PNC Bank Mortgage Review

I’m sure that most of you have heard of PNC Bank from their banking products and bonuses alone. One thing you may not have known is that they also offer mortgage solutions, some of the best mortgage rates available and one of the most efficient online mortgage processes to date. PNC Bank offers utmost transparency within their rates, services and dedication to their customers. With regards to the present market situation, their rates are not only reasonable, but highly competitive as well. Find a loan that suits your financial lifestyle and read on for more information about PNC Bank Mortgage.

PNC Bank Mortgage Summary:

• Apply Now
• Account Type: Mortgage loans
• Availability: Nationwide
• Expiration Date: None
• Additional Advise: Have the necessary documents and validation information ready to make your process as smooth as possible. You can get your loan approved in as little as three weeks.

PNC Bank Loan Types:

Find the right option based on loan terms, down payment and other special circumstances. Planner is a tool that can determine a mortgage payment that you can afford, based on your actual budget and lifestyle. You can also start shopping for homes with real­‐time rates and loan products.

• Fixed Rate Mortgages
  • Loan terms between 10 and 30 years
  • Down payments as low as 3% of purchase price
  • Single family loan amounts up to $424,100
• Adjustable Rate Mortgages
  • Lower payments for the first years of your loan
  • Rate is set for a predetermined period, then will reset with a new rate that can be either higher or lower depending on market conditions at the time the adjustment occurs
  • Could be ideal if you’re expecting an increase in income, or planning to live in the home for a short period of time
• Jumbo Loans
  • Loan terms between 15 and 30 years
  • Fixed rate, adjustable rate and interest-only payment options
• FHA Loans
  • Down payments as low as 3.5%
  • Seller can assist with up to 6% of purchase price toward closing costs
  • Fixed and adjustable rate options
• VA Loans
  • Little to no down payment required
  • Fixed rate and adjustable rate payment options are available

PNC Bank Mortgage Basic Requirements:

Here’s a quick look at the documents that you’ll need to pull together.

1. Copy of drivers license and Social Security card.
2. Address(es) for the past two years. Borrowers who have been renting may be asked to get a letter signed by your landlord verifying that you’ve been paying rent and that you’ve paid it on time.
3. Employment for the past two years. We’ll need name(s) and address of each employer along with more information on any gap in employment.
4. Income for the past two years. The fastest way to do this is to provide your last two tax returns along with copies of your pay stubs from the past two months.
5. All money-related assets. You will be asked to provide the last two or three months’ statements from all checking accounts, savings accounts, money market, IRA, mutual fund and brokerage (stock) accounts.
6. All debts. PNC Mortgage will pull your credit report to reveal the information we need on credit card debt, installment loans (like student loans), car loans and your current mortgage and home equity loans if you’re refinancing.
7. The Sales Contract. Mortgage company will need a copy of your original purchase agreement.

Specific situations provide additional documentation, including:

• Income from child support or alimony.
• Self-employed borrowers.
• Borrowers owning investment properties.
• Borrowers with a previous bankruptcy.
• Divorced or separated borrowers.
• Proof of VA eligibility.

Determine What You Can Afford:

Knowing what you can afford is an important first step on your road to home ownership. Key costs to consider are:

• The down payment: This is the part of the property purchase price paid in cash and not financed with a mortgage. The larger your down payment, the lower your monthly mortgage payments.
• Closing costs: Due at closing, these cover expenses that complete the transfer of ownership – such as an origination fee, attorney’s fee, initial escrow payments and the costs of obtaining title insurance and a survey. Closing costs are typically based on the home price and vary according to location.
• Monthly payments: These are based on both the principal (the amount of the loan) and interest (the amount you pay to borrow money, calculated as a percentage of the amount borrowed). They may also include money held in escrow for taxes, homeowners’ insurance and mortgage insurance.
• Additional expenses: Utilities, insurance and homeowners’ association dues, and property management fees are other costs to consider in your budget.

Pre-approvals are subject to property underwriting and appraisal. Borrower must satisfy pre-approval conditions outlined in commitment letter. Loan amount subject to property appraisal.

PNC, PNC HomeHQ, PNC Home Insight^®, Home Insight^® and PNC AgentView^® are registered service marks of The PNC Financial Services Group, Inc. (“PNC”). PNC has pending patent applications directed at various features and functions of Home Insight Tracker, Home Insight Planner, and PNC AgentView. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.

PNC Bank, National Association. Member FDIC.

Conclusion:

PNC Bank Mortgage has all of your mortgage solutions with a wide array of loan options including even Home Equity loans. PNC also offers competitive-reasonable rates, and tools suitable for you to pick the most optimal loan for your financial lifestyle. Make sure that you take advantage of their Planner feature as well as educational resources to get the edge you need in your mortgage knowledge. Whether you’re buying a new home, refinancing or looking into the best Home Equity loans, PNC Bank offers a lending hand to you. For more information, you can contact PNC Bank at 1-800-762-5684. You can look at our other options with a compiled list of our Best Mortgage Rates for all your home-buying needs!

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