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PNC: 2023 Home Equity Review

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At a glance

4.3
Rating: 4.3 stars out of 5
Bankrate Score
  • Availability
    Rating: 4 stars out of 5
  • Affordability
    Rating: 4.3 stars out of 5
  • Customer Experience
    Rating: 4.5 stars out of 5

About PNC

  • Moneybag

    Loan amount

    $10,000-$1 million

  • Credit Good

    Min. credit score

    Undisclosed

  • Rates

    Repayment terms

    10-year draw period and up to 30-year repayment term; 5 years to 30 years for fixed-rate option in most states

  • Funds available in

    Within 10 days

PNC features

Here's a breakdown of some of the benefits and drawbacks of PNC home equity loans.

PNC overview

PNC Financial Services Group is headquartered in Pittsburgh, Pennsylvania and serves more than 12 million customers. Among its mortgage solutions, PNC Bank offers a home equity line of credit (HELOC), called the “Choice Home Equity Line of Credit,” or CHELOC, with both a variable- and fixed-rate option.

PNC snapshot

Home equity loan types Home equity line of credit (HELOC)
Loan amounts $10,000-$1 million
Credit score minimum Undisclosed
Repayment terms 10-year draw period and up to 30-year repayment term; 5 years to 30 years for fixed-rate option in most states
Average time to approval Within 10 days

How Bankrate rates PNC

Bankrate Score 4.3
Affordability 4.3/5
Availability 4/5
Borrower experience 4.5/5

Methodology

To create our Bankrate Scores, we evaluated lenders based on availability, affordability and borrower experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Borrower experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.

Benefits

  • With a HELOC from PNC, there’s no minimum draw amount, and you can borrow up to 89.9 percent of the value of your home depending on where you live (in some states, you can only borrow up to 80 percent or 85 percent).
  • You might be able to convert all or some (at least $5,000) of a PNC variable-rate HELOC to a fixed rate for a $100 fee. The same fee applies if you convert from a fixed to a variable rate, but it’ll be waived if you convert at the onset of the draw period.

Drawbacks

  • Although PNC operates across the U.S., its HELOC product isn’t available in every state.
  • The bank’s HELOC terms can vary based on where you live.

Types of fees charged

PNC charges a $50 annual fee on HELOCs. If you decide to convert some of your HELOC to a fixed rate at a later date, the bank charges a $100 fee. You won’t have to pay this fee if you convert to the fixed rate when you initially obtain the line of credit, however.

Home equity loan products offered

PNC offers HELOCs. Well-qualified borrowers in many states can obtain a line of up to 89.9 percent of their home’s value. (Borrowers in certain states might only qualify for a line up to 80 percent or 85 percent.) The interest rate on the HELOC is variable; however, you can convert this to a more predictable fixed-rate option, with a repayment term of five years to 30 years, for a fee.

Like HELOCs from other lenders, the draw period for a HELOC from PNC is 10 years and the repayment term lasts up to 30. You’ll need to make principal and interest payments, although you might be eligible for interest-only payments depending on your credit.

Regardless of whether your PNC HELOC has a variable or fixed rate, your APR won’t go any higher than 24 percent or any lower than 2.25 percent.

How to qualify for a HELOC with PNC

As with any home equity or mortgage product, you’ll need sufficient credit, equity and income to qualify. Keep in mind: PNC doesn’t offer HELOCS to borrowers in Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota.

How to get started

When you’re ready to apply for a HELOC with PNC, you can do so online, at a local branch or by calling 855-762-9545. Representatives are available Monday through Thursday from 8 a.m. to 10 p.m. ET, Friday from 8 a.m. to 6 p.m. ET and Saturday and Sunday from 8 a.m. to 5 p.m. ET.