PNC: 2025 Home Equity Review

PNC overview

With roots dating back to 1865, Pittsburgh-based PNC Financial Services Group is one of the largest diversified financial services institutions in the U.S. and a leading home equity loan originator. In contrast to the online-lender trend, PNC maintains a robust brick-and-mortar presence, with a network of approximately 2,300 branches throughout the country.

Pros and cons of PNC

How Bankrate scored PNC

Affordability: 2.6/5

• APR: PNC’s variable APRs skew higher than the national average. 
• Introductory APR: PNC offers a six-month introductory APR, a fairly typical term.
• Fees: PNC charges a $50 annual fee on HELOCs in most states. Customers in California, North Carolina and New York will also have to pay an origination fee, which can run as high as $499. If you decide to convert all or some of your variable-rate HELOC to a fixed rate the bank charges a $100 fee. You won’t have to pay this fee if you convert to the fixed rate when you initially obtain the line of credit, however. 

PNC scores a 2.6 out of 5 for affordability because of its higher rates and numerous fees. 

Availability: 4.5/5

• Loan products: PNC Bank only offers HELOCs, but they can be converted to fixed-rate loans. Its $1,000,000 maximum is a higher threshold than most lenders. 
• Footprint: PNC’s reach extends nationwide; however, it doesn’t offer HELOCs to borrowers in Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota.
• Loan minimum: PNC has a loan minimum loan amount of $10,000 — which is low — or the minimum amount required by state law. 
• Draw requirement: PNC does not have a minimum draw amount for its HELOCs, unlike many lenders.

PNC earns a strong 4.5 out of 5 for availability because of its seven-figure credit lines and lack of a minimum draw. 

Borrower experience: 4.7/5

• Rate transparency: No rates are listed online. To receive a rate quote, you have to share how much you want to borrow, where the property is located, how the property is used and details on existing loans or lines of credit.
• Convenience: Borrowers can complete an application online, over the phone or in person at a branch location. In addition to phone and branch support, PNC also offers a live chat feature on its website. 
• Customer service: Representatives are available to speak to customers on the phone every day of the week, even on weekends. 
• Fixed-rate options: While PNC doesn’t offer standard home equity loans, you have the option of converting all or part of your HELOC to a fixed rate — and without charge, if you do it immediately — in effect turning it into a HELoan. 

PNC scores a 4.7 out of 5 for borrower experience due to its variety of contact methods and ability to convert your variable rate HELOC to a fixed rate loan.

PNC’s reputation 

PNC gets an A+ rating with the Better Business Bureau but is not accredited by the BBB. Trustpilot gives PNC a 1.3 rating based on more than 1,300 reviews.

What consumers say about PNC

When discussing PNC, customers on Bankrate use the word “love” a lot, especially for its customer service, with multiple reviewers saying its staff is “professional” and “great to do business with” (“​​I liked that I was dealing with a local representative that I could sit and meet face-to-face,” one noted) Feedback on the application process is mixed, with some calling it “quick” and “relatively simple” while others deem it “a little daunting” with “lots of paperwork to sign.” 

Home equity products offered

PNC Bank offers home equity lines of credit (HELOCs) for loan amounts ranging from $10,000 to $1,000,000. Its Choice Home Equity Line of Credit (CHELOC), a first-lien HELOC product, allows well-qualified borrowers to obtain a credit line of up to 89.9 percent of their home’s value. Borrowers in certain states might only qualify for a line up to 80 percent or 85 percent on a second-lien HELOC.

The draw period for a HELOC from PNC is 10 years and the repayment term lasts up to 30. PNC does require you to repay both principal and interest during the draw period, although you might be eligible for interest-only payments, depending on your credit.

The interest rate on the HELOC is variable; however, for $100, you can convert to a more predictable fixed rate, with a repayment term of five years to 30 years. To be eligible for this option, you’ll need to convert at least $5,000 of the balance.

Regardless of whether your PNC HELOC has a variable or fixed rate, your APR won’t go any higher than 24 percent or any lower than 2.25 percent. You must sign up for automatic payments from a PNC checking account if you want to receive a 0.25 percent interest rate discount after the introductory period ends.

How to qualify for a home equity loan with PNC

To be eligible for HELOC, PNC will review your credit history and confirm your employment, income and assets. PNC will also order an appraisal to assess the value of the home. You need at least 10.1 percent equity in your home to qualify.

How to apply for a home equity loan with PNC

When you’re ready to apply for a HELOC with PNC, you can do so online, at a local branch or by calling 855-762-9545. Representatives are available Monday through Thursday, 8 a.m. to 10 p.m. ET, Friday, 8 a.m. to 6 p.m. and Saturday and Sunday, 8 a.m. to 5 p.m. ET.

Once PNC has reviewed your application and credit history, you can upload your documents and track your application progress. PNC will then verify your income and home’s value. Once approved, PNC will set up a time to close on the loan.

• Methodology

  To determine a home equity lender’s Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender’s products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%

  Learn more about our methodology.