What comes to your mind when you hear about PNC Home equity Loans? You will feel a little bit surreal this is because they are well known for what they are. Well, if you a hearing about PNC for the first time through this contact you will know everything concerning Chase and PNC Home equity Loans.
Well, The PNC Financial Services Group, Inc. (stylized as PNC) Is an American financial services corporation based in Pittsburgh and a bank holding company, in Pennsylvania.
Its banking subsidiary, PNC Bank, operates in 27 states and the District of Columbia, with 2,629 branches and 9,523 ATMs. PNC Bank is on the list of largest banks in the United States by assets and is one of the largest banks by the number of branches, deposits, and ATMs.
PNC Home Equity Loans
In Pittsburgh, PNC Financial Services Group is headquartered, in Pennsylvania, and in more than 40 states they serve more than 9 million consumers. In the Mid-Atlantic, PNC operates primarily in, Midwest and Southeast. Outside their branch network, they also offer services, in Arizona with more than 25 solution centers, in Colorado, Kansas, Massachusetts, Tennessee, and Texas.
To help customers connect with digital solutions and services these centers are intended.
With both a variable PNC offers a home equity line of credit (HELOC) and a fixed-rate option. Unfortunately, on the HELOC product, PNC’s website has very little information, for more details you’ll have to call the bank or submit an application.
PNC Home Equity Loans Benefits
For your home equity needs to find out whether PNC is a good fit, for what the lender has to offer it’s important to know both the benefits and drawbacks. Here are some of its best features:
- Fixed-rate option: to a fixed rate during the draw period for a $100 fee you may convert all or some of your HELOC. The terms for the fixed-rate lock are five to 30 years.
- Flexible borrowing options: While the site doesn’t advertise a specific dollar amount maximum, PNC lets you borrow up to 84.9 per cent of the fair market value of your home.
PNC Home Equity Loans Drawbacks
Nevertheless, you will know all about the drawbacks in this part of the article. PNC may not be a good fit for everyone. Here are some of its drawbacks:
- No transparency on the website: Many home equity lenders are upfront about rates, terms and eligibility requirements. PNC’s website has none of this information, so you’ll need to take the extra step of contacting the lender to determine if its HELOC is right for you.
- Terms can vary based on where you live: PNC operates in more than 40 states, and your offers could vary by ZIP code.
How to Qualify for PNC Home Equity Loan
PNC doesn’t disclose any minimum credit score or maximum debt-to-income ratio requirements. So it’s tough to get an idea of whether you might get approved without applying. If you want to minimize time spent filling out applications, as well as credit inquiries. It may be better to consider a home equity lender that provides this information upfront.
Also, keep in mind that PNC doesn’t offer home equity products nationwide. You’ll need to apply to find out if you live in an eligible area and to check which products are available to you.
PNC Heloc Rates
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At a specific rate, A fixed-rate lock gives you the flexibility to lock and provides a consistent monthly payment for all or a portion of your line of credit balance. Transfer all or any part of your variable-rate balance of $5,000 or more to a fixed interest rate and do it online.
Bankrate’s ranking of the best home equity loan lenders compares interest rates, fees, terms, and more to help you start your search for a loan. The resources below also serve as a starting point for learning about how home equity works and when a home equity loan is a good option.
PNC Social Media Links
Frequently Asked Questions
How Much Money Can I Borrow from a Home Equity Loan?
A home equity loan generally allows you to borrow around 80% to 85% of your home’s value, minus what you owe on your mortgage. Some lenders allow you to borrow significantly more – even as much as 100% in some instances.
What Credit Score Do you need for Home Equity Loan?
In most cases, you’ll need a credit score of at least 680 to qualify for a home equity loan. But many lenders prefer a credit score of 720 or more some lenders will approve a home equity loan or HELOC even if your FICO Score falls below 680.
How Many Months is a Home Equity Loan?
A home equity loan term can range anywhere from 5-30 years. HELOCs generally allow up to 10 years to withdraw funds, and up to 20 years to repay. A Cash-out refinances term can be up to 30 years.
How Much is My Equity?
You can figure out how much equity you have in your home by subtracting the amount you owe on all loans secured by your house from its appraised value.
Also, Check Out:
- Flagstar Home Equity Line of Credit – How to Start Flagstar Home Equity Loan
- Chase Home Equity Line of Credit – How to Apply for Chase Home Equity Loan