PNC Bank is a reputable financial institution based in Pittsburgh, offering a wide range of financial products to more than 12 million customers across different regions in the US. Among its offerings is the Choice Home Equity Line of Credit (HELOC), which provides both variable-rate and fixed-rate options. The fixed-rate option allows borrowers to lock in a fixed rate on all or part of their loan balance during the draw period. While PNC Bank has multiple branches nationwide, the HELOC is not available in six states: Alaska, Hawaii, Louisiana, Mississippi, Nevada, and South Dakota.
The bank made it to the list of the best HELOC lenders due to its transparent pricing, easy application process, and widespread availability. PNC Bank caters to homeowners who are seeking a HELOC with extended repayment periods, particularly for existing bank customers. Customers who opt for autopay from a PNC checking account can benefit from a 0.25% rate discount. However, the bank does not offer a home equity loan option and does not advertise rates online. Borrowers will need to create an online account with PNC to view estimated rates, although checking rates with PNC will not result in a hard credit check unless an application is completed.
PNC Bank provides two main home equity loan options: the traditional CHELOC and the rate-lock CHELOC. The traditional CHELOC offers a variable-rate revolving credit line with a 10-year draw period and a 30-year repayment period (20-year repayment period in Tennessee). Customers can borrow up to 89.9% of their home’s market value, depending on their location. The rate-lock CHELOC allows borrowers to switch a variable rate balance of $5,000 or more to a fixed rate by paying a $100 transfer fee. The bank charges an annual fee of $50 for home equity borrowers, along with an origination fee ranging from $199 to $500 based on the total line amount.
To qualify for a PNC Bank CHELOC, borrowers can access loan amounts ranging from $10,000 to $1 million. The loan-to-value ratio varies by state, with some states offering up to 89.9% of the home’s market value, while others have lower maximums. Although PNC does not specify credit score requirements online, a minimum credit score of 620 is generally preferred by most home equity lenders. The application process for a CHELOC is straightforward and can be done online, over the phone, or at a branch. Basic personal, financial, and property information will be required, along with supporting documents such as pay stubs and tax records.
For customer service inquiries related to home equity products, new customers can contact PNC Bank at 877-323-5905, while existing customers can call 800-822-5626. Automated services are available, and representatives can assist with questions or concerns during specific hours. Customers can also reach out to customer service through PNC’s Twitter account or visit a local branch for in-person assistance. Additionally, the bank’s Home Lending Help portal on its website provides answers to common questions and tools to aid with home equity lending information.
