PNC Bank Mortgage Review 2022

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PNC Bank has been a household name in local banking for decades, providing customers with savings accounts, checking accounts, loans and mortgages.

There are several mortgage options available from PNC Bank for those looking to begin the home buying process.

Select reviewed this lender’s mortgage options, taking a closer look at factors such as minimum down payments, terms and other benefits. Learn more about our methodology below.

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PNC Bank Mortgage Review

NCP Bank

  • Annual Percentage Rate (APR)

    Apply online for personalized rates; fixed and adjustable rate mortgages included

  • Types of loans

    Conventional Loans, FHA Loans, VA Loans, USDA Loans, Jumbo Loans, HELOCs, Community Loan, and Medical Professional Loan

  • Terms

  • Credit needed

  • Minimum deposit

    0% if you continue with a USDA loan

Advantages

  • Offers a wide variety of loans to meet a range of client needs
  • Available in all 50 states
  • Online and in-person service available
  • Pre-approval in as little as 30 minutes

The inconvenients

  • Does not offer home improvement loans

APR

The best way to determine the annual percentage rate, or APR, PNC Bank will likely offer to pre-qualify and submit your home loan application. Although mortgage interest rates can fluctuate quite often, the rate you receive will depend heavily on your location, credit score, and credit history.

Check each lender’s website to get a better idea of ​​the types of interest rates they charge, but keep in mind that they vary depending on where you are and your level of credit. In any case, it is important to provide the information necessary to verify your personalized rate.

Loan offers

PNC Bank offers conventional loans, FHA loans, VA loans and jumbo loans. It is sometimes difficult to find a lender who also offers USDA loans, but PNC Bank includes them in its range as well. This lender also offers the PNC Bank Community Loan, a special program that allows buyers to deposit as little as 3% – without paying private mortgage insurance, or PMI – and choose between fixed-rate and variable-rate mortgage terms. .

There’s even a special loan option for medical professionals looking to buy a primary residence only. With this loan, healthcare professionals can apply for up to $1 million and won’t have to pay more for private mortgage insurance, regardless of their down payment. They can also choose between fixed rate and adjustable rate conditions.

Minimum deposit

An FHA loan will cost you a minimum down payment of 3.5%, which is standard for FHA loans. VA loans and conventional loans, on the other hand, typically have minimum down payments of 0% and 5%, respectively.

If you are interested in the PNC Bank Community Loan, your down payment can be as low as 3%. For USDA loans, however, there is no down payment requirement.

Although there is no disclosed down payment amount for the healthcare professional loan, those who qualify will not have to private mortgage insurance payments, regardless of the amount of their down payment.

This lender does not disclose the amount of down payment required for jumbo loans, although jumbo loans generally require you to put down 10-20%.

Terms of office

Customer service

Applicants can be connected with a mortgage loan officer for personalized advice and recommendations on their home buying journey. You can also submit your application online or in person, so if you prefer to interact face-to-face with professionals, the option is there – just find a PNC Bank location near you.

Advantages

At the end of the line

Because of its community loan, medical professional loan, and USDA loan offerings, we would say PNC Bank is a solid option for applicants who need a wider variety of loan options depending on their financial situation.

Although you should speak to a mortgage loan officer to better understand the lender’s fees and other fees you will have to pay, keep in mind that these fees are just another aspect of buying a home. that you will need to be prepared. for.

If you’re interested in a lender that doesn’t charge lender fees, consider looking into Ally Bank mortgages.

Our methodology

To determine which mortgage lenders are the best, Select analyzed dozens of US mortgages offered by online and brick-and-mortar banks, including major credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to meet a range of mortgage needs. funding.

When selecting and ranking the best mortgages, we focused on the following characteristics:

  • Fixed APR: Variable rates can go up and down over the life of your loan. With a fixed-rate APR, you’ll lock in one interest rate for the life of the loan, which means your monthly payment won’t vary, making it easier to plan your budget.
  • Types of loans offered: The most common types of mortgages are conventional loans, FHA loans, and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender is able to meet a wider range of applicant needs. We have also considered loans tailored to the needs of borrowers who plan to buy their second home or rental property.
  • Closing timeline: The lenders on our list are able to offer closing times that range from as little as two weeks after signing the home purchase agreement to up to 45 days after signing the agreement. Specific closing times have been noted for each lender.
  • Costs: Ongoing fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining each lender’s overall offer. Although some lenders on this list do not charge this fee, we have noted all instances where a lender does.
  • Flexible minimum and maximum loan amounts/terms: Each mortgage lender offers a variety of financing options that you can customize to suit your monthly budget and how long you need to pay off your loan.
  • No prepayment penalties: The mortgage lenders on our list do not charge borrowers for loan prepayment.
  • Simplified application process: We looked at whether lenders offered a convenient and fast online application process and/or an in-person procedure at local branches.
  • Customer service: Every mortgage lender on our list offers customer service by phone, email or secure online messaging. We have also opted for lenders that have a resource center or online advice center to help you learn about the personal loan process and your finances.
  • Minimum deposit: Although minimum down payment amounts depend on the type of loan requested by the borrower, we have noted lenders who offer additional specialty loans with a lower minimum down payment.

After reviewing the features above, we’ve sorted our recommendations based on overall funding needs, fast closing times, lower interest rates, and flexible terms.

Note that advertised rates and fee structures for mortgages are subject to fluctuation in accordance with the Federal Reserve rate. However, once you have accepted your mortgage contract, a fixed rate APR will ensure that your interest rate and monthly payment will remain constant for the life of the loan, unless you choose to refinance your mortgage. at a later date for a potentially lower APR. Your APR, monthly payment, and loan amount depend on your credit history, creditworthiness, debt-to-equity ratio, and desired loan term. To take out a mortgage, lenders will do a credit check and ask for a full application, which may require proof of income, identity verification, proof of address and more.

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Editorial note: Any opinions, analyses, criticisms or recommendations expressed in this article are those of Select’s editorial staff only and have not been reviewed, endorsed or otherwise endorsed by any third party.

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