Save with a Mortgage Refinance from PNC

Learn how to navigate the process with confidence.

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Refinancing Benefits

By refinancing your mortgage today, you may be able to:

Lower Your Interest Rate

Refinancing into a lower rate may lower your monthly payment and save you money over the life of your loan. 

Change Terms

Change the length of your loan to pay it off faster or change from a variable rate to a fixed rate.

Consolidate Debt

When you refinance you can tap into the equity in your home to pay down debt or access the cash you need for unexpected expenses

Take Advantage of Specialized Loans

PNC offers a variety of loan programs to suite multiple needs such as VA, FHA, Jumbo and more.

Types of Refinancing

Explore the different product features.

PNC offers a variety of refinance loans that address a variety of needs. When you apply, a Mortgage Loan Officer will help you determine the loan that's best for you. Continue reading to understand the differences between loans and when you would choose one over another.

If you’re looking for a loan where the monthly payment will not change and will be easy to budget, explore a Fixed Rate Loan.

  • Rate and payment remain the same for the life of the loan
  • Loan terms between 10 and 30 years
  • Single family loan amounts up to $766,550[1]
  • Available for primary and secondary homes, as well as investment properties

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 regular 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.

Is there a maximum interest rate for ARM?

Yes, adjustable rate mortgages have three rate caps that restrict how much your interest rate can change. One cap restricts the amount the interest rate can change at the first adjustment, the second restricts the amount the interest rate can change every adjustment period after the first adjustment period, and the third cap restricts the maximum interest rate you can pay for as long as you have the mortgage.

Notice Regarding Adjustable Rate Mortagages: Interest is fixed for a set period of time, and adjusts periodically thereafter. At the end of the fixed rate period, the interest and monthly payments may increase.

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.

  • Standard fixed or adjustable rate terms
  • Fixed loan terms between 15 and 30 years
  • Finance between $766,551 and $5 million
  • Adjustable rate loans are available in periods of 5, 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 primary or second home refinances
  • Borrower will generally need assets beyond those needed for the loan transaction

These government-backed loans allow qualified buyers to refinance a home with more flexible credit requirements.

  • Standard fixed or adjustable rate loans are available
  • Can qualify to refinance an existing mortgage up to 97.75% loan-to-value, or if you’re eligible for an FHA Streamline Refinance, there is no loan-to-value maximum and an appraisal may not be necessary. Loan amounts are subject to FHA county loan limits.

If you’re Active Military, a Veteran, Reservist or National Guard member, you may be eligible for a VA Home loan from PNC.

  • Fixed and adjustable rate terms are available
  • 100% financing available
  • Loan terms range between 15 and 30 years
  • Guaranteed by the Department of Veterans Affairs
  • No private mortgage insurance required (VA Funding Fee is required)

Application Checklist

Use this list to gather the documents you’ll need to refinance.

Income Verification

  • Pay stubs for the last 30 days
  • W-2 forms for the last two years
  • Child support/alimony – Child support agreement and/or divorce decree and/or 12 months cancelled checks
  • Award letter/1099 for social security, pension and disability

If You Are Self-Employed:

  • Signed, completed tax returns for the past two years, including personal, partnership, and corporate, if applicable, including all schedules.
  • Year-to-date business profit-and-loss statement for current year, if more than three months have passed since the end of the tax year
  • Current balance sheet

 

Property Information

  • Most recent property tax bill
  • Current homeowner’s insurance policy, and flood any other property related insurance, such as flood insurance, if applicable

 

Assets

  • Original bank statements for the last three months, including savings, checking, investment accounts, and retirement accounts
  • Stocks and securities account statements for the last three months

 

Payment History

  • Child support/alimony
  • Bankruptcy/Consumer Credit, if applicable

 

Additional Information, If Applicable

  • Explanation of discrepancies on credit report

 

Frequently Asked Questions

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.

With an Adjustable Rate Mortgage, 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 each year until you pay off your mortgage.

Your rate is calculated based on a variety of factors, including credit qualifications, loan-to-value, loan amount and other criteria. For an Adjustable Rate Mortgages an index is reviewed on a specific date to determine a rate. A margin is then added to the index rate, and the result is rounded to determine the new interest rate for your loan.

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, previous credit history, 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) below 43% of monthly gross income.*

*Percentages for certain programs vary.

Loan-to-Value Ratio /

Down Payment

Adjustable rate mortgages can be used to refinance a
home with as little as 5% equity when private mortgage insurance (PMI) is purchased.

Conventional fixed rate mortgages can be used to refinance a home with as little as 3% equity when private mortgage insurance (PMI) is purchased.

If you’re eligible for an FHA Streamline Refinance, there is no loan-to-value maximum and an appraisal may not be necessary.

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.

Take The Next Steps

Start the Refinance Process Today

man siting at a computer illustraion

With our online application you can:

  • Choose whether to lower your monthly payment or pay off your loan faster.
  • Get connected with a Mortgage Loan Officer who will help you through the process and answer any questions.

Have Questions?

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