PNC Bank is the sixth largest bank in the US, serving over 12 million customers and offering a wide range of financial products such as home equity lines of credit (HELOCs), mortgages, credit cards, and checking accounts. The bank offers a Choice Home Equity Line of Credit (CHELOC) with both variable-rate and fixed-rate options. With the fixed-rate option, borrowers can lock in a fixed rate on all or part of their loan balance during the draw period. PNC Bank has branches located throughout the US in regions including the Mid-Atlantic, Midwest, Southeast, and Southwest, and their HELOC is available to property owners in all states except for six.
Customers looking for a HELOC with a long repayment period may find PNC Bank to be a good option, especially for existing bank customers who can benefit from a 0.25% rate discount with autopay from a PNC checking account. Pros of PNC Bank’s CHELOC include an autopay rate reduction, transparency with no hidden fees, and easily accessible customer service options. However, cons include the lack of a home equity loan option, no online rate advertising, and ineligibility for property owners in certain states. The CHELOC has a 10-year draw period and a 30-year repayment period in most states, with variations in some regions.
PNC Bank offers a CHELOC and a rate-lock CHELOC option. With a CHELOC, borrowers have access to a variable-rate revolving credit line with a maximum loan-to-value ratio of up to 89.9% in most states. The rate-lock CHELOC option allows borrowers to lock in a fixed rate for any variable rate balance of $5,000 or more by paying a $100 transfer fee. Fees associated with the CHELOC include a $50 annual fee, an origination fee ranging from $199 to $500, and potential reimbursement costs if the line of credit is paid off within 36 months of opening it. Additionally, a $100 fee is charged each time a balance portion is transferred to a fixed rate with the rate-lock option.
To qualify for a CHELOC with PNC Bank, borrowers can borrow between $10,000 and $1 million, depending on their property value and location. The maximum loan-to-value ratio varies by state, with some states allowing up to 89.9% and others as low as 80%. While PNC Bank doesn’t list specific credit score requirements online, most home equity lenders prefer to see a minimum credit score of 620 or higher for qualification. The application process for a CHELOC is straightforward and can be completed online, over the phone, or at a branch location. Applicants will need to provide basic personal and financial information, as well as supporting documents like pay stubs and tax documents.
For customer service inquiries related to home equity, new customers can reach PNC Bank at 877-323-5905, while current customers can call 800-822-5626. Automated service is available at the same phone number, with representatives available for calls Monday through Friday and over the weekends. Additionally, customer service can be contacted through PNC’s Twitter account or by visiting a local branch in person. The bank also offers a Home Lending Help portal on its website with resources and tools for home equity lending information.
