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.
- Our experience is exceptional – 9 out of 10 clients said they would recommend their PNC MLO to friends, family or colleagues.
- 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 $5,000-15,000 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
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
There are different considerations to make depending on your goals.
If you want to save money over time, compare your mortgage interest rate to current market rates. You could pay less in interest over the term of your loan if you can lock in a lower interest rate. You could pay less in interest over the term of your loan if you can lock in a lower interest rate.
If you want to pay less each month, consider your mortgage terms, and whether you could extend your term, which would spread the payments over a longer period, reducing the monthly payment amount.
If you want to access funds for a project, purchase or consolidation of debt, consider how much equity you’ve built up, how interest rates have changed, what the interest rate is on any debt you’re consolidating, and how much you can pay each month.
Fixed Rate Mortgage: If you’re looking for a loan where the monthly principal and interest payment will not change and will be easy to budget, explore a Fixed Rate Loan.
- Rate, principal and interest payment remain the same for the life of the loan
- Loan terms between 10 and 30 years
- Single family loan amounts up to $806,500
- Available for primary and secondary homes, as well as investment properties
Adjustable Rate Mortgage (ARM): With an ARM, you’ll start out with a low rate and after a few years, your rate will reset with a new rate that can be either higher or lower depending on market conditions at the time the adjustment occurs. After the first rate adjustment, your interest rate can change on a semi/annual basis until you pay off your mortgage.
- For homeowners with a good credit history.
- Ideal if you’re expecting an increase in income, or don’t plan to own the home for a long period.
- Adjustable rate loans are available in periods of 7 and 10 years during which the interest rate remains unchanged, followed by an adjustment period in which the interest rate may increase or decrease on an annual or semi-annual basis, dependent upon the product, resulting in a change in your monthly payment amount.
- Can be used for both primary and secondary homes, as well as investment properties.
Typically, the cost to refinance is 2-6% of your new mortgage loan amount.
That includes things like home appraisal, flood certification, tax and title services, transfer fees, government recording fees, inspections, surveys, lender origination fees, and other fees.
You may pay these costs out-of-pocket, or depending on the refinance type, they could be rolled into the new loan amount. We also have Closing Cost Assistance programs available – if you qualify, you could get up to $5,000-15,000 toward closing costs.
It typically takes 30 - 45 days. This is influenced by loan type, unique borrower conditions and more.
It’s also important that you provide documentation and respond to your MLO quickly, to ensure that we can review and process everything in a timely manner.
PNC offers a digital self-service that uses a soft credit pull to check product eligibility and pricing, requiring your authorization to access consumer reports. This won't affect your FICO score. If you proceed with an application, PNC will perform a hard inquiry that may impact your FICO score.
If your home’s value has decreased since purchase, you may not qualify for a refinance with a lower interest rate than your current loan.
However, you still may be able to refinance at a higher interest rate, which means you could access funds if that’s your goal.
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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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