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.
Mortgage Refinance
Turn equity to funds, lock in a lower rate or find better terms.
Why Refinance With Us?
- You could save – We delivered lower rates and charged lower origination fees in back-to-back years, compared to the industry average.[1]
- Our experience is exceptional – 9 out of 10 clients said they would recommend their PNC MLO to friends, family or colleagues.[2]
- We have varied options – Cash-out, rate and term, and specialty options means we have an option for your unique goals.
- We make it affordable – You may qualify for Closing Cost Assistance including a PNC Grant that offers up to $5,000 to help pay for closing costs.
- No-cost options – You could be eligible to roll closing costs into your new refinanced loan, meaning you pay nothing at closing.
Best Mortgage Lender, 2024 by Nerdwallet
January 2024
PNC is proud to be recognized as the 2024 Best Mortgage Lender by NerdWallet in multiple categories:
- First-Time Home Buyers
- FHA Loans
- Jumbo Loans
- Cash-Out Refinancing
- Home Equity Lines of Credit
- First-Time Home Buyers
- FHA Loans
- Jumbo Loans
- Cash-Out Refinancing
- Home Equity Lines of Credit
Explore Refinance Options
With any refinance, your existing mortgage balance is paid off by a new mortgage loan. The new loan may offer lower interest, more favorable terms or a different product (fixed rate vs. adjustable).
Calculate Your Savings
There are two main things that would change if you refinance: your monthly payment and the total amount of interest you pay.
Because there are fees associated with refinancing, it’s important to consider whether the benefits outweigh the cost of refinancing.
Your break-even point is the point at which you start saving money. If you were to sell or refinance again before that point, you would have a net loss from the refinance.
Use our Refinance Savings Calculator to understand how your monthly payment and interest might change, and what your break-even point would be.
Calculators are provided for educational and informational purposes only. Estimates and other information generated is deemed reliable, but is not guaranteed.
How to Refinance
Here’s a general guide to the process of refinancing.
- Figure out your goals and determine what you need – Maybe you want to free up funds with a lower monthly payment, or save money by paying off your mortgage faster, or consolidate another debt that has a higher rate, or access funds for a purchase.
- Compare your existing mortgage rate to the current market rate, to see how it may change.
- Estimate how much equity you have in your home.
- Estimate refinancing costs, including closing costs.
- Calculate your break-even point.
- Find your best refinance solution – we recommend talking to a PNC MLO, who can help walk you through your options and find the right product.
- Apply through your PNC MLO or online to start the process.
- Gather and submit the documents we need.
- Get a home appraisal completed – your PNC MLO will help walk you through it.
- Complete all required conditions, get final approval, and close!
Additional Home Equity Options
If you’re looking to turn your equity into funds, but don’t think a refinance is right for you, we have a few other products that might make sense. These options are especially helpful for clients who don’t want to change their current interest rate, payment or terms.
With a Home Equity Line of Credit (HELOC), you get access to funds at closing as well as ongoing access as you need it. A HELOC is a line of credit that allows upfront lump sum access to funds and ongoing access to funds secured by the equity in your home.
A Home Equity Loan (HELOAN) allows upfront lump sum access to funds secured by the equity in your home.
Frequently Asked Questions
Have Questions?
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PNC mortgage rates and fees being lower than the industry average was validated using 2022, 2023 and 2024 Federal HMDA data. Data assumptions include: both purchase and refinance funded home loans for all unit types where the transaction was a first lien across all product types and for all loan amounts. Data assumptions excluded: all opens lines of credit, reverse mortgage, balloon payment and business commercial loans (including exempt loan types in these categories) for all funded transactions. National average interest rates for 2022 were 4.65%, while PNC’s average was 4.10%. National average origination charges were $3,397, while PNC’s average was $2,253. National average interest rates for 2023 were 6.61%, while PNC’s average was 6.44%. National average origination fees were $3,965, while PNC's average was $2,232. National average interest rates for 2024 were 6.57%, while PNC’s average was 6.49%. National average origination fees were $3,822, while PNC's average was $2,107.
9 out of 10 statement is based on NPS data pulled from Jan 1, 2024 to Dec 31, 2024 for all internal client satisfaction surveys completed by PNC clients with funded home lending transactions (includes both purchase and refinance transactions and excludes home equity transactions). The data point utilized is the average % of positive promoters (scored PNC as either a 9 or 10 for the following question: “How likely are you to recommend your mortgage loan officer (person who consulted with during the loan consideration process and took your loan application) to a friend, family member or colleague?”. The average score of positive promoters for this question for this time period was 91%.
Loan amounts may vary based on product and property location. $832,750 is the current conventional loan limit.
PNC will make one or more soft credit inquires during the digital online preliminary preapproval process, which will not affect your credit score. If you later submit an application, a hard credit inquiry will be made which may affect your credit score.
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.
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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.
©2026 The PNC Financial Services Group, Inc. All rights reserved.
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