Home Equity Rapid Refinance¹

The PNC Bank Home Equity Rapid Refinance may be a lower cost, competitively priced alternative to a fixed rate mortgage refinance.

A PNC Bank Home Equity Rapid Refinance may be an ideal solution for those customers who want:

  • A lower cost solution to refinance a mortgage
  • A fast, easy process to refinance
  • Shorter terms to pay off your home sooner
  • To make major home improvements, consolidate debt, or pay for other large expenses

Check Rapid Refinance Rates

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*View important rate related disclosures in your area

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Home Equity Rapid Refinance vs. Fixed Rate Mortgage Refinance

Is a Home Equity Rapid Refinance Right for Me?

Key Features & Benefits

More Features and Benefits
  • May provide you the ability to lower your monthly payments, reduce your interest expense, or payoff your mortgage sooner
  • The convenience of loan closings at any PNC Bank Branch
  • The interest you pay is typically tax deductible²
  • 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

Rapid Refinance 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 ( more details )
    • 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

*View important rate related disclosures in your area

Rapid Refinance 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.

Home Equity Loan FAQ

Why might I refinance?
  • When current market interest rates are lower 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 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.

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 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 your loan within 36 months of loan closing. For applications submitted on or after December 8, 2013, 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.

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  • By phone

    Call 1-877-535-6319

    • Mon - Fri: 7am - 10pm ET
    • Sat - Sun: 8am - 5pm ET
  • In person at a branch

  • Complete the contact form to have us contact you

Need Help?

Call 1-855-762-8762

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  • Fri: 8am - 6pm ET

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  1. Credit is subject to approval.
  2. Consult a tax advisor.