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PNC Bank home loans give borrowers access to 80% or more of their equity. PNC says its HELOCs have competitive interest rates — though they're not listed on the website — and you can choose a variable or fixed rate option.
You have the option to convert all or part of your PNC HELOC (minimum $5,000) to a specified fixed rate during the draw period. By doing this, you can lock in a rate that doesn't change and make the same fixed payment every month.
This can be especially useful if you are watching the market and locking in when prices are low. Having a consistent payment can also help with budgeting.
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The fixed rate portion of your HELOC can have a term of five to 30 years (five to 20 in Tennessee). You may have one or more quotas with a fixed rate and you may have the option to unlock your fixed rate and switch back to a variable rate.
PNC's HELOC has several fees, including a $50 annual fee and a $100 balance transfer fee each time you lock or unlock your interest rate.
Title insurance may be required for loans of $500,000 or more and other types of property. This cost can range from a few hundred dollars to over $16,000 and is required as an account opening fee.
PNC Bank also pays some closing costs on your behalf. However, if you close your account within the first 36 months, you must repay the bank a pro rata amount of these costs.
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These fees are not consistent across lenders, and you may find a lender that charges less or none at all.
Borrowers can receive a 0.25% variable rate interest discount after the introductory period by setting up automatic payments from an eligible PNC bank account. This should be set at shutdown.
Getting a HELOC can be a big decision, and there are many factors to consider. PNC Bank supports lenders by providing resources like a home improvement cost calculator to help you estimate the amount of your home equity.
The period from application to approval varies. After accepting your information, PNC Bank will contact you to confirm and notify you of the closing provisions. Then you can schedule your end date.
Can You Use A Home Equity Loan Or Heloc To Buy Solar Panels?
Keep in mind that since PNC Bank requires an appraisal, your financing term will likely be longer than HELOC lenders who do not require an appraisal.
If you used your primary home as collateral, you are legally entitled to a three-day grace period after closing, allowing you to cancel your HELOC if you change your mind. After the three day period, you will be able to access your funds.
A PNC HELOC can be a strong option for homeowners who want to watch the market and lock in or unlock their interest rates during the draw period. The ability to get a large ($1 million) or small ($10,000) HELOC also makes it a viable option for people looking to use their home equity for minor home repairs, major home improvements, debt consolidation or larger purchases. Because it offers a fixed interest rate and allows you to pay only interest on the funds you withdraw, this HELOC can also be a good alternative to a cashout refinance.
Applying for a PNC HELOC is relatively easy, but requires significant documentation and verification. Although you can start the application process online or over the phone, you must close the loan in person.
How Do You Refinance A Home Equity Loan?
To qualify for a PNC HELOC, you must meet the lender's minimum requirements. During the review, PNC will review your credit scores and credit history, verify your income, employment and property ownership, and confirm the property's value by ordering an independent appraisal.
You can start your application online, by phone or in person at a PNC bank branch. If you are accepted, you will schedule a final appointment where you will sign your papers.
About the Author: Beth Deyo is a personal finance writer with a bachelor's degree in finance from the University of South Florida. He is also a Certified Financial Planner™ with 14 years of wealth management experience. She… Read more. Written by Matthew Goldberg Written by Matthew Goldberg Arrow Right Consumer Banking Reporter Matthew Goldberg is a consumer banking reporter. Matthew has worked in financial services, banking and insurance for over a decade. Connect with Matthew Goldberg on Twitter on Twitter Connect with Matthew Goldberg on LinkedIn Linkedin Connect with Matthew Goldberg on Email.
Edited by Brian Beers Edited by Brian BeersArrow Managing Director Brian Beers is the Managing Editor of the Wealth team. Oversees editorial coverage of banking, investments, economics and all things money. Connect with Brian Beers on Twitter on Twitter Connect with Brian Beers on LinkedIn Linkedin Brian Beers
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