PNC HELOC review

The only home equity choice comes with customizable rate options.

PNC only allows you to tap into your home’s equity using a line of credit (HELOC). But the product is called the Choice HELOC because you can choose an adjustable rate credit line or lock in a fixed interest rate, and you can switch between both whenever you’d like throughout your HELOC’s draw period, as long as you pay a transfer fee.

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Available in all states

State availability

Details

Loan products offeredHELOC
APR range2.25% to 24%
Repayment terms10 year draw, 30 year repayment
Loan limitsNo minimum draw and the maximum is based on your LTV and credit score
State availabilityAvailable in all states

Our take on PNC Bank

If you’re interested in a HELOC, PNC can be a great choice, especially for existing banking customers who can get a discount on their interest rates. For a fee, PNC lets you switch between a variable- and fixed-rate on your HELOC draw amounts, which can make it feel like you’ve got two home equity options in one. But if you want the best rates on a home equity loan without having to open a revolving line of credit, you need to search elsewhere.

Special discount

As an existing PNC customer, you can get a .25% discount on your HELOC interest rate just by setting up autopay from your PNC checking account to make your payment each month.

What kind of home equity products does PNC Bank offer?

PNC only offers a HELOC for home equity, with interest rates from 2.25% to 24% and no minimum draw amount. Your credit line caps at 89.9% of your home’s equity, depending on the state where you live, and you can draw on your account for 10 years paying interest-only payments, then add principal to repay the loan in full over the next 20 years.

Pros and cons of PNC Bank

Pros

  • Autopay discount. Get a 0.25% discount for setting up autopay from your PNC checking account.
  • Flexible rate options. Choose between a variable or fixed rate throughout your draw period, locking or unlocking the rate as it fluctuates for a $100 transfer fee.

Cons

  • Only one home equity product. PNC doesn’t offer home equity loans or other home equity products, such as a reverse mortgage option.
  • $50 annual fee. PNC’s annual fee isn’t that uncommon, but many other banks either waive this fee or don’t charge one at all.

PNC requirements are standard

PNC uses your credit score and income information to determine the terms of your loan but doesn’t detail the exact underwriting requirements online. But the maximum loan-to-value (LTV) ratio you can get is partially determined by the state where you live, as shown below.

Maximum LTVState
80%CT, KS, MA, MN and TN
85%AR, CO, IA, ID, ME, MD, MT, NE, NH, OK, OR, RI, TX, UT, WA and WY
89.9%All other states

PNC’s fees are standard

PNC doesn’t list any closing costs associated with opening a HELOC or the fees charged, other than a $50 annual fee and a $100 transfer fee whenever you switch between a fixed or adjustable rate on your credit line.

As is standard with most home equity products, PNC Bank pays third-party fees for you, such as recording fees, appraisal and property fees. If you close your account within the first three years, the bank requires you to pay those fees back.

But PNC prorates what you owe each month. So, the closer you get to 36 months, the less you have to repay.

PNC reviews are standard for a bank its size

BBB rating A+
Trustpilot rating Bad
Customer reviews verified as of 29 April 2022

PNC isn’t accredited by the Better Business Bureau (BBB), but as of April 2022, it has an A+ rating for answering 3,120 customer complaints over the last three years. With 428 customer reviews, PNC scores 1.11 out of 5 stars, which is typical for a bank its size. The lender scores slightly higher on Trustpilot, where it earned a TrustScore of 1.3 out of 5 stars with 298 reviews.

How to get a HELOC with PNC

Apply for a PNC HELOC by phone at 844-564-1017 or make an appointment to walk in to your local branch. But the most accessible way to apply is online, where you’ll be prompted for your personal and financial details and can upload the documentation you need.

Documentation

Have the following information ready before you apply:

  • Social Security number
  • Date of birth
  • Home address
  • Appraised value of your home
  • Two years of W-2s
  • Pay stubs
  • Bank statements
  • Information on additional properties you may own

Other home loan products offered by PNC Bank

PNC offers the following various mortgage products, which we’ve compared in our PNC mortgage review:

  • Conventional loans
  • Jumbo loans
  • Government-backed loans, such as FHA, VA and USDA
  • Medical professional loan
  • Community loan with low down payment and no private mortgage insurance

Compare interest rates for home equity loans, HELOCs and cash-out refinancing

Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.

If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.

In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.

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