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PNC Home Equity Line of Credit Review
PNC is a good choice to look at for your home equity loan or line of credit. They are one of the few major banks we looked at which offer home equity loans as well as home equity lines of credit, which may be appealing to some consumers. The website is easy to use, but lacking in educational resources.
What We Learned
Easy to use website with many loan and line of credit options.
CONS
Fewer educational resources than other lenders we reviewed.
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Detailed Review
PNC is one of the largest banks in the country. They offer a variety of ways to access the equity in your home, including home equity loans, home equity lines of credit, and the ability to use your equity to refinance your mortgage. As a result they are a good place to look if you are considering a home equity loan or line of credit.
Rates and Fees
PNC’s rates are comparable to the other major banks we reviewed. As with other banks, they are pegged to the prime rate and generally competitive. You will incur different fees based on the product that you select, along with your repayment period, draw period, repayment structure, and other considerations. However their loan officers were able to provide enough information without filling out an application that customers can get a good general sense of how much their home equity loan or home equity line of credit will cost them in the end. You can also get a discount on your loan or line of credit if you sign up for direct payment from a PNC checking account, which makes them extra appealing to individuals who already bank with PNC.
Eligibility
The eligibility standards for PNC were somewhat hard to find. They seem to be around average when it comes to credit score, loan-to-value ratio, debt-to-income ratio, and credit score. Some customers have reported that opening other types of accounts with PNC will make them view your application more favorably, but we couldn’t get PNC to confirm or deny that information. When we looked at it, their website had some helpful tools to give you a better idea if you will qualify or not, which saves time on the application, as well as a hit to your credit score if you are likely to be denied.
Loan Requirements
PNC’s loan requirements are standard for the industry, and are generally based on the loan-to-value ratio for your property. In order to qualify for the best discounts, you are required to use a PNC checking account with automatic payments. Moreover, homeowners are required to obtain comprehensive home insurance, the size of which depends on the amount of the loan. This requirement can add some costs to the loan, so be sure to carefully consider them when you are applying.
Customer Experience
Customers have reported a positive experience with PNC when it comes to obtaining home equity products. There are no application fees and the fees for the other products are clearly laid out, including closing costs. The flexibility their home equity line of credit offers is exceptionally appealing. Additionally, as one of the largest banks in the country, there are plenty of branches that you can walk into in order to receive help or ask questions about their products. The website is straightforward and there are easy links to follow to start the application process. PNC doesn’t offer pre-screening like some of its competitors do, so make sure you are confident your application will be approved before submitting it, or you might take a hit on your credit report for an inquiry without getting the loan you wanted, which can be problematic because the lower credit score will make getting a loan elsewhere more difficult and could result in you paying a higher interest rate.
Summary
PNC is an excellent choice for your home equity loan or line of credit if you are already a PNC customer, as the discounts you can receive will add up to a large savings. They have many branches that can provide customer service, and have flexible products to meet the needs of many different customers.
