Home Equity Lending

Important Information About Rates and Fees

Home Equity Line of Credit Annual Percentage Rates (APRs) shown are for variable-rate lines of credit for the displayed line amount. Line amounts range from $10,000 to $1,000,000. Rates may vary by line amount. Variable APRs for line amounts from $10,000 to $1,000,000 currently range from 4.28% to 9.80%. The APR will never be more than 24.00%. .

All APRs shown include a 0.25% discount for automatic payments from a PNC checking account.  The displayed rates are available to well-qualified applicants. Your APR may be higher and will be based upon multiple factors such as credit qualifications, loan to value ratio, line amount, occupancy type of property, and the current variable-rate index plus a margin.

Annual Fee: The annual fee is $50.  

 

Account Opening Fees: Title insurance may be required for lines of $500,000 or more and for lines of lesser amounts depending on a number of factors, including the manner in which the property was acquired. If title insurance is required, fees may range between $300 and $15,000.  There are no other fees to open an account, except fees of $350 to $800 if you close in GA on a non-GA property or fees of $3 to $2,500 if you close in FL on a non-FL property.

Reimbursable Fees: PNC Bank will pay certain closing costs including, as applicable, certain state transfer taxes and fees on your behalf. If you pay off and close your line of credit within the first 36 months, you will be required to reimburse us for those closing costs. The amount you must reimburse us will decrease each month by 1/36th of the original amount we paid for you.

Transfer Fee: A $100 transfer fee is charged each time you establish a Fixed-Rate Part. Fixed-Rate Parts established on the day of closing have no fee.

Fixed Rate Option:  This account provides the option to convert some or all of the outstanding balance to a fixed APR.   See account terms or ask us for details. 

Insurance: In addition to any required title insurance, you are required to carry property insurance on the property that secures your account. Flood insurance may be required. Your payments on this account do not include taxes or insurance.

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 approval and property approval.  For more information, visit Home Equity Loans & Lines of Credit on pnc.com.

How Your Monthly Payment is Calculated

During the Draw Period, the current payment on the Variable Rate Part will be the greater of (1) $25.00 or (2) the sum of the Finance Charge on the Variable Rate Part, Annual Fees, if any, and other fees (but not including Late Charges) which have accrued during the Billing Cycle plus 1/360th of the Principal Balance in the Variable Rate Part at the end of the Billing Cycle.

During the Repayment Period, the current payment on the Variable Rate Part will be the greater of (1) $25.00 or (2) the sum of the Finance Charge on the Variable Rate Part, and other fees (but not including Late Charges) which have accrued during the Billing Cycle, plus the greater of (i) 1/360th of the Principal Balance in the Variable Rate Part at the end of the first Billing Cycle in the Repayment Period

If your loan to value ratio fell within the traditional range, your Maximum Credit Limit fell within the high range, and the ANNUAL PERCENTAGE RATE was 3.83%, it would take you 39 years and 4 month(s) to pay the account. During that time, you would make 120 payments varying from $59.70 to $42.87; 280 payments varying from $42.75 to $25.04; 71 payments of $25.00; and a final payment of $8.51.

If your loan to value ratio fell within the higher range, your Maximum Credit Limit fell within the lowest range and the ANNUAL PERCENTAGE RATE was 8.30%, it would take you 39 years and 9 month(s) to pay the account. During that time, you would make 120 payments varying from $96.95 to $69.63; 323 payments varying from $69.43 to $25.13; 33 payments of $25.00; and a final payment of $2.71.

Important Legal Disclosures & Information

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.