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.
Home Equity Lending
Important Information About Rates and Fees.
Annual Percentage Rates: Current Variable Annual Percentage Rates (APRs) shown are for variable-rate lines of credit for the displayed line amount. Variable APRs for line amounts from $10,000 to $1,000,000 currently range from 8.22% to 14.50%. APRs shown also reflect a 0.25% interest rate discount for automatic payments from a PNC checking account. Your APR may be higher or lower and will be based on the then-current variable-rate index value, your credit qualifications, amount of the line, loan to value, the property type, lien position and whether you elect the automatic payment feature from a PNC checking account. If automatic payment is discontinued, you will no longer receive an automatic payment discount. The APR will never be more than 24% or less than 2.25%. A minimum payment of the greater of $25.00 or other amount due under the terms of your Account is required.
Annual Fee: The annual fee is $50. There is no annual fee for Texas accounts.
Origination Fees: For applications received on or after 1/29/2024, customers with collateral located in California and New York will incur an Origination Fee payable with the first monthly billing statement after account opening. The Origination Fee will be based on the approved maximum credit limit as follows: for approved lines of credit up to $149,999.99 the Origination Fee will be $199; for approved lines of credit of $150,000.00 to $499,999.99, the Origination Fee will be $299; for approved lines of credit of $500,000.00 to $749,999.99, the Origination Fee will be $399; and for approved lines of credit of $750,000.00 or more, the Origination Fee will be $499.
Account Opening Fees: You must pay certain fees and charges to third parties to open your Account. We will pay some other fees and charges for you. Title insurance may be required for credit lines of $500,000 or more and for credit 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 $450 and $19,265.
Transfer Fee: There is no fee for a Fixed-Rate Part established at the time of account opening. A $100 transfer fee is charged each time you establish a Fixed-Rate Part after account opening.
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. There are no reimbursable fees for Texas accounts.
Minimum Payment Due: After closing, the minimum payment due within the first two billing cycles will include: the Origination Fee, if applicable; the Annual Fee; and the minimum payment required for any draw taken in these first billing cycles. There is no Annual Fee or Origination Fee for Texas Accounts.
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.
Collateral Property: For loans in Texas, the property must be a homestead property.
Fixed Rate Part Payment Options: This account includes an option to establish a Fixed Rate Part for terms ranging from 5 to 30 years. Payments include principal and interest amounts based on a level amortization schedule designed to fully repay the Fixed Rate Part amount at the end of the term selected.
Applicable Fixed Rate Part APRs will vary and are based on the index value for fixed-rate options in effect at the time a Fixed Rate Part is established; and a margin value based on your credit qualifications, the repayment term of the Fixed Rate Part, the amount of the transfer, the property type, loan to value, lien position and whether you elect the automatic payment feature from a PNC checking account established at the time of application. Once a Fixed Rate Part is established, the APR for that Part will not change. The minimum amount to establish a Fixed Rate Part is $5,000. Principal repayments during the Draw Period replenish the available credit line and are available for future draws.
Your rate may also be higher or lower as rates are subject to change at any time based on market conditions or other business factors including changes in benchmark interest rates. Call 1-855-762-9545 to obtain the most up to date rates available in your market.
The Fixed Rate Part rates and payments displayed are for new customers only. Existing CHELOC customers can consult their Line of Credit Agreement or find their Fixed Rate Part rates at https://www.pnc.com/en/customer-service/home-equity-customer-service.html.
How We Calculate Your Payment: 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. If you have locked in a Fixed Rate Part, your minimum monthly payment will also include the payment for that Fixed Rate portion.
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 1/360th of the Principal Balance in the Variable Rate Part at the end of the first Billing Cycle in the Repayment Period.
Debt Consolidation: Debt consolidation combines multiple debts into a new loan with a single monthly payment. You may be able to obtain a lower rate, lower payment or pay off debt faster. Reductions in your monthly payment could come from a lower interest rate, a longer repayment period or a combination of both. By opting to repay the debt over a longer period, you may pay more in interest over time. Contact us to discuss the option that best meets your needs.
Refinancing: Refinancing at a longer repayment term may lower your loan payment but may also increase the total interest paid over the life of the loan. Refinancing at a shorter repayment term may increase your loan payment but may lower the total interest paid over the life of the loan. Contact us to discuss the option that best meets your needs.
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 appraisal.
For more information, visit Home Equity Loans & Lines of Credit on pnc.com.
©2023 The PNC Financial Services Group, Inc. All rights reserved.
PNC Bank, National Association.