PNC Mortgage offers a range of services from personal and institutional banking to asset management and wealth advising. They also offer residential mortgages to both first time and existing home buyers as well as those looking to refinance an existing loan.
I’d like to spend some time taking a deeper look at PNC mortgage services. I’ll go over the pros and cons, find out what kinds of rates they currently offer, and tell you what you can expect by becoming a PNC mortgage customer.
PNC Mortgage – Details and Overview
PNC has been around for over 170 years. It was founded in 1845 and currently operates out of Pittsburgh. It’s the fifth largest bank in the U.S. by number of branch offices, boasting 2,600 locations across nineteen states. According to their website, as of late last year they have given loans totaling over $141 billion and are recognized as one of the top residential mortgage originators and servicers in the country.
PNC Mortgage Loan Process Explained
Before you even start shopping for a home, PNC Mortgage recommends you talk to a loan officer about getting pre-approved. During the pre-approval process, a PNC Mortgage agent will go over your current financial situation and help you determine a price range of homes you can afford so you don’t end up going broke.
PNC Mortgage promises that you will get a pre-approval letter in as little as 48 hours. Getting pre-approved and including the pre-approval letter in your offer not only shows sellers that you are a qualified, it puts you in a stronger position to negotiate the final price of the home because it shows that you’ve done your homework and are serious about purchasing the home.
When you’re ready to buy a house and have identified a prince range, you’ll choose the type of loan you want. PNC mortgage offers both 30-year and 15-year fixed rate or adjustable rate mortgages. A PNC mortgage consultant will help you determine which type of loan is best for you. You’ll review interest rates and PNC mortgage will prepare an estimate listing the terms of the loan. A typical mortgage, as of January 2017, might have an interest rate of 3.75%.
Once you have the details worked out, the PNC mortgage team will work with you to verify your income and assets. You will use a web app called PNC Home Insight Tracker to exchange documents during this process. The PNC Mortgage consultant then schedules your date of closing in conjunction with your real estate agent. Once you sign, you are the proud owner of a new home and a new mortgage.
Payments and Fees
Your monthly payment will obviously depend on the purchase price of your home. PNC mortgage recommends that you make a down payment of between 3-20% of your home. The larger your down payment, the lower your monthly payments will be. And if you can make a down payment of 20% of the purchase price, you can save even more by opting out of something called Private Mortgage Insurance.
PNC mortgage recommends you also set aside an additional 3-5% of the final cost of the home for closing costs. This is about average for a mortgage, and includes fees you’ll have to pay your real estate agent as well.
PROs and CONs of PNC Mortgage
- You’ll work with a qualified mortgage consultant who will help you determine what kind of house you can afford and will guide you through the process. You won’t be left guessing what is best for you.
- PNC is one of the largest mortgage lenders in the country and is over 170 years old, which means history is on their side with a proven track record. Some even credit them with providing the first ever mortgage in the United States.
- The PNC Home Insight Tracker makes it easy to manage your mortgage application from a desktop, tablet, or smartphone. You can view your current application status, upload required documents, and even share certain information with your real estate agent from within the web app.
- Purchasing a home can move at breakneck speed. Depending on your market, you might be competing with many other buyers and having to wait for up to 48-hours for a pre-approval letter might cause you to miss out.
- The PNC Home Insight Tracker is not part of their PNC banking app for smartphones, and while the Home Insight Tracker does allow you to share certain information with your real estate agent, based on user reviews you may have to often serve as the go-between between your real estate agent and your mortgage consultant.
- PNC mortgage may be nationwide, but PNC as a whole only operates branches within 19 states. Because PNC mortgage closely ties in with the bank’s other services, this might mean you’re better of going with a local mortgage service.
PNC Mortgage Customer Service Review
According to consumer websites such as Consumer Affairs, Credit Karma, and Lending Tree, PNC Mortgage Services receives average-to-low scores for customer service. While many praise the friendliness of agents, common complaints range from slow service to lack of communication. You might have to take the initiative of checking in with your mortgage consultant to stay on top of the game.
There’s no better feeling than purchasing a home… well, except maybe for purchasing one for the first time. Going with PNC mortgage gives you the confidence and safety of a huge, time-tested nationwide lender, but such a huge organization comes with the typical negatives of doing business with a large institution.
What do you think? Have you used PNC mortgage? What was your experience? Leave a comment and let us know!