PNC, PNC HomeHQ, PNC Home Insight, and Home Insight are registered service marks of The PNC Financial Services Group, Inc. ("PNC"). PNC has pending patent applications directed at various features and functions of Home Insight Planner and Home Insight Tracker. All loans are provided by PNC Bank, National Association, a subsidiary of PNC, and are subject to credit approval and property appraisal.
What to Expect: From Application Through Closing
Know what to expect after submitting your home loan application.
Use This List To Gather What You Need To Apply for a Home Loan
Your PNC Loan Officer and your home lending team will assist you from application through the closing process. But here’s an overview of what you can expect:
- PNC will provide your Loan Estimate three (3) business days after we receive your application.
- Your Loan Estimate outlines the terms of your loan, including the loan amount, interest rate, projected payment and closing costs.
What you need to do: If you haven’t already, contact your Mortgage Loan Officer to confirm that you want to proceed with your application. Please sign and return the forms enclosed in your welcome package and any additional documentation requested.
- Your Mortgage Loan Officer will work with you to verify your loan income and/or assets
- Buying: If an appraisal of your home is required, the appraiser will contact the seller's realtor to make an appointment.
- Refinancing: If an appraisal of your home is required, the appraiser will contact you to make an appointment.
What you need to do: If you receive a request for additional information, it’s important to respond as quickly as you can or your closing date may be impacted.
- After we’ve reviewed your loan application, your Mortgage Loan Officer will notify you by phone or email to provide initial approval of your loan.
- If your loan is not approved, you’ll receive a letter explaining the decision.
What you need to do, as applicable: Insurance needs to be in place prior to final loan approval. Now’s the time to decide on homeowner’s, flood and other coverage.
Learn more:
- Your Mortgage Loan Officer will call or email you regarding your loan status and final approval.
- All loan conditions and requested information needs to be received prior to final approval. Closing typically takes seven (7) to ten (10) days after the final approval.
What you need to do: In some cases, we may ask for additional documentation prior to final approval. If requested, it’s important to act as quickly as possible.
- PNC will provide your closing date along with your Closing Disclosure so that you receive this information three (3) business days before the closing date. Your Closing Disclosure includes details on the terms of your loan, including the loan amount, interest rate, expected payments, closing costs and more.
- For the closing, you’ll need to bring your homeowner’s insurance policy and other required insurance policies, a certified check for all closing costs and valid photo ID.
- Please check out our Closing Costs section below for more information.
What you need to do: Let your Mortgage Loan Officer know immediately if any changes need to be made to your Closing Disclosure. This could delay closing.
Use This List To Gather What You Need To Apply for a Home Loan
Your PNC Loan Officer and your home lending team will assist you from application through the closing process. But here’s an overview of what you can expect:
What You Need to Apply
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:
Additional Resources
Learn more about recent home lending regulatory changes, how these changes impact you and the home buying process.
Closing Costs 101
Get a better idea of what fees and charges to expect during the closing process — whether you're buying a home or refinancing
- Buying a Home
- Refinancing
Buying a Home
The closing is the final step in the home buying process. Make sure you’re prepared to pay closing costs, which can be up to 3% to 5% of the purchase price.
Within 3 business days of your complete application, the lender will provide a Loan Estimate that details the fees, charges and other costs you can expect to pay beyond the sale price of your home. Closing costs typically include:
- Origination Fees - These are the lender’s charges for processing your mortgage.
- Settlement Services - These charges cover expenses paid to other parties on your behalf, including fees for appraisals, title search, credit reports, document recording, inspections and conveyance taxes.
- Property Insurance - Your loan approval conditions will require you to prepay for the purchase of one year of insurance coverage to protect your new home.
- Interest Prepayment - If you close a loan before the end of the month, the lender will require you to prepay interest on the loan for the number of days remaining in the month.
- Tax & Insurance Escrow Deposits – If required by your loan approval terms, you’ll also have to make initial deposits into your escrow account to pay for real estate taxes and insurance.
- Mortgage Insurance - If you put less than 20% for a down payment, you may be required to have mortgage insurance and make an initial mortgage insurance payment at closing.
- Discount Points - Sometimes, you can obtain a lower interest rate by paying points to your lender. A point represents 1% of the loan amount.
- In the terms of FHA this would be the total loan amount which includes the Up Front Mortgage Insurance Premium. But this lump sum is allowed to be financed into the loan, so you don't have to actually write a check for it at closing.
Refinancing
When your refinancing is finalized, you won’t pay all the closing costs of your original mortgage, but be prepared to pay origination charges, up-front costs and discount points if applicable.
At the time of your application, the lender will provide a Loan Estimate that details the fees you may pay. Closing costs for a refinance may include:
- Origination Fees - These are the lender’s charges for processing your mortgage.
- Settlement Services - This covers expenses paid to other parties on your behalf, including fees for appraisals, title search, credit reports, and document recording.
- Interest Prepayment - If you close a loan before the end of the month, the lender may require you to prepay interest on the loan for the number of days until the end of the month, depending on the option chosen.
- Tax & Insurance Escrow Deposits - Depending on your situation, you may have to make initial deposits into an escrow account to pay for real estate taxes and insurance.
- Discount Points - Sometimes, you can negotiate a lower interest rate by paying discount points at closing. Typically, each point represents 1% of the loan amount.
- In terms of FHA or VA this would be the total loan amount which includes the Up Front Mortgage Insurance Premium or Funding Fee respectively. But this lump sum is allowed to be financed into the loan, so you don't have to actually write a check for it at closing.
Estimating Closing Costs
Get a better idea of what fees and charges to expect during the closing process— whether you're buying a home or refinancing
Related Resources
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