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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 8.34% to 14.55%. 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. There is no annual fee for Texas accounts.
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.
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.
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.
Fixed Rate Option: This account provides the option to convert some or all of the outstanding balance to a fixed APR for a term of 5-30 years. See account terms or ask us for details.
Collateral Property: For loans in Texas, the property must be a homestead property.
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.
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 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.
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 (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 you have locked in a Fixed Rate Part, your minimum monthly payment will also include the payment for that Fixed Rate portion.
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PNC Bank, National Association.