PNC Bank operates across all 50 states, providing an extensive array of mortgage products, including specialty loans tailored for low- and moderate-income borrowers.
PNC offers an innovative online experience called Home Insight, which offers a comprehensive exploration of the home-buying process. This platform enables customers to determine affordable mortgage payments, explore real-time rate quotes and loan products, and track the approval process, including uploading supporting documents.
PNC Bank Review 2024
Overview:
| Criteria | Best for | Rate | Minimum Credit Score | Mortgage Rates | Minimum Down Payment |
| PNC Bank | Medical Professionals | 5.0 | 620 | Lower than the national average | 0% to 3.5% |
Loan Types:
| Loan Type | PNC Bank |
|---|---|
| Conventional | ✓ |
| FHA | ✓ |
| VA | ✓ |
| USDA | ✓ |
| Jumbo | ✓ |
| ARM | ✓ |
| Home equity loan | ✓ |
| Specialty | ✓ – Community (No PMI) Loan, Medical Professional Loan |
Speed:
The average closing time with PNC Bank is 45 days, which aligns with the industry average. In some cases, closing can be expedited to as short as 30 days.
Eligibility:
Minimum credit score of 620; 700 for jumbo borrowers.
Minimum down payment of 0% for VA loans, 3% for conventional loans, and 3.5% for FHA loans. PNC doesn’t publish down payment requirements for other loan types.
Current Conventional Mortgage rates :
These current mortgage rates are based on standardized parameters. For conventional mortgages, calculations are made assuming an owner-occupied, one-unit property with a loan amount of $350,000. For jumbo mortgages, the loan amount is $750,000. These calculations also assume an 80% loan-to-value ratio, a credit score of 740 or higher, and a 60-day lock period.
| Loan term | Interest Rate | APR |
| 30-Year Fixed | 7.56% | 7.46% |
| 15-Year Fixed | 6.73% | 6.68% |
| 30-Year Jumbo | 7.30% | 7.26% |
| 5/6 ARM | 7.01% | 7.04% |
| 7/6 ARM | 7.28% | 7.28% |
Pros & Cons:
Pros:
- Low Minimum Credit Score Requirements: PNC Bank maintains accommodating minimum credit score requirements, enhancing accessibility for a broader range of potential borrowers.
- Fast Preapproval Time: Prospective borrowers benefit from PNC Bank’s rapid preapproval process, enabling them to swiftly progress through the mortgage application journey.
- Online and In-Person Service Available: PNC Bank offers the convenience of both online and in-person service options, accommodating diverse preferences and needs.
- Several Discount Programs Available: Borrowers can take advantage of various discount programs offered by PNC Bank, potentially reducing their mortgage expenses.
- Ample Digital Support for Existing Customers: PNC Bank provides robust digital support for existing customers, facilitating easy access to account information and assistance.
Cons:
- Does Not Offer Renovation Loans: PNC Bank does not provide renovation loans, limiting options for borrowers seeking financing for home improvement projects.
Why We Choose PNC Bank ?
PNC Bank stood out among the selection due to its specialized mortgage offering designed specifically for medical professionals, such as interns, residents, fellows, and doctors who have recently completed their residency within the last five years. This mortgage product provides numerous advantages tailored to the unique needs of medical professionals, making it an appealing choice for those in the field.
Key Features of PNC Bank’s Mortgage for Medical Professionals:
- Gift Funds Utilization: Borrowers have the flexibility to use gift funds towards their down payment, easing the financial burden associated with purchasing a home.
- Loan Amount: PNC Bank offers loans of up to $1 million on primary residences, providing medical professionals with ample financing options to suit their housing needs.
- Private Mortgage Insurance (PMI): With this mortgage product, borrowers are not required to pay private mortgage insurance, potentially saving them significant costs over the life of the loan.
- Interest Rate Options: Borrowers can choose between fixed or adjustable interest rates, allowing them to select the option that best aligns with their financial goals and preferences.
Additional Information about PNC Bank:
PNC Bank operates in a wide range of states, offering conventional, FHA, VA, USDA, and jumbo loans, along with home equity loans and specialty loans tailored for various customer segments, including medical professionals. The bank is known for its comprehensive mortgage products and exceptional customer service, making it a trusted choice for homebuyers seeking specialized financing solutions. With its commitment to innovation and customer satisfaction, PNC Bank continues to be a leading provider in the mortgage lending industry.
How To Apply:
Prospective borrowers have the flexibility to apply for a mortgage either online or in person at a PNC Bank location in states spanning from Alabama to Wisconsin, including Washington D.C. For assistance, customer support is accessible via phone during specified hours, Monday through Thursday from 8 a.m. to 9 p.m. ET, Friday from 8 a.m. to 5 p.m. ET, and Saturday from 9 a.m. to 2 p.m. ET. Preapproval turnaround time ranges from as quick as 30 minutes to up to one day. Preapproval can typically be obtained in as little as 30 minutes to one day.
Methodology:
We conducted a comprehensive review of over 50 mortgage lenders operating nationwide, both online and in-person. Our review encompassed some of the largest mortgage lenders by volume, including banks, credit unions, and online lenders. Lenders that do not publicly disclose their interest rates online were excluded from consideration.
Advisor’s Criteria:
Advisor evaluates home loan lenders based on criteria that significantly influence the overall cost of the mortgage and the homebuying process. These criteria include borrower eligibility requirements, the diversity of loan options, and features that impact the homebuying journey.
Weighting of Categories:
The best mortgage lenders were assessed based on the following categories, each assigned a specific weighting:
- Interest Rate: 20%
- Down Payment Requirements: 20%
- Credit Score Minimum Requirements: 20%
- Consideration of Alternative Credit Data: 10%
- Preapproval Time: 10%
- Closing Timelines: 10%
- Variety of Loan Types: 10%
- Lender Discounts Offered: 5 bonus points
Focus on Affordability and Accessibility:
Our methodology prioritizes affordability, accessibility, and key features that directly impact the homebuying process, such as preapproval and closing times. By focusing on these aspects, we aim to provide consumers with valuable insights that align with their top priorities when comparing mortgage lenders.