PNC Bank overview
Good for: Borrowers looking for a quick preapproval and those who want the option of working with a brick-and-mortar bank
Founded in 1852 as Pittsburgh National Bank, PNC is a national lender with branch locations in 25 states and mortgages available nationwide. A mortgage preapproval can be obtained almost instantly online if prospective borrowers have all the required information handy. PNC also offers customers some specials for home purchases, but the offers vary by applicant and lock-in date.
PNC’s headquarters remains in Pittsburgh today, and it is one of the largest banks in the U.S. by deposits.
- Rate-and-term, cash-out and streamline refinancing
- Home equity line of credit (HELOC)
- Home equity loan
- Investment property
PNC’s lender fees can include an origination fee, rate-lock fee and other closing costs. These expenses might vary by loan type and amount and other factors, but typically range from 3 percent to 5 percent of the loan amount, according to its website. Some discounts might be available for purchase customers.
PNC advertises daily rates on its website, but you’ll need to enter your loan amount and zip code to access them.
PNC is not accredited by the Better Business Bureau, but it has an A+ rating on the site. On Trustpilot, PNC is rated two out of five stars, but many of the complaints are related to personal banking, not mortgage products specifically. The bank also ranked No. 9 out of 18 in J.D. Power’s 2020 Primary Mortgage Origination Satisfaction Study and No. 12 out of 36 in the 2020 Primary Mortgage Servicer Satisfaction Study.
With PNC, borrowers can get preapproved and apply for a loan online. The bank offers online support for preapprovals, tracking and planning, and other tools like calculators as well.
PNC does not offer an app for mortgage borrowers, but some of its browser-based mortgage functions can be accessed through the general banking app. Borrowers can also take advantage of e-signature capabilities.
Minimum borrower requirements
PNC generally follows the conforming loan requirements for mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) and the Department of Agriculture (USDA).
For conventional loans, key requirements include good credit (typically a FICO score of 620 or higher) and a minimum down payment of 3 percent. However, anything less than 20 percent down will trigger the private mortgage insurance (PMI) requirement.
For FHA, VA and USDA loans, minimum requirements are set by the respective agencies. You can find them here:
In addition, borrowers who have insufficient credit history might be able to submit alternative documents, like rent payment history, along with their credit report.
Refinancing with PNC
PNC offers a range of refinancing options, and you can apply for a refi online or in person.
Not sure if PNC is right for you? Consider these alternatives
Breakdown of PNC overall review score
- Affordability: 14.75/15
- Availability: 16/20
- Borrower experience: 14/15
To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.