Choice Home Equity Line of Credit

You choose when to borrow money and how to pay it back [1] — with the experienced lending help of PNC.

Apply online today!

We'll help you with an application.

(waived with a Performance Select Checking account)

*Certain restrictions and conditions apply. For important information on rates, fees and applied discounts, click on the "Important Disclosures" link(s) in the rate chart.

Enjoy the flexibility to lock in a fixed rate on all or any part of the variable-rate balance. [2]

Access the funds by check, by phone, online or at a PNC Bank branch.

The interest you pay is typically tax deductible. [3]

Two Choices of Variable Rate Payment Options

  • 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
  • Interest-only - The sum of accrued interest and fees during the billing cycle
  • Principal and interest fixed rate with terms from 5-30 years
    • Two Principal and interest fixed rate lock options at any one time

Flexible Draw and Repayment Terms

  • Principal and Interest Contract: 10-year draw period, followed by a 30-year repayment period
  • Interest-only Contract: 7-year draw period, followed by a 30-year repayment period
    • 0.25% interest rate discount for a $25,000 or more draw at closing, excluding any funds used to pay any PNC debt
    • 0.25% interest rate discount when your monthly payment is automatically deducted from your PNC checking account [4]
    • 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
  • Insurance: you are required to carry property insurance on the property that secures your account. Flood insurance may be required. Title Insurance may be required for lines of $500,000 or more and for lines of lesser amounts depending on a number of factors, including the manner in which the property was acquired. Payments on this account do not include taxes or insurance

  • Annual Fee: $50 (waived with a PNC Performance Select Checking Account)
  • $10 GA Residential Mortgage Act Fee, applicable in GA only
  • Appraisal fee not required in most circumstances
  • 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 Thursday June 5, 2014 11:58:23 ET, 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.

    Servicemembers Civil Relief Act (SCRA)

    The SCRA provides financial relief and protections to eligible servicemembers and their dependents. PNC is grateful for your service and we would like to help you understand your benefits and protections under SCRA as well as other similar benefits that PNC may be able to provide to you.

    To find out more, please contact us at:

    • 844-PNC-SCRA (844-762-7272)
    • [email protected]
    • PNC Bank / Servicemembers Operations Center, BR-YB58-01-U / PO Box 5570 / Cleveland OH 44101-0570
    • Fax: 855-568-4532

    You may be asked to provide some or all of the items listed below to decision your credit request. In order to expedite the process, please provide all required information at the time of application. If you apply online or over the phone, you will be asked to fax, mail or email this information.

    Personal Information for Applicant and Co-Applicant:

    • Full legal name, Social Security number, Date of Birth
    • Current address and previous, if less than two years
    • Current employer and previous, if less than two years, including main office phone number
    • Government issued photo ID (Driver’s license, US passport or state-issued ID)

    Required Income Documentation for Applicant and Co-Applicant

    You may fall into one or more of these categories. Please submit all documents that apply.

    If you are an EMPLOYED WAGE EARNER / COMMISSIONED:

    • Most recent paystubs showing last 30 days YTD income

  • Most recent 2 consecutive years W-2s
  • For Commission Income: All items indicated above AND Most recent 2 consecutive years Personal Federal tax returns, Signed & Dated
  • For Loan Requests Greater than $250,000: All items indicated above and most recent 2 consecutive years Personal Federal tax returns, Signed & Dated, AND Personal Financial Statement (form provided by PNC), Signed & Dated
  • If you are SELF-EMPLOYED

    • Most recent 2 consecutive years W-2s (if you are receiving income as an employee of the business)
    • Most recent 2 consecutive years Personal Federal tax returns (with all schedules), Signed & Dated
    • If Ownership Is 25% or Greater: All items indicated above AND Most recent 2 consecutive years Business Federal tax returns (with all schedules), Signed & Dated, AND YTD profit & loss statement and balance sheet
      • For Home Equity Line of Credit applications: sole proprietors may provide 6 months of business bank statements with deposit history in lieu of a profit & loss statement

    • For Loan Requests Greater than $150,000: All items indicated above AND Personal Financial Statement (form provided by PNC), Signed & Dated

    If you receive SUPPLEMENTAL or RETIREMENT INCOME:

    • Most recent 2 consecutive years Personal Federal tax returns (with all schedules), Signed & Dated
    • For Social Security Income: Social Security Income Award Letter (current or most recent year)
      • For Home Equity Line of Credit applications: most recent 2 months of deposit history may be used in lieu of a Social Secuity Income Award Letter and most recent 2 consecutive years personal federal tax returns (with all schedules)
    • For Pension Income: Pension Award Letter and/or documentation demonstrating all sources of income
    • For Investment Income: Most recent investment statements
    • For Rental Income: Current lease agreement for each unit
      • For Home Equity Line of Credit applications: 24 month rental history reflected on most recent 2 consecutive years personal federal tax returns may be used in lieu of a current signed lease/rental agreement
    • For Loan Requests Greater than $250,000: All items indicated above and Personal Financial Statement (form provided by PNC), Signed & Dated

    Required Property Information

    • Homeowners/Condo/Townhome Insurance declaration page, showing premium, deductible and coverage amount
    • If taxes and insurance are currently being escrowed: Most recent mortgage statement
    • If taxes and insurance are currently not being escrowed: Current year property tax statement
    • For loan amounts $500,000 or greater: title insurance policy from most recent mortgage (Title commitment not acceptable)
    • If Property Is in a Flood Zone: Flood Insurance declaration
    • If Property Is a Condominium: Master insurance policy for condominium association

    Additional Information, if applicable and may be required during the review process

    • Signed Current Year Tax Return Extension

  • Trust agreement (all pages must be submitted)

  • 30-day Payoff Statement for All Required Payoffs
  • Power of Attorney (must be recorded in same county as property)