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PNC Bank: 2024 Home Equity Review

This major US bank offers only one home equity line of credit, but with both variable- and fixed-rate options.

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PNC Bank

PNC Bank

Products offered
Choice Home Equity Line of Credit, rate-lock CHELOC
Start application to see rates without a hard credit check
Min. credit score
Contact info
Call 877-323-5905

Pittsburgh-based PNC Bank is the sixth largest bank in the US, serving more than 12 million customers. It offers just about every financial product: home equity lines of credit (HELOCs), mortgages, credit cards, checking accounts and more. 

PNC Bank offers a Choice Home Equity Line of Credit, or CHELOC, with variable-rate and fixed-rate options. With the fixed-rate option, you can lock in a fixed rate on all or part of your loan balance during the draw period. 

Bank branches are located throughout the US, in regions including the Mid-Atlantic, Midwest, Southeast and Southwest. PNC’s home equity line of credit, or HELOC, is available to property owners in all but six states: Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota. 

PNC Bank made our list of the best HELOC lenders thanks to its pricing transparency, straightforward application process and good nationwide availability.

PNC Bank: At a glance

Types of loans offeredChoice Home Equity Line of Credit, rate-lock HELOC
APR rangeStart application to see rates without a hard credit check
Loan amounts$10,000 to $1 million
Credit score requirementsN/A
Repayment terms10-year draw period, 30-year repayment period (10-year draw period, 20-year repayment period in Tennessee)
Average time for approvalN/A
As of April 8, 2024

PNC Bank is a good option for homeowners, particularly existing bank customers, looking for a HELOC with a long repayment period. Customers who set up autopay from a PNC checking account can get a 0.25% rate discount.

Pros and cons


  • Autopay rate reduction: If you set up automated payments from a PNC checking account during closing, you can get an interest rate reduction of 0.25% on your CHELOC.

  • No hidden fees: PNC doesn’t make customers fret about ambiguous fees. It promises to disclose, clearly, all fees for its CHELOC.

  • Services are easily accessible: PNC provides many options for customer service, from digital and mobile banking to round-the-clock automated phone assistance. You can also call the customer service team directly or visit one of PNC’s 2,500 branches.


  • No home equity loan option: PNC offers its CHELOC only to bank customers, with no option of a home equity loan.

  • Doesn’t advertise rates online: Unlike many lenders, PNC doesn’t advertise average rates for its CHELOC online. Borrowers will have to create an online account with PNC to see estimated rates. However, checking rates with PNC won’t trigger a hard check unless you go forward with an application.

  • Not all states are eligible: Property owners in Alaska, Hawaii, Louisiana, Mississippi, Nevada and South Dakota can’t apply for a CHELOC with PNC Bank.

Home equity loan options

CHELOC: With a PNC Bank CHELOC, you get access to a variable-rate revolving credit line. It has a 10-year draw period and a 30-year repayment period (10-year draw period and 20-year repayment period in Tennessee). PNC allows for a maximum loan-to-value ratio, or LTV, of up to 89.9% depending on where you live. 

Rate-lock CHELOC: You have the option to lock in a fixed rate for any variable rate balance of $5,000 or more by simply paying a $100 transfer fee.


PNC Bank charges a $50 annual fee for home equity borrowers. In addition to its annual fee, you’ll be responsible for an origination fee, which can range from $199 to $500, depending on your total line amount. 

PNC doesn’t charge any closing costs, but if you pay off and close your line of credit within 36 months of opening it, you’ll be required to reimburse PNC for the costs it paid on your behalf. 

If you utilize PNC’s rate-lock option, you can expect to pay a $100 fee each time you transfer a portion of your balance to a fixed rate.

How to qualify

You can leverage PNC’s CHELOC to borrow as little as $10,000 or as much as $1 million.

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

PNC doesn’t list its credit score requirements online, but most home equity lenders like to see a minimum credit score of at least 620. The higher your credit score, the more likely you are to qualify.

How to apply for a home equity loan or HELOC with PNC Bank

The application process for a CHELOC is fairly simple. You can apply online, over the phone or at a branch. PNC advertises that the application process typically takes about 15 minutes. 

On the application, 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 and your home’s estimated property value. You should also expect to provide documents such as pay stubs and tax documents.

Once you submit your application, the bank will verify your information. Upon approval, a PNC loan processor will contact you and walk you through the closing process.

Customer service

For home equity questions, new customers can call 877-323-5905. Current PNC customers can call 800-822-5626. Automated service is available at the same phone number. To speak with a representative, call Monday through Friday between 4 a.m. and 10 p.m. PT or Saturday and Sunday between 5 a.m. to 2 p.m. PT. 

You can also contact customer service via PNC’s Twitter account. Representatives are available Monday through Sunday 3 a.m. to 9 p.m. PT.

If you’re not a PNC customer but still have questions, contact a local branch by phone or in person. You can also check out the Home Lending Help portal on PNC’s website for answers to common questions, as well as tools to assist you with home equity lending information. 


Emma Woodward is a personal finance writer with a passion for simplifying tricky financial concepts. She has covered loans, budgeting and credit cards for Bankrate, The Financial Diet, Finch, Gusto and Human Interest. When she's not helping you balance your budget, you can find her writing about real estate, food and restaurant tech.
Katherine Watt is a CNET Money writer focusing on mortgages, home equity and banking. She previously wrote about personal finance for NextAdvisor. Based in New York, Katherine graduated summa cum laude from Colgate University with a bachelor's degree in English literature.
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