PNC Bank is one of the largest banks in the United States, serving more than 8 million customers in all 50 states. A full-service mortgage lender, PNC offers most mortgage loan product types.
- Multiple mortgage product lines
- No or low down payment mortgages are available
- Online home ownership cost tool
- Large number of consumer complaints
- Two out of five J.D. Power customer satisfaction rating
PNC Bank offers most types of mortgage products, including conventional and government-backed loans. Programs with low or no down payment are available.
- Traditional mortgage
- Mortgage refinancing
- Mortgage with no down payment
- 1/1, 3/1, 5/1, 7/1 and 10/1 ARM loans
- U.S. Department of Agriculture loans
- U.S. Department of Veterans Affairs loans
- Federal Housing Administration loans
- Jumbo loans
- Home equity loans
PNC Bank does not disclose its minimum FICO credit score or maximum debt-to-income ratio requirements.
Up to $5 million jumbo loans are available. Most PNC Bank mortgage products follow the conventional loan limit of $453,100, which applies to conventional, HomeReady, Home Possible, PNC Community and FHA loans. The same loan products are available with a 3 percent down payment. Like all other VA and USDA lenders, PNC Bank offers VA and USDA loans with no down payment.
PNC Bank does not disclose rates for closing costs and other fees.
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PNC Bank has an A+ Better Business Bureau rating.
In 2020, the Consumer Financial Protection Bureau received 321 mortgage-related complaints for PNC Bank. The most common issues were related to:
- Trouble during the payment process
- Struggling to pay the mortgage
- Applying for a mortgage or refinancing an existing mortgage
- Closing on a mortgage
- Incorrect information on reports
PNC Bank provided a timely response to the CFPB for all issues, with 320 issues closed with explanation and one closed with monetary relief.
PNC Bank offers online preapproval, tracking and planning. Applicants can check rates online, make inquiries and execute disclosures during the mortgage process. With Home Insight Planner, homebuyers can research homes on the market with the complete cost of home ownership including taxes, estimated insurance and applicable association fees.
“[Home Insight Planner] estimates how much mortgage the homebuyers can afford through a deep dive into their financial information and provides rate quotes of PNC loans,” says Peter Boomer, PNC Bank head of mortgage distribution. “It is available to all users, PNC customers or not.”
- People who want to consider a wide variety of mortgage product types
- People who want to work with a large, well-established bank
- People who want help estimating the cost of home ownership
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