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  • Review: PNC Mortgage rates and refinance products

    PNC Mortgage is one of the most reputable mortgage lenders in the United States. In 2008, PNC Mortgage acquired National Bank. Since the acquisition of National Bank, PNC Mortgage has retained its name.


    PNC Mortgage is renowned in the mortgage industry for its exceptional customer service. In the midst of the foreclosure crisis, PNC was known as one of the few lenders willing to work with homeowners and help them avoid foreclosure.


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    PNC mortgage rates and the amount of products they offer are competitive in the market. Homeowners can apply for loans or refinance their homes. In addition, PNC Mortgage can also assist homeowners in taking out equity against their homes.


    Refinancing products offered by PNC

    All lenders offer a variety of products. If you’re looking to refinance, take a look at all of PNC’s programs:



    • 30- year fixed rate
    • 20-year fixed rate
    • 15- year fixed rate
    • 10-year fixed rate



    As with all fixed rate home loans, the rate you agree to will not adjust over the life of your loan. A fixed-rate mortgage makes budgeting for your mortgage payment easier than with an adjustable rate mortgage. PNC offers terms ranging from 10 to 30-year fixed rates. Single family loan amounts will cap at $424,100 per the market limit. For PNC refinance rates, check their website directly.



    • 3-1 ARM
    • 5-1 ARM
    • 7-1 ARM
    • 10-1 ARM



    ARM loans have a shorter term than most traditional fixed-rate mortgage terms but come with a tempting incentive. The shorter terms also mean lower interest rates. One downfall of an ARM is the higher monthly payments that accompany a shorter term.


    The rate you lock will be set for the length of ARM you select. For instance, if you select a 5-1 ARM, the rate is set for a five-year period. After the initial five years, the loan will reset annually with a new rate that can be either higher or lower depending on market conditions at the time the adjustment occurs. It’s ideal to accept a 5-1 ARM if  your income may increase, you plan to live in the home for only a few years, you are coming to the end of your current home loan, or you expect interest rates to remain steady.


    • FHA loans


    FHA loans are insured through the Federal Housing Authority. FHAs have less strict qualification standards. For a first mortgage, they require a lower down-payment. If your credit score needs a bit of work, but refinancing is important to you, consider an FHA loan. It may be your best option. FHA loans usually support a borrower’s refinance up to 97.75 percent of a home’s value.


    • VA loans

    If you qualify for a VA loan you are subject to lower PNC Bank refinancing rates. VA loans are considered a bit easier to qualify for than conventional mortgages, assuming you have eligible ties to the military. VA refinance rates can sometimes be a full percent lower than a traditional refinancing loan, which can result in substantial savings of the life of your loan.



    PNC Bank refinance mortgage rates

    Refinancing your home can save you money over the life of your loan (Photo/Flickr)


    PNC mortgage rates today:

    PNC refi rates are very competitive to other rates in the market. PNC Mortgage will take a homeowner’s current debt load and history into consideration in deciding upon a refinancing rate. PNC is unique because they will also take into consideration nontraditional credit history, like the amount of on-time rent payments, when determining a borrower’s eligibility.


    To find current rates in your area, you’ll need to visit PNC’s website to enter your information.


    How do PNC’s products compare to other banks?

    PNC vs. Chase bank PNC Mortgage is a smaller bank than Chase, yet PNC Bank mortgage rates keep up with the financial giant. Chase loses the advantage because they charge a variety of ancillary fees like a rate lock, origination and underwriting fees. An advantage of PNC is the flexible qualifying terms. If refinancing is important to you, but your credit score needs a bit of work, and money is tight, PNC might be a good place to start your refinancing research.


    PNC vs. USAA If you or your spouse served in the military, or if your parent or spouse is a USAA member you can begin to establish your eligibility. Because USAA only accepts a select population to their financial institution, they can offer exceptional terms, especially on VA loans. Because of their eligibility terms, USAA does not offer FHA or HELOC products. If you have your mind set on an FHA or HELOC, USAA will not be the best lender for you.


    PNC vs. Nationstar  PNC takes into consideration nontraditional credit, like rent payments, when determining a borrower’s eligibility, whereas Nationstar does not. Also, Nationstar does not currently have branch locations, which can make it more difficult to experience a strong customer/lender relationship. Both banks do not currently let a borrower complete the entire mortgage program online. J.D. Power gives Nationstar Mortgage a score of 772 out of 1,000, which means of the 18 ranked lenders, they have one of the lowest overall satisfaction ratings.


    Other considerations when picking a refinance product:

    HARP loans

    PNC Mortgage participates in the U.S. Treasury’s Home Affordable Refinance Program (HARP) – a program that helps previously ineligible homeowners qualify for refinancing. Also, it’s possible to be eligible even if you owe more on your loan than your home is worth.

    As with other lenders that offer the HARP, there is a chance you won’t need to go through the appraisal process to refinance, which can save you money throughout the refinance process.  In order to qualify for the HARP, your mortgage must be owned or guaranteed by Fannie Mae or Freddie Mac before May, 2009.  You must also be current on your mortgage payments with no more than one late payment in the last 12 months. There are also restrictions on how many times you’re able to refinance under HARP – usually only once. The one exception is if you’ve refinanced under HARP between March and May 2009.

    Home Equity Loan Rates

    PNC’s HELOC product offers competitive rates as well as the ability to fix thHome Equity Loan Ratese rate to protect yourself from future interest rate increases. This is a very useful offer — If you agree to a variable rate, your interest may rise. Also, if your home declines in value, you could end up paying more money than your home is worth.


    PNC currently offers three home equity loan options:


    • Traditional home equity loan, which starts at $1,000
    • Accelerated PNC home equity loan, minimum is not disclosed
    • PNC HELOC, with a minimum of $10,000


    PNC also allows you to make interest-only payments on your HELOC balance, helping you save money every month.

    Deciding which option is best for you

    It’s always best to shop around for the best rate when it comes to refinancing. By assessing your individual situation, you will discover which products make the most sense for you.

    Apart from interest rates, it’s also best to determine which lender is right for you from a fee standpoint. There are many fees that can accompany a refi — do the math to see if the fees offset the interest rate. You might discover that banks with higher interest rates will be less expensive in the long run.


    Customer service and communication should also be taken into consideration.  Finding a lender that works with your best interest in mind is just as important as the rates you secure.


    To get the most comprehensive information on PNC Mortgage, be sure to visit the website of this company at www.pncmortgage.com.


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