Home Equity
Customer Service & Support

In general, you may pay the entire outstanding balance of your home equity line of credit at any time, and as often as you like, without penalty, as long as you do not close your line of credit. For applications submitted on or after December 8, 2013, there is no Early Account Closure Fee assessed for closing your line of credit at any time.

However, certain closing costs may be paid by PNC on your behalf at the time of account opening. You may be responsible for reimbursement of those costs if you pay off and close your line of credit within 36 months of account opening. If the line of credit is closed 36 months after account opening, repayment of these costs will not be required.

Interest you pay on a loan that is secured by your primary residence may very well be tax deductible. You should consult with a tax advisor to determine whether this applies to your situation.

The Servicemembers Civil Relief Act (SCRA) provides financial relief and protections to eligible servicemembers and their dependents. PNC is grateful for your service and we would like to help you understand your benefits and protections under SCRA as well as other similar benefits that PNC may be able to provide to you.

To find out more, please contact us at:

Phone:
844-PNC-SCRA (844-762-7272)

Email:
Servicemembers@pnc.com

Fax:
855-568-4532

Mail:
PNC Bank Servicemembers Operations Center
BR-YB58-01-U
PO Box 5570
Cleveland, OH 44101-0570

You can request to suspend or cancel your automated payment as long as your contact us at least three (3) business days before your next payment due date. Please call us at 1-888-PNC-BANK (1-888-762-2265) or visit the nearest PNC Branch.

Suspending your automated payment is a temporary option which will allow you to stop your automated payment for one month. You are still responsible for making your payment on time to avoid late fees. When you suspend your automated payment, you must make your monthly payment manually to keep your account current and allow automated payments to resume the next month.

If you chose to cancel your automated payment service, you will be responsible for making on-time payments once the automated payment has been removed from your account. Any applicable interest rate discount for automated payments will be lost, which means that your monthly payment may increase since additional interest would be charged.

Learn how to leverage your home, review these scenarios to see the potential impact of consolidating debt.

You can use your Home Equity to:

• Consolidate Debt
  • If you are finding it hard to manage monthly payments for credit cards, student loans and auto loans, you may be able to consolidate some of your debt with a home equity loan and make one monthly payment.
  • Use our debt consolidation calculator to get an idea of a rate and monthly payment ».

• Renovations
  • Whether you are renovating to get more space, reduce energy costs, or to turn your house into your dream home, accessing your home equity can be a good option.
  • Estimating the cost of your project is the first step. Get quotes from multiple contractors, and to be safe, add 20-30% to the total to account for potential overages.
  • Estimate the cost of a home renovation with our tool ».

• Repairs or Maintenance
  • Regular maintenance and minor repairs are a part of homeownership. But if your home needs more costly repairs, like a new roof or floors, using your home equity could be a smart choice.
  • Estimating the cost of your project is the first step. Get quotes from multiple contractors, and to be safe, add 20-30% to the total to account for potential overages.

• Finance a Purchase
  • Whether planned or unplanned, large purchases or expenses can throw a wrench in your budget. You can access the equity in your home to finance things like a car, tuition or to pay for a wedding.
  • Remember, the interest you’ll pay on a home equity loan will add to the overall cost of any purchase. Your interest rate and monthly payment may vary over the life of your loan depending on the loan product you choose to use, and if you can’t make a payment you may put your home at risk. So carefully consider if the expense is worth it.

How was the draw period ending date determined?

The end of the draw period in this email may be the same date as the draw period’s ending date in your contract or a few days later. If the date is later, all other terms in your contract and in the mortgage or deed of trust remain the same.

Where do I find any differences between the minimum monthly payment during the draw and repayment periods?

Your contract explains how the minimum monthly payment during the repayment period is determined. Your minimum monthly payment will likely increase and the interest rate may change (other than for any fixed-rate-option balances).
For example, if you made interest-only payments during the draw period, you will be required to make payments of the outstanding principal and charges as well as interest during repayment. If so, you may want to start paying down principal now. We are available to answer any questions you may have about your repayment period payment.

How does the end of the draw period affect any fixed-rate-option balance(s)?

If you have any fixed-rate-option balance(s), you will continue to make the scheduled payments on those balance(s) until they are paid in full.

What happens to the credit insurance or Line of Credit Protection Plan (“Plan”) I purchased?

If you currently have credit insurance or the Plan, the credit insurance or Plan will terminate when the draw period ends. The credit insurance or Plan will not cover balances during the repayment period. If you choose, you may cancel the credit insurance or Plan before the draw period ends by contacting the insurance carrier or Plan Administrator at the following numbers: If you have credit insurance, call 1-800-445-6500; if you purchased the Plan, call 704-338-0112.

I have an automated payment authorization to pay my account’s billed payment. How will the end of the draw period affect these arrangements?

If you have automated payments made from a checking or savings account at PNC Bank, N.A. or another financial institution, the automated payment will be made according to the contract’s repayment requirements. Your account’s billed minimum payment during the repayment period will likely change. Unless you have appropriate funds in the account, after the draw period ends you could overdraw the deposit or savings account. If the automated payment is canceled or terminated, you will need to make your payments by check.

I have an online or automated payment set up to pay my account’s billed payment. How will the end of the draw period affect this arrangement?

If you currently have automated payments using any online or other automated method at PNC Bank, N.A. or with another financial institution or payment provider, please make sure you update your payment directions to accommodate your new repayment period payment. Unless you have appropriate payment arrangements and funds in your account after the draw period ends, you could fail to make the required payment or overdraw your deposit or savings account. If the automated payment is canceled or terminated, you will need to make your payments by check.

What happens if my account is not refinanced and has a zero balance when the draw period ends?

If your account is not refinanced at PNC Bank and has a zero balance at the close of business on the date the draw period ends, we will close the account and process a release of the mortgage or deed of trust securing the account.