Home Equity Loan
A Home Equity Loan is a loan secured by a primary or secondary residence that provides homeowners the ability to borrow a single lump sum against the available equity in their home.
Key Features and Benefits
- Payment Stability: Get the added security of fixed monthly payments over the life of your home equity loan
- Flexibility: Home Equity Loan terms available up to 30 years*
- Access to Funds: Receive your funds upfront in one lump sum
- Fees and Costs: No application fee and minimal costs at closing
- Tax Benefits: The interest you pay is typically tax deductible²
Check Home Equity Rates
Run a Home Equity Savings Scenario
More Features & Benefits
- Lower rates than most consumer loans
- 0.25% interest rate discount when your monthly payment is automatically deducted from your PNC checking or savings account
- You may be able to avoid the monthly service charge on a Performance Checking Account
Home Equity Loan Costs at Closing:*
- 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
Home Equity Loan 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 , 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.
Calculators & Tools
Home Equity Loan FAQ
What is a home equity loan?
How much can I borrow?
A: Banks typically set a maximum loan-to-value (LTV) limit for how much you can borrow. At PNC, the maximum allowable LTV is 89.9%, 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 89.9%, and there are $120,000 in mortgage loans already owed on the property. Just multiply the home's value ($200,000) by the LTV (89.9%) to calculate the maximum borrowing limit, which in this case is $179,800. 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 $59,800.
What will my rate be?
Is my interest tax deductible?
What property types are eligible for Home Equity Lines of Credit or Home Equity Loans?
Is there a prepayment penalty if I payoff my Home Equity Loan?
How fast will I get my money?
- We're experienced: We've been at this for a long time. More than 150 years, in fact. We originated more than $7 billion in home equity loans and lines of credit in 2011.
- We're sensible: Market conditions go up; market conditions go down. Through it all, we've thrived by sticking to sound financial practices, and by looking past financial fads.
- We're professional: We offer a full range of home equity products, paired with a team of professionals ready to provide guidance and answers whenever you need it - by phone, email, chat, or in person.
- We're ready to help: With PNC, you get a partner who's in it for the long run. We provide options to help you choose the products that are right for you.
Visa® is a registered trademark of Visa International.
- Credit is subject to approval.1
- Consult a tax advisor.
What You Need to Apply for a Home Equity Loan or Line of Credit:
Applying is easy, but before you start there are a few things you will need to successfully complete the application
- 10 to 15 minutes to complete the application
- The dollar amount you would like to borrow
- Information about your home:
- Purchase date and price
- Approximate market value
- Mortgage balance and monthly payment
- Government issued photo ID (Driver's License, US Passport, or a state-issued ID)
- Previous address, if at current address less than two years
- Previous employer, if with current employer less than two years
- Your annual income and any other income to be considered
- If you are applying with a co-applicant, you will need their:
- Current address and previous, if less than two years
- Current employer and previous, if less than two years
- Annual income and any other income to be considered
- If consolidating debts, for each creditor you will need:
- Creditor name and account number
- Outstanding balance and monthly payment
You may also want to review our current loan interest rates before applying.
|Choice Home Equity
Line of Credit¹
|Major one-time expenses||YES||YES|
|On-going access to funds||YES||NA|
|Interest Rates||Variable with a Fixed Rate Lock||Fixed|
|Payment Options|| Variable Payment Options:
||Fixed Monthly Payments|
|Fixed Monthly Payments on the portion of the balance moved to the Fixed Rate Lock|
|Automatic deduction available||Automatic deduction available|
|Costs at Closing||No application fee||No application fee|
|No cost at closing for lines of $250,000 or less||Recording and satisfaction fees (amounts vary by geography)|
|$99 document preparation fee (PA, DE, FL, IL only)|
|Servicing Fees||$50 annual fee (waived with a Performance Select Checking account)|
|$350 early account closure fee may apply if you close your account within the first 36 months||$350 Prepayment Penalty may apply if you payoff your loan within the first 36 months|
|Terms||Interest Only contract:||Up to 30 years|
|Principal & interest contract:|
|Fixed Rate Lock Terms within both Interest Only and principal and interest contract:
|Discounts||0.25% interest rate discount when your monthly payment is automatically deducted from your PNC Checking or Saving account|