Jumbo Loan & Jumbo Loan Mortgage Rates

Overview

Facts & Figures

If you’re looking to buy a home in a higher price range, 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.
Loan terms between 15 and 30 years.
Finance between $832,750 and $5 million.
Adjustable rate loans are available in periods of 5, 7, or 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.
Available for both primary and second homes. Down payment and closing costs can be from a gift.
Borrower will generally need assets beyond those needed for the loan transaction (including required reserve assets).
Interest-Only option.^[1]

Cost & Fees

Typically these fees range from 2% to 6% of the loan amount.

Read "What If I Can't Afford Closing Costs?"

Jumbo Loan FAQ

Mortgage Calculators

Comparing loan options? Just looking for how much you can borrow? Use our home lending calculators to understand your home buying options and help you decide.

Mortgage Process Guide

Understand the basics before you start the mortgage process.

Credit Score Basics

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:

Length of Credit History
Amounts Owed
Payment History
New Credit
Types of Credit Used
Derogatory Credit

Your credit score reflects how reliable you are as a borrower and is determined by your overall borrowing and repayment history to credit card companies and other lenders.

Factors that Determine Your Rate

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:

Down Payment
Loan terms
Loan to Value Ratio (The percentage of the lesser of the sales price/appraised property value that is borrowed from a bank or lender. A down payment of 20% would create a loan-to-value of 80% *State specific rules may apply).
Points
Loan Product
Debt-to-Income Ratio

Escrow Basics

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, mortgage insurance and lease payments. Homeowners are generally required to have an escrow account until a certain loan to value ratio is met.

Escrow Payment– That portion of a mortgagor's monthly payments held by a lender or servicer in an account to pay taxes, homeowners insurance, mortgage insurance, lease payments, and other property related items as they become due. Also called impounds or reserves in some states.

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.

Getting Pre-Approved^[2]

Learn how this simple step could help you get the home you want.

House hunting? Getting pre-approved by a mortgage lender can be a smart move, because you'll:

Know in advance exactly how much you can borrow, so you won’t waste time looking at out-of-reach properties
Be able to better estimate monthly mortgage payment and budget around it
Show real estate agents and sellers that you're serious – giving yourself an advantage over other buyers

You can receive a fully verified pre-approval letter in just 2 days.^[3]

Or start the process with a pre-approval

Mortgage Application Checklist

Use this list to gather what you need to apply for a home loan

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:

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 of canceled checks.^[4]
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 120 days have passed since the end of business tax year.
Current balance sheet.

Assets: Sources of Funds/Down Payment

Original bank statements for the last two months, including savings, checking, and investment accounts.
Stocks and securities account statements for the last two months.
Closing Disclosure or Listing Agreement if using funds from the sale of property.
Sale of asset – proof of ownership, proof of sale, and proof of funds transfer.
For gift funds – a gift letter, evidence of transfer, and sometimes evidence of withdrawal.

Payment History

Cancelled rent or mortgage payment checks for the past 12 months, if not available on credit report.
Copy of land contract, if applicable.
Child support/alimony – Child support agreement and/or divorce decree and/or 12 months of canceled checks.
Bankruptcy/Consumer Credit, if applicable.

Additional Information, If Applicable

Purchase agreement, including any and all addenda.
Explanation of discrepancies on credit

I've Submitted My Application- Now What?

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 (if approved, then go to Step 5)

Step 5: Final Approval

Step 6: Closing

For a more detailed version of these steps, please check out the Application Through Closing article.

Payment Methods	Main Details	How To Use
PNC Online Banking	Make a payment to your account using PNC Online Banking. You can schedule one time or recurring payments.	Navigate to PNC Online Banking and select your account. Click Make a Payment on your account activity screen to schedule a payment.
Automated Payments	Enroll in the Automated Payment Program and have your monthly payment automatically deducted from your deposit account.	Download, complete, and return the Automated Payment Authorization form using the instructions on the form OR call 1-833-684-5927 to have the form emailed to you to be submitted electronically.
Bi-Weekly Automated Payments	Enroll in the Bi-Weekly Automated Payments Program and have half of your monthly mortgage payment automatically deducted every 2 weeks from your deposit account.	Download, complete, and return the Bi-Weekly Automated Payment Authorization form to the address or fax number listed on the form, or to your local PNC branch.
Pay by Phone - Voice Banking^[5]	Make a one time, same day payment using our Voice Banking service.	Pay over the phone with Voice Banking by calling 1-833-684-5927. If paying from a non-PNC deposit account, have your account number and routing number available.
In-Branch Payment	Make a payment at any PNC Branch.	Visit a PNC Branch during normal branch hours to make a payment. The payment is effective as of the date the payment is made, although it may take up to 2 business days for the payment to be reflected on your account.
Mail Your Payment	Make a payment to your account by mail. Customers residing in AK, AZ, AR, CA, CO, HI, ID, IA, KS, LA, MN, MS, MO, MT, NE, NV, NM, ND, OK, OR, SD, TX, UT, WA, or WY: Address for regular mail payments: PNC Mortgage Payments PO Box 31001-2929 Pasadena, CA 91110-2929 Address for overnight mail payments: PNC Bank c/o Pasadena Tech Center 465 N Halstead St Ste 160 Pasadena, CA 91107	Send a check in the mail along with the payment slip provided at the bottom of your monthly billing statement. If you do not have a statement, please make sure to write your PNC account number on your check. Customers residing in AL, CT, DE, DC, FL, GA, IL, IN, KY, ME, MD, MA, MI, NH, NJ, NY, NC, OH, PA, PR, RI, SC, TN, VT, VA, WV, or WI: Address for regular mail payments: PNC Mortgage Payments PO Box 771021 Chicago, IL 60677 Address for overnight mail payments: PNC Bank 350 East Devon Ave Itasca, IL 60143

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.

We Are a Trusted Partner

Whether you need a mortgage pre-approval^[2] 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:

Pre-approval Services – So you can house hunt with confidence knowing how much you can afford.
Online Application Support - Our digital mortgage application lets you track and update your application, through every step of the approval process.
Service After the Closing – We’re with you every step of the way. We service most of our customers’ home mortgage loans.

Applying with PNC

Mortgage Made Easy

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?

Learn About Home Buyer Basics

Access Multiple Tools to Manage Your Home Lending Journey

Your home, your goals, your plan

Discover the possibilities and build the right plan for you with Home Insight® Planner

Explore at your own pace – no need to sign in or share contact information until you're ready
Compare interest rates, payment estimates, and product options with Scenario Builder
Check what you can afford – run the numbers with our home lending calculators
Find your dream home – browse active listings and save your favorites
Start the online preliminary preapproval,^[6] without impacting your credit score.^[7]

Launch Home Insight® Planner

Resources & Insights

Why Did My Mortgage Payment Go Up?

Discover why your mortgage payment may have increased. Understand how escrow, taxes, and rates impact your monthly payment and what steps you can take.

7 min read

Refinancing? Staying with your current lender might be the smartest move

Your current loan servicer may offer better rates, faster approvals and fewer hurdles than starting with someone new.

3 min read

When Is The Best Time To Buy A Home?

It’s less about market conditions and more about your own financial condition.

7 min read

Ready to Get Started? Let's Talk

Discuss your preferences, learn more about your loan options.

Get Started Online

Provide some preliminary information to begin the loan process today.

Start an Application

Find a Mortgage Loan Officer

Find a local Mortgage Loan Officer to
work with.

Find a Mortgage Loan Officer

Call Us

Talk with a Home Lending Center representative about your options.

Mon – Thurs: 8 a.m. – 10 p.m. ET
Fri: 8 a.m. – 6 p.m. ET
Sat – Sun: 8 a.m. – 5 p.m. ET

Call 1-833-684-5927

Interest-Only payments pay only the accrued interest on the loan each month, and do not reduce the principal balance. When fully amortizing payments become due, monthly payments could increase substantially above the initial Interest-Only payment amount. Please read all product disclosures carefully for complete details of loan features. Terms and conditions of the offer subject to change without notice.
Borrower must satisfy pre-approval conditions outlined in commitment letter. Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions.
PNC's internal process for completing the pre-underwriting review typically takes 24 hours, while completing the underwriting review typically takes an additional 24 hours, which equates to 2 business days (when all required documentation has been provided by the client upfront).
Child support or alimony income can be used if you received it for the past 12 months and it will continue for at least three years into the loan period. However, alimony, child support, or separate maintenance income need not be included if it is not to be considered as income available to repay the loan.
PNC Mortgage pay by phone transactions are free via our automated phone service or with agent assistance.
Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions.
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.

Digital pre-approval requires the assistance of a Mortgage Loan Officer. After the first part of the application process is complete, a PNC Mortgage Loan Officer will reach out to finish the remainder of the preapproval.

Rate may increase after settlement.

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.

PNC, PNC HomeHQ, PNC Home Insight and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has a pending patent application 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.

NerdWallet and the NerdWallet logo are trademarks owned by NerdWallet, Inc. and used with permission.

Read a summary of privacy rights for California residents which outlines the types of information we collect, and how and why we use that information.

Credit History	Specific credit requirements vary based on a range of criteria including loan-to-value and debt-to-income ratios used to qualify for the loan.
Debt-to-Income Ratio	Debt-to-income (DTI) ratios measure how much of a client’s income is allocated to repaying debt obligations. To help prevent clients from overextending themselves financially, PNC considers DTI ratios when reviewing applications for mortgage loans. To calculate an estimate of your DTI ratio, simply divide your total monthly debt payments (including your future monthly house payment) by your total monthly gross (pre-tax) income. It is typically recommended to keep your DTI ratio at or below 36%. However, certain products and programs may allow for a higher DTI ratio based on the different loan characteristics. A PNC Mortgage Loan Officer will help determine your specific DTI ratio requirements.
Down Payment	Jumbo mortgages can be used to buy a home with as little as 15% down, when subordinate financing is obtained, or 20% down with no additional financing. Ranges 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.

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Jumbo Loan Mortgage

For home financing options above $832,750

Current Rates

Overview

Facts & Figures

Cost & Fees

Jumbo Loan FAQ

Top customer questions about jumbo loans.

How do I know if I need a Jumbo Loan?

How much can I borrow?

What will my interest rate be?

Mortgage Calculators

How Much Can I Afford?

How Much Should I Put Down on a New Home?

How Much Could My Fixed Rate Mortgage Payments Be?

Mortgage Process Guide

Understand the basics before you start the mortgage process.

Financial Basics

Getting Pre-Approved

Mortgage Application Checklist

After You've Applied

Calculate: Estimating Closing Costs

Making Your Payments

Need More Information?

We Are a Trusted Partner

Whether you need a mortgage pre-approval[2] 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:

Applying with PNC

Mortgage Made Easy

Access Multiple Tools to Manage Your Home Lending Journey

Your home, your goals, your plan

Resources & Insights

Ready to Get Started? Let's Talk

Discuss your preferences, learn more about your loan options.

Get Started Online

Find a Mortgage Loan Officer

Call Us

Important Legal Disclosures & Information

SUPPORT

ON THE GO

ABOUT

Sign On to Online Banking
or select another service

Sign On to Online Banking
or select another service

For home financing options
above $832,750

Whether you need a mortgage pre-approval^[2] 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: