How can I obtain my current account balance or a copy of my contract? Please call 1-888-PNC-BANK (1-888-762-2265). Your reference code is: MATR
How was the draw period ending date determined? The end of the draw period in this email may be the same date as the draw period’s ending date in your contract or a few days later. If the date is later, all other terms in your contract and in the mortgage or deed of trust remain the same.
How does the end of the draw period affect any fixed-rate-option balance(s)? If you have a/any fixed-rate-option balance(s) and you do not payoff your account or refinance, your contract has been amended to allow you to continue to pay the current installment payment on each fixed-rate-lock balance(s) until it is paid in full. You can always make additional principal payments or pay balance in full at any time prior to the due date of the final installment. This change is only available for a/any fixed-rate-option balance(s) that you are currently paying. You must still pay the revolving or variable-rate balance(s), interest and other charges in full when the draw period ends.
When will the full revolving or variable-rate balance be billed? What happens if I do not pay this balance when it is due? At the end of the draw period, the full revolving or variable-rate balance will be billed once the draw period ends as well as the installment payment(s) on any fixed-rate-balance-option balances. You may receive a billing statement after the draw period ends and before this full balance statement and, if so, please make the monthly payment as required to avoid late charges. Interest continues to accrue until any balance owed is paid in full. Failure to pay the balance as required on the billing statements will be reported to the credit bureaus. If you have been making interest-only payments, you may want to start paying down principal now. Doing so will reduce the amount of your final payment.
What happens to the credit insurance or Line of Credit Protection Plan (“Plan”) I purchased? If you currently have credit insurance or the Plan, the credit insurance or Plan will terminate when the draw period ends. If your account is refinanced, credit insurance or the Plan is not available under the PNC Home Equity Line of Credit. If you choose, you may cancel the credit insurance or Plan before the draw period ends by contacting the insurance carrier or Plan Administrator at the following numbers: If you have credit insurance, call 1-800-445-6500; if you purchased the Plan, call 704-338-0112.
I have an automated payment authorization to pay my account’s billed payment. How will the end of the draw period affect these arrangements? If you have automated payments made from a checking or savings account at PNC Bank, N.A. or another financial institution, the automated payment will be terminated effective on the date the draw period ends and you will need to make your payments by check.
I have an online or automated payment set up to pay my account’s billed payment. How will the end of the draw period affect this arrangement? If you currently have automated payments using any online or other automated method at PNC Bank, N.A. or with another financial institution or payment provider, please make sure you update your payment directions. After the draw period ends you will be billed the full revolving or variable-rate balance, including any fixed-rate-option minimum payment(s). Unless you have appropriate payment arrangements and funds in your account after the draw period ends, you could fail to make the required payment or overdraw your deposit account. If your automated payment is canceled or terminated, you will need to make your payments by check.
What information does PNC need to determine if I meet the qualifications to refinance? In order to determine if you meet the Bank’s lending standards to refinance into a new PNC Home Equity Line of Credit or other home loan product, we will need to obtain current information about your credit standing, including income verification and collateral information (including its value). Information checklist for a home equity line of credit application:
What happens if my account is not refinanced and has a zero balance when the draw period ends? If your account is not refinanced at PNC Bank and has a zero balance at the close of business on the date the draw period ends, we will close the account and process a release of the mortgage or deed of trust securing the account.