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You choose when to borrow money and how to pay it back — with the experienced lending help of PNC.
|Interest Rate Type||Variable|
|Payment Type||Principal + Interest|
|Discounts Applied*||0.25% interest rate discount for automatic payment from a PNC checking account.|
*Certain restrictions and conditions apply. For important information on rates, fees and applied discounts, click on the "Important Disclosures" link(s) in the rate chart.
The fees shown herein are the current PNC Closing Costs and Servicing Fees for new loans and lines of credit as of January 9, 2018 11:58:23 ET, and may not necessarily be applicable if your loan or line of credit was originated at an earlier or later date or by a PNC predecessor. Please call 1-888-PNC-BANK (1-888-762-2265) for information about servicing fees specific to your account.
The 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:
You may be asked to provide some or all of the items listed below to decision your credit request. In order to expedite the process, please provide all required information at the time of application. If you apply online or over the phone, you will be asked to fax, mail or email this information.
Personal Information for Applicant and Co-Applicant:
Required Income Documentation for Applicant and Co-Applicant
You may fall into one or more of these categories. Please submit all documents that apply.
If you are an EMPLOYED WAGE EARNER / COMMISSIONED:
If you are SELF-EMPLOYED
If you receive SUPPLEMENTAL or RETIREMENT INCOME:
Required Property Information
Additional Information, if applicable and may be required during the review process
The minimum amount of information you should be prepared to answer at the time of application includes:
Upon submission of your application, PNC will obtain and review your credit history. Approval for credit is contingent upon your credit history and other factors.Provide Required Documentation
Click here for a list of possible documentation, depending on your individual situation.
Documentation, Credit History and Property Valuation Review
We’ll evaluate your credit history, verify your employment, verify your income, and review all supporting documentation submitted.
We’ll verify ownership and complete a valuation of the property being pledged
as collateral by ordering an appraisal product from an independent service provider, who will always inspect and photograph the property’s exterior. In some cases, this independent service provider may call you to setup a time to inspect both the property’s interior and exterior. A review of all information will enable us to determine that you meet the qualifications for the credit product for which you applied.
Final Credit Decision
If your request for credit is approved, we will communicate the final approval or a counter-offer to you, detailing any closing stipulations. For example, updating the declaration page of the Homeowner’s Insurance Policy listing PNC Bank, NA as loss payee is required. We’ll then schedule a closing date and verify the amount(s) to be disbursed, if applicable, including the amount(s) of any required payoffs.
If we are unable to approve your request for credit, you will receive a communication indicating the reasons for the decline.
Loan Closing and Disbursement of Funds
At closing we will require two forms of identification; one must be a valid photo ID. After reviewing the terms and conditions of your line of credit or installment loan, you will be asked to acknowledge and accept those terms and conditions by signing loan documents.
When using a primary residence as collateral, a three business day right to cancel (“rescission”) period is required by law to allow applicants the opportunity to cancel their home equity line of credit or home equity installment loan application.
Once your right to cancel period has expired, the funds from your home equity line of credit will be available or the funds from your home equity installment loan will be disbursed.
What is a Home Equity Line of Credit?
A home equity line of credit is a revolving line of credit secured by your home that allows you to access the available equity you have in your home. With a home equity line of credit, you can borrow as much or as little as you need, whenever you need it, up to your established credit limit. As you repay your outstanding balance, the amount of available credit is replenished, which becomes available again for future use, if needed, throughout your draw period.
How much can I borrow?
Banks typically set a maximum loan-to-value (LTV) limit for how much you can borrow. At PNC, the maximum allowable LTV is 89.9%, and in some geographies and loan scenarios, it is lower. To figure out how much you can borrow, you must know three things: 1) your home's value, 2) the sum of all mortgage loans that you have on the property, and 3) the maximum LTV established by your lender. For example, let's assume a home is valued at $200,000, the maximum LTV is 89.9%, and there are $120,000 in mortgage loans already owed on the property. Just multiply the home's value ($200,000) by the LTV (89.9%) to calculate the maximum borrowing limit, which in this case is $179,800. Then subtract out the loans already on the property ($120,000) to know how much equity is remaining. In this example, you could borrow up to an additional $59,800.
What will my rate be?
Rate is calculated based on a variety of factors, including credit qualifications, loan-to-value, line amount and other criteria. The best available rates include a discount for automatic payment from a PNC checking account.
Is my interest tax deductible?
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.
What property types are eligible for Home Equity Lines of Credit or Home Equity Installment Loans?
Single-Family Primary Residence; Vacation, 1-2 Family Homes, Condos, and Townhouses
Are there any fees if I payoff my Home Equity Line of Credit?
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.
How fast will I get my money?
Funds are normally disbursed on the fourth business day after you sign your loan documents. This is because Federal regulations require a 3-day rescission period during which time you have the right to cancel your loan.
Credit is subject to approval.
Certain restrictions and conditions apply.
Interest on home equity loans/lines that are not considered home acquisition debt may not be tax deductible. Please consult your tax advisor.
Discount only applicable as long as payments are set up for automatic deduction from a PNC checking account. If automatic payment is discontinued, you will no longer receive an automatic payment discount and your rate will increase.