 merger between Provident National Corporation and Pittsburgh National Corporation.
PNC acquired BBVA USA bank in 2020 and is planning to complete the conversion of all BBVA’s customers in the second half of 2021. This will add over 600 new physical branches to PNC’s network throughout Texas, Alabama, Arizona, California, Colorado, Florida, New Mexico and Texas, and makes PNC a top-five bank in the US.