PNC Mortgage Review 2024

PNC Bank overview

PNC was the 15th-largest mortgage originator in the nation in 2023, according to federal data. Founded in 1852 as Pittsburgh National Bank, PNC is a national bank and lender with branch locations in 29 states and mortgages available nationwide. Among the perks of working with this bank on your loan: a no-credit check prequalification and some specials on home purchases.

Pros and cons of PNC

How Bankrate scored PNC

Affordability: 8.2/10

PNC advertises mortgage rates on its website, but you’ll need to enter your loan amount and ZIP code to access them. Its lender fees might include an origination fee and other closing costs. Some discounts might be available for banking customers.

Availability: 10/10

Available to borrowers in all 50 states, PNC offers a robust slate of mortgage products, including conventional and government-insured loans (FHA, VA and USDA), as well as jumbo loans for more expensive properties. The bank also provides solutions if you’re interested in tapping your home’s equity or refinancing.

Borrower experience: 9/10

PNC is not accredited by the Better Business Bureau, but it has an A+ rating from the organization. It has less favorable reviews on Trustpilot, but many of the complaints are related to personal banking, not mortgage products. Still, the bank ranked below average in J.D. Power’s 2023 Primary Mortgage Origination Satisfaction Study.

The process of obtaining a mortgage through PNC might look something like this: If qualified, you’ll get an online preapproval in as little as 24 hours, and a conditional approval in approximately three to five business days. When you’re ready, you can also apply for a loan online. The bank recently revamped its digital application, allowing you to import income information using your bank credentials. At last check, the bank averaged 41 days to close but can accommodate shorter timelines if needed. Unlike some other big bank lenders, PNC doesn’t offer an app for mortgage borrowers, but some of its browser-based mortgage functions can be accessed through the general banking app. You might also be able to e-sign some closing documents.

Refinancing with PNC Bank

PNC Bank offers both rate-and-term and cash-out refinancing options. Even if you’re refinancing, you might be eligible for the bank’s closing cost grant.

Special programs from PNC Bank

Closing cost grant

If you’re a first-time homebuyer purchasing in an eligible area, you could receive a grant from PNC of up to $7,500 to help cover closing costs. Your PNC loan officer can help determine whether the grant applies to your location.

PNC Medical Professional loan

PNC offers no-PMI mortgages up to $1 million for medical professionals, including interns, fellows, residents and new doctors.

How to apply for a mortgage with PNC

You can apply for a mortgage with PNC Bank in person at a branch location, online or by phone at 800-614-1227. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

• Methodology

  To determine a mortgage 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%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.