PNC Bank mortgage review 2024

One of the 10 largest mortgage lenders in the U.S., PNC Bank has a wide variety of loan options — including USDA loans, physician loans and the 3%-down PNC Bank Community Loan. It also offers jumbo mortgages for up to $5 million, higher than many competitors.

We like that the PNC website lists sample rates for conventional, FHA and VA mortgages and includes a Home Insight Planner to help you set a budget, search for homes and choose the right loan.

PNC Bank offers mortgages nationwide and has branches in 28 states and Washington, DC.

• Fixed-rate: With a fixed-rate mortgage, borrowers have the same rate for the life of the loan. PNC offers fixed-rate loan terms of 10-,15-,20- and 30-years with down payments as low as 3%.
• Adjustable-rate: Adjustable-rate mortgages (ARMs) start with a fixed interest rate for a set period, then change based on the rate market at regular intervals, typically every six months or a year. PNC offers 7/6 and 10/6 ARMs.
• FHA loans: Backed by the Federal Housing Administration, these loans have lower credit and down payment requirements. PNC accepts down payments as low as 3.5% and a minimum credit score of 600.
• VA loans: Active-duty servicemembers and veterans can get approved for this lower-rate mortgage without a down payment or PMI.
• Jumbo loans: For homes with higher price ranges, PNC offers jumbo loans of up to $5 million with as little as 15% down.
• HomeReady and Home Possible: Backed by Fannie Mae and Freddie Mac, these mortgages require just 3% down and have lower financing and PMI costs.
• PNC Community Loan: Eligible borrowers can put down as little as 3% without PMI
• USDA loans: Backed by the U.S. Department of Agriculture, USDA loans allow eligible homebuyers to get zero-down-payment mortgages in rural areas.
• Medical professional: Interns, residents, fellows and doctors who completed their residency in the last five years can apply for loans of up to $1 million with no PMI.
• Construction: Financing for new construction and renovation is available in Alabama, Arizona, California, Colorado, Florida, New Mexico, Texas and Washington state.

PNC is not transparent with its fees.

• Origination fee: Not disclosed
• Prepayment penalty: PNC does not charge prepayment penalties.
• Rate lock fees: Not disclosed

For a conventional mortgage with PNC Bank, you will need:

• Minimum credit score: 620
• Minimum down payment: 3%
• Debt-to-income ratio: Not disclosed, but lenders typically prefer a DTI ratio of 36% to 50%.

PNC Bank offers some unique features that benefit homebuyers.

PNC Community Loan

Eligible homebuyers who meet income requirements can put as little as 3% down without private mortgage insurance.

PNC Grant

A grant of up to $7,500 for closing costs, down payment or other fees is available to borrowers making no more than 80% of the median household income or purchasing a home in a low- or moderate-income census tract.

Special Purpose Credit Program

Borrowers who earn no more than 140% of the area median income are eligible for a credit of up to $10,000 if they are buying a property in a majority-minority census tract.

Medical professional loan

Interns, residents, fellows and doctors who completed their residency in the last five years can qualify for mortgages of up to $1 million with no private mortgage insurance.

Relationship discount

Existing PNC customers with at least $500,000 in deposits or investments may qualify for a discount on their mortgage rate or origination fees.

PNC offers both cash-out and rate-and-term refinancing and HELOC. It does not offer home equity loans.

• Credit score: Not disclosed
• Debt-to-income ratio: Not disclosed
• Home equity: 5% equity is required to refinance with PNC.
• Home appraisal: May be waived by the desktop underwriter and loan product advisor.

PNC ranked near the bottom in J.D. Power 2023 U.S. Mortgage Origination Satisfaction Study, which measures customer feedback on loan offerings, communication, level of trust, ease of doing business, digital channels and people.

It also scored below average in J.D. Power's 2024 U.S. Mortgage Servicer Satisfaction Study, which surveyed borrowers who have been with their servicer for at least a year. The Better Business Bureau, however, gave PNC Bank an A+ rating, its top grade.

The PNC website makes it easy to find sample rates for conventional, FHA and VA loans. It has an online automated chat feature and content is available in English or Spanish.

PNC Bank has over 3,200 locations in 28 states and Washington, DC, and its customer service phone line is available seven days a week.

Here's how PNC Bank stacks up against two major competitors.

PNC Bank vs. Citibank

PNC Bank and Citibank can both tout low rates and diverse mortgage options, but PNC offers USDA and medical professional loans, which Citibank lacks.

If you're eyeing a high-price property, PNC jumbo loans max out at $5 million, while Citibank will lend up to $8 million. 

Both lenders lag with customer service: Citibank landed near the top of J.D. Power's 2023 U.S. Mortgage Origination Satisfaction Study but received an F from the Better Business Bureau, which cited unresolved complaints.

PNC Bank was close to the bottom in the J.D. Power survey but earned a top rating from the BBB.

PNC has a leg up when it comes to availability, with thousands more physical branches than Citibank, an online chat feature and agents available by phone on Sundays.

PNC Bank vs. Rocket Mortgage

PNC Bank and Rocket Mortgage both have low-down-payment options, but the Rocket One+ loan is available with just 1% down, while the PNC Community Loan requires a down payment of at least 3%.

PNC does offer USDA loans, however, which require no money down.

Borrowers can get overnight approval with Rocket, which touts an average closing timeline of just 22 days — almost half PNC's average. And Rocket regularly tops J.D. Power's mortgage origination and servicer surveys, showing a level of customer satisfaction that PNC has yet to achieve.

Rocket is entirely digital, however, so if you want in-person availability, PNC would be a better fit.

You can apply for a PNC mortgage online, in person or by calling 855-744-2668, Mondays through Thursdays from 8 a.m. to 10 p.m. ET, Fridays from 8 a.m. to 6 p.m. ET, and weekends from  8 a.m. to 5 p.m. ET.

You'll need to provide financial documentation, including bank statements, tax returns and proof of other assets and debts. You could get online preapproval in as little as 24 hours, and conditional approval with your proposed loan amount, interest rate, closing costs and payment schedule within three days.

If you accept the terms, you'll submit a formal loan application. According to PNC, closing typically takes place 7 to 10 days after the final approval.

PNC Bank has low rates and several options for first-time homebuyers and low- to middle-income borrowers, including grants that can help with your down payment or closing costs.

With branches in 28 states, it's also a good option if you want to apply in person.

The company has seen declines in customer satisfaction, however, with its ranking on J.D. Power surveys for both mortgage origination and servicing dropping considerably in recent years.

At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and ethics.

CNBC Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online experience and customer satisfaction. 

In addition, we incorporate findings from independent sources, including J.D. Power's mortgage origination and servicer studies and the Better Business Bureau.

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