PNC Bank mortgage review: Choose from a variety of loan types, but you'll need a decent credit score
PNC Bank; Alyssa Powell/Business Insider
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This post was last reviewed and updated on August 24, 2021.
PNC Bank | |
| Editor's rating | 4.25 / 5 |
| Minimum credit score | 620 |
| Minimum down payment | 3% |
| Types of mortgages | Conforming, jumbo, FHA, USDA, VA, home equity loan, HELOC, construction, refinance |
Overall lender rating
| Feature | Insider rating (out of 5) |
| Loan types | 5 |
| Affordability | 4 |
| Customer satisfaction | 4 |
| Trustworthiness | 4 |
| Total | 4.25 |
Pros and cons
| Pros | Cons |
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PNC mortgage rates
Take these personalized rates with a grain of salt, though. PNC doesn't let you enter information like your credit score or down payment amount at this stage, which it will eventually use to determine your rate once you apply for preapproval.
PNC's rates are comparable with the national averages on the Federal Reserve's website, so you may be able to lock in a low rate.
How PNC compares to other lenders
We've compared PNC with two other lenders that offer mortgages in all 50 states: Bank of America and Fairway.
PNC Bank | Bank of America | Fairway |
Types of home loans Conforming, jumbo, FHA, USDA, VA, home equity loan, HELOC, construction | Types of home loans Conforming, jumbo, FHA, VA, HELOC | Types of home loans Conforming, jumbo, FHA, USDA, VA, reverse, renovation |
Alternative credit data No | Alternative credit data No | Alternative credit data Yes |
PNC Bank vs. Bank of America
PNC has more types of home loans than Bank of America, so it will be the clear choice if you need a USDA mortgage, construction loan, or home equity loan.
You might prefer Bank of America for down payment assistance. PNC has its $1,500 grant, but Bank of America has down payment and closing cost assistance that often results in even more money. Programs vary by state.
PNC Bank vs. Fairway
PNC and Fairway both provide a range of home loans. You'll go to PNC for a USDA mortgage, HELOC, home equity loan, or construction loan. But Fairway has reverse mortgages and renovation loans.
Fairway is the better option if you have a low credit score, or none at all. Like most lenders, PNC checks your credit score to decide whether to approve you for a loan. But Fairway lets you apply with alternative credit data, such as proof that you pay bills on time.
How PNC mortgages work
You can get the following types of home loans through PNC:
- Conforming
- Jumbo
- FHA
- VA
- USDA (It's hard to find information about USDA loans on the website, but PNC does offer them)
- Fixed-rate
- Adjustable-rate
- Home equity line of credit (HELOC)
- Home equity loan
- Construction loan
PNC does not offer reverse mortgages.
If you refinance, you can choose between a rate-and-term refinance or cash-out refinance. You may also streamline refinance your FHA, VA, or USDA loan.
Ask PNC about applying for the PNC Homeownership Grant. You'll receive $1,500 to use toward buying expenses such as closing costs. PNC doesn't provide much information online, but you can talk to an agent about the grant.
To speak with customer support, call Monday through Thursday from 8:00 a.m. to 9:00 p.m. ET, or Friday from 8:00 a.m. to 5:00 p.m. ET. Or call Saturday from 9:00 a.m. to 2:00 p.m. ET.
Is PNC trustworthy?
The Better Business Bureau gives PNC Bank an A+ in trustworthiness. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business.
Despite PNC's great BBB score, the bank has had one recent public scandal. In 2019, PNC was accused of aiding a man in carrying out a fake debt relief project, which cost customers a total of $85 million. In 2014, PNC had suspected the man of running a scheme and closed his bank accounts. But nine months later, the bank let him open more accounts.
Mortgage and refinance rates by state
Compare your PNC mortgage rate to rates in your state below:
Alabama
Alaska
Arizona
Arkansas
California
Colorado
Connecticut
Delaware
Florida
Georgia
Hawaii
Idaho
Illinois
Indiana
Iowa
Kansas
Kentucky
Louisiana
Maine
Maryland
Massachusetts
Michigan
Minnesota
Mississippi
Missouri
Montana
Nebraska
Nevada
New Hampshire
New Jersey
New Mexico
New York
North Carolina
North Dakota
Ohio
Oklahoma
Oregon
Pennsylvania
Rhode Island
South Carolina
South Dakota
Tennessee
Utah
Vermont
Virginia
Washington
Washington DC
West Virginia
Wisconsin
Wyoming