PNC Mortgage Review 2023

How Bankrate scored PNC

To determine PNC’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors:

• 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 application 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

  Bankrate's expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate's reporters and editors have decades of experience covering the mortgage industry. They're skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here's how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender's lowest advertised annual percentage rate (APR) based on Bankrate's sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it's like to deal with the lender as a consumer. We look at the lender's application process and availability of customer service support. We also consider the results of J.D. Power's 2022 Mortgage Origination Satisfaction Survey.

  Bankrate's editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate's methodology page spells out our rating process in greater detail.

  Our editorial team confirms the accuracy of data at the time of publication and is dedicated to maintaining the timeliness of information.

Affordability: 5/5

Affordability differs from lender to lender, so comparing costs is key. 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 banking customers.

Availability: 4.3/5

This factor can make the overall mortgage application process smoother or more challenging. 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

Know what to expect when you work with a specific lender. 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. The bank ranked above average in J.D. Power’s 2022 Primary Mortgage Origination Satisfaction Study and 2022 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 import income information using your bank credentials. At last check, the bank averaged 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.

How to apply for a mortgage with PNC

If you’re interested in a mortgage through PNC, you can request a quote and begin the preapproval process on the bank’s website. There’s also the option to apply for a mortgage online through the lender’s secure portal or the Xpress app. If you have questions, you can contact the lender’s customer service team at 800-614-1227. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with PNC

You have the option to refinance with PNC, but similar to applying for a purchase loan, you’ll begin the process by providing your contact information so that a loan officer can assist you.