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
Run a Home Equity Savings Scenario
» Is a Home Equity Rapid Refinance Right for Me?
Key Features & Benefits
- 1st Lien Position Only
- Equal monthly payments that include principal and interest
- A standard fixed rate for the life of the loan - up to 30 years
*View important rate related disclosures in your area
- No Private Mortgage Insurance ( PMI ) required
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
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.
Calculators & Tools
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?
Is my interest tax deductible?
What property types are eligible for Home Equity Rapid Refinance?
Is there a prepayment penalty if I payoff my Home Equity Loan?
How fast will I get my money?
Can my property taxes and insurance be escrowed with a PNC Home Equity Rapid Refinance?
Visa® is a registered trademark of Visa International.
- Credit is subject to approval.
- 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|
These questions will help you consider if a Home Equity Rapid Refinance may be right for you:
How long do you plan to stay in your home?
|If you plan on living in your home for an extended period of time, you'll likely recoup the refinance costs on a fixed rate mortgage refinance with lower payments and interest savings.|
|If you only plan on living in your home for a short period of time you may not be able to recoup the refinance costs on a fixed rate mortgage refinance with lower payments and interest.|
Which is more important to you?
The Lowest Rate Possible
|A fixed rate mortgage refinance will typically have a lower rate than a Home Equity Rapid Refinance, however the Home Equity Rapid Refinance may have significantly lower closing costs.|
The Lowest Cost at Closing Possible
|A Home Equity Rapid Refinance will typically have significantly lower closing costs than a fixed rate mortgage; however the fixed rate mortgage will typically have a lower rate.|
How much are you looking to refinance?
|The break-even time on a fixed rate mortgage refinance will typically be longer as the refinance amount declines, whereas the Home Equity Rapid Refinance will have a shorter break-even period.|
More Than $100,000
|As your refinance amount increases, the lower rate typically associated with a fixed rate mortgage refinance will shorten the break-even time making it more advantageous for most borrowers.|
If you are still unsure which solution might best fit your needs, please call our loan specialists at 1-855-762-8762, contact your local Mortgage Loan Representative or submit a contact form for a more in-depth analysis to determine which options may be best for you.