Ready to Apply?
Provide preliminary information to start the pre-approval or loan process.
If you’re looking to refinance a loan over $726,200, you’ll most likely need a special type of mortgage. With a jumbo loan from PNC, you can finance up to $5 million.
Provide preliminary information to start the pre-approval or loan process.
Discuss your options with a mortgage loan officer.
You can feel confident choosing us as your financial partner for this important milestone in your life.
Whether you want to review your refinancing options or need help after the close, we’re available online, on the phone or face-to-face in your neighborhood branch.
If you’re looking to refinance a loan over $726,200 you’ll most likely need a special type of mortgage. With a jumbo loan from PNC, you can finance up to $5 million.
Typically these fees range from 3% - 5% of the loan amount.
For borrowers who establish and/or maintain a relationship with our PNC Private Bank℠ or PNC Private Bank Hawthorn℠ businesses that includes at least $500,000 in deposit and/or investment balances, relationship discounts may be available for mortgages.
If you need to borrow more than Fannie Mae's and Freddie Mac's standard loan limit, $726,200 for a single family home in most places, you may need a Jumbo Loan. Limits may vary for multi-family homes.
With a Fixed Rate Mortgage, the rate and payment will remain the same throughout the life of the loan. If you want to change the terms of your loan, you will have to refinance.
There are few factors that determine how much you will be qualified to borrow: credit history, Debt-to-Income Ratio and Loan-to-Value/ down payment.
Credit History |
Specific credit requirements vary based on a range of criteria including loan-to-value, debt-to-income ratios and assets used to qualify for the loan, but in general successful applicants will have average or better credit. |
Debt-to-Income Ratio |
Specific debt-to-income requirements vary based on a range of criteria including loan-to-value ratio, assets used to qualify for the loan and credit history but typically a successful applicant will have a total debt-to-income ratio (including the proposed loan payment) up to 43% of gross monthly income.* *percentages for certain programs vary |
Loan-to-Value Ratio / Down Payment |
Jumbo mortgages can be used to refinance a home up to 80% of the home value. Ranges and eligibility may vary based on loan details, consult a Mortgage Loan Officer for additional information. |
Assets | Borrower will generally need assets beyond those needed for the loan transaction. |
Your rate is calculated based on a variety of factors, including credit qualifications, loan-to-value, line loan amount and other criteria, but generally may be higher than a conventional loan interest rates.
When you buy or refinance, your credit score is one of the first things a lender looks at. It helps them determine if you qualify for a loan, and what interest rate they can offer you.
Factors that affect your Credit Score:
Your credit score reflects how reliable you are as a borrower, and is determined by your track record of borrowing and repaying banks, credit card companies and other lenders.
Rates are usually based on a combination of the following factors:
Escrow Payment – That portion of a mortgagor's monthly payments held by a lender or servicer in an account to pay taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also called impounds or reserves in some states.
An Escrow Account on your loan allows PNC Mortgage to make payments for certain bills related to your property, such as real estate property taxes, homeowners insurance, flood and other property related insurance, and mortgage insurance. Homeowners are generally required to have an escrow account until a certain loan to value ratio is met.
Escrow Analysis – The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.
Your annual Escrow Analysis Statement contains all the information you need to understand your previous and projected mortgage payments.
Looking to refinance? See options to lower your interest rate, payment, change terms, consolidate debt/get cash out, or take advantage of specialized loan products and programs.
Which lending option is right for you depends on a number of factors, such as how much equity you have, how long you plan to stay in your home and if you want to receive money back. Before you decide, you should understand the basics.
To apply for a refinance, you’ll need to provide information about your income, assets and debts, plus any special circumstances that may impact your ability to repay.
In addition, the lender will arrange for an appraisal of your home, flood determination, a title search and title insurance. They may also set up an escrow account to pay for necessary insurance and property taxes.
To apply for a refinance, you’ll need to provide information about your income, assets and debts, plus any special circumstances that may impact your ability to repay.
In addition, the lender will arrange for an appraisal of your home, flood determination, a title search and title insurance. They may also set up an escrow account to pay for necessary insurance and property taxes.
Be prepared to provide some or all of the items below:
Payment Methods |
Main Details |
How Does It Work? |
---|---|---|
PNC Online Banking | Pay your mortgage online using PNC Online Banking. It's free, secure and easy to use. | You can schedule payments from a PNC deposit account or from an external non-PNC deposit account. Click Make a Payment on your account activity screen in Online Banking. |
Automated Payments | Enroll in the Automated Payment Program and have your monthly payment automatically deducted from any deposit account, including deposit accounts at other banks. | Download, complete, and return the Automated Payment Authorization form to the address or fax number listed on the form, or to your local PNC branch. |
Pay by Phone | Pay your Mortgage by phone from any account including accounts at other banks | Call PNC Mortgage to make a payment |
Mail Your Payment | Paying by mail | You’ll need to write your loan number on the appropriate documents and mail them. |
In-Branch Payment | Paying in branch | Payment is accepted in many PNC bank branch during normal branch hours and is effective as of the date payment is made, although it may take up to 2 business days for the payment to be reflected on your account. |
Bi-Weekly Automated Payments | Helps you pay off your loan faster and reduce the total interest you will pay on your mortgage. | A draft in the amount of half of your monthly payment is made every 2 weeks and held in escrow. A payment is applied after there are sufficient funds to make a complete payment, resulting in 13 payments being made in a year. |
Need more information? From first mortgage to home equity, from setting up your online account to payment processing – explore the Understanding Home Lending Center to find the answers you need.
Learn more about refinancing and how to find out if the process could be worth it for you.
Ready to get started? Just have questions?
PNC Mortgage pay by phone transactions are free via our automated phone service or with agent assistance.
For Adjustable Rate Mortgages loans ("ARMs"), rates may increase after settlement.
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.
PNC, PNC HomeHQ, PNC Home Insight, and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has pending patent applications directed at various features and functions of Home Insight Planner and Home Insight Tracker. 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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