PNC Mortgage Review 2023

Pros and cons

PNC Bank overview

Founded in 1852 as Pittsburgh National Bank, PNC is a national bank and lender with branch locations in 29 states and mortgages available nationwide. Among the perks of working with this bank on your loan: a no-credit check prequalification and some specials on home purchases. PNC’s headquarters remains in Pittsburgh today, and it is one of the largest banks in the U.S.

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PNC is good for

Borrowers looking for a quick preapproval and those who want the option of working with a brick-and-mortar bank

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Breakdown of PNC overall score

• Affordability: PNC’s mortgages come with generally competitive rates, but there are some lender-charged closing costs to take into account.
• Availability: One of the biggest banks in the U.S., PNC operates nationwide, offering varying types of home loans for a range of borrowing needs.
• Borrower experience: PNC follows a fairly standard mortgage process, issuing approvals within a few days and closing typically in just over a month. Notably, its customer service team is available seven days a week.

Methodology

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.

Affordability: 5/5

PNC advertises daily rates on its website, but you’ll need to enter your loan amount and zip code to access them. Its lender fees might include an origination 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.

Availability: 4.3/5

Available to borrowers in all 50 states, PNC offers a robust slate of mortgage products, including conventional and government-insured loans (FHA, VA and USDA), as well as jumbo loans for more expensive properties. The bank also provides solutions if you’re interested in tapping your home’s equity or refinancing.

Borrower experience: 4.8/5

PNC is not accredited by the Better Business Bureau, but it has an A+ rating from the organization. It has less favorable reviews on Trustpilot, but many of the complaints are related to personal banking, not mortgage products specifically. The bank also ranked above average in J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study, but below average in J.D. Power’s 2021 Primary Mortgage Servicer Satisfaction Study.

The process of obtaining a mortgage through PNC might look something like this: If qualified, you’ll get an online preapproval in as little as 24 hours, and a conditional approval in approximately three to five business days. When you’re ready, you can also apply for a loan online. The bank recently revamped its digital application, allowing you to seamlessly import income information using your bank credentials. Currently, the bank is averaging 41 days to close, but can accommodate shorter timelines if needed.

Unlike some other big bank lenders, PNC doesn’t offer an app for mortgage borrowers, but some of its browser-based mortgage functions can be accessed through the general banking app. You might also be able to e-sign some closing documents.

The bank’s customer service hours are Monday through Friday, 7 a.m. to 10 p.m. ET, and Saturday and Sunday, 8 a.m. to 5 p.m. ET.

Refinancing with PNC

PNC offers a range of refinancing options, and you can apply for a refi online or in person.

Alternatives to PNC

• Chase Home Lending review – Another large nationwide brick-and-mortar lender with the ability to apply online
• Rocket Mortgage review – Ideal if you’re looking for an all-online process from one of the largest originators around
• Bank of America mortgage review – If you prefer to go the traditional bank route