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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.
Loan products offered | Conventional, Jumbo, FHA, VA, USDA, Home Equity/HELOC, Refinance |
---|---|
Minimum credit score | Conventional: 620 |
Minimum down payment | 3% |
State availability | Available in all states |
PNC offers a relatively wide selection of mortgage products, ranging from FHA loans to home equity lines of credit (HELOCs).
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.
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.
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%.
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.
PNC also offers:
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:
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.
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:
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.
PNC isn’t credited with the Better Business Bureau (BBB), but receives an A+ rating from it as of December 2020. Its high rating is likely due to the fact that it answers most customer queries and concerns. Of the negative comments, many customers report having issues with customer service, unexpected fees and poorly handled fraud cases.
PNC mortgage is accredited with Consumer Affairs, where it receives an overall satisfaction rating of nearly 4 out of 5 stars.
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.
★★★★★ — Excellent
★★★★★ — Good
★★★★★ — Average
★★★★★ — Subpar
★★★★★ — Poor
We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.
Read the full methodology of how we rate home loan providers.
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.
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.