Mortgage

PNC Mortgage Evaluation for 2020

overview

PNC is a major bank and mortgage lender with 160 years of history.

Today it has approximately 2,600 offices in 19 states and Washington DC, most of which are on the east coast and well inward as far as Kansas.

PNC also has a particularly strong online presence with intuitive tools to help you plan and manage your mortgage application.

The interest rates, closing costs, and customer service for PNC mortgages are generally in line with industry averages.

Of course, mortgage rates and prices are unique to each customer. Compare PNC interest rates and closing costs to see if this is the best option for your home loan.

PNC mortgage rates

PNC tends to offer low mortgage rates. In 2019, the average rate on a 30-year fixed-rate mortgage was 4.13%, below mega-lenders like Quicken, Wells Fargo, and Chase.

PNC also seems to offer very competitive loan fees.

Average 30 year mortgage rate from major lenders

PNC
Wells Fargo
Accelerate Loans
chase
30-year average interest rate, 20191

4.13%
4.22%
4.16%
4.22%

Monthly P&I payment *

$ 970
$ 980
$ 973
$ 980

Median Loan Costs, 2019

$ 2,281
$ 3,484
$ 5,075
$ 3,440

Median Origination Charge, 2019

$ 828
$ 1,199
$ 2,085
$ 1,279

Average tariff and fee data comes from public tariff and fee records required by the Home Mortgage Disclosure Act (HMDA).

* Monthly principal and interest payment based on a home price of $ 250,000 down 20% assuming an average 30 year interest rate for each business for 2019. Your own interest rate and monthly payment will vary.

Check your new plan (November 21, 2020)

PNC refinancing rates

PNC's refinance rates should reflect mortgage rates: close to or slightly below average when compared to other major lenders.

Keep in mind, however, that your refinance rate will depend on your creditworthiness, current loan balance, and other important parts of your applications.

So, you'll need to check out PNC's – as well as some other lenders – personalized refi rates to see how they compare.

Check your refinancing rates (November 21, 2020)

PNC mortgage review for 2020

PNC says its goal is to reduce the stress, complexity, and fear of applying for a mortgage.

The quality of the online tools suggests that the promise is being taken seriously. PNC can make you feel like you have a knowledgeable friend holding your hand throughout the mortgage process.

Meanwhile, many who live in the east of the country can apply for a mortgage in person at any of PNC's 2,600 branches.

However, PNC only receives average customer ratings from J.D. Power survey.

A word of caution: once you have applied for a loan from PNC, read your loan estimate carefully before deciding to accept the offer.

There are suggestions that some people might find details in these estimates that were not immediately apparent from the information online prior to the application.

Of course, this is a best practice for any lender. Make sure you get multiple credit estimates and then compare them side by side and line by line.

Working with PNC Mortgage

PNC's online home insight service is available in two versions.

The first is called Home Insight Planner. You can enter your personal household budget and lifestyle details and you will then be directed to the loan that suits you best.

The second component, Home Insight Tracker, takes over when you've submitted an application.

It has two main functions. First, to help you manage your application and access existing documents and status reports. Second, to upload documents and exchange messages with your loan officer in a secure environment.

If personal collaboration with a loan officer is important to you, the service can be a hit or miss. PNC has many locations on the east coast and inland as far as Kansas. However, if you live west of there your options are limited.

PNC customer service reviews

PNC Mortgage was featured in J.D.'s Mortgage Satisfaction Study in the United States. Power 2020 ranked 8th out of 17 lenders.

It scored 838 out of a possible 1,000 points, which was slightly below the industry average. The top spot of J.D. Power went to Quicken Loans with a score of 883 out of 1,000.

Companies
Mortgage origins 2019
CFPB complaints 2019
Complaints per 1,000 mortgages
2020 JD nominal power
PNC

160,000
68
0.42
838/1000

Wells Fargo

1,026,800
342
0.33
840/1000

Accelerate Loans

774,900
187
0.24
883/1000

chase

527,600
188
0.36
860/1000

Along with PNC's satisfaction ratings, we reviewed customer complaints using the Consumer Financial Protection Bureau (CFPB) online database, where borrowers can file complaints against lenders.

For PNC, the results look good in the database. Fewer than one official complaint was made for every 1,000 mortgage customers.

Mortgage loan products at PNC

PNC offers a particularly wide range of mortgage options. It offers conventional mortgages and all federally supported mortgages (FHA, VA, and USDA).

PNC even has a few dedicated mortgage programs for medical professionals and low-income home buyers.

Fixed Income Mortgages (FRM) – Most people opt for FRMs with terms of 10 to 30 years, down payments starting at 3 percent, and a rate that never changesAdjustable Rate Mortgages (ARM) – ARMs allow you to set your rate for an initial period of 1, 3, 5, 7, or 10 years. After that, it will float with the marketsJumbo Loans – For borrowers who need a loan greater than $ 510,400 but less than $ 5M. You can choose an FRM or ARM and choose a term between 15 and 30 yearsFHA loan – Loans supported by the federal housing administration, with which you can only pay 3.5% less and for which the borrower must flexibly qualify VA loan – Loans supported by the Department of Veterans Affairs, with no deposit available for Qualified Service Members and Veterans USDA Rural Housing Loan – Affordable home loans with no down payment for buyers in rural or suburban low to middle income areas 80/10/10 conventional loan – The 80/10/10 loan consists of a mortgage equal to 80% of home value and a second loan equal to 10% of home value to be used as part of your down payment. Coupled with a 10% cash deposit, this results in a 20% deposit so you don't have to pay for mortgage insurancePNC Community Loan – A low down payment, no PMI loan from PNC that only requires a down payment contribution of $ 500 from the borrower. The remainder of the 3% deposit can be a gift from a family member or a friend Medical Professional Mortgage – A No-PMI loan from PNC reserved for healthcare professionals

PNC also says that its mortgages typically come with fees and costs that are between 3 and 5 percent of the loan value.

PNC's closing grant of $ 1,500

If you receive a mortgage from PNC, you may be eligible for a $ 1,500 grant to help cover your closing costs. PNC graduation grants are available for 15- and 30-year loans with fixed or adjustable rates. To qualify, you must either live in a designated low to middle income census area or have an income that does not exceed 80% of the local median.

Check Your Eligibility for Home Loans (Nov 21, 2020)

Frequently asked questions about PNC mortgages

Is PNC Good For Mortgages?

PNC is worth considering for a mortgage if you want a conventional, FHA, VA, or USDA loan. It offers both fixed rate and adjustable rate mortgages with down payments as low as 3% (or 0% for a VA loan). The prices and fees are at or slightly below average. PNC has too special mortgage programs For medical professionals and low-income home buyers, well worth a look if you fit into one of these categories.

What does PNC mortgage stand for?

PNC Bank gets its initials from the Pittsburgh National Corporation and the Provident National Corporation. PNC was formed when these two banks merged in 1983.

What FICO Score Does PNC Use?

PNC must have a credit score of at least 620 in order to qualify for a mortgage. You will likely need a score in the high 600s to 700s to qualify for a conventional loan, while you may need to qualify for a government-sponsored loan (like FHA, VA, or USDA) with a score in the lower 600s.

Is it easy to get a loan from PNC Bank?

From a credit standpoint, getting a loan from PNC is not quite as easy as it is with some other banks. For example, in the mid-600s, PNC needs a credit score to get an FHA loan, which usually has the lowest credit requirements. Other banks will approve an FHA loan with credit as low as 580 (or 500 in rare cases).

Aside from the creditworthiness requirements, PNC mortgages aren't particularly difficult to qualify. You only need a 3% deposit and PNC even offers Special mortgages without private mortgage insurance for low-income home buyers. So it's worth a look if you're looking for a low down payment mortgage and have good credit.

How long does it take to get a PNC loan approved?

PNC offers digital pre-approval for mortgages. This means you can check your income, assets, and employment online, eliminating the need to submit physical documents. Digital pre-approval is typically faster than traditional pre-approval methods, although PNC doesn't state the average time it takes to approve credit customers.

Where can you get a mortgage with PNC?

NMLS ID: 446303

PNC Mortgage has a very good online presence. The Home Insight planner and tracker are top notch and can be really useful tools.

This applies to all borrowers, but especially first-time buyers who appreciate a little extra guidance along the way.

The locations of the PNC banks are concentrated in the eastern United States. Image: PNC

However, not everyone is comfortable with preparing online applications.

If you prefer a more personal experience and live in the east of the country, you may have easy access to one of PNC's 2,600 offices. It should be easy for you to arrange a face-to-face meeting with an expert advisor.

Borrowers in the gray states above must apply for a PNC mortgage online or by phone.

Is PNC the Best Mortgage Lender for You?

If you prefer a DIY application and online resources, PNC might be a good mortgage lender for you.

It's also a convenient choice for people on the East Coast who have access to one of PNC's 2,000+ banking locations.

In any case, it is important to compare multiple lenders before choosing a mortgage company. PNC's resources are only as good as the rate it can offer you. The same goes for any lender.

First, compare the interest rates and closing costs of at least three reputable mortgage lenders to find the best deal for you.

Check your new plan (November 21, 2020)

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