PNC mortgage rates
|30-year fixed rate||3.000%||3.099%|
|15-year fixed rate||2.375%||2.532%|
|7/1 ARM rate||2.625%||2.767%|
Rates based on $300,000 purchase price with the zip code 28105. Last updated 8/7/2020
PNC Bank is one of the most highly regarded lenders in the nation in terms of customer service and home loan offerings. The lender has 2,400 locations across 37 states and the District of Columbia, so it’s easy to set up an appointment and meet with a lender in person for a mortgage.
This lender also has a simple, intuitive and helpful online mortgage process, including preapproval and budgeting assistance. Whatever type of home loan you’re looking for, whether it’s paying 3% down or getting a jumbo loan of up to $5 million, PNC Bank has options.
Why it might pique your interest
In addition to being available in person across the country, PNC Bank makes its offerings digital-friendly, and the lender offers easy digital pre-approval. Tools like the PNC Home Insight Planner also help you understand your home affordability. After you input information like your income, where you plan to buy a home and how much you expect to put down, you’ll see how much you can afford for a potential monthly home payment. The tool then shows you how to create a budget to make that payment. You can then search for homes in your budget right in the tool.
PNC Bank’s customer service reputation is impressive. PNC Bank tied for second in the customer satisfaction index rating in J.D. Power’s 2019 U.S. National Banking Satisfaction Study, with a score of 846 out of 1,000. It was second only to TD Bank, which had a score of 851. In J.D. Power’s 2019 U.S. Retail Banking Advice Study, PNC Bank came in second in the Advice Satisfaction Index Rating, with a score of 833 out of 1,000. It was second only to Bank of America, which had a score of 839.
PNC Loan types:
- 30 year fixed-rate
- 20 year fixed-rate
- 15 year fixed-rate
- 10 year fixed-rate
- 3/1 ARM
- 5/1 ARM
- 7/1 ARM
- 10/1 ARM
- Jumbo loans
- VA loans
- FHA loans
- USDA loans
- Specialized loan
Pros and cons
- PNC Bank has an outstanding national reputation and customer service scores in reputable surveys.
- PNC offers a $1,500 grant you can use for mortgages with standard fixed- or adjustable-rate terms between 15- to 30-years. To qualify, you’ll need to reside in a qualified community or meet income requirements. The grant can go toward reducing or eliminating mortgage closing costs, covering prepaid costs like insurance renewals or establishing an escrow account to cover property taxes or a down payment.
- The lender offers easy-to-use digital tools for mortgage budgeting and preapproval.
- PNC Bank provides a wide variety of home loan options, including jumbo mortgages for up to $5 million and FHA home loans with down payments as low as 3.5%.
- There are diverse adjustable-rate mortgage terms for 1-, 3-, 5-, 7- and 10-year periods.
- PNC Bank offers a unique medical professional mortgage that’s specifically designed for doctors, residents, interns and fellows who have completed their residency in the last 5 years.
- PNC Bank held an A+ rating from the Better Business Bureau as of July 2020.
- Out of 150 customer reviews on the Better Business Bureau, PNC Bank has only one out of five stars.
- PNC Bank does not have a presence in all 50 states. If you’re looking for in-person lending, you may be out of luck if you’re in certain areas.
- If you want to talk to a PNC Bank lender on the phone, hold times can be long. A July 2020 call to the lender resulted in a 15 minute hold time.
- Because PNC Bank has such an expansive physical presence with branches all over the country, the bank also has overhead that may make home loan rates higher for borrowers compared to online lenders.
- Borrowers may be able to find lower mortgage rates with a smaller lender, like a credit union.
The final word
PNC Bank is a reputable lender with diverse home loan options and excellent customer service ratings. You can learn all about your home loan options online and get pre-approval on the website as well. When you’re ready for a home loan with PNC Bank, you can stop in a branch or complete the process digitally from wherever you are. While PNC Bank offers just about any type of home loan available, you might want to compare rates with online lenders and credit unions if you’re interested in the lowest rate possible.
Is PNC good for mortgages?
Yes — in addition to excellent customer service and a top-notch reputation, PNC offers several types of mortgages, including fixed rate, adjustable rate, jumbo, FHA, VA and special loans, with down payments as low as 3% of the purchase price. PNC’s mortgage loan terms are between 10 and 30 years and come with fees that range from between 3% to 5% of the mortgage amount.
How do I get rid of PMI on my PNC mortgage?
PMI, or private mortgage insurance, is required on conventional mortgages when you make a down payment of less than 20%. PMI can add a significant amount to your mortgage loan costs, so you’ll want to get rid of it as soon as possible.
There are three ways to get rid of paying PMI:
- Make consistent monthly payments to reduce the balance of your mortgage to 80% of the home’s value. For example, for a $200,000 home, you need to get the balance down to $160,000 to remove the PMI.
- Make additional payments each month to decrease the principal. This will reduce the amount of time it takes to reach 80% of the home’s value.
- If home values are rising, the amount of your equity will increase as well. For example, after you’ve made a year’s worth of payments on your $200,000 home (in which you put down 10%), your mortgage balance would be about $177,000. If your home appraises for $250,000, you no longer need PMI, as your balance is now about 71% of the home’s value, below the 80% requirement.
When you think your balance has dropped below 80%, contact PNC and ask the bank to remove your PMI. PNC will instruct you to document your home’s value by having it appraised, which is done at your cost.
How long does it take PNC to approve a mortgage?
While PNC offers a preapproval process in which you can receive an idea of the amount you can be approved for, the bank does not indicate how long its approval process takes. However, the average mortgage loan takes about 30 to 45 days to finalize, so you can probably expect a similar timeline with PNC. Be aware though, that some mortgages take longer than others — so it will depend on how complex your loan needs are.