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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.
Conventional: 620
Minimum credit score
3%
Minimum down payment (Conventional)
Available in all states
State availability
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 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.
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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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.
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:
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:
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.
Choose from the following refinance options:
This lender also offers a few specialty loans.
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 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.
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.