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This is a smart choice when you want the flexibility to borrow what you need, whenever you need it. Benefits include:
A Choice Home Equity Line of Credit provides the flexibility to fit your unique lifestyle. This equity option allows you to lock in a fixed rate on all or any part of your balance. Plus, you only pay interest on the amount you use.
Keep reading for FAQs and information on how to apply for a Choice Home Equity Line of Credit with PNC.
Close on your home equity loan or line of credit wherever you want. At home, at work or in a PNC branch, choose a location convenient for you with our Notary On Call service. Let us know your preference and we’ll get you scheduled.
A representative will call you to confirm the closing time and place. Additionally, they’ll confirm the name of the notary you’ll be working with to close on your home equity loan or line of credit.
Your notary will come prepared with all of the required documents needed to complete your closing. Once complete, they will then deliver final documents to PNC for account funding or disbursements as per the agreement.
The minimum amount of information you should be prepared to answer at the time of application includes:
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.Provide Required Documentation
Click here for a list of possible documentation, depending on your individual situation.
Documentation, Credit History and Property Valuation Review
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 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 credit product for which you applied.
Final Credit Decision
If your request for credit is approved, we will communicate the final approval or a counter-offer to you, detailing any closing stipulations. For example, updating the declaration page of the Homeowner’s Insurance Policy listing PNC Bank, NA as loss payee is required. We’ll then schedule a closing date and verify the amount(s) to be disbursed, if applicable, including the amount(s) of any required payoffs.
If we are unable to approve your request for credit, you will receive a communication indicating the reasons for the decline.
Loan Closing and Disbursement of Funds
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.
What is a Choice Home Equity Line of Credit?
How much can I borrow?
Banks typically set a maximum loan-to-value (LTV) limit for how much you can borrow. At PNC, the maximum allowable LTV is 84.9%, and in some geographies and loan scenarios, it is lower. To figure out how much you can borrow, you must know three things: 1) your home's value, 2) the sum of all mortgage loans that you have on the property, and 3) the maximum LTV established by your lender. For example, let's assume a home is valued at $200,000, the maximum LTV is 84.9%, and there are $120,000 in mortgage loans already owed on the property. Just multiply the home's value ($200,000) by the LTV (84.9%) to calculate the maximum borrowing limit, which in this case is $169,800. Then subtract out the loans already on the property ($120,000) to know how much equity is remaining. In this example, you could borrow up to an additional $49,800.
What will my rate be?
Is my interest tax deductible?
What property types are eligible for Home Equity Lines of Credit or Home Equity Installment Loans?
Are there any fees if I payoff my Home Equity Line of Credit?
How fast will I get my money?
The fees shown herein are the current PNC Closing Costs and Servicing Fees for new lines of credit as of Thursday June 5, 2014 11:58:23 ET, and may not necessarily be applicable if your line of credit was originated at an earlier or later date or by a PNC predecessor. Please call 1-888-PNC-BANK (1-888-762-2265) for information about servicing fees specific to your account.
Learn how you can leverage your home's equity to remodel your home, consolidate debt, tuition and more.
For Adjustable Rate Mortgages loans ("ARMs"), rates may increase after settlement.
Interest on home equity loans/lines that are not considered home acquisition debt may not be tax deductible. Please consult your tax advisor.
All SpeedPay transactions will require a $7 transaction fee, unless payments are made from PNC Bank accounts or are otherwise restricted by state law.
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.
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.