Choice Home Equity Line of Credit1

The Home Equity Line of Credit (HELOC) gives you unparalled flexibility by providing you the choice of when to borrow money, and how to pay it back. You'll also enjoy competitive low rates, with no application fees and convenient options to access your line of credit.

Key Features and Benefits

  • Flexibility: Ability to lock in a fixed rate on all or any part of the variable-rate balance at anytime
  • Accessibility: Convenient access to your home equity line of credit funds by check, online, telephone banking, at any PNC branch and by using your Visa® Choice Access Card
  • Payment Choice: Two variable-rate payment choices to choose from - principal and interest or interest-only
  • Tax Benefits: The interest you pay on your home equity line of credit is typically tax deductible²

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*View important rate related disclosures in your area

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More Features & Benefits

Two Variable Rate Payment Options to choose from:
  1. Principal and interest - 1/360th of the principal balance in the variable rate part at the end of the billing cycle plus accrued interest and fees
  2. Interest-only - The sum of accrued interest and fees during the billing cycle
Two Fixed Rate Lock Payment Options to choose from:
  1. Principal and interest fixed rate with terms from 5-30 years
  2. Interest-only fixed rate with 5 year term
Flexible Draw and Repayment Terms:
  1. Principal and interest Contract: 10-year draw period, followed by a 30-year repayment period
  2. Interest-only Contract: 7-year draw period, followed by a 30-year repayment period
  • 0.25% interest rate discount when your monthly payment is automatically deducted from your PNC checking or savings account
  • You may be able to avoid the monthly service charge on a Performance Checking Account

Home Equity Line of Credit Costs at Closing:*

  • No application fee
  • Title Insurance is required on loans over $250,000
  • Annual Fee: $50 (waived with a PNC Performance Select Checking Account)
  • $10 GA Residential Mortgage Act Fee, applicable in GA only

*View important rate related disclosures in your area

Home Equity Line of Credit Servicing Fees:

  • Cash Advance Fee - $0
  • Late Charge - The greater of $40 or 10% of the total amount of the payment
  • Return Payment Fee - $30
  • Stop Payment Fee - $20
  • Return Credit Line Check Fee - $30
  • Overlimit Fee - $30
  • Fixed Rate Transfer Fee - $100

The fees shown herein are the current PNC Closing Costs and Servicing Fees for new loans and lines of credit as of , and may not necessarily be applicable if your loan or line of credit was originated at an earlier or later date or by a PNC predecessor. Please call 1-888-PNC-BANK (1-888-762-2265) for information about servicing fees specific to your account.

Home Equity Line of Credit FAQ

What is a Home Equity Line of Credit?
A home equity line of credit is a revolving line of credit secured by your home that allows you to access the available equity you have in your home. With a home equity line of credit, you can borrow as much or as little as you need, whenever you need it, up to your established credit limit. As you repay your outstanding balance, the amount of available credit is replenished, which becomes available again for future use, if needed, throughout your draw period.
How much can I borrow?

Banks typically set a maximum loan-to-value (LTV) limit for how much you can borrow. At PNC, the maximum allowable LTV is 89.9%, and in some geographies and loan scenarios, it is lower.

To figure out how much you can borrow, you must know three things: 1) your home's value, 2) the sum of all mortgage loans that you have on the property, and 3) the maximum LTV established by your lender.

For example, let's assume a home is valued at $200,000, the maximum LTV is 89.9%, and there are $120,000 in mortgage loans already owed on the property. Just multiply the home's value ($200,000) by the LTV (89.9%) to calculate the maximum borrowing limit, which in this case is $179,800. Then subtract out the loans already on the property ($120,000) to know how much equity is remaining. In this example, you could borrow up to an additional $59,800.

What will my rate be?
Rate is calculated based on a variety of factors, including credit qualifications, loan-to-value, line amount and other criteria. The best available rates include a discount for automatic payment from a PNC checking account.
Is my interest tax deductible?
Interest you pay on a loan that is secured by your primary residence may very well be tax deductible. You should consult with a tax advisor to determine whether this applies to your situation.
What property types are eligible for Home Equity Lines of Credit or Home Equity Installment Loans?
Single-Family Primary Residence; Vacation, 1-2 Family Homes, Condos, and Townhouses
Are there any fees if I payoff my Home Equity Line of Credit?
IIn general, you may pay the entire outstanding balance of your home equity line of credit at any time, and as often as you like, without penalty, as long as you do not close your line of credit. For applications submitted prior to December 8, 2013, you may incur an Early Account Closure Fee if you pay off and close your account within 36 months of account opening. For applications submitted on or after December 8, 2013, there is no Early Account Closure Fee assessed for closing your line of credit at any time. However, certain closing costs may be paid by PNC on your behalf at the time of account opening. You may be responsible for reimbursement of those costs if you pay off and close your line of credit within 36 months of account opening. If the line of credit is closed 36 months after account opening, repayment of these costs will not be required.
How many Fixed Rate Lock portions can I have on my Choice Home Equity Line of Credit?
Three fixed-rate portions are permitted at any one time as follows: Two fixed-rate portions with Principal and Interest Payments and One fixed-rate portion with an Interest-Only payment
How fast will I get my money?
Funds are normally disbursed on the fourth business day after you sign your loan documents. This is because Federal regulations require a 3-day rescission period during which time you have the right to cancel your loan.
Why PNC?
We all know that buying and owning a home is a big responsibility. One that will affect your finances for years to come. So you'll want a lending partner who knows the drill. Who's got the people and passion to help you close the deal and achieve your home finance goals. A partner like us.
  • We're experienced: We've been at this for a long time. More than 150 years, in fact. We originated more than $7 billion in home equity loans and lines of credit in 2011.
  • We're sensible: Market conditions go up; market conditions go down. Through it all, we've thrived by sticking to sound financial practices, and by looking past financial fads.
  • We're professional: We offer a full range of home equity products, paired with a team of professionals ready to provide guidance and answers whenever you need it - by phone, email, chat, or in person.
  • We're ready to help: With PNC, you get a partner who's in it for the long run. We provide options to help you choose the products that are right for you.

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Other Ways to Apply

  • By phone

    Call 1-877-535-6319

    • Mon - Fri: 7am - 10pm ET
    • Sat - Sun: 8am - 5pm ET
  • In person at a branch

  • Complete the contact form to have us contact you

Need Help?

Call 1-800-762-5684

  • Mon - Fri: 7am - 10pm ET
  • Sat - Sun: 8am - 5pm ET

Related Information

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  1. Credit is subject to approval.
  2. Consult a tax advisor.