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Choice Home Equity Line of Credit
Use a Home Equity Line of Credit to renovate your home, refinance your mortgage, or consolidate debt.
Limited Time Introductory Rate and Cash Offer
The Introductory Rate and Cash Offer applies only to new CHELOCs secured by eligible property in targeted low-to-moderate income census tracts within the PNC Bank Assessment Area.
For the First Six Months
0.25% Intro Rate APR.
After Six Months
7.99% to 16.10% Variable APRs.
Plus get $2000.
Rate Options
One Line of Credit, Two Rate Options.
Variable and fixed rate options throughout the draw period.
You also choose when you need funds. Plus, you can lock - or unlock - the rate on qualifying balances at any time during your draw period.
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 refinancing other loans.
Fixed Rate[4]
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 Application 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.
Benefits
Why Choose PNC's Choice HELOC.
Fix your roof or consolidate your bills. 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. No surprises.
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.
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
Receive a 0.25% rate discount when you set up and maintain automated payments from a qualifying PNC checking account.
Learn About Home Equity
Watch the Video to Learn About the PNC Home Equity Line of Credit
Video: PNC Home Equity
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.
Home Equity Line of Credit Frequently Asked Questions
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.
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 Choice Home Equity Line of Credit (Choice HELOC) gives you easy access and flexibility in spending your funds.
- Interest rates are typically lower than credit cards and other loans.
- Fixed and Variable Rate Options are available for a balance you've taken.
- The interest paid may be tax-deductible; consult a tax professional to assess your situation.
The Risks:
Since a Choice Home Equity Line of Credit uses your home as collateral, you will 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.
Annual Fee
The $50 Annual Fee will be charged to your Account by the second Billing Cycle following account opening and each year thereafter, during the Draw Period.
Origination Fee
- The Choice HELOC has an origination fee. The Origination Fee is a one-time fee paid on your first monthly billing statement.
- The Origination Fee is currently being charged in Alabama, Arizona, California, Washington DC, Delaware, Florida, Kansas, Kentucky, Maryland, Minnesota, North Carolina, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Utah, and Washington. The amounts:
| Total Line Amount | Fee |
|---|---|
| Up to $149,999.99 | |
| $150,000 - $499,999.99 | |
| $500,000 - $749,999.99 | |
| $750,000 and up |
Lock-in Fee
- There is a $100 charge to convert a balance from a variable rate into a fixed rate lock. There is a $100 charge to unlock a balance that is currently in a fixed rate lock.
- There is no charge to convert a balance from a variable rate to a fixed rate lock at the time of loan origination - meaning, when you sign the papers to finalize the loan. Any fixed rate lock or unlock after origination will trigger the $100 fee.
Late payment fee
If your monthly payment is submitted after the payment due date, you may be subject to a late payment fee.
Recordation Tax
Customers with collateral in New York and Georgia are responsible for paying all state specific city/county taxes. These taxes are a percentage of the Credit Limit approved by the lender and accepted by the customer. Your taxes for New York could range from $20.50-$21.75 per $1,000 of your credit limit within New York City or $7.50-$12.50 per $1,000 of your credit limit outside of New York City. Your taxes for Georgia are $3.00 per $1,000 of your credit limit. PNC Bank (Lender) will withdraw the total tax amount from your Credit Limit to pay the taxes on your behalf and set up a 0.00% interest segment for the full amount of the taxes paid on your account. You will then pay 1/36th of the total amount over 36 months as part of your minimum monthly payment due. This segment will reduce the Credit Limit by the amount of taxes paid. For example, based on a line amount of $100,000, then based on New York City tax, your estimated total tax would be between $2,050 and $2,175. Your estimated monthly tax segment payment, which is 1/36th of the total tax amount, would be between $56.94 and $60.42, respectively.
Reimbursable Fees
- PNC Bank pays for some items when you take out a Choice HELOC:
- For CHELOCS with an application date of June 23 ,2023 and before: The valuation fee, property search fee, recording fee and county/state taxes, as applicable, are reimbursable to PNC on a prorated bases if the borrower pays off and closes the HELOC in less than 36 months from origination. Texas has no reimbursable fees.
- For CHELOCS with an application date of June 24, 2023 and after: In addition to the valuation fee, property search fee, recording fee and county/state taxes, as applicable, the credit report and flood report fees are reimbursable. There are additional fees that may be incurred on some applications and will also be considered to be reimbursable in full. Most common fees include, but are not limited to: extended property search, property condition report, instant income verification, notary or electronic close, attorney fees, settlement fees, etc.
- If you close the account within the first 36 months after opening, then you will be responsible to pay those fees back to PNC. Please note: paying the balance to $0.00 will not trigger those fees, only closing or cancelling the account or selling your home.
PNC and Non-PNC customers may borrow up to 89.9% of the fair market value of their home for 1st lien Choice HELOCs.
PNC customers may borrow up to 85% of the fair market value of their home for 2nd lien Choice HELOCs.
Non-PNC customers may borrow up to 80% of the fair market value of their home for 2nd lien Choice HELOCs.
• These collateral states can only go up to 85% loan to value of the home for 1st lien Choice HELOCs:
- Connecticut
- Kansas
- Massachusetts*
- Minnesota*
- Tennessee
• These collateral states can only go up to 80% loan to value of the home for 1st and 2nd lien Choice HELOCs:
- Arkansas
- Colorado
- Idaho
- Iowa
- Maine
- Montana
- North Dakota
- Nebraska
- New Hampshire
- New Mexico*
- Oklahoma
- Oregon
- Rhode Island
- Texas
- Utah
- Vermont
- Washington
- Wyoming
• These collateral states can only go up to 80% loan to value of the home for 2nd lien Choice HELOCs:
- Arizona
- California
- Florida
- Massachusetts
- Michigan
- Minnesota
- New York
* Please Note: New Mexico can go up to 85% in 2nd lien; it can only go to 80% for first lien
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
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 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, any funds requested at closing from your home equity line of credit will be issued on the following day. It can take up to 10 days after your loan closing for your home equity line of credit to be available to access for additional disbursements
*The property securing the CHELOC must be located in a state where PNC offers home equity products. PNC does not offer the CHELOC product in Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota.
I Want to Learn About
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.
Please Note: The tools and calculators provided are for educational and illustrative purposes only. The accuracy of the calculations and their applicability to your circumstances are not guaranteed. Please consult your financial, tax or legal advisor regarding your unique situation. Rates are subject to change at any time without notice.
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The annual fee is $50.
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 $450 and $19,265.
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.
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. PNC Bank will pay certain closing costs including, as applicable, certain state transfer taxes and fees 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.
The Choice Home Equity Line of Credit account includes an option to establish a Fixed Rate Part for terms ranging from 5 to 30 years (except in the state of Tennessee where terms range from 5-20 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 1-855-569-1207 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.
Suspension of Credit Privileges and Reduction of Maximum Credit Limit. Certain conditions, such as a material adverse change in your financial circumstances or a significant decline in the market value of your home, may result in PNC’s temporarily suspending your ability to take advances on your HELOC or reducing your Total Line Amount. Refer to the application disclosure titled “Important Terms of Our Choice Home Equity Lines of Credit” for a full description of the conditions under which PNC may prohibit additional advances or reduce the credit limit.
Bank deposit products and services provided by PNC Bank, National Association. Member FDIC.
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.
If you are currently eligible for benefits provided by Servicemembers Civil Relief Act (SCRA), refinancing current debt may not be beneficial.
Origination Fees: Customers with collateral located in Alabama, Arizona, California, Washington DC, Delaware, Florida, Kansas, Kentucky, Maryland, Minnesota, North Carolina, New Jersey, New Mexico, New York, Oregon, Pennsylvania, Utah, and Washington will incur an Origination Fee payable with the first monthly billing statement after account opening. The Origination Fee will be based on the approved Total Line Amount as follows: for approved lines of credit up to $149,999.99 the Origination Fee will be $199; for approved lines of credit of $150,000.00 to $499,999.99, the Origination Fee will be $299; for approved lines of credit of $500,000.00 to $749,999.99, the Origination Fee will be $399; and for approved lines of credit of $750,000.00 or more, the Origination Fee will be $499.
Customers with collateral in New York and Georgia are responsible for paying all state specific city/county recordation taxes. These taxes are a percentage of the Credit Limit approved by the lender and accepted by the customer. Your taxes for New York could range from $20.50-$21.75 per $1,000 of your credit limit within New York City or $7.50-$12.50 per $1,000 of your credit limit outside of New York City. Your taxes for Georgia are $3.00 per $1,000 of your credit limit. PNC Bank (Lender) will withdraw the total tax amount from your Credit Limit to pay the taxes on your behalf and set up a 0.00% interest segment for the full amount of the taxes paid on your account. You will then pay 1/36th of the total amount over 36 months as part of your minimum monthly payment due. This segment will reduce the Credit Limit by the amount of taxes paid. For example, based on a line amount of $100,000, then based on New York City tax, your estimated total tax would be between $2,050 and $2,175. Your estimated monthly tax segment payment, which is 1/36th of the total tax amount, would be between $56.94 and $60.42, respectively.
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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