If you need to quickly access the equity in your home, consider a Home Equity Rapid Refinance. Enjoy lower costs with this competitively priced alternative to a fixed rate mortgage refinance.
Key Features and Benefits
- Lower cost solution than a traditional fixed rate mortgage
- Shorter terms available which means being able to pay off the loan sooner
- Receive your funds upfront in one lump sum
- No Private Mortgage Insurance (PMI) required
Home Equity Loan FAQs
What property types are eligible for a Rapid Refinance?
Single-Family Primary Residence; Vacation, 1-2 Family Homes, Condos, and Townhouses
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 $59,800. This gives you an example of how much you could borrow based upon the value of your home. Other factors, such as the ratio of your debts to your income, will also be considered.
What will my rate be?
Your 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?
The interest you pay on a loan that is secured by your primary residence may very well be tax deductible. You should consult with a tax advisor to determine whether this applies to your situation.
Is there a prepayment penalty if I payoff my Home Equity Loan?
Yes, if you choose to pay off your account (including selling your home or refinancing) within the first 36 months, you may be required to pay a $350 prepayment penalty. Additionally, if your state has a mortgage tax and PNC paid these taxes for you, you may be required to repay some or all of this amount should you close your account within 36 months. After 36 months, this fee is not charged.
How quickly will I get my money if my loan is approved?
Funds are generally disbursed on the fourth business day after you sign your loan documents. Funds cannot be disbursed until after the end of a 3-day rescission period, required for certain credit transactions, during which 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.
Closing and Servicing Fees*
No Application Fee
Minimal Costs at Closing
- Recording and Satisfaction Fees (amounts vary by geography)
- Title Insurance is required on loans over $250,000**
- Property Search Fee: $12 - $250 (KY, IN, NJ, OH, WI, MO, GA, NC, SC and AL only)
- $10 GA Residential Mortgage Act Fee, applicable in GA only
- Appraisal fee not required in most circumstances
- Late Charge - The greater of $40 or 10% of the total amount of the payment
- Return Payment Fee - $30
** Title insurance may not be required if the borrower provides a copy of an existing title insurance policy issued in conjunction with the current deed.