PNC Bank HELOC Review 2024

Good for: Current PNC customers who want a convenient application process and a choice of terms and rate types.
Phil Metzger
By
Last updated on January 4, 2024
Edited by
✅ Fact checked and reviewed
Johanna Arnone
Edited by
✅ Fact checked and reviewed

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Our Take

5.0

HELOCs
NerdWallet rating
The Nerdy headline:

PNC Bank’s HELOC stands out for its rate discount and options for a variable rate or a fixed rate, which can help keep payments predictable. Homeowners can open a line of credit up to $1 million in most states, but be aware of the annual fee.

Jump to:Full Review
PNC
PNC: NMLS#446303

National / regional
National
Max LTV
80%
Min. credit score
680
Loan types and products
Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Pros & Cons

Pros

  • Customizable sample rates available online.
  • Available for second homes in most states.
  • Offers a rate discount for autopay from a PNC checking account.

Cons

  • Not available in all states.
  • Charges a $50 annual fee.
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Full Review

PNC Bank HELOC rates and discounts

Most home equity line of credit, or HELOC, interest rates are indexed to a base rate called the prime rate. The annual percentage rate, or APR, that you’re offered will include a margin the lender has added to the prime rate. Offered margins depend largely on factors like your credit score, your existing debt and the amount you wish to borrow, but they will vary by lender.

Current prime rate

Prime rate last month

Prime rate in the past year — low

Prime rate in the past year — high

8.50%.

8.50%.

7.75%.

8.50%.

PNC Bank posts a sample HELOC rate on its website. The lender offers a variable rate, which can go up or down with market forces, and the option to “lock” a fixed rate, which can keep payments predictable. On the day we checked, the variable sample rate customized for a single-family home in California with an initial draw of $5,000 was 9.26%.

A rate discount is available for borrowers who elect to make automatic payments from a PNC checking account. On the same day, we saw the lender advertise a rate of 8.19% on a credit line of $100,000 for a hypothetical borrower with a mortgage-free single-family home who makes automatic payments.

Applying for a PNC Bank HELOC

Borrowers can apply online, in person at a PNC Bank branch or by phone. On the day we called, it took less than a minute to work through the phone system and reach an advisor familiar with the HELOC process.

On its website, the lender also offers a live chat that we have found helpful and responsive. Homeowners can apply for a line of credit up to $1 million, though eligibility will vary. To apply for a HELOC, you’ll need to supply:

  • Some personal information.

  • Credit history.

  • Financial and tax details about your home.

Opening and using a PNC Bank HELOC

No matter how you apply for a HELOC, you’ll sign the papers in person at a PNC Bank branch. Branches are not available in every state. The line of credit can close, a process also known as loan settlement, seven to 10 days after approval, the lender says. Borrowers can access HELOC funds about 10 days after closing, PNC says.

The HELOC has a 10-year draw period with 20- or 30-year repayment periods. A 30-year repayment period is generous compared to the standard 20 years.

Borrowers who plan to use their HELOC in the future, or as a rainy day fund, should know that no initial draw is required.

You can access funds in various ways, including checks, a Visa-backed card and through online or voice banking. Payment can be made by mail, online, through autopay and by bank transfer.

Alternatives to a PNC Bank HELOC

Bank of America offers a HELOC up to $1 million with no annual fees or closing costs, and U.S. Bank offers a HELOC with a rate discount for current customers.

HELOCs offer a flexible way to access home equity over a period of time and pay interest only on the funds you withdraw. However, rising interest rates can bump up your monthly payment, and, as with credit cards, it takes discipline to avoid overspending.

Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate, or a cash-out refinance, which replaces your existing mortgage with a larger loan. PNC Bank does not offer a home equity loan, but cash-out refinancing is available.

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Methodology

NerdWallet’s HELOC star ratings are awarded by the editorial team based on the following evaluated factors: combined loan-to-value ratio, lender fees, transparency on key factors, whether a fixed-rate option is available, rate discounts, ease of application, whether a prepayment penalty may apply and whether an initial draw is required.

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