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 Rapid Refinance FAQ
Why might I refinance?
- You want a lower interest rate than the rate on your existing loan
- You want to pay off your mortgage more quickly with a shorter term
- You want to lower your monthly payment
- You'd like to convert your adjustable-rate loan to a fixed-rate loan
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 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.
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.
What property types are eligible for Home Equity Rapid Refinance?
Single-Family Primary Residence; Vacation, 1-2 Family Homes, Condos, and Townhouses
Is there a prepayment penalty if I payoff my Home Equity Loan?
For applications submitted prior to December 8, 2013, there may be a $350 prepayment penalty if you pay off and close your account within 36 months of loan closing. For applications submitted on or after December 8, 2013, there is no Early Account Closure Fee assessed 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 account opening. If the loan is paid off 36 months after closing, repayment of these costs will not be 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.
Home Equity Rapid Refinance Closing Costs
- No application fee
- Minimal costs at closing
Recording and Satisfaction Fees (amounts vary by geography)
Insurance: you are required to carry property insurance on the property that secures your account. Flood insurance may be required. Title Insurance may be required for loans of $500,000 or more and for loans of lesser amounts depending on a number of factors, including the manner in which the property was acquired. Payments on this account do not include taxes or insurance
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
Home Equity Rapid Refinance Servicing Fees
- Late Charge - The greater of $40 or 10% of the total amount of the payment
- Return Payment Fee - $30
The fees shown herein are the current PNC Closing Costs and Servicing Fees for new loans and lines of credit as of June 5th, 2014, and may not necessarily be applicable if your loan or 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