Borrower must satisfy pre-approval conditions outlined in commitment letter. Final loan approval and amount are subject to verification of loan data, property appraisal and underwriting conditions.
Fixed Rate Mortgage Loans & Rates
Consistent principal and interest payments
for the life of your loan.
Facts & Figures
If you’re looking for a loan where the monthly principal and interest payment will not change and will be easy to budget, explore a Fixed Rate Loan.
- Loan terms between 10 and 30 years.
- Down payments as low as 3% of purchase price.
- Single family loan amounts up to $766,550.[4]
- Available for both primary and secondary homes. Investment properties too.
PNC $5,000 Grant
You may qualify for up to $5,000 toward closing costs making buying a home of your own more affordable.
- Standard fixed rate terms.
- Loan terms up to of 30 years.**
Costs & Fees
- Typically these fees range from 3% to 5% of the loan amount.
Home Insight® Planner
Set your budget. Search for homes. See real time rates.
- Create a household profile to generate home affordability scenarios.
- View finances and adjust categorized expenses to find payment budget.
- Connect budgets, rates, products, and homes to understand what you can afford.
- Search for homes within your budget.
- Save homes you want as part of your home summary.
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.
We Are a Trusted Partner
Whether you need a mortgage pre-approval[1] or help after the closing, we’re available online, on the phone or face-to-face in your neighborhood branch. Here’s what you can expect from us:
- Pre-approval Services – So you can house hunt with confidence knowing how much you can afford.
- Online Application Support — Home Insight® Tracker lets you track and update your application, through every step of the approval process.
- Service After the Closing – We’re with you every step of the way. We service most of our customers’ home mortgage loans.
Fixed Rate FAQs
Top customer questions about fixed rate mortgages.
Fixed rate mortgages have a locked interest rate that will remain the same for the life of the loan. The interest rate on an Adjustable Rate Mortgage will change on an annual basis after the predetermined initial interest rate period expires.
With a Fixed Rate Mortgage,the rate and principle interest payment will remain the same throughout the life of the loan. If you want to change the terms of your loan, you will have to refinance.
Listed below are a few factors that determine how much you will be qualified to borrow: credit history, Debt-to-Income Ratio and Loan-to-Value/ down payment.
| Credit History | Specific credit requirements vary based on a range of criteria including loan-to-value, debt-to-income ratios, previous credit history, and assets used to qualify for the loan, but in general successful applicants will have average or better credit history. |
| Debt-to-Income Ratio | Specific debt-to-income requirements vary based on a range of criteria including loan-to-value ratio, assets used to qualify for the loan and credit history but typically a successful applicant will have a total debt-to-income ratio (including the proposed loan payment) up to 36-45% of gross monthly income.* *percentages for certain programs vary |
| Loan-to-Value Ratio / Down Payment |
Conventional fixed rate mortgages can be used to buy a home with as little as 3% down payment when private mortgage insurance (PMI) is purchased. |
Your rate is calculated based on a variety of factors, including credit qualifications, loan-to-value, loan amount and other criteria.
Mortgage Process Guide
Understand the basics before you start the mortgage 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 track record of borrowing and repaying banks, 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%).
- Points
- Loan Product
Escrow Basics
Escrow Payment – That portion of a mortgagor's monthly payments held by a lender or servicer in an account to pay taxes, hazard insurance, mortgage insurance, lease payments, and other items as they become due. Also called impounds or reserves in some states.
An Escrow Account on your loan allows PNC to make payments for certain bills related to your property, such as real estate property taxes, homeowners insurance, flood and other property related insurance, and mortgage insurance. Home buyers are generally required to have an escrow account until a certain loan to value ratio is met.
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.
Mortgage Application Checklist
Use this list to gather what you need to apply for a home loan.
To apply for a home loan, you’ll need to provide information about your income, assets and debts, plus any circumstances that may impact your ability to repay.
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.
- 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 three months have passed since the end of the tax year.
- Current balance sheet.
ASSETS: SOURCES OF FUNDS/DOWN PAYMENT
- Original bank statements for the last three months, including savings, checking, and investment accounts.
- Stocks and securities account statements for the last three months.
- Closing Disclosure or Listing Agreement if using funds from the sale of property.
- Sale of asset – proof of ownership, proof of sale, and proof of funds transfer.
- For gift funds – a gift letter, evidence of transfer, and sometimes evidence of withdrawal.
PAYMENT HISTORY
- Cancelled rent or mortgage payment checks for the past 12 months, if not available on credit report.
- Copy of land contract, if applicable.
- Child support/alimony.
- Bankruptcy/Consumer Credit, if applicable.
ADDITIONAL INFORMATION, IF APPLICABLE
- Purchase agreement, including legal property descriptions and any addendum.
- Explanation of discrepancies on credit.
I've Submitted My Application- Now What?
Once you’ve submitted your home loan application, it’s important to understand what to expect along the way. Your PNC Mortgage Loan Officer and home lending team will assist you from application through the closing process.
Here’s the steps you will go through:
Step 1: Loan application Submitted
Step 2: Loan Estimate and Intent to Proceed
Step 3: Submitting Documentation
Step 4: Loan Decision
Step 5: Final Approval
Step 6: Closing
For a more detailed version of these steps, please check out the Application Through Closing article.
Payment Methods |
Main Details |
How Does It Work? |
|---|---|---|
| PNC Online Banking | Pay your mortgage online using PNC Online Banking. It's free, secure and easy to use. | You can schedule payments from a PNC deposit account or from an external non-PNC deposit account. Click Make a Payment on your account activity screen in Online Banking. |
| Automated Payments | Enroll in the Automated Payment Program and have your monthly payment automatically deducted from any deposit account, including deposit accounts at other banks. | Download, complete, and return the Automated Payment Authorization form to the address or fax number listed on the form, or to your local PNC branch. |
| Pay by Phone | Pay your Mortgage by phone from any account, including accounts at other banks. | Call PNC Mortgage to make a payment. |
| Mail Your Payment | Paying by mail | You’ll need to write your loan number on the appropriate documents and mail them. |
| In-Branch Payment | Paying in branch | Payment is accepted in many PNC bank branch during normal branches hours and is effective as of the date payment is made, although it may take up to 2 business days for the payment to be reflected on your account. |
| Bi-Weekly Automated Payments | Helps you pay off your loan faster and reduce the total interest you will pay on your mortgage. | A draft in the amount of half of your monthly payment is made every 2 weeks and held in escrow. A payment is applied after there are sufficient funds to make a complete payment, resulting in 13 payments being made in a year. |
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.
Get Started
Discuss your preferences, learn more about your loan options.
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PNC Mortgage pay by phone transactions are free via our automated phone service or with agent assistance.
The Property must be located in an eligible market. A PNC Mortgage Loan Officer can help determine your eligibility for this offer. To qualify, borrower’s household income must be at or below 80% of the median household income for the metropolitan statistical area (MSA) or the financed property must be located in a low- or moderate-income census tract as designated by the FFIEC. The PNC Closing Cost Assistance Grant may not exceed actual closing costs and prepaids. The PNC Closing Cost Assistance Grant may be applied to primary residence purchase or limited cash out refinance transactions (purpose of refinance must be rate and term only). Additional restrictions and qualifications may apply. PNC Grant amount is subject to change.
Loan amounts may vary based on product and property location. $726,200 is the current conventional loan limit.
Rate may increase after settlement.
PNC, PNC HomeHQ, PNC Home Insight and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has a pending patent application directed at various features and functions of Home Insight® and Home Insight® Planner. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
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