Business Insider's personal finance team compared PNC Bank to the best mortgage lenders and found it to be a standard lender.
PNC Bank Mortgage PNC Bank Mortgage is an overall affordable mortgage lender with low average fees and homebuyer assistance for eligible borrowers. But its average rates are a bit high.
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Conforming, jumbo, FHA, USDA, VA, HELOC, construction, physician
- Offers many types of home loans
- Low average fees
- Offers homebuyer grants
- See personalized interest rates online
- High average rates
- Doesn’t have in-person branches in every state
- Offers home loans in all 50 US states and Washington, D.C.
- Minimum credit score and down payment displayed are for conforming mortgages
PNC Bank Mortgage Overview
Lending Area and Branches
PNC Bank provides mortgages in all 50 U.S. states and Washington, D.C. It also has branches in some states. You can use the search tool on its website to see if PNC has a branch with loan services near you.
Loan Options
You can get the following types of mortgages through PNC:
- Conforming loans
- Jumbo loans
- FHA loans
- VA loans
- USDA loans
- Home equity lines of credit (HELOC)
- Construction loans are available in a handful of states
- Physician mortgages
Affordable Homebuyer Programs
PNC has a few programs and grants to make homeownership more accessible for cash-strapped borrowers.
The first is the PNC Community Loan, which is a mortgage that allows 3% down with no private mortgage insurance.
PNC also has grants available that come with up to $15,000 in down payment assistance for eligible borrowers.
PNC Bank Mortgage Interest Rates and Fees
In our review of Home Mortgage Disclosure Act data, we found that PNC Bank's mortgage rates were slightly higher than average.
PNC Bank lets you explore customized rates online based on home price, down payment, credit score, and ZIP code.
In 2023, the average borrower getting a conventional loan from PNC paid $2,285 in origination charges, according to HMDA data. This is on the low end compared to other lenders.
PNC Bank Mortgage Pros and Cons
Pros
- Offers a wide range of mortgage options
- Has specialty affordable mortgage offerings
- Can see personalized rates online before applying for preapproval
- Average fees are relatively low
If you're looking for a good lender for first-time homebuyers, you might like PNC Bank. It offers a specialty mortgage called the PNC Community Loan, which allows 3% down with no PMI. Typically, when you put less than 20% down on a conventional loan, you need to pay for PMI in your monthly mortgage payment. This benefit from PNC could help you save on your housing payment each month.
You may also qualify for up to $15,000 in assistance from this lender if you meet income and location requirements.
Cons
- Average rates are on the high end
- Doesn't have branches in every state
If you want to start the mortgage process in person, you'll need to see if there's a branch near you that offers that ability. Otherwise, you can apply online or over the phone.
Is PNC Bank a Trustworthy Mortgage Lender?
Overall, we think PNC Bank is a trustworthy financial institution. The Better Business Bureau gives PNC Bank an A+ rating, and the bank has no recent major scandals.
What Borrowers Are Saying About PNC Bank Mortgages
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about PNC Bank's mortgage experience.
Smooth Experience With Knowledgeable Mortgage Pros
In online reviews, the majority of previous PNC borrowers had good things to say. Many said the mortgage process with PNC was completed quickly with few bumps along the way. Reviewers also generally had positive experiences with the loan officers they worked with, and said they helped to answer any questions they had.
Of the negative comments and reviews we saw, none indicated a larger, systemic problem with the lender. PNC is a large bank that originates a lot of mortgages, and inevitably some borrowers are going to have a bad experience. If you're worried about working with a big bank or you need more personalized help in getting a mortgage, you might want to consider a smaller, local lender.
How PNC Bank Mortgages Compare
PNC Bank vs. Bank of America
Bank of America and PNC both have similar loan offerings and are good options if you're looking for homebuyer assistance.
Bank of America offers a closing cost grant for up to $7,500 and a down payment grant of up to $10,000. It also has a 3% down affordable mortgage product called the Affordable Loan Solution mortgage, but unlike PNC's version, you will need to pay for mortgage insurance.
Bank of America Mortgage Review
PNC Bank vs. Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corporation ranks high in customer satisfaction and offers a decent range of loan options, including renovation loans and reverse mortgages. But unlike PNC, it doesn't offer HELOCs.
Fairway offers a $7,000 grant for first-time homebuyers in eligible areas. But PNC's average fees are lower than Fairway's.
Fairway Independent Mortgage Corporation Review
PNC Bank Mortgage FAQs
We found that PNC Bank's average mortgage rates were slightly higher than average.
From the time you make an offer on a home, it typically takes around 45 days until closing. In some circumstances, it could take up to 60 days to close. This is an industry average and isn't specific to PNC Bank.
Online customer reviews indicate that PNC Bank's customer service on its mortgages is very good.
PNC Bank has the PNC Community Loan, a 3% down mortgage with no PMI, and grants for eligible borrowers.
If you don't want to get a mortgage with a big bank lender like PNC Bank, you might want to explore local options, like a small lender or credit union near you.
Why You Should Trust Us: How We Reviewed PNC Bank Mortgages
For our review of PNC Bank, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.
Our Overall Lender Rating
Loan Types: 5 out of 5
PNC offers a strong range of mortgages to choose from. In addition to offering more common loan types like conforming and government-backed mortgages, the lender also has a couple of niche options and its own specialty affordable mortgage. Plus, it offers HELOCs.
Affordability: 4 out of 5
If you're looking for an affordable mortgage lender, PNC Bank might be a good fit. Its average fees are on the low end and it has multiple low down payment mortgage options. This includes the PNC Community Loan, which allows 3% down with no PMI. Plus, the lender offers a few grant options.
Customer Satisfaction: 4.48 out of 5
On J.D. Power's 2024 Mortgage Origination Satisfaction Study, PNC ranked above the industry average in customer satisfaction. And on its Zillow lender page, PNC has a 4.96 out of 5-star rating, based on over 3,000 online customer reviews.
Trustworthiness: 5 out of 5
PNC Bank has an A+ rating from the BBB and no recent scandals. A good BBB rating signifies a company responds effectively to customer complaints, has honest advertising practices, and is transparent in how it handles business. The company also has no recent major scandals.
