Best Mortgage Lenders Of September 2023

PNC Bank operates in all 50 states and provides a wide range of mortgage products, including specialty loans for low- and moderate-income borrowers.

PNC offers an innovative online experience called Home Insight, which provides a deep dive into the homebuying process, enabling customers to determine the mortgage payment they can afford and start shopping for homes with real-time rate quotes and loan products. It also allows customers who have applied for a loan to follow along with the approval process and upload supporting documents. In addition, the customer can invite real estate agents into the process to monitor progress.

Home Insight combines a home affordability analysis, a monthly payment estimator that accounts for insurance and taxes and the ability to search for available home listings. It also connects unique budgets, real-time rates and loan products with a real estate listings search to help prospective home buyers better understand how much house they can afford.

PNC also offers a full digital pre-approval application, where borrowers may apply online and receive approval in a matter of minutes.

Available in All 50 States

PNC has branches for borrowers more comfortable with a brick-and-mortar experience in the following states: Alabama, Delaware, District of Columbia, Florida, Georgia, Illinois, Indiana, Kansas, Kentucky, Maryland, Massachusetts, Michigan, Missouri, New Jersey, New York, North Carolina, Ohio, Pennsylvania, South Carolina, Tennessee, Texas, Virginia, West Virginia and Wisconsin.

Mortgage Prequalification Calculator

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Prequalifying for a home loan is the first step of the mortgage application process. To quickly estimate your monthly payment, use Forbes Advisor’s mortgage prequalification calculator. Simply enter some basic details about your current financial situation and desired home value to help determine how much house you can afford.

How To Use the Prequalification Calculator

To best determine your home affordability, enter your:

• Loan amount. The desired amount you wish to borrow to buy a home.
• Down payment. Include your planned down payment. A higher initial contribution reduces the amount you need to borrow and your ongoing monthly payment.
• Interest rate. The estimated interest rate for your loan. Be sure to regularly compare current mortgage rates as they change daily.
• Loan term. The number of years you have to make payments. Most borrowers opt for a 30-year fixed-rate term with 360 monthly payments.
• Annual income. Your combined estimated annual pre-tax income from all borrowers. This figure primarily calculates any W-2 and self-employment income. Depending on the lender, it can also include government benefits (such as Social Security income) and rental property income.
• Total monthly debt payments. Enter your current minimum monthly payment for all existing auto, student, personal loans and credit card balances. If this loan isn’t replacing an existing mortgage, include your current home loan payment too.
• Credit score range. Your credit score influences your mortgage rate. Homebuyers with an excellent score—from 740 to 850—typically qualify for the best rates.

What Is Mortgage Prequalification?

Mortgage prequalification is the initial step of qualifying for a home loan where you self-report financial details such as your annual income, current monthly debt payments and down payment amount.

Home Equity Loan Fees vs. Mortgage Loan Fees

If you’re a homeowner, you may have noticed that your home equity is continuing to increase. This change can be a good thing because it gives you more financial flexibility and options for the future. There are two primary ways to access this extra money: a home equity loan or a cash-out refinance mortgage.

In terms of interest rates, home equity loans tend to be higher than mortgages. However, they also have lower closing costs and fees. And some home equity lenders may offer waivers of some or all of these fees as an incentive for borrowers.

Key Takeaways

• Home equity loans can help finance home renovation projects, a child’s college education, medical bills, and more.
• Mortgages can purchase homes, but cash-out refinance mortgages can give you a lump sum of cash to use for expenses.
• Home equity loans usually have higher rates than mortgages, but lower fees and closing costs.
• Some home equity loan lenders do waive origination and appraisal fees, so it’s worth shopping around.

How Do Home Equity Loans Differ From Mortgages?

Home equity loans and cash-out refinance loans are both tools you can use to get large amounts of cash for home repairs or other major expenses.

A home equity loan, sometimes called a second mortgage, allows you to borrow against the equity you established in your home: the current value of your house minus what you owe on your existing mortgage