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:

Home Improvements

Turn your home into your dream house. Knock out that home improvement project you’ve been putting off, or go all out and completely reimagine your current home. These types of investments not only enhance your current living situation, but may also have a positive impact on the overall value of your home.

Debt Consolidation

Combine your outstanding debts into one monthly payment offered at a potentially lower interest rate. Pay off debts like credit cards, unsecured loans and other debts that may carry higher interest rates. This may help you save money on interest expenses and may help free up additional funds in your monthly budget.

Financing a Large Purchase

Have the funds ready to pay for those big one-time expenses. For example, you can use the funds to finance the down payment of a vacation home, second home, or investment property. You can also use the funds to cover other large ongoing expenses like school tuition or other related educational costs.

Leverage the Equity in Your Home

  • 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)
  • Fixed rate lock segments only: Fixed APR and fixed monthly payments during repayment period (typically 30 years).
  • 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]

May Be a Good Fit if You:

Need funds, but aren't sure how much you'll need and/or don't want to change your existing mortgage.

  • 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 (typically 30 years)

May Be Good Fit if You

Know exactly how much you need and don't want to change your existing mortgage.

  • 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 

May Be a Good Fit if You:

Know the exact amount of funds needed for your financial goals, and want to improve either the rate and/or terms of your existing mortgage.

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 $806,500
Jumbo: Up to $5,000,000
Eligible States All states including DC (excluding AK, HI, NV, LA, MS, SD) WA, OR, ID, MT, WY, UT, NE, IA, OK, AR, CT, VT, ME, NH, and RI All 50 states + DC
Annual Percentage Rate Draw Period: Variable Rate
Repayment Period: Variable Rate with Fixed Rate Lock Feature options available in certain scenarios.[1]
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.
Terms Draw Period: First 10 years
Repayment Period: 30 years (Tennessee - 20 year limit) 
Options from 5 to 30 years. Fixed Rate Mortgage: Options from 10 to 30 years.
Adjustable Rate Mortgage: 30 years.
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

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

Choice Home Equity Line of Credit

Home Equity Loan

Cash-Out Mortgage Refinance

Best Mortgage Lender, 2024 by Nerdwallet

January 2024

PNC is proud to be recognized as the 2024 Best Mortgage Lender by NerdWallet in multiple categories:

  • First-Time Home Buyers
  • FHA Loans
  • Jumbo Loans
  • Cash-Out Refinancing
  • Home Equity Lines of Credit
Nerdwallet

Insights

Learn More About Home Equity Product Options

Borrow

HELOC vs. Home Equity Loan

Home equity lines of credit (HELOCs) and home equity loans are similar in that they both offer ways to turn your home equity into cash. But these two financial tools are not the same.

Borrow

Cash-Out Refinance vs. HELOC: Key Differences to Know

Considering tapping into your home equity? Compare cash-out refinance and HELOC to find the right option for your financial needs and goals.

Borrow

What Is a Home Equity Loan & How Does It Work?

A home equity loan allows you to use the value of your home as collateral. Read more about what home equity loans are and if they are right for you.

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