One of the largest mortgage lenders in the U.S., PNC Bank has a wide variety of loan options — including USDA loans, physician loans and the 3%-down PNC Bank Community Loan.
It also offers jumbo mortgages for up to $5 million, higher than many competitors.
We like that the PNC website lists sample rates for conventional, FHA and VA mortgages and includes a Home Insight Planner to help you set a budget, search for homes and choose the right loan.
- With its lower-than-average mortgage rates, PNC is a great option for people prioritizing affordability
- Offers USDA loans (not all lenders do)
- PNC Community Loan requires only 3% down and no PMI, a great option for people that can't afford a large down payment but don't want to add the additional monthly cost of PMI
- $7,500 grant for down payment or closing cost, which can help those low on cash own a home.
- No home renovation or home equity loans
- High credit score requirement for FHA mortgage
- Ranked below average for customer satisfaction by J.D. Power
PNC Bank mortgage review
- PNC Bank pros and cons
- PNC Bank mortgage types
- PNC Bank fees
- How to qualify for a PNC Bank mortgage
- PNC Bank features and benefits
- PNC Bank refinancing
- PNC Bank customer satisfaction
- How does PNC Bank compare to other mortgage lenders?
- How do I apply for a mortgage with PNC Bank?
- Is PNC Bank right for me?
- FAQs
PNC Bank mortgage pros and cons
- Lends in all 50 states and has over 2,300 branches
- Construction loans available in select states
- PNC Community Loan enables eligible homebuyers to put 3% down without PMI.
- Higher average rates than some competitors
- Doesn't offer home equity loans
- $500,000 balance required for a discount on mortgage rate or origination fees.
PNC Bank mortgage types
PNC Bank offers mortgages nationwide and has branches in 28 states and Washington, DC.
- Fixed-rate: With a fixed-rate mortgage, borrowers have the same rate for the life of the loan. PNC offers fixed-rate loan terms of 10-,15-,20- and 30-years with down payments as low as 3%.
- Adjustable-rate: Adjustable-rate mortgages (ARMs) start with a fixed interest rate for a set period, then change based on the rate market at regular intervals, typically every six months or a year. PNC offers 7/6 and 10/6 ARMs.
- FHA loans: Backed by the Federal Housing Administration, these loans have lower credit and down payment requirements. PNC accepts down payments as low as 3.5% and a minimum credit score of 600.
- USDA loans: Backed by the U.S. Department of Agriculture, USDA loans allow eligible homebuyers to get zero-down-payment mortgages in rural areas.
- VA loans: Active-duty servicemembers and veterans can get approved for this lower-rate mortgage without a down payment or PMI.
- Jumbo loans: For homes with higher price ranges, PNC offers jumbo loans of up to $5 million with as little as 15% down.
- HomeReady and Home Possible: Backed by Fannie Mae and Freddie Mac, these mortgages require just 3% down and have lower financing and PMI costs.
- PNC Community Loan: Eligible borrowers can put down as little as 3% without PMI
- Physician loans: Interns, residents, fellows and doctors who completed their residency in the last five years can apply for loans of up to $1 million with no PMI.
- Construction loans: Financing for new construction and renovation is available in Alabama, Arizona, California, Colorado, Florida, New Mexico, Texas and Washington state.
How to qualify for a PNC Bank mortgage
For a conventional mortgage with PNC Bank, you will need:
- Minimum credit score: 620
- Minimum down payment: 3%
- Debt-to-income ratio: Not disclosed, but lenders typically prefer a DTI ratio of 36% to 50%.
PNC Bank benefits and discounts
PNC Bank offers several programs that benefit first-time and repeat homebuyers.
PNC Community Loan
Eligible homebuyers who meet income requirements can put as little as 3% down without private mortgage insurance.
PNC Grant
A grant of up to $7,500 for closing costs, down payment or other fees is available to borrowers making no more than 80% of the median household income or purchasing a home in a low- or moderate-income census tract.
Special Purpose Credit Program
Borrowers who earn no more than 140% of the area median income are eligible for a credit of up to $10,000 if they are buying a property in a majority-minority census tract.
Relationship discount
Existing PNC customers with at least $500,000 in deposits or investments may qualify for a discount on their mortgage rate or origination fees.
PNC Bank refinancing
PNC offers both cash-out and rate-and-term refinancing and HELOC. It does not offer home equity loans.
- Credit score: Not disclosed
- Debt-to-income ratio: Not disclosed
- Home equity: 5% equity is required to refinance with PNC.
- Home appraisal: May be waived by the desktop underwriter and loan product advisor.
PNC Bank customer satisfaction
PNC ranked above average in J.D. Power 2024 U.S. Mortgage Origination Satisfaction Study, which measures customer feedback on loan offerings, communication, level of trust, ease of doing business, digital channels and people.
It also scored below average in J.D. Power's 2024 U.S. Mortgage Servicer Satisfaction Study, which surveyed borrowers who have been with their servicer for at least a year. The Better Business Bureau, however, gave PNC Bank an A+ rating, its top grade.
The PNC website makes it easy to find sample rates for conventional, FHA and VA loans and has an automated chat feature.
PNC Bank has over 3,200 locations in 28 states and Washington, DC, and its customer service phone line is available seven days a week.
How does PNC Bank compare to other mortgage lenders?
Here's how PNC Bank stacks up against two major competitors.
PNC Mortgage Comparison
| PNC Bank | Citibank | Rocket Mortgage | |
|---|---|---|---|
| Loan types | Conventional, VA, FHA, USDA, jumbo, physician loan, HomeReady, Home Possible, construction, renovation, PNC Community Loan | Conventional, VA, FHA, jumbo, HomeRun | Conventional, jumbo, VA, FHA, Rocket ONE+, HomeReady, HomePossible |
| Minimum credit score | Conventional: 620 | Not disclosed | Conventional: 620 |
| Terms | Fixed rate: 10, 15-, 20-, and 30-year; ARM: 7/6 and 10/6 | Fixed-rate: 15- and 30-year; ARM: 5/6, 7/6, 10/6 | Fixed-rate: 20-year, 30-year ARM: 7/6, 10/6 |
| Number of branches | 2,300 in 28 states | 654, primarily in Chicago, Los Angeles, New York, Miami, San Francisco and Washington, D.C. | 0 |
| Perk | PNC Community Loan available with 3% down and no PMI | Existing Citibank customers can qualify for a $500 closing credit or rate reduction of up to 5/8% | Discount available if you buy your house with Rocket Home |
| Best for | Low rates | Citibank customers | Low down payments |
Source: PNC Bank
PNC Bank vs. Citibank
PNC Bank and Citibank both tout low rates and diverse mortgage options, but PNC offers USDA and medical professional loans, which Citibank lacks.
If you're eyeing a high-price property, PNC jumbo loans max out at $5 million, while Citibank will lend up to $8 million.
- Boasts lower-than-average mortgage rates, making it a good for those looking for affordability
- Great perks for existing customers like closing credits or rate reductions
- Up to $7,500 closing grant, a game changer for those who don't have a lot of cash saved up beyond their down payment.
- Jumbo loans available for up to $8 million — unusually high — so it will cover most purchases.
- No USDA loans
- No zero-down payment option except for VA loan
- Limited customer service hours
- Received F from Better Business Bureau.
Both scored above average on J.D. Power's 2024 U.S. Mortgage Origination Satisfaction Study but Citi received an F from the Better Business Bureau, which cited unresolved complaints.
Read: Citibank mortgage review
PNC has a leg up when it comes to availability, with thousands more physical branches than Citibank, an online chat feature and agents available by phone on Sundays.
PNC Bank vs. Rocket Mortgage
PNC Bank and Rocket Mortgage both have low-down-payment options, but the Rocket One+ loan is available with just 1% down, while the PNC Community Loan requires a down payment of at least 3%.
- Offers a 1% down mortgage, making it a great option for first-time homebuyers who don't have enough saved up for a down payment.
- Above average scores for customer satisfaction from J.D. Power, meaning you'll be in great hands from application to closing day.
- With an average closing time of 22 days — nearly half the industry average — homeowners will be able to get the keys to their home as soon as possible.
- Rocket will give you a rebate of up to $10,000 for buying with Rocket Homes, which pairs homeowners with a real estate agent.
- No USDA mortgages, construction loans or HELOCs
- Hard credit check required for customized rate
- No physical branches
Borrowers can also get overnight approval with Rocket, which touts an average closing timeline of just 22 days — almost half PNC's average.
Read: Rocket Mortgage review
And Rocket regularly tops J.D. Power's mortgage origination and servicer surveys, showing a level of customer satisfaction that PNC has yet to achieve.
Rocket is an entirely digital operation, however, so PNC would be a better fit if you want in-person availability,
How do I apply for a mortgage with PNC Bank?
You can apply for a PNC mortgage online, in person or by calling 855-744-2668, Mondays through Thursdays from 8 a.m. to 10 p.m. ET, Fridays from 8 a.m. to 6 p.m. ET, and weekends from 8 a.m. to 5 p.m. ET.
You'll need to provide financial documentation, including bank statements, tax returns and proof of other assets and debts. You could get online preapproval in as little as 24 hours, and conditional approval with your proposed loan amount, interest rate, closing costs and payment schedule within three days.
If you accept the terms, you'll submit a formal loan application. According to PNC, closing typically takes place 7 to 10 days after the final approval.
Is PNC Bank right for me?
PNC Bank has low rates and several options for first-time homebuyers and low- to middle-income borrowers, including grants that can help with your down payment or closing costs.
With branches in 28 states, it's also a good option if you want to apply in person.
The company has seen declines in customer satisfaction, however, with its ranking on J.D. Power surveys for both mortgage origination and servicing dropping considerably in recent years.
FAQs
What credit score do I need for a PNC mortgage?
A conventional mortgage with PNC typically requires a 620 FICO score, but a 740 will qualify you for the best rates.
What types of mortgages does PNC Bank offer?
PNC offers conventional loans as well as government-backed FHA, VA and USDA loans, jumbo loans, physician loans, construction loans and proprietary low-down-payment PNC Community Loans.
Does PNC offer a home equity line of credit?
PNC Bank is one of our top HELOC lenders. Borrowers need at least 5% home equity to qualify.
How do I contact PNC Bank customer service?
You can reach PNC Bank customer service at 855-744-2668, Monday through Thursday from 8 a.m. to 10 p.m. ET, Friday from 8 a.m. to 6 p.m. ET, and weekends from 8 a.m. to 5 p.m. ET.
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At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.
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CNBC Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online experience and customer satisfaction.
In addition, we incorporate findings from independent sources, including J.D. Power's mortgage origination and servicer studies and the Better Business Bureau.
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