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Provide preliminary information to start the pre-approval or loan process.
If you’re looking to buy a home in a higher price range, you’ll need a special type of mortgage. With a Jumbo Loan, you can finance up to $5 million.
You can feel confident choosing us as your financial partner for this important milestone in your life.
Whether you need to start the home buying process, looking for a preliminary preapproval or need help after the closing, we’re available online, on the phone or face-to-face in your neighborhood branch. We’re with you every step of the way. We service most of our customers’ home mortgage loans.
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.
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.
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If you need to borrow more than the Fannie Mae's and Freddie Mac's standard loan limit, $548,250 for a single family home in most places, you may need a Jumbo Loan. Limits may vary for multi-family homes.
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 but in general successful applicants will have an 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 debt-to-income ratio (including the proposed loan payment) below 43% of monthly gross income.
|Loan-to-Value Ratio /
|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.|
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, 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.
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 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.||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.
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?
PNC Mortgage pay by phone transactions are free via our automated phone service or with agent assistance.
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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