MoneyGeek’s Take

PNC Mortgage Review

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Edited byKatherine Kurtz
Edited byKatherine Kurtz

Updated: October 24, 2022

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With PNC’s numerous loan offerings, prospective homebuyers with fair to good credit scores can receive financing. The lender offers rate options to borrowers with a minimum credit score of 620, but those with higher scores in excess of 740 will receive the best rates. Down payments are as low as 3% of the purchase price for fixed-rate and adjustable-rate mortgages and little to none for VA loans.

At a Glance: PNC Mortgages


  • PNC

    • Fixed-rate mortgage: 3% Adjustable-rate mortgage: 3% Jumbo loans: Not disclosed on the lender’s website VA loans: 0% (No down payment required) FHA loans: 3.5% PNC community loan: 3% Minimum Down Payment
    • Fixed-rate mortgages Adjustable-rate mortgages Jumbo loans VA loans FHA loans Specialized loans Loan Products Offered
    • Mortgage loans are available in all states, but PNC branches are only present in 28 states and Washington, D.C.States of Operation
    • Yes Online Application

    Established in 1845, PNC has become one of the largest banks in the U.S. in terms of assets and capital. The year 1983 marked the merger of PNC’s two predecessor companies — Pittsburgh National Corporation and Provident National Corporation.

    PNC provides a wide range of financial services, such as retail banking, wealth management, asset management and estate planning. Its mortgage loan offerings include fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, FHA loans, VA loans, as well as other specialized loans. This mortgage lender is also credited with funding the first mortgage in the country and has physical branches in 28 states and in the District of Columbia.

    In addition to having an A+ rating from Better Business Bureau, PNC bank was also ranked as the best lender in the Mid-Atlantic region by J.D. Power in its 2022 U.S. Retail Banking Satisfaction Study. PNC Bank further received an above industry average score in the J.D. Power 2021 U.S. Primary Mortgage Origination Satisfaction Study.

    Pros

    • Offers a wide variety of mortgage loan types
    • Provides loan options for home refinancing
    • Down payment options for as low as 3% for fixed- and adjustable-rate loans and 0% for VA loans
    • Convenient online process for pre-approval and mortgage application
    • Loan application tracking available online

    Cons

    • Physical branches in only 28 states and Washington, D.C.
    • Loan rates and terms vary by location
    • In-person meeting with PNC loan agent team required to verify your income and assets and to appraise the property
    • Not all states have loan officers that you can speak with in person

    Established in 1845, PNC has become one of the largest banks in the U.S. in terms of assets and capital. The year 1983 marked the merger of PNC’s two predecessor companies — Pittsburgh National Corporation and Provident National Corporation.

    PNC provides a wide range of financial services, such as retail banking, wealth management, asset management and estate planning. Its mortgage loan offerings include fixed-rate mortgages, adjustable-rate mortgages, jumbo loans, FHA loans, VA loans, as well as other specialized loans. This mortgage lender is also credited with funding the first mortgage in the country and has physical branches in 28 states and in the District of Columbia.

    In addition to having an A+ rating from Better Business Bureau, PNC bank was also ranked as the best lender in the Mid-Atlantic region by J.D. Power in its 2022 U.S. Retail Banking Satisfaction Study. PNC Bank further received an above industry average score in the J.D. Power 2021 U.S. Primary Mortgage Origination Satisfaction Study.

    PNC

PNC Mortgage Loan Types, Details and Requirements

MoneyGeek’s PNC mortgage review outlines the important details that you need to know about the company’s mortgage loan offerings, application requirements, rates, fees and other borrowing requirements to help you determine if it’s the perfect option for you.

Mortgage Types Offered

There is a wide range of mortgage and refinancing options for you to explore in PNC, including the following:

  • Fixed-rate mortgages
  • Adjustable-rate mortgages
  • Jumbo loans
  • VA loans
  • FHA loans

PNC also offers specialized mortgage loans, such as:

  • PNC community loan
  • Rural housing (through the U.S. Department of Agriculture)
  • Medical professionals mortgage
  • $5,000 grant (toward closing costs)

Mortgage Rates

PNC offers both fixed- and adjustable-rate mortgages to lenders, but rates ultimately vary depending on the loan type and your borrower profile. You can opt for a fixed-rate loan for a set rate over a term period between ten and 30 years, or an adjustable-rate mortgage, with a market-fluctuating rate between seven and ten years.

To get an accurate estimate of your rates, you may use PNC’s mortgage calculator and refinancing calculator. Alternatively, you may contact 1-844-297-7255, submit a contact form or request to speak directly with a loan officer.

Additional Fees

PNC does not disclose its list of fees on its website. However, it states that costs and fees typically range from 3% to 5% of the loan amount for most loan types.

Minimum Borrowing Requirements

PNC does not disclose its minimum borrowing requirements on its website. However, it does mention that borrowers with a credit score of 620 can still qualify for a loan. Generally, though, a credit score of 680 is considered good, while a score above 740 will help you get better rates from most mortgage lenders, including PNC.

Based on its application requirements, it would also help your application if you have proof of steady income, property, assets (e.g., bank statements, stocks and securities account statements), payment history and other supporting documents on your credit report to prove your creditworthiness.

PNC Mortgage Application Requirements

You will need the following documents to complete your PNC mortgage application.

1
Personal information from you and your co-borrower (if any)
  • Proof of identity, such as your driver’s license
  • Contact information
  • Social Security number
  • Current living situation
2
ZIP code, city, county of the area where you are looking to purchase a home
3
The requested loan amount
4
Your down payment amount
5
Employment information
6
Income verification
  • Your pay stubs for the last 30 days
  • W-2 forms for the last two years
  • Proof of child support and/or alimony in the form of child support agreement and/or divorce decree
  • Award letter/1099 for social security, pension and disability
7
Assets to prove your sources of funds and down payment
  • Original bank statements (savings, checking and investment accounts) and stocks and securities account statements for the last three months
  • Closing Disclosure or Listing Agreement if you’ll be using funds from the sale of another property
  • Sale of asset, including proof of ownership, proof of sale and proof of funds transfer
  • For gift funds, you’ll need to show proof in the form of a gift letter, evidence of transfer and/or evidence of withdrawal
8
Payment history
  • Any canceled rent or mortgage payment checks in the past 12 months
  • If applicable: copy of land contract, proof of child support and/or alimony and bankruptcy/consumer credit
9
Other applicable documents, such as purchase agreements and explanations of any discrepancies on credit

Is PNC Right for You?

MoneyGeek’s PNC mortgage review lists the pros and cons of borrowing from this lender to help you determine if it’s the best option for you.

Who PNC Is Perfect for

PNC is an ideal option for borrowers who are looking for a wide range of mortgage loan types with low down payment options. PNC offers down payments as low as 3% to 3.5% for fixed- and adjustable- rate loans and little to no down payment for government-backed loans such as VA and FHA loans.

In addition to these offerings, PNC also has specialized loan programs, such as the PNC community loan which doesn’t require PMI or down payment for rural housing. This type of loan also offers mortgages of up to $1 million for medical professionals and $5,000 toward closing costs.

Who Should Not Choose PNC

If you have a low credit score or poor credit history, you most likely will not qualify for a PNC mortgage.

Although it operates in all 50 states, PNC has physical branches in only 28 states and Washington, D.C. As such, a PNC mortgage loan is also not the best option if you prefer in-person contact with a loan officer and in-branch transactions.

Also, despite having an A+ rating from the Better Business Bureau, PNC bank has received a number of complaints, as reported by TrustPilot and the Better Business Bureau.

How to Apply for a PNC Mortgage Loan

MoneyGeek has outlined the step-by-step process to apply for a PNC mortgage loan.

1
Prequalify

You’ll need to work with your PNC loan officer and home lending team throughout the mortgage process. Get pre-approved by establishing your employment history and financial capabilities. For this, you will need to provide the following:

  • Pay stubs for two to three months
  • W2 forms for the past two years
  • Most recent three months’ worth of bank statements
  • Credit account and debt information
2
Fill Out Application Form

Once you’re pre-approved, you may complete PNC’s digital application. You will need the following:

  • The address of the home you wish to purchase and a signed contract
  • Have a locked-in mortgage rate
  • Have a digital verification of your employment and income
  • Approval of the amount you’re qualified to borrow
3
Wait for Pre-Approval

PNC’s underwriting team will review the documents that you submitted and conduct a hard credit check. They will also reach out to you if you need to provide additional documents. Your PNC mortgage loan officer will call or email you regarding your mortgage loan status and final approval.

4
Review Loan Agreement

PNC will send your loan estimate within three business days after receiving your application and approving your loan. The loan estimate will outline the loan terms, including the approved mortgage loan amount, interest rate, projected payment and closing costs. Review the fees and rates stated in the loan estimate agreement and make sure that you thoroughly understand all the terms and conditions.

5
Sign Loan Agreement

If you agree with all the terms and conditions stated in the loan estimate agreement, then you can sign the document.

6
Closing

PNC will send you a Closing Disclosure which contains the terms of your mortgage loan, such as your approved loan amount, interest rate, expected payments, closing costs and other details. PNC will provide this document together with your closing date approximately three business days before your closing date. Please review the Closing Disclosure and prepare for the closing date by bringing your homeowner’s insurance policy and other required insurance policies, a valid photo ID and a certified check to pay for all closing costs which may be up to 3% to 5% of the property’s purchase price.

7
Make Payments

You can make payment on your PNC mortgage using the following options:

  • PNC online banking
  • Automated payments
  • Bi-weekly automated payments
  • Call PNC Mortgage to make a payment by phone
  • Mail your payment
  • Pay in one of PNC’s branches

What to Do if You Are Rejected by PNC

Do not be discouraged if your PNC mortgage loan application gets rejected. There are many factors that might contribute to why a borrower is denied a mortgage. For some borrowers, it might be due to a low credit score, having poor or insufficient credit history, a high debt-to-income ratio or insufficient income.

If your application is rejected, you will receive a letter explaining PNC’s decision. The letter will outline the reasons why your application was denied. We advise you to read this document thoroughly. We also encourage you to reach out to PNC’s representative or loan officer for additional information and resources to help you understand the mortgage loan process. Learning the exact reason why your application was rejected will allow you to identify the key areas where you need to make necessary changes to improve your application. By doing this, you’ll increase your chances of getting approved either by PNC or by another company.

MoneyGeek cautions you against immediately reapplying for a mortgage loan with a different company without making any significant improvements to your overall creditworthiness since doing so will only have a negative impact on your credit score.

Frequently Asked Questions About Mortgages From PNC

There are many factors that you must consider when applying for a PNC mortgage loan. MoneyGeek has simplified the process for you by providing answers to some of the most frequently asked questions.

What types of properties are eligible for PNC mortgage loans?
Who can apply for a PNC mortgage?
What types of mortgage loans does PNC offer?
Is there a borrowing limit for PNC mortgages?
What is the minimum down payment PNC will accept?
Does PNC require private mortgage insurance (PMI)?
Does PNC require a property appraisal?
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