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If you’re looking for a home loan where the monthly payment will not change, providing the ability to plan a budget, explore a Fixed Rate Loan.
You can feel confident choosing us as your financial partner for this important milestone in your life.
Whether you need a mortgage pre-approval or help after the closing, we’re available online, on the phone or face-to-face in your neighborhood branch. Here’s what you can expect from us:
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.
Typically these fees range from 3% - 5% of the loan amount.
Set your budget. Search for homes. See real time rates.
Fixed rate mortgages have a locked interest rate that will remain the same for the life of the loan. The interest rate on an Adjustable Rate Mortgage will change on an annual basis after the predetermined initial interest rate period expires.
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.
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 history.
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 36-45% of gross monthly income.*
*percentages for certain programs vary
|Loan-to-Value Ratio /
Conventional fixed rate mortgages can be used to buy a home with as little as 3% down payment when private mortgage insurance (PMI) is purchased.
Your rate is calculated based on a variety of factors, including credit qualifications, loan-to-value, loan amount and other criteria.
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 buyer, and is determined by your track record of borrowing and repaying banks, credit card companies and other lenders.
Lenders start with the par rate, then look at your risk profile to determine what rate they will offer you.
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. Home buyers 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.
House hunting? Getting pre-approved by a mortgage lender can be a smart move, because you'll:
You can often get a commitment letter from your lender in as little as 48 hours, once your paperwork is complete.
To apply for a home loan, you’ll need to provide information about your income, assets and debts, plus any circumstances that may impact your ability to repay.
Be prepared to provide some or all of the items below:
Once you’ve submitted your home loan application, it’s important to understand what to expect along the way. Your PNC Mortgage Loan Officer and home lending team will assist you from application through the closing process.
Here’s the steps you will go through:
Step 1: Loan application Submitted
Step 2: Loan Estimate and Intent to Proceed
Step 3: Submitting Documentation
Step 4: Loan Decision
Step 5: Final Approval
Step 6: Closing
For a more detailed version of these steps, please check out the Application Through Closing article.
How Does It Work?
|PNC Online Banking||Pay your mortgage online using PNC Online Banking. It's free, secure and easy to use.||With the Transfer Funds feature you can schedule payments from PNC accounts or accounts at other banks. Or use Online Bill Payment to set up a payment from a PNC checking account.||Free|
|Electronic Funds Transfer||Pay your mortgage using Electronic Funds Transfer (EFT) from any account, including accounts at other banks.||Schedule recurring monthly payments with EFT and stop worrying about missing deadlines.||Free|
|SpeedPay||Pay your mortgage using SpeedPay from any account, including accounts at other banks.||By logging into your account online or calling PNC Mortgage, you can make an immediate payment.||$7 or free from a PNC account|
|Mail Your Payment||Paying by mail||You’ll need to write your loan number on the appropriate documents and mail them.||Free|
|In-Branch Payment||Paying in branch||Payment is accepted in the 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.||Free|
|Bi-Weekly Draft||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.||Free|
Getting a mortgage doesn't have to be intimidating. Find out how the process works, from getting prepared to closing.
Have questions? Want to learn more?
All SpeedPay transactions will require a $7 transaction fee, unless payments are made from PNC Bank accounts or are otherwise restricted by state law.
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. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
For Adjustable Rate Mortgages loans ("ARMs"), rates may increase after settlement.
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