Review of PNC Bank Mortgage

Jan 31, 2023 By Susan Kelly

The objective factors that go into NerdWallet's star ratings for lenders are interest rates, fees, and types of loans available. NerdWallet has compiled J.D. Power customer satisfaction scores to evaluate borrowers' anecdotal encounters with lenders. Two words: Zillow and Power.

PNC Bank receives 732 out of 1,000 in J.D. According to Power's projections for the American economy in 2022, the country will see a. Customer Happiness with Mortgage Origination. 716 is the median number of new loans issued per year. (From the time you fill out an application to the day you sign the final paperwork, that's what we mean when we say "mortgage origination."

Choice of mortgage loans offered by PNC

PNC offers a variety of conventional loans, including the PNC Community Loan, which has a low minimum down payment and reserve requirements. The down payment on a loan can consist in part of a gift from a generous family member or friend. The program is for low- to moderate-income borrowers. PNC also gives a $5,000 incentive to aid with closing costs in some markets. Interns, residents, fellows, and doctors who finished residency training within the past five years are eligible for the lender's medical professional loan of up to $1 million. A down payment could consist of a gift from a loved one.

HELOC from PNC Bank

The HELOC is another option provided by the financial institution. Homeowners can avoid having to refinance or sell their property by taking out a second mortgage. Second, mortgage loans are often used for emergency repairs, higher education, and debt reduction.

PNC's HELOC allows borrowers to choose between a variable rate and a fixed rate that can be locked and unlocked anytime during the draw term.

It's simple to apply for a mortgage loan from PNC.

Although PNC offers mortgage and banking locations in many states, this only covers some of them. To contact a representative, dial the number provided. Applying for a mortgage can be done either online or over the phone. On the PNC website, you may use a handy locator to contact local mortgage loan officers should you want some answers before taking the plunge.

Preapproval requests are submitted through the lender's website. Your SSN, the location of your prospective new residence, the amount of the loan you're seeking, and the down payment you're prepared to make are all required information on the online application. Then you can give the lender permission to run an electronic check of your credit and your employment, income, and assets. After applying for a mortgage, you can create an account to track its progress and receive notifications as important events occur. You can communicate with your loan officer and processor, upload and submit documents, and read and respond to communications.

PNC mortgage rates and fees

PNC Bank's origination fee is around average. Thus they get three stars. PNC Bank's mortgage rates are almost the same as the national average. Thus they get 3 out of 5 stars.

Lender fees and mortgage rates are two factors that borrowers should weigh. A lower mortgage interest rate may be available if you are willing to pay upfront costs. Some lenders demand greater upfront costs to make their reported interest rate more competitive. A few loan companies demand a larger sum of money upfront.

Should I Buy Discount Points? Calculator

Rates for mortgages at PNC is Open to Public Loans with different terms, and interest rates can be compared on PNC's website, along with their expected monthly payments and APRs. You can use the rate quotation tool to acquire sample prices based on your credit score or down payment amount by inputting different loan amounts and ZIP codes. PNC's digital application process includes a rate-locking feature accessible from a borrower's computer, smartphone, or tablet.

PNC Mortgage Competitors We recommend the following lenders to borrowers looking for an alternative to the reviewed lender. Homebuyers can get grants and other financial aid from Bank of America, and if they need a jumbo loan, Bethpage Federal Credit Union is another good option.

When assigning points, we take into account several factors, including the ease with which loans can be applied for and tracked online, the transparency with which mortgage rates are presented on lenders' websites, and our analysis of lenders' reported rates and fees in the most recent Home Mortgage Disclosure Act data. The resulting star ratings range from 1 (very poor) to 5 (very good) (excellent).

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