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PNC Mortgage Review 2024

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At a glance

PNC Bank
NMLS: 446303
Editor's take

PNC Bank is one of the top 10 mortgage lenders in the U.S., and worth looking into if you’re already a banking customer. If you’re an eligible first-time homebuyer, you could find savings here, too, with an up to $7,500 closing cost grant. What’s more, the bank’s Home Insight Planner allows you to easily comparison-shop.

Bankrate Score
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4.5
Rating: 4.5 stars out of 5
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Bankrate Score

Customer Rating
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4.4
Rating: 4.44 stars out of 5

36 ratings

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Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

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Min. credit score required

620 for conventional loans, 620 for jumbo loans, 620 for FHA loans, 640 for USDA loans

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Nationwide availability

All U.S. states

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Min. down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans or USDA loans

PNC Bank overview

PNC was the 15th-largest mortgage originator in the nation in 2023, according to federal data. 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.

Pros and cons of PNC

Pros

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    Online and in-person options to apply

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    Application can be tracked online

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    Wide availability with many loan options

Cons

  • Higher credit minimum on FHA loans

  • Limited mobile app functionality

How Bankrate scored PNC

Affordability: 8.2/10

PNC advertises mortgage 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. Some discounts might be available for banking customers.

Availability: 10/10

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: 9/10

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. Still, the bank ranked below average in J.D. Power’s 2023 Primary Mortgage Origination 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.

Refinancing with PNC Bank

PNC Bank offers both rate-and-term and cash-out refinancing options. Even if you’re refinancing, you might be eligible for the bank’s closing cost grant.

Special programs from PNC Bank

Closing cost grant

If you’re a first-time homebuyer purchasing in an eligible area, you could receive a grant from PNC of up to $7,500 to help cover closing costs. Your PNC loan officer can help determine whether the grant applies to your location.

PNC Medical Professional loan

PNC offers no-PMI mortgages up to $1 million for medical professionals, including interns, fellows, residents and new doctors.

How to apply for a mortgage with PNC

You can apply for a mortgage with PNC Bank in person at a branch location, online or by phone 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.)

PNC Bank customer ratings and reviews

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NMLS: 446303

4.4

Rating: 4.44 stars out of 5

36 ratings

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This lender has 0 recent reviews.

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Rating: 4.4 stars out of 5
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Rating: 4.4 stars out of 5
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Rating: 4.4 stars out of 5
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86%
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86% of customers would recommend this lender.

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