PNC Bank is a nationwide mortgage lender with everything from FHA loans for first-time homebuyers to jumbo loans for larger home purchases. With interest rates that compete well with the likes of Bank of America and Chase, PNC is a worthwhile option for mortgages. If you have moderate income or are a first-time homebuyer, however, just keep in mind that PNC doesn’t offer much in the way of grant programs to make your purchase more affordable.
PNC Bank overview
PNC Financial Services Group has been in business for more than 170 years. The bank now has branches across the U.S. with a variety of financial products for consumers, including checking and savings accounts, credit cards, auto loans, mortgages, IRAs and more.
Customer reviews on the Better Business Bureau (BBB) and Trustpilot websites report poor customer service and high fees. However, PNC is an otherwise convenient and competitive option for a mortgage.
How to qualify for a PNC Bank mortgage
PNC does not disclose qualification requirements for its mortgage products. As with other mortgage lenders, PNC will take factors such as your credit history and debt-to-income (DTI) ratio into account when determining loan eligibility.
You may qualify with a down payment as low as 3% with closing costs typically amounting to 3% to 5% of the loan amount.
How to apply for a PNC Bank mortgage
The PNC website has a mortgage application checklist with typical documentation you’ll need to submit when applying for a mortgage. Such documentation may include:
- Recent pay stubs, W-2 forms and/or tax returns proving your income.
- Business profit-and-loss statements and an up-to-date balance sheet.
- Child support or alimony agreements.
- 1099 or award letters for social security, pension or disability benefit.
- Checking, savings and investment account statements with supporting documents, such as canceled checks.
- Statements on other assets, such as stocks and gift funds.
Other documentation may be required in certain cases, such as if you filed for bankruptcy.
You’ll follow these steps to apply for a PNC mortgage:
- Speak with a mortgage loan officer to determine your loan needs.
- Submit preliminary information online or by working with your loan officer.
- Review your Loan Estimate, which outlines basic information about your mortgage, including your monthly payment and closing costs. You can typically expect to receive the estimate within three days of submitting your loan application.
- Confirm with your loan officer that you wish to continue with your application.
- Submit documentation that proves your income and assets. You may need to answer additional questions PNC may have about your existing debt, credit history and general finances.
- Get a homeowners insurance policy and any other insurance that’s required by PNC.
- Await a loan decision. The bank will contact you by email or by phone. If you’re approved, you’ll receive more information about your loan. In some cases, you will need to submit additional documentation.
After receiving final approval on your PNC mortgage, you can expect closing to take seven to 10 days. You’ll need to bring proof of homeowner’s insurance and other insurance (if required), plus a certified check and self-identifying documentation to closing.
Pros of a PNC Bank mortgage
- Savings and discounts.
- Variety of mortgage products to choose from.
- No minimum borrowing amount, plus high borrowing limits.
- Online tools to estimate mortgage affordability.
Cons of a PNC Bank mortgage
- No advertised rates.
- No qualification requirements posted online.
- Relationship discounts can be difficult to qualify for.
- Difficult to find information on the bank’s website.
PNC Bank perks and special features
Savings and discounts
The PNC Closing Cost Assistance Grant offers a $5,000 credit toward the purchase of your home or a cash-out refinance. Funds can be put toward your down payment, closing costs or prepaid costs, such as escrow. To qualify, your household income must be at or below 80% of the median income for your area, or the home must be in a qualifying community.
The PNC Community Loan can also help borrowers with little cash in the bank get a home with a down payment as low as 3% without private mortgage insurance (PMI). Medical professionals, meanwhile, may qualify for home loans for up to $1 million with no PMI.
PNC also offers a relationship discount, but it is difficult to qualify for. We discuss this in more detail below.
Variety of mortgage products to choose from
PNC offers the following types of mortgages:
- Fixed-rate mortgages with terms between 10 and 30 years.
- Adjustable-rate mortgages (ARMs) with initial terms of seven or 10 years.
- Jumbo loans with terms between 15 and 30 years.
- Federal Housing Administration (FHA) loans.
- U.S. Department of Veterans Affairs (VA) loans.
- U.S. Department of Agriculture (USDA) loans.
PNC offers mortgages with down payments as low as 3%, which makes homeownership more achievable for moderate-income homebuyers. Their conventional mortgages for single-family homes offer amounts up to $726,200, and jumbo loans offer up to up to $5 million.
No minimum borrowing amount, high borrowing limits
PNC offers flexible borrowing amounts, with no minimum borrowing amount on their conventional, FHA, VA or USDA loans. The maximum amount you can borrow is $5 million, via PNC’s jumbo loan.
Online tools to estimate mortgage affordability
PNC has a variety of online calculators to help you when buying a home and after you get a mortgage, including:
- Mortgage affordability calculator.
- Fixed-rate mortgage vs. ARM calculator.
- Mortgage payment calculator.
- Mortgage refinancing calculator.
- Amortization calculator.
How PNC Bank could improve
No advertised rates
PNC does not post its mortgage rates on its website, making it difficult to compare the lender with others. However, PNC does allow you to see rates if you enter your estimated loan amount and ZIP code.
No qualification requirements posted online
PNC does not post basic qualification requirements for a mortgage. A 620 minimum credit score is typical for conventional mortgages. FHA loans typically require a minimum 580 credit score if you want to put 3.5% down.
Relationship discount difficult to qualify for
If you have an account with PNC Private Bank or PNC Private Bank Hawthorn businesses and maintain a minimum $500,000 in deposit or investment balances, you may qualify for a relationship discount on your mortgage. This level of requirement will be out of reach for many PNC customers.
Difficult to find information
There is no central place to compare PNC mortgage products or to learn about them on the PNC website. This makes it more difficult for potential borrowers to decide whether or not a PNC Bank loan or mortgage is right for them.
PNC Bank customer service and reviews
Mortgage loan officers are available by phone (877-949-3723) during these hours:
- Monday to Thursday: 8 a.m. to 10 p.m. ET.
- Friday: 8 a.m. to 6 p.m. ET.
- Saturday and Sunday: 8 a.m. to 5 p.m. ET.
You can also meet with a loan officer at one of PNC’s branches nationwide or find one through the lender website. Alternatively, you can fill out an online form if you’d like to be contacted within one to two business days about a PNC mortgage.
To manage your accounts, you can use the PNC mobile app, available on Apple and Android devices. Each is well-rated, maintaining at least a 4.4 out of 5 stars in the app stores.
PNC has an average 1.11 out of 5 stars on customer reviews posted on the BBB website. Customer complaints include being charged high fees on bank accounts, poor customer service and general errors during the mortgage process. PNC has consistently responded to these complaints with the same boilerplate language.
Similarly, PNC has a 1.3 out of 5 stars on Trustpilot, with repeated concerns over poor customer service and fees.
PNC mortgage alternatives: PNC vs. Chase vs. Bank of America
PNC offers an impressively large number of mortgage loan products with competitive interest rates. If you’re a typical homebuyer, they’re worth comparing to other lenders. However, if you have moderate income and/or are a first-time buyer, you’ll want to compare the grant programs offered by other lenders.
For example, PNC, Chase and Bank of America all have a mortgage product that allows homebuyers with moderate incomes to purchase a home with only 3% down.
The best option for you depends on whether you qualify for one of these programs. PNC’s Closing Cost Assistance Grant offers qualifying homebuyers a $5,000 grant toward their home purchase, whereas Chase offers a grant of $2,500 or $5,000, and Bank of America offers up to $7,500 via its America’s Home Grant program as well as a down payment grant for up to 3% of the home purchase price. Bank of America also offers a discount on origination fees, up to $600.
Frequently asked questions (FAQs)
As a general rule, you should aim to put down 20% on your mortgage. Put down less and you may be required to pay for private mortgage insurance (PMI), which is an insurance policy that protects your lender in case you default on your loan.
However, a 20% down payment is a big ask of borrowers, and you can always refinance your mortgage at a later time to get rid of PMI. That said, it could be worthwhile to get into your home now and with a lower down payment than to wait until you have 20% saved up.
When shopping for low interest rates, your best bet is to go with a big bank. As well-established lenders with large portfolios, banks can offer more competitive terms than other kinds of lenders. However, smaller community lenders and credit unions may be more forgiving of borrowers with lower credit scores.
The higher your credit score, the better, as you could nab lower interest rates that make your payments more affordable. But expect lenders to require a minimum 620 credit score for conventional mortgages.
If you qualify, an FHA loan may be easier to get. They typically require a minimum 580 credit score if you want to put 3.5% down. If you can put down more, say 10%, then you could qualify with a lower score.
Your DTI is a comparison of how much money you owe each month compared to how much you earn. Lenders look at your DTI ratio to determine whether you can reasonably afford your mortgage.
PNC recommends that your mortgage account for no more than 28% of your monthly income, and your DTI should amount to no more than 36%.
