PNC: 2024 Home Equity Review
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At a glance
NMLS: 446303
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Loan amount
$10,000-$1 million
Min. credit score required
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
Funds available in
10 days
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.
Home equity loan products offered
PNC Bank offers home equity lines of credit (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. To be eligible for this option, you’ll need to convert at least $5,000 of the balance to the fixed rate.
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.
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.
How to qualify for a HELOC with PNC Bank
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 apply with PNC Bank
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 Friday, 8 a.m. to 9 p.m. ET, and Saturday and Sunday, 8 a.m. to 5 p.m. ET.
How Bankrate scored PNC Bank
| Affordability | 3.6/10 |
| Availability | 7.2/10 |
| Borrower experience | 8.4/10 |
PNC Bank customer ratings and reviews
NMLS: 446303
5.0
1 ratings
This lender has 1 recent reviews.
100% of customers would recommend this lender.
of 1 reviews
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To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
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