Top perks
Wide selection of loan options
PNC Mortgage offers a very wide variety of mortgage loans likely to satisfy the needs of most borrowers. Among PNC's offerings are the most popular government-backed mortgages, the standard conventional loan, low-down-payment mortgage options, and specialty loans. The variety is broader than the offerings of many other mortgage lenders.
Low down payment mortgage options
PNC Mortgage offers several home loan programs to help borrowers attain homeownership without a large cash outlay.
- FHA loans: These are loans made by the bank and guaranteed by the Federal Housing Administration (FHA). They require a 3.5% down payment.
- VA loans: These are loans made by the bank and guaranteed by the Department of Veterans Affairs. There is no down payment requirement. VA loans are for active-duty service members, veterans, reservists, members of the National Guard, and some spouses. Check with the Department of Veterans Affairs to see if you qualify.
- USDA loans: These are loans made by the bank and guaranteed by the U.S. Department of Agriculture for low- to moderate-income borrowers. These loans can only be used for a primary residence in an eligible location, usually rural.
- PNC community loan: This is a special home loan program unique to PNC. The down payment requirement is 3% and there is no private mortgage insurance (PMI).
Note that low down payment loans tend to come with a higher mortgage interest rate than a conventional mortgage with a 20% down payment.
Medical professionals mortgage
PNC offers a special mortgage to medical interns, residents, fellows, and doctors who have completed a residency in the last five years. The loan must be used for a primary residence, and the maximum loan amount is $1 million. There is no PMI.
Cash grants
Eligible borrowers who qualify based on income limits or location can get a $5,000 grant toward the down payment or to help pay closing costs.
Digital pre-approval
From the comfort of home (or just about anywhere else), using the device of your choice, you can provide basic information about yourself and the loan you want, plus electronically verify income, assets, and employment. PNC's pre-approval is a firm commitment to lend.
PNC Mortgage offers very good information, education, and online tools geared toward first-time home buyers and any other borrowers who want to learn more about home loans. It's always a good idea to use a mortgage calculator to see where you stand when you start your home-buying research. PNC offers its own set of interactive calculators on its website to help you figure out the loan size, the home price, and the monthly mortgage payment you can afford. Then you can use PNC's Home Insight Planner to identify the right loan and get ready to apply. PNC's Application Tracker helps you navigate the entire mortgage process, from application to closing. Mortgage rates are also easy to find on PNC's website.
Home equity line of credit
PNC's Choice home equity line of credit (HELOC) could help you access equity at a lower cost than a typical refinance. It's more flexible than a typical HELOC. At PNC, borrowers can lock in a fixed rate on any part of an outstanding balance. A fixed-rate option usually applies to a home equity loan for a set amount. Variable-rate options are typically associated with a line of credit, which gives you access to more cash whenever you need it, up to your limit. Fixed- and variable-rate loan options both have pros and cons, and it may be to your advantage to have this level of control.
Did You Know? PNC Mortgage is one of the larger mortgage lenders in the United States. But who is the largest? Check out The Ascent's research piece on the largest mortgage lenders.
The "wow factor"
J.D. Power ranks PNC Mortgage as one of the top lenders in the 2023 U.S. Primary Mortgage Origination Satisfaction Study.
Crossing the threshold of your new-to-you home is a champagne-worthy occasion, and the mortgage process doesn't make most people dance with delight. We all want to feel well cared for during this time, so there is something to be said for seeking out a mortgage lender whose service stands out.