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 ApplicationProperty must be in a state where PNC offers home equity products
(excludes Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota)[2]
One Line of Credit, Two Rate Options
Variable and fixed rate options throughout the draw period.[4]
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[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 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[4]. 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.[4]
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[5]
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, MD, NE, NH, OK, OR, RI, TX, UT, 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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$150 Cash Offer Eligibility Requirements: (“CHELOC” refers to a Choice Home Equity Line of Credit.) (1) CHELOC application must be received by PNC between June 1, 2022 and August 31, 2022; (2) CHELOC must close by November 30, 2022; (3) CHELOC line amount must be equal to or greater than $75,000; (4) the property securing the CHELOC must be located in a state where PNC offers home equity products (excludes Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota); (5) the primary borrower’s residence must be within the United States.
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$150 Cash Offer Fulfillment Details: The $150 cash offer will be delivered within 75 days after the CHELOC is closed in the following manner: (1) the funds will be deposited into any Eligible Personal PNC Deposit Account that is linked to the new CHELOC account for automatic payment deduction; (2) if no Eligible Personal PNC Deposit Account is linked to the CHELOC account for automatic payment deduction, the funds will be deposited to the Eligible Personal PNC Deposit Account that belongs to the primary CHELOC borrower; or, (3) if unavailable, the funds will be deposited to the Eligible Personal PNC Deposit Account that belongs to the secondary borrower; (4) alternately, if there is no Eligible Personal PNC Deposit Account, PNC will deliver the money with Zelle® to the primary borrower’s email address; or (5) if there is not an available valid email address for the primary borrower, PNC will deliver the money with Zelle® to the secondary borrower’s email address. Note: If borrower does not enroll with Zelle® to receive funds as instructed in response to Zelle® email message, the funds will be forfeited.
An “Eligible Personal PNC Deposit Account” is a checking account, savings account (excluding an “S is for Savings” account) or a money market deposit account maintained with PNC Bank held in the name of the primary or secondary borrower; accounts held in trust are ineligible. For money delivered with Zelle®, customers will need to enroll with Zelle® to have the funds received into a non-PNC account. Must have a bank account in the United States to enroll with and use Zelle®.
Zelle® and the Zelle® related marks are wholly owned by Early Warning Services, LLC and are used herein under license.
Offer may be extended, modified or discontinued at any time. The value of the reward may be reported on Internal Revenue Service (IRS) Form 1099 or Form 1042-S and may be considered taxable income to you.
Please consult your tax advisor regarding your specific situation.
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This account includes the option to establish one or more fixed rate parts during the draw period for terms 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.
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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.
Bank deposit products and services provided by PNC Bank, National Association. Member FDIC
Carrier fees for data usage may apply.
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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Please View the PNC Privacy Policy.
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.
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.
