Choice Home Equity Lines of Credit and Home Equity Loans in Texas can only be secured by a primary residence designated as homestead property and cannot exceed 80% combined loan to value of that property. Fees not applicable for Choice Home Equity Lines of Credit secured by Texas property include: Annual Fee and the reimbursement of any closing costs paid on borrower behalf by PNC Bank if customer closes the line of credit within 36 months of account opening. Minimum draw in Texas for a Choice Home Equity Line of Credit is $4,000. Choice Home Equity Lines of Credit secured by Texas property are not eligible for a VISA Choice Access Card and will be sent access checks upon request. PNC cannot use a customer’s funds from a Choice Home Equity Line of Credit or Home Equity Loan secured by Texas property to pay (in part or in full) PNC non-homestead debt at account opening.
Compare Home Equity Lending Options
Convert your equity into funds for your financial goals.
How Can Home Equity Work for Me?
Here are some ways our clients use their home equity for their financial goals:
Leverage the Equity in Your Home
- Choice Home Equity Line of Credit
- Home Equity Loan
- Cash-Out Mortgage Refinance
- A line of credit that allows upfront lump sum and ongoing access to funds secured by the equity in your home
- New line of credit that requires a new monthly payment in addition to any existing mortgage payment
- Variable Annual Percentage Rate (APR) and variable monthly payments during intro draw period (typically 10 years)
- Variable APR and variable monthly payment on your outstanding loan balance during the repayment period (typically 30 years), except for any portion of the loan balance with a fixed rate lock made during the draw period.
- Option to lock and unlock part of all of your balance into fixed and/or variable APR as needed (only available during the draw period)[1]
- An installment loan that allows upfront lump sum access to funds secured by the equity in your home
- New loan that requires a new monthly payment in addition to any existing mortgage payment
- Fixed APRs and Fixed Monthly payments based on term selected
- A mortgage loan that allows upfront lump sum access to funds secured by the equity in your home
- Replaces existing mortgage with a new mortgage with revised rate, terms and new required monthly payment
- Fixed and variable APR options with monthly payment structure determined by loan term selected
Home Equity Product Comparison Chart
Use this comparison chart to help determine which product fits your needs
| Choice Home Equity Line of Credit | Home Equity Loan | Cash-Out Mortgage Refinance | |
|---|---|---|---|
| Access to Funds | One-time lump sum at closing. On-going access to funds during draw period. | One-time lump sum at closing. | One-time lump sum at closing. |
| Maximum Loan Amount | Up to $1,000,000 | Up to $250,000 | Conventional: Up to $832,750 Jumbo: Up to $5,000,000 |
| Eligible States | All states including DC (excluding AK, HI, NV, LA, MS, SD) | All states including DC (excluding AK, HI, NV, LA, MS, SD[1]) | All 50 states + DC |
| Annual Percentage Rate | Draw Period: Variable Rate with the option of locking in a fixed rate on all or part of your variable-rate balance using our fixed rate lock feature. Repayment Period: Variable Rate on your outstanding loan balance, except for any portion of the loan balance that used a fixed rate lock feature during the draw period.[2] | Fixed rate for full loan term. | Fixed Rate Mortgage: Fixed rate for full loan term. Adjustable Rate Mortgage: Fixed rate for initial period, then moves to variable rate during adjustment period for remainder of term. |
| Monthly Payment | Draw Period: Variable Repayment Period: Variable | Fixed | Fixed Rate Mortgage: Fixed Adjustable Rate Mortgage: Fixed payment typically remains the same during the initial period. Adjustable period: variable. |
| Lien Positions | First or Second Lien | Second Lien Only | First Lien Only |
| Eligible Property Usage | Primary Residence, Second/Vacation Home | Primary Residence, Second/Vacation Home | Primary Residence, Second/Vacation Home, and Investment Properties |
| Eligible Property Type | Single Family Home, Condominium, Townhouse, and 2-unit properties | Single Family Home, Condominium, Townhouse, and 2-unit properties | Single Family Home, Townhouse, Condominium, Two or Four Unit, Cooperative, and Manufactured |
For all Home Equity products, a PNC Mortgage Loan Officer can help determine what offers or promotions you may qualify for. Check out our Down Payment Assistance page to learn about some of the specialized mortgage products and home loan grants we may offer.
Explore Other Lending Products
Best HELOC Lender, 2025 by Nerdwallet
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Insights
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HELOC vs. Home Equity Loan
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Have Questions?
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Fixed Rate Lock refers to a feature of the Choice Home Equity Line of Credit account that permits establishing a Fixed Rate Part, subject to certain limitations described more fully in the account agreement, for terms ranging from 5 to 30 years (except in the state of Tennessee with terms ranging from 5-20 years). Payments generally include principal and interest amounts based on a level amortization schedule designed to fully repay the Fixed Rate Part amount at the end of the term selected.
Applicable Fixed Rate Part APRs will vary and are based on the index value for fixed-rate options in effect at the time a Fixed Rate Part is established; and a margin value based on your credit qualifications, the repayment term of the Fixed Rate Part, the amount of the transfer, the property type, loan to value, lien position and whether you elect the automatic payment feature from a PNC checking account established at the time of application. Once a Fixed Rate Part is established, the APR for that Part will not change. The minimum amount to establish a Fixed Rate Part is $5,000. Principal repayments during the Draw Period replenish the available credit line and are available for future draws.
Your rate may also be higher or lower as rates are subject to change at any time based on market conditions or other business factors including changes in benchmark interest rates. Call 1-855-569-1207 to obtain the most up to date rates available in your market.
There is a fee each time you establish a fixed rate part; however, this fee will be waived if you establish a fixed-rate part at credit line origination.
PNC Bank will pay certain closing costs on your behalf. If you pay off and close your line of credit within the first 36 months, you will be required to reimburse us for those closing costs. There are no reimbursable fees for Texas accounts.
Debt Consolidation Information: The benefits of a Choice HELOC for debt consolidation depend on your individual circumstances. Because a Choice HELOC may have a longer term than some of the debt you may be consolidating, you may not realize a savings over the entire term of your new Choice HELOC.
Refinancing at a longer repayment term may lower your mortgage payment, but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your mortgage payment, but may lower the total interest paid over the life of the loan. Contact us to discuss the option that best meets your needs.
Important Notice to Servicemembers and Their Dependents. If you are currently eligible for benefits provided by Servicemembers Civil Relief Act (SCRA), refinancing current debt may not be beneficial.
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PNC, PNC HomeHQ, PNC Home Insight and Home Insight are registered marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has a pending patent application directed at various features and functions of Home Insight® Planner. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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