PNC Bank: Home Equity Review 2022

PNC Bank has been in business for more than 160 years, providing personal and commercial banking services to more than 12 million customers. The Pittsburgh-based financial institution is the sixth largest bank in the US. Retail banking services include personal banking at its 2,500 branches, as well as ATMs and online and mobile banking options.

PNC Bank logo with gray background

PNC bank

Bank branches are located throughout the United States, in regions such as the Mid-Atlantic, Midwest, Southeast, and Southwest. Home equity line of credit from PNC, or HELOCis available to real estate owners in all but six states: Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota.

PNC provides one HELOC, its Choice Home Equity Line of Credit, or CHELOC, but it offers two interest rate options: variable and fixed rates. The fixed rate option allows you to set a fixed rate on all or a portion of your floating rate balance during the drawing period, according to PNC.

PNC Bank: At a glance

Types of Loans Offered

Choice Home Equity Line of Credit

APR range

Not listed, call 833-353-0111 for current pricing

loan amounts

$5,000 to $2 million

Credit Requirements

N / A

Refund Policy

Ages 5 to 30 (Ages 5 to 20 in Tennessee)

Average time for approval

N / A

CHELOC by PNC is best suited for homeowners suffering from a HELOC and who reside in any of the 44 Eligible States that PNC serves.

what we like

  • Autopay rate reduction: If you set up automated payments from a PNC checking account during closing, you can receive a 0.25% interest reduction on your CHELOC.
  • No hidden fees: PNC doesn’t make customers fret about ambiguous charges. It promises to clearly disclose all fees for its CHELOC.
  • Services are easily accessible: PNC offers many customer service options, from digital and mobile banking to automated 24/7 phone support. If you prefer traditional methods of getting support, call the customer service team or visit any of PNC’s 2,500 locations.

What we don’t like

  • No Home Loan Option: PNC only offers bank customers its CHELOC, with no option a home loan.
  • Details are not clear to potential borrowers: While PNC’s home equity website offers general requirements for its CHELOC, it doesn’t provide specific details that consumers expect. PNC customers have to do more legwork to research details like maximum loan amount, specific interest rates, and detailed qualifying factors.
  • Not all states are eligible: Homeowners in most states are eligible for a PNC CHELOC. However, property owners in Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota are not eligible to apply.

Home loan options

You can use PNC’s CHELOC to get credits as low as $5,000 or as high as $2 million. And you only pay interest on the amount borrowed.

Most state PNC services allow you to rent up to 89.9% of your home’s market value. However, in Connecticut, Kansas, Minnesota, Massachusetts and Tennessee, the maximum rate drops to 85%. In the following states, the maximum rate drops to 80%: Arkansas, Colorado, Iowa, Idaho, Maine, Montana, North Dakota, Nebraska, New Hampshire, Oklahoma, Oregon. Rhode Island, Texas, Utah, Vermont, Washington and Wyoming.

PNC offers low interest rates on its CHELOC and you can switch from an adjustable rate to a fixed rate line of credit. CHELOC accounts at PNC all start with a floating rate, but when interest rates get low you have the option to lock in a fixed rate on any floating rate balance of $5,000 or more simply by paying a $100 transfer fee .


While PNC promises no surprises or hidden fees, it does charge an annual fee of $50 on the anniversary of your account opening.

The only other fee you may have to pay is to use the fixed rate option. You will be charged a $100 referral fee each time you use the fixed rate option on your HELOC account. However, this fee does not apply if you specify the fixed interest rate when concluding the contract.

How to qualify

While PNC does not disclose specific requirements to qualify for its CHELOC, it does provide general criteria. The lender wants to make sure you have the income and budget to manage the amount of credit you are applying for.

PNC will examine a few factors. First it will look at your credit history by determining yours credit-worthiness and the value of your property and appraise it to ensure it is accurate. Finally, PNC verifies your income, employment, and ownership of the property. After the assessment, a decision will be made as to whether you qualify for the CHELOC.


The application process for a CHELOC is fairly simple. You can apply online, by telephone or in a branch. PNC advertises that the application process usually takes about 15 minutes.

When applying, be prepared to provide some basic information about yourself, your financial history, and your property. Information to provide includes social security number, date of birth, contact information — phone number, email, property address — and the estimated real estate value of your home. You should also expect to provide documents such as payslips and tax records.

Once you have submitted your application, the bank will verify your details. Once approved, a PNC loan processor will contact you and guide you through the closing process.

Customer service

Current PNC customers can call 800-822-5626 with questions about home ownership. The automated service is available at the same phone number. To speak to a representative, call Monday through Friday between 4:00 a.m. and 10:00 p.m. PT or Saturday and Sunday between 5:00 a.m. and 2:00 p.m. PT.

You can also contact customer service via PNCs Twitter account. Representatives are available Monday through Sunday from 3:00 a.m. to 9:00 p.m. PT.

If you are not a PNC customer but still have questions, please contact a local office by phone or in person. You can also visit the Home Lending Help portal on the PNC website for answers to frequently asked questions and tools to assist you with home equity loan information.