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Provide preliminary information to start the pre-approval or loan process.
Consolidate your mortgage and home equity loan with a low fixed interest rate. You may even pay off your home sooner[1, 2].
This is a smart choice when you want to refinance your mortgage and borrow money from your home equity at the same time. Benefits can include:
Refinancing can be an opportunity to lower your monthly payments, pay off your loan quicker or reduce your overall interest expense.
Similiar to when you first purchased your home, refinancing your mortgage comes with fees and closing costs. To get a better understanding on how much money you might save visit the tools and calculator section below.
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 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 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.
Why might I refinance?
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 for the Home Equity Rapid Refinance Loan 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 $110,000 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 ($110,000) to know how much equity is remaining. In this example, you could borrow up to an additional $49,800.
What will my rate be?
Rate is calculated based on a variety of factors, including credit qualifications, loan-to-value, loan amount and other criteria. The best available rates include a discount for automatic payment from a PNC checking account.
Is my interest tax deductible?
Interest on home equity loans/lines that are not considered home acquisition debt may not be tax deductible. Please consult your tax advisor.
What property types are eligible for Home Equity Lines of Credit or Home Equity Loans?
Single-Family Primary Residence; Vacation, 1-2 Family Homes, Condos, and Townhouses
Is there a prepayment penalty if I payoff my Home Equity Loan?
There is no prepayment penalty imposed for paying off your home equity installment loan account at anytime. However, certain closing costs may be paid by PNC on your behalf at the time of your loan closing. You may be responsible for reimbursement of those costs if you pay off your loan within 36 months of closing. If the loan is paid off 36 months after closing, repayment of these costs is not required.
How fast will I get my money?
Funds are normally disbursed on the fourth business day after you sign your loan documents. This is because Federal regulations require a 3-day rescission period during which time you have the right to cancel your loan.
Can my property taxes and insurance be escrowed with a PNC Home Equity Rapid Refinance?
No. But we can assist you in setting up an Auto Savings plan, to a new or existing PNC account, to help you budget for your property taxes and insurance.
The fees shown herein are the current PNC Closing Costs and Servicing Fees for new lines of credit as of January 1, 2019, 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.
*Advertised rates for the Home Equity Installment Loan, Choice Home Equity Line of Credit and Home Equity Rapid Refinance Loan include a 0.25% interest rate discount for automatic payment from a PNC checking account.
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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