Adjustable Rate Mortgage Refinance Loan and Rates

If You’re Refinancing and Want Lower Payments Than a Fixed Rate Mortgage, Consider an Adjustable Rate Mortgage.

We're a Trusted Partner

You can feel confident choosing us as your financial partner for this important milestone in your life.

Whether you want to review your refinancing options or need help after the close, we’re available online, on the phone or face-to-face in your neighborhood branch.

Cost & Fees

Typically these fees range from 2% to 6% of the loan amount.

What If I Can't Afford Closing Costs?

Facts & Figures

If you’re refinancing a home and want a lower rate than a fixed rate mortgage may provide, consider an adjustable rate mortgage, or ARM, from PNC.

With an ARM, you’ll start out with a low rate and after a set number of years, your rate will reset with a new rate that can be either higher or lower depending on market conditions at the time the adjustment occurs. After the first rate adjustment, your interest rate can change on a semi-annual/annual basis until you pay off your mortgage.

Ideal if you’re expecting an increase in income, or don’t plan to own the home for a long period.
Select from 7 or 10 year periods during which the interest rate remains unchanged, followed by a semi-annually period in which the interest rate may increase or decrease on a semi-annual/annual basis resulting in a change in your monthly payment amount.
Can be used for both primary and secondary homes, investment properties too.
ARM terms may vary based on first mortgage product.

Adjustable Rate FAQ

Tools & Calculators

Comparing loan options? Just looking for how much you can borrow? Use our home lending calculators to understand your refinancing options and help you decide.

What Will My Refinancing Costs Be?

Cost of Refinancing Calculator

Am I Better Off Refinancing?

Home Refinancing Calculator

The Abbreviated Guide Through the Refinancing Process

Understand the basics before you start the refinancing process.

Credit Score Basics

When you buy or refinance, your credit score is one of the first things a lender looks at. It helps them determine if you qualify for a loan, and what interest rate they can offer you.

Factors that affect your Credit Score:

Length of Credit History
Amounts Owed
Payment History
New Credit
Types of Credit Used
Derogatory Credit

Your credit score reflects how reliable you are as a borrower and is determined by your overall borrowing and repayment history to credit card companies and other lenders.

Factors that Determine Your Rate

Lenders start with the par rate, then look at your risk profile to determine what rate they will offer you.

Rates are usually based on a combination of the following factors:

Down Payment
Loan terms
Loan to Value Ratio (The percentage of the lesser of the sales price/appraised property value that is borrowed from a bank or lender. A down payment of 20% would create a loan-to-value of 80% *State specific rules may apply).
Points
Loan Product
Debt-to-Income Ratio

Escrow Basics

An Escrow Account on your loan allows PNC Mortgage to make payments for certain bills related to your property, such as real estate property taxes, homeowners insurance, flood and other property related insurance, mortgage insurance and lease payments. Homeowners are generally required to have an escrow account until a certain loan to value ratio is met.

Escrow Payment– That portion of a mortgagor's monthly payments held by a lender or servicer in an account to pay taxes, homeowners insurance, mortgage insurance, lease payments, and other property related items as they become due. Also called impounds or reserves in some states.

Escrow Analysis– The periodic examination of escrow accounts to determine if current monthly deposits will provide sufficient funds to pay taxes, insurance, and other bills when due.

Your annual Escrow Analysis Statement contains all the information you need to understand your previous and projected mortgage payments.

Refinancing Demystified

Learn more about refinancing and how to find out if the process could be worth it for you.

Looking to refinance? See options to lower your interest rate, payment, change terms, consolidate debt/get cash out, or take advantage of specialized loan products and programs.

Which lending option is right for you depends on a number of factors, such as how much equity you have, how long you plan to stay in your home and if you want to receive money back. Before you decide, you should understand the basics.

To apply for a refinance, you’ll need to provide information about your income, assets and debts, plus any special circumstances that may impact your ability to repay.

In addition, the lender will arrange for an appraisal of your home, flood determination, a title search and title insurance. They may also set up an escrow account to pay for necessary insurance and property taxes.

Refinancing Application Checklist

Use this list to gather the documents you’ll need to refinance.

Be prepared to provide some or all of the items below:

Income Verification

Pay stubs for the last 30 days.
W-2 forms for the last two years.
Child support/alimony – Child support agreement and/or divorce decree and/or 12 months of canceled checks.^[1]
Award letter/1099 for social security, pension and disability.

If You Are Self Employed

Signed, completed tax returns for the past two years, including personal, partnership, and corporate, if applicable, including all schedules.
Year-to-date business profit and loss statement for current year, if more than 120 days have passed since the end of business tax year.

Property Information

Most recent property tax bill.
Current Homeowner's insurance policy, flood, and any other property related insurance, if applicable.

Assets

Original bank statements for the last two months, including savings, checking, and investment accounts.
Stocks and securities account statements for the last two months.

Payment History

Bankruptcy/Consumer Credit, if applicable.

Additional Information, If Applicable

Explanation of discrepancies on credit.

Payment Methods	Main Details	How To Use
PNC Online Banking	Make a payment to your account using PNC Online Banking. You can schedule one time or recurring payments.	Navigate to PNC Online Banking and select your account. Click Make a Payment on your account activity screen to schedule a payment.
Automated Payments	Enroll in the Automated Payment Program and have your monthly payment automatically deducted from your deposit account.	Download, complete, and return the Automated Payment Authorization form using the instructions on the form OR call 1-800-822-5626 to have the form emailed to you to be submitted electronically.
Bi-Weekly Automated Payments	Enroll in the Bi-Weekly Automated Payments Program and have half of your monthly mortgage payment automatically deducted every 2 weeks from your deposit account.	Download, complete, and return the Bi-Weekly Automated Payment Authorization form to the address or fax number listed on the form, or to your local PNC branch.
Pay by Phone - Voice Banking^[2]	Make a one time, same day payment using our Voice Banking service.	Pay over the phone with Voice Banking by calling 1-800-822-5626. If paying from a non-PNC deposit account, have your account number and routing number available.
In-Branch Payment	Make a payment at any PNC Branch.	Visit a PNC Branch during normal branch hours to make a payment. The payment is effective as of the date the payment is made, although it may take up to 2 business days for the payment to be reflected on your account.
Mail Your Payment	Make a payment to your account by mail. Customers residing in AK, AZ, AR, CA, CO, HI, ID, IA, KS, LA, MN, MS, MO, MT, NE, NV, NM, ND, OK, OR, SD, TX, UT, WA, or WY: Address for regular mail payments: PNC Mortgage Payments PO Box 31001-2929 Pasadena, CA 91110-2929 Address for overnight mail payments: PNC Bank c/o Pasadena Tech Center 465 N Halstead St Ste 160 Pasadena, CA 91107	Send a check in the mail along with the payment slip provided at the bottom of your monthly billing statement. If you do not have a statement, please make sure to write your PNC account number on your check. Customers residing in AL, CT, DE, DC, FL, GA, IL, IN, KY, ME, MD, MA, MI, NH, NJ, NY, NC, OH, PA, PR, RI, SC, TN, VT, VA, WV, or WI: Address for regular mail payments: PNC Mortgage Payments PO Box 771021 Chicago, IL 60677 Address for overnight mail payments: PNC Bank 350 East Devon Ave Itasca, IL 60143

Need more information? From first mortgage to home equity, from setting up your online account to payment processing – explore the Understanding Home Lending Center to find the answers you need.

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Refinance With an Adjustable Rate Mortgage

Refinance for lower payments for the first years of a loan.

Current Rates

If You’re Refinancing and Want Lower Payments Than a Fixed Rate Mortgage, Consider an Adjustable Rate Mortgage.

We're a Trusted Partner

Cost & Fees

Facts & Figures

Adjustable Rate FAQ

Top customer questions about adjustable rate mortgages.

What is an Adjustable Rate Mortgage?

What is the difference between a Fixed Rate Mortgage and an Adjustable Rate Mortgage?

How is my rate determined?

Is there a maximum interest rate for an Adjustable Rate Mortgage?

Tools & Calculators

Comparing loan options? Just looking for how much you can borrow? Use our home lending calculators to understand your refinancing options and help you decide.

What Will My Refinancing Costs Be?

Am I Better Off Refinancing?

The Abbreviated Guide Through the Refinancing Process

Understand the basics before you start the refinancing process.

Financial Basics

How Does Refinancing Work?

Refinancing Application Checklist

Refinancing Application Checklist

Calculate: Am I better off refinancing?

Making Your Payments

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