Know Your Options
Looking to leverage your home's equity? Learn about our Choice Home Equity Line of Credit.
Learn about how you can leverage the equity in your home to achieve these goals.
Home Equity loans and lines can be used to pay for a variety of things including home renovations, consolidating debt, college tuition, major purchases and more.
Learn how to leverage your home, review these scenarios to see the potential impact of consolidating debt.
To qualify, you’ll need enough equity to borrow against, a good credit history and proof of a steady income. You will also be asked to provide information about current debts and recurring monthly obligations. An appraisal will be ordered to determine your home’s current market value.
Next, determine how much you're eligible to borrow. PNC is able to lend up to 89.9% of the value of your home. If you have available equity, options include installment loans or lines of credit.
In this hypothetical example, that’s $4,110 in savings on interest.
Calculate your monthly payment.
Your payment amount is based on how much you want to borrow (usually up to 84.99% of your equity) and the terms of the loan (usually from 1-30 years).
Predicted Rate Change per Year
The accuracy of this calculator is not guaranteed by any party and is intended for educational purposes only. The calculator displayed does not constitute the advice of, or reflect actual products, services, rates and/or terms available from, PNC Bank or its affiliates and nothing contained in the calculator shall constitute an offer or solicitation of a product or service by PNC Bank or its affiliates.
Apply for a home equity line of credit by visiting the Choice Home Equity Line of Credit page.
Upon submission of your application, PNC will obtain and review your credit history. Approval for credit is contingent upon your credit history and other factors.
Additional information and other required documentation may be needed to process your credit application. Depending on your individual financial situation, you may be required to provide some or all of the following:
See our PNC Home Equity Application Checklist below for a list of documentation you may need, depending on your individual situation.
You may be asked to provide some or all of the items listed below to decision your credit request. In order to expedite the process, please provide all required information at the time of application. If you apply online or over the phone, you will be asked to fax, mail or email this information.
Personal Information for Applicant and Co-Applicant:
You may fall into one or more of these categories. Please submit all documents that apply.
If you are an EMPLOYED WAGE EARNER / COMMISSIONED:
If you are SELF-EMPLOYED
If you receive SUPPLEMENTAL or RETIREMENT INCOME:
Required Property Information
Additional Information, if applicable and may be required during the review process
We’ll evaluate your credit history, verify your employment, verify your income, and review all supporting documentation submitted.
We’ll verify ownership and complete a valuation of the property being pledged as collateral by ordering an appraisal product from an independent service provider, who will always inspect and photograph the property’s exterior. In some cases, this independent service provider may call you to setup a time to inspect both the property’s interior and exterior.
A review of all information will enable us to determine that you meet the qualifications for the loan or line or credit for which you applied.
If your request for credit is approved, we will:
If we are unable to approve your request for credit, you will receive a communication indicating the reasons for the decline.
At closing we will require two forms of identification; one must be a valid photo ID. After reviewing the terms and conditions of your line of credit or installment loan, you will be asked to acknowledge and accept those terms and conditions by signing loan documents.
When using a primary residence as collateral, a three business day right to cancel (“rescission”) period is required by law to allow applicants the opportunity to cancel their home equity line of credit or home equity installment loan application.
Once your right to cancel period has expired, the funds from your home equity line of credit will be available or the funds from your home equity installment loan will be disbursed.
PNC and PNC HomeHQ are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). 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.
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