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PNC mortgage review

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finder.com’s rating: 3.9 / 5.0

★★★★★

Choose from a number of products and get the best fit for your finances.

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.

Details

Loan types Purchase, Refinance, Jumbo, Home Equity, HELOC, FHA, VA
Minimum credit 620
Other minimum credits 620
Other fees Between 3%-5% of the loan (for a conventional mortgage)
Available States Available in all states

Pros

  • Multiple loan choices
  • Low down-payment options
  • Online application tracking

Cons

  • Limited branch locations
  • Customer complaints
PNC isn't credited with the Better Business Bureau (BBB), but receives an A- rating from it as of September 2019. On average, customers give PNC a low 1 out of 5 stars on the BBB site.

Of the over 1,500 complaints on the BBB website, only two are unanswered and one is unresolved. Many customers report having issues with customer service, unexpected fees and poorly handled fraud cases.

What types of loans does PNC offer?

PNC offers a relatively wide selection of mortgage products, ranging from FHA loans to home equity lines of credit (HELOCs).

Conventional

Fixed- and adjustable-rate mortgages are available, with loan terms between 10 and 30 years. Depending on your qualifications, you could have a minimum down payment of only 3% of the purchase price.

Jumbo

In 2020 loans over $510,400 in most regions of the US are considered jumbo loans, according to the Consumer Financial Protection Bureau. However, if you’re looking in Alaska, Guam, Hawaii and the US Virgin Islands, the limit is $765,600. Terms range from 15 to 30 years, and you can choose from fixed-rate, adjustable and interest-only mortgages.

FHA

Credit requirements are more relaxed when you opt an FHA government-backed loan. Choose from fixed-rate and adjustable options, and your down payment can be as little as 3.5%.

VA

Special fixed-rate and adjustable mortgages are available for active duty military, those in the National Guard, reservists and veterans. Depending on your eligibility, you could get a loan with no money down, and rates can be better than conventional loans.

Other loans

PNC also offers:

  • Mortgage refinancing
  • Home equity loans
  • HELOC
  • Commercial real estate

PNC fees

Mortgage products come with a number of fees regardless of the lender you work with. As of September 2019, PNC lists 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. You can 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.

Requirements

While FHA loans allow flexibility when it comes to creditworthiness, you’ll want to have a score in the excellent range to qualify for a conventional mortgage. Your other debts will affect your eligibility beyond your credit score, too. The acceptable maximum debt-to-income ratio, including your mortgage, is 36% to 45% of your monthly income for a fixed-rate mortgage, according to the PNC website.

If you’re unsure if you’ll qualify for a mortgage with PNC, you can use its preapproval process. PNC boasts a turnaround time of as little as 48 hours. It requires a credit check, but can provide you with a letter stating how much you’re preapproved to borrow.

Documentation

What you’ll need to apply may vary slightly based on your circumstances and the loan type you’re applying for. Typically you’ll want to have the following ready:

  • 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

How to get a home loan with PNC

Once you’ve prepared all of your documents, it’s time to get preapproved and apply. You can do so online or in person at a branch.

  1. Get preapproved by submitting your income verification and rental or mortgage payments.
  2. Choose a loan online or by working with a PNC loan officer.
  3. Lock in your interest rate.
  4. Request a loan estimate.
  5. Work with your PNC loan team to get your full documentation processed.
  6. Upon approval, schedule your closing.

Pros and cons of PNC

Pros

  • Loan choices. You can find almost any kind of home loan you’re looking for with PNC.
  • Low down-payment options. Even conventional mortgages come with the potential for a minimum down payment of just 3%.
  • 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 visit a loan team in person unless you live in DC or one of the 21 states PNC is located.
  • Customer complaints. Of the over 1,500 customer complaints on BBB, not all are directly associated with the mortgage program. However, issues with customer service may indicate you’re more likely to run into some resistance if you need assistance.
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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.

As of September 2019, PNC announced a relationship with M Financial. The new agreement means additional insurance products, services and advice will become available to PNC customers.

Frequently asked questions

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Expert review

Rhys Subitch

Review by


Rhys Subitch is a writer and editor at Finder who tackles topics across the site. With half a decade of experience researching, editing and writing for a Fortune 500 company, university and several independent publications, Rhys brings readers the most up-to-date and curated info on all things finance.

Expert review

With its suit of government loans, PNC is good for buyers who need a low down payment option. But customer reviews show poor customer service, which can make the application process difficult, especially if you can’t visit a branch location.

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