PNC Bank Mortgage Review 2024
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Our Take
5.0
PNC Bank has a variety of appealing mortgage options, including jumbo loans, programs for first-time home buyers and home equity lines of credit. It’s simple to browse rates and apply online. However, the bank’s average interest rates are higher than other lenders’, and we found its customer service by phone hard to access.
Pros
- Low-down-payment loan options include FHA, VA, USDA and PNC Community Loan.
- Jumbo loans available with minimum down payments of 5%.
- Customizable mortgage rates are posted online.
Cons
- Average mortgage rates are on the high side, according to the latest federal data.
- In-person service is not available in every state.
- You’ll have to supply personal data or account info to get answers by phone.
Lender | Min. credit score | Min. down payment | |
|---|---|---|---|
580 | 3% | Visit Lenderat New American Funding at New American Funding | |
620 | 3% | Visit Lenderat NBKC at NBKC | |
580 | 3.5% | Visit Lenderat Rocket Mortgage, LLC at Rocket Mortgage, LLC |
Full Review
PNC is a large national bank based in Pittsburgh. Home loans are available in every state and Washington, DC. PNC Bank’s home equity line of credit is not available in Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota.
🏠 Popular loan types include: Fixed or adjustable rate; conventional; FHA; VA; jumbo; rate- and- term or cash-out refinances.
🔑 Specialty loan options include: Construction and renovation loans; lot loans; USDA loans; medical professional loans; PNC Community Loan.
💵 Home equity borrowing option: HELOC
Construction, renovation, and lot loans are only available in Alabama, Arizona, California, Colorado, Florida, New Mexico, Texas and Washington.
The PNC Community Loan allows down payments (which can include gift funds) as low as 3% and does not require private mortgage insurance.
Eligible borrowers may receive a PNC grant to apply toward their down payment or closing costs.
» MORE: How to apply for a mortgage
How we score PNC Bank
Every year, writers and editors use the latest data and independent research to score lenders on an overall rubric, reflecting factors that are most important to mortgage borrowers. Select Why This Category Matters below to learn more.
PNC Bank has a NerdWallet home loans rating of five stars overall. Here’s a breakdown of this year’s score.
Category | Star rating |
|---|---|
Average mortgage rates and fees | |
Mortgage rate transparency | |
Variety of loan types | |
Customer experience |
- Why This Category Matters
Average mortgage rates and fees (30%)
Our team analyzes federal data to compare mortgage lenders’ origination fees and offered mortgage rates, measuring annual averages across all loan types, as reported by the lenders. The lowest combination of average rates and fees earns the highest star rating in this category. (It’s worth noting that loans considered higher risk, including those such as FHA loans that are easier to qualify for, often have higher interest rates and fees.) Pro tip: In some cases, paying upfront fees may lower a borrower’s mortgage interest rate.
Mortgage rate transparency (25%)
We check how straightforward it is to comparison-shop rates online. NerdWallet’s transparency ratings are higher for lenders that post sample rates on their sites, and highest for sites with self-serve tools that allow shoppers to see what rates might be like for their particular loan. Pro tip: Borrowers who compare customized rate quotes by applying to three or more lenders could save thousands of dollars over the life of their loan.
Variety of loan types (25%)
Finding the right mortgage is different for each borrower. The highest star ratings in this category are awarded to lenders that our research shows offer a wide range of loan types, improving the odds that a borrower will find the best match for their needs: options for purchase and refinance; fixed-rate and adjustable-rate loans; government-backed FHA, VA or USDA loans; renovation or construction loans; and home equity loans or HELOCs.
Customer experience (20%)
How easy is it to interact with this lender? The highest-rated lenders in this category offer features that are convenient and clarifying for borrowers, such as: an online application, multiple customer service options, a helpful mobile app and candid closing timeline communications.
PNC earned bonus points for improving access to homeownership through first-time home buyer assistance, some flexible credit requirements and loans for manufactured homes.
What borrowers say about PNC mortgages
NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To help you understand borrowers’ subjective experiences, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow. We also contacted PNC customer support.
→Below-average score in J.D. Power’s 2023 U.S. Mortgage Origination Satisfaction Study. Mortgage origination covers the initial application through closing day.
Score: 704 out of 1,000. Industry average for origination is 730.
→Below-average score in J.D. Power’s 2024 U.S. Mortgage Servicer Satisfaction Study. A mortgage servicer handles loan payments.
Score: 598 out of 1,000. Industry average for servicing is 606.
→Excellent customer rating on Zillow.
Customer rating: 4.96 out of 5, as of the date of publication. Rating reflects more than 3,000 customer reviews.
🤓 Our Nerds say...
When we called PNC, the automated phone system required an account number or social security number. After entering info, we reached a human in less than two minutes. Online chat has a similar barrier: A secure form asks for your name, social security number and PNC account number. We skipped the SSN and account number and still received a prompt (but generic) chat reply. If you live near a branch and like in-person service, you can walk in or make an appointment online.
Alternatives to a home loan from PNC Bank
We recommend comparing mortgage rate offers from three or more lenders.
First-time home buyers may also consider Northpointe Bank, which offers grants toward down payments or closing costs to qualifying buyers.
Citi is another strong option for borrowers seeking jumbo loans.
» MORE: Best lenders for jumbo loans
More from NerdWallet
NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: average mortgage rates and origination fees, rate transparency to consumers, variety of loan types (purchase, refinance, fixed and adjustable, for example) and customer experience. Among the factors we consider in these categories are: options to apply for home loans online, typical time to close, mobile app experience, level of detail about mortgage rates on lender websites, and NerdWallet’s own analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These and other items inform detailed rubrics, which generate ratings from 1 star (poor) to 5 stars (excellent). Read more about how we rate mortgage lenders here.
