PNC Bank Mortgage review 2024

Best for: Highly-qualified borrowers seeking specialized loans

If you don’t have a high credit score and minimal debt, you’re unlikely to qualify for a mortgage with PNC Bank. Its underwriting criteria are the strictest of the 18 lenders Fox Money evaluated.

If you’re highly qualified, PNC may be a good choice due to its reasonable interest rates, especially if you’re looking for a jumbo, renovation, or construction loan in certain states.

Methodology

To determine the best mortgage companies, Fox Money evaluated lenders based on several different categories: rates and fees, reputation, eligibility, efficiency, customer experience, and discounts and perks. We also looked at the types of loans offered by each lender for research purposes only, they did not factor into the overall score. We assigned a score out of five stars to each lender based on our findings. 

Learn more about how Fox Money rates lenders by checking out Mortgage Lender Rating Methodology. 

PNC Bank Mortgage: Pros and cons

What to consider before applying

Before applying, you should assess whether you’re financially prepared. Here’s what to consider:

• Credit score: The credit score you need to qualify for the lowest rates can vary by lender and with overall economic conditions, but 760 is a good target. Make sure the information in the report is correct. Credit information can get misreported, and people’s reports do get mixed up.
• Tax returns: Lenders will pull transcripts of your tax returns from the IRS to verify your income. If you haven’t filed, it’s time to catch up.
• Income: Lenders want to see a history of stable income going back one or two years. They also want to know that your income is reliable.
• Debt: Monthly payments on existing debts, especially ones with high interest rates, can make it harder to qualify for and afford a mortgage.

How to apply for a loan with PNC Bank 

Here’s what to expect when you apply for a mortgage from PNC Bank:

1. Gather documents: Lenders will want to review documents that show your identity, income, and assets. Create a digital or physical folder with your two most recent W-2s, 1099s, tax returns, and bank statements. You’ll also need a valid state or federal ID such as a passport or driver’s license. 
2. Provide personal information: Submit your name, address, phone number, and so on. When asked about your income and assets, refer to the documents you gathered previously. 
3. Get pre-approved: Once PNC Bank has the information it needs to make a pre-approval decision on your application, you may get an answer within minutes. If you’re pre-approved, you’ll get a letter showing the maximum amount you can borrow, the interest rate you qualify for, and the fees associated with this loan.
4. Make an offer and sign a purchase agreement: When you find the right home, it will be time to make an offer. Your pre-approval lets the seller’s agent know you’re conditionally qualified. If the seller accepts your offer, you’ll go under contract with them.
5. Complete the application: The lender conditionally approved your finances during pre-approval, but now it needs to approve the home you want to buy — which will secure your loan. You’ll need to submit a copy of your purchase agreement along with the most recent proof of your income and assets.
6. Go through underwriting: During the underwriting process, PNC Bank will order a third-party appraisal. A professional or a computer model will assess the home’s condition and market value to make sure you don’t borrow more than the home is worth. Also, the lender will ask a title company to look for outstanding liens against the property. Finally, the lender will examine your finances, making sure that your credit score hasn’t gone down, you haven’t taken out new loans or received unusual deposits, and your income hasn’t decreased.

How to qualify for a mortgage with PNC Bank 

Loan requirements can differ from lender to lender, even for the same type of mortgage. Here are the conventional loan qualifications from PNC Bank:

• Credit score: 620
• Debt-to-income ratio: 33%
• Down payment: No- and low-down-payment programs are available for low- to moderate-income borrowers in certain locations

How to refinance with PNC Bank 

Refinancing is similar to taking out a mortgage to buy a home, except that you already know where you’ll be living and you don’t have to deal with a seller. Also, since you aren’t trying to move by a certain date, you probably won’t feel as stressed about closing on time.

Here’s how refinancing works:

1. Set refinancing goals: Understand why you want to refinance. Are you trying to reduce your monthly payment, even if it means paying more in the long run? Is your main goal to reduce your long-term costs, even if it means a higher monthly payment?
2. Complete the application: It’s best to apply with several lenders so you can compare offers and get a better deal. 
3. Go through underwriting: The lender you choose will thoroughly review your finances, the property’s history, and its value to make sure the loan is sound.
4. Close on your new loan: Before signing your closing documents, compare your loan estimate against your closing statement to make sure you’re getting the terms you were expecting. Also, don’t be afraid to ask a real estate attorney or independent financial adviser to review the transaction details and documents with you. 

How PNC Bank compares 

If you have low debt and a high credit score, PNC Bank might be a good fit. It has slightly higher credit requirements for some of its loan types and a low DTI limit that could pose a challenge to some buyers. If you don’t meet the requirements in one category, but exceed in another, you could still qualify for a mortgage — it’s a good idea to check with a PNC Bank loan officer to find out if you’re eligible.

You can also shop around to find the best interest rates, terms, and loans. See how PNC Bank compares to other lenders.