Choice Home Equity
Line of Credit
Take care of today, plan for tomorrow.
Use a Home Equity Line of Credit* to renovate your home, refinance your mortgage, consolidate debt or prepare for unexpected expenses.[1]
Resume ApplicationLimited Time Introductory Rate Offer
How It Works
For the first 6 months on lines of $50,000 or more.
Variable APR based on WSJ Prime rate plus a margin. Includes a 0.25% discount for automatic payments from a PNC account.[4]
Lowest rate not available in all markets.
You have the choice to lock your balance into a competitive fixed rate term at any time without having to reapply.
Important Disclosures | How do we calculate your rate?
One Line of Credit, Two Rate Options
Variable and fixed rate options throughout the draw period.[5]
You also choose when you need funds, and pay interest only on what you borrow.
Plus, you can lock - or unlock - the rate on qualifying balances at any time during your draw period[4].
Variable Rate & Payment
All new balances start at a competitive variable rate and payment.
- Competitive low variable rate and payment that can result in affordable payments.
- Great for home improvements, consolidating debt or other unexpected expenses.
Fixed Rate[5]
Choose the stability of a fixed rate & monthly payment.
- Great for large home improvement projects, debt consolidation & major expenses.
- Enjoy the flexibility to lock in a fixed rate on all or part of your variable-rate balance during the draw period.
Choice HELOC Process
Once you complete your application, you will be assigned a Loan Processor to guide you through closing until you've signed your final paperwork
1
Select a Rate & Payment to Apply
Have your choice of a variable or fixed rate withdrawal as part of a 15-minute application process.
2
Provide Documents
Once we've reviewed your application and your credit history, you can provide your income documents.
3
Loan Processing
PNC will verify your income and your home's value.
4
Closing and Funding
PNC will help you set up your closing appointment and sign your papers.
Why Choose PNC's Choice HELOC
Fix your roof, consolidate your bills or pay for unexpected expenses. At rates that may be lower than other loan/credit options with the flexibility to switch between variable and fixed rate.
Low Rates, No Hidden Charges
You pay a fee every time you lock or unlock your interest rate[5]. No surprises.
Pay Interest on Only What You Use
If you have $50,000 credit limit and only use $10,000, you will only pay interest on the $10,000.
Switch Between Fixed & Variable Rates
You can follow the market and wait for the lowest interest rate. After you draw your funds you can transfer to a fixed rate part to lock in the fixed rate. You can also go from a fixed rate back to a variable rate.[5]
Potential Home Renovation Tax Benefits
Home renovations made to a home for medical purposes (for example a wheelchair ramp) to install energy efficient equipment (for example, a solar panel) may qualify as a tax deductible expense. Consult your tax advisor.
Get a Rate Reduction[4]
Receive a 0.25% rate discount when you set up and maintain automated payments from a qualifying PNC checking account
Watch the Video to Learn About the PNC Home Equity Line of Credit
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.
Calculate Your Home Equity Rate and Payment
Need a home equity loan but aren't sure how much you can borrow? Answer a few questions and we'll help you understand your home's equity.
Home Equity Loan Tools & Calculators
Use our simple and fast calculators to find out how much you can borrow, to compare your loan options, or get a home renovation estimate.
How Much Can I Borrow?
Estimate the amount of equity that you have available in your home.
What will my Renovation Cost?
Our "Home Improvement Calculator" can create a personalized cost estimate for your project plan. Once you know how much you need, explore borrowing options to find your best financing choice.
Not Sure Where to Start?
Visit our lending hub for resources, articles and links to help you make the best decision for your borrowing needs.
Home Equity Line of Credit Frequently Asked Questions
What can I use my Home Equity for?
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 your debt with a home equity line of credit 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 line of credit will add to the overall cost of any purchase. Your interest rate and monthly payment may vary over the life of your 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.
Home Equity Pros and Cons
If you own a home and are looking to borrow money, consider the benefits of a home equity line of credit.
Home Equity line of credit can be used to pay for a variety of things including home renovations, consolidating debt, college tuition, major purchases and more.
The Benefits:
A Home Equity line of credit gives you easy access and flexibiltiy in spending your funds. You can:
- Borrow up to 89.9% of the fair market value of your home.
- These collateral states can only go up to 85% loan to value of the home: CT, KS, MN, MA, and TN.
- These collateral states can only go up to 80% loan to value of the home: AR, CO, IA, ID, ME, MT, ND, NE, NH, OK, OR, RI, TX, UT, VT, WA, and WY.
- Interest rates are typically lower than credit cards and other loans.
- The interest paid may be tax-deductible; consult a tax professional to assess your situation.
The Risks:
Since a Home Equity line of credit uses your home as collateral, you also need to consider potential risks:
- If payments are missed, there is the possibility that you could lose your home.
- The maximum amount borrowed is a portion of your home's value which is determined by the market. So, if the market takes a down turn - you can owe more than your house is worth.
Documentation, Credit History and Property Valuation Review
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 line or credit for which you applied.
Final Credit Decision
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
Loan Closing and Disbursement of Funds
At closing we will require all applicants to provide two forms of identification; one must be a valid photo ID. After reviewing the terms and conditions of your line of credit, 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 application.
Once your right to cancel period has expired, the funds from your home equity line of credit will be available.
Important Legal Disclosures and Information
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Credit is subject to approval. Certain restrictions and conditions apply.
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During the Six-Month Introductory Period: During the six-month period that begins on the closing date (“Introductory Period”), the Introductory Annual Percentage Rate (“Introductory APR”) applies to credit advances taken from the Variable Rate Part of the CHELOC. The Introductory APR is available for applicants with approved line sizes of $50,000 or greater. The Introductory APR does not apply to any balances you transfer to a Fixed Rate Part. No employee or other discounts (such as the automatic payment discount, described below) are available for the Variable Rate Part during the Introductory Period. Introductory Rate Offer is based on a CHELOC secured by a property. The Introductory APR is available for CHELOC applications received October 1 through October 31, 2022. Offer available only in states where PNC offers home equity products (excludes Alaska, Hawaii, Louisiana, Mississippi, Nevada, and South Dakota). Offer may be discontinued and at any time without notice.
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After the Six-Month Introductory Period: After the Introductory Period ends, any outstanding balance in the Variable Rate Part will convert to the Variable Annual Percentage Rate (“Variable APR”) per the terms of your CHELOC Account Agreement, which also applies to all subsequent advances. The Variable APR is higher than the Introductory APR and is based on the prime rate published in The Wall Street Journal plus a margin, but it will never be greater than 24% and will never be less than 2.25%. DEPENDING ON THE BALANCE OF YOUR CHELOC, YOUR MINIMUM MONTHLY PAYMENT WILL INCREASE, POSSIBLY SUBSTANTIALLY, AFTER THE INTRODUCTORY PERIOD ENDS. Variable APRs for loan amounts from $10,000 to $1,000,000 range from 5.63% to 12.60% as of October 1, 2022. Variable APRs shown also reflect a 0.25% interest rate discount for automatic payments from a PNC checking account. Your Variable APR may be higher or lower and will be based on the then-current variable-rate index value, your credit qualifications, amount of the line, loan to value, the property type, lien position and whether you elect the automatic payment feature from a PNC checking account. If automatic payment is discontinued, you will no longer receive an automatic payment discount.
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To receive a 0.25% interest rate discount to the Variable APR applicable after the Introductory Period ends, you must set up Automatic Payments from a qualifying PNC checking account at closing. The automatic payment discount will be discontinued if you cancel automatic payments. The automatic payment discount does not apply the Introductory APR.
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This account provides the option to establish one or more fixed rate parts during the draw period for a term of 5–30 years (except in the state of Tennessee where terms range from 5-20 years). A $100 transfer fee applies each time a fixed rate part is established or unlocked. See account terms or ask us for details. The Introductory APR does not apply to any balances you transfer to a Fixed Rate Part.
Carrier fees for data usage may apply.
Annual Fee: The annual fee is $50.
Account Opening Fees: Title insurance may be required for lines of $500,000 or more and for lines of lesser amounts depending on a number of factors, including the manner in which the property was acquired. If title insurance is required, fees may range between $605 and $16,270.
Transfer Fee: A $100 balance transfer fee is charged 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.
Reimbursable Fees: 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. The amount you must reimburse us will decrease each month by 1/36th of the original amount we paid for you.
Insurance: In addition to any required title insurance, you are required to carry property insurance on the property that secures your account. Flood insurance may be required. Your payments on this account do not include taxes or insurance.
Fixed Rate Part Payment Options:
This account includes an option to establish a Fixed Rate Part for terms ranging from 5 to 30 years. Payments 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 1-855-762-9545 to obtain the most up to date rates available in your market.
The Fixed Rate Part rates and payments displayed are for new customers only. Existing CHELOC customers can consult their Line of Credit Agreement or find their Fixed Rate Part rates at https://www.pnc.com/en/customer-service/home-equity-customer-service.html.
Bank deposit products and services provided by PNC Bank, National Association. Member FDIC
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.
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.
Texas Collateral Information for CHELOC:
Texas Choice Home Equity Lines of Credit can only be secured by a primary residence designated as homestead property and can not exceed 80% combined loan to value of that property. Fees not applicable for accounts 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 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 home equity funds to pay (in part or in full) PNC non-homestead debt at account opening.
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PNC is a registered service mark of The PNC Financial Services Group, Inc. (“PNC”). 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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PNC Bank, National Association. Member FDIC
Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.
