You can apply and lock in your rate online, and PNC can digitally verify your income, assets, and employment when you apply. Applicants can get a decision instantly; approved buyers will be able to securely download a pre-approval letter to submit when making an offer to purchase.
For customers who prefer an in-person experience, PNC has branches in about half of the US states as well as Washington, DC Another option is to work with a loan officer over the phone.
PNC offers a variety of options for customers to provide application materials such as bank statements, pay stubs, and tax returns, including downloading them or providing hard copies. However, the company does not yet offer a fully digital mortgage process, unlike some of its competitors.
If you’re not ready to apply but are taking the plunge, PNC’s Home Insight Planner can help you figure out what monthly payment you can afford. This tool accounts for everything from childcare costs to groceries — costs that lenders won’t ask you on your application, but you need to factor into your budget. You need to know if you can comfortably spend the amount that a lender’s formula might approve you.
After entering a few key details about your finances in the planner, you’ll see how the monthly mortgage payment you can afford matches the expected monthly payment for homes for sale in your desired location. The tool does not require you to register, making it a somewhat private way to assess your options.
Approval, subscription and closing schedules
PNC Bank can offer an instant decision on certain pre-approval requests for borrowers who apply online. Where this is not possible, verified pre-approval timelines depend on your specific situation.
The company did not provide a best case or typical time frame for taking out or approving a loan, saying it varies by situation. For example, closing can take 30 to 90 days.
It is safe to assume that the shorter the end of this period, the simpler your situation and the faster you respond to the lender’s requests. In general, a conventional refinance will close faster than a VA purchase, for example.