PNC Bank Mortgage Review: A local bank that offers a special home loan option for medical professionals

PNC Bank has been a household name in local banking for decades, offering customers savings accounts, checking accounts, loans and mortgages.

There are several mortgage options available from PNC Bank for those who are looking to begin the homebuying process.

Select reviewed this lender's mortgage options, taking a closer look at factors such as down payment minimums, term lengths and other perks. Read more about our methodology below.

• APR
• Loan offerings
• Down payment minimums
• Term lengths
• Customer support
• Perks
• Bottom line

The best way to figure out the annual percentage rate, or APR, you're likely to be offered by PNC Bank is to get pre-qualified and submit your home loan application. While mortgage interest rates can fluctuate quite often, the rate you'll receive will depend heavily upon your location, credit score and credit report.

Take a look at each lender's website to get a better idea of the kinds of interest rates they charge, but keep in mind that they'll vary by where you are and your level of creditworthiness. Either way, it's important to provide the necessary information to check your personalized rate.

PNC Bank offers conventional loans, FHA loans, VA loans and jumbo loans. It's sometimes tough to find a lender that also offers USDA loans, but PNC Bank does also include these in its line-up. This lender also offers the PNC Bank Community Loan, a special program that allows homebuyers to put down as little as 3% — without paying private mortgage insurance, or PMI — and choose between fixed-rate and adjustable-rate mortgage terms.

There's even a special loan option geared toward medical professionals who are looking to buy a primary residence only. With this loan, medical professionals can apply for as much as $1 million and won't have to pay more for private mortgage insurance regardless of their down payment amount. They can also choose between fixed-rate and adjustable-rate terms.

An FHA loan will run you a down payment minimum of 3.5%, which is the standard for FHA loans. VA loans and conventional loans, meanwhile, typically carry down payment minimums of 0% and 5%, respectively.

If you're interested in the PNC Bank Community Loan, your down payment can be as low as 3%. For USDA loans, though, there is no down payment requirement.

While there is no disclosed down payment amount for the medical professional loan, those who qualify won't need to make private mortgage insurance payments regardless of the size of their down payment.

This lender doesn't disclose the down payment amount needed for jumbo loans, although jumbo loans typically require you to put 10% to 20% down.

PNC Bank offers loan terms that range from 10 to 30 years. You'll also have a choice between fixed-rate and adjustable-rate mortgage terms.

Applicants can get connected with a Home Loan Officer for personalized guidance and recommendations on their homebuying journey. You can also submit your application online or in-person, so if you'd rather interact face-to-face with professionals, the option is there — you'll just have to find a PNC Bank location near you.

PNC Bank offers a $5,000 grant that qualifying applicants can use toward closing costs, the down payment or other prepaid costs. To qualify, the borrower's household income must be at or below 80% of the median household income for the area and the grant cannot exceed the actual costs and prepaid amounts. Applicants can connect with a Home Loan Officer to discuss whether or not they qualify.

Because of its Community Loan, medical professional loan and USDA loan offerings, we'd say PNC Bank is a solid option for applicants who need a wider variety of loan options to suit their financial circumstances.

While you'll need to speak with a Home Loan Officer to get a better understanding of what lender fees and other charges you'll have to pay, keep in mind that such fees are just another aspect of homebuying you'll need to be prepared for.

If you're interested in a lender that doesn't charge lender fees, consider looking into Ally Bank mortgages.

To determine which mortgage lenders are the best, Select analyzed dozens of U.S. mortgages offered by both online and brick-and-mortar banks, including large credit unions, that come with fixed-rate APRs and flexible loan amounts and terms to suit an array of financing needs.

When narrowing down and ranking the best mortgages, we focused on the following features:

• Fixed-rate APR: Variable rates can go up and down over the lifetime of your loan. With a fixed-rate APR, you'll lock in an interest rate for the duration of the loan's term, which means your monthly payment won't vary, making your budget easier to plan.
• Types of loans offered: The most common kinds of mortgage loans include conventional loans, FHA loans and VA loans. In addition to these loans, lenders may also offer USDA loans and jumbo loans. Having more options available means the lender is able to cater to a wider range of applicant needs. We have also considered loans that would suit the needs of borrowers who plan to purchase their second home or a rental property. 
• Closing timeline: The lenders on our list are able to offer closing timelines that vary from as promptly as two weeks after the home purchase agreement has been signed to as many as 45 days after the agreement has been signed. Specific closing timelines have been noted for each lender.
• Fees: Common fees associated with mortgage applications include origination fees, application fees, underwriting fees, processing fees and administrative fees. We evaluate these fees in addition to other features when determining the overall offer from each lender. Though some lenders on this list do not charge these fees, we have noted any instances where a lender does. 
• Flexible minimum and maximum loan amounts/terms: Each mortgage lender provides a variety of financing options that you can customize based on your monthly budget and how long you need to pay back your loan.
• No early payoff penalties: The mortgage lenders on our list do not charge borrowers for paying off the loan early. 
• Streamlined application process: We considered whether lenders offered a convenient, fast online application process and/or an in-person procedure at local branches. 
• Customer support: Every mortgage lender on our list provides customer service via telephone, email or secure online messaging. We also opted for lenders with an online resource hub or advice center to help you educate yourself about the personal loan process and your finances.
• Minimum down payment: Although minimum down payment amounts depend on the type of loan a borrower applies for, we noted lenders that offer additional specialty loans that come with a lower minimum down payment amount. 

After reviewing the above features, we sorted our recommendations by best for overall financing needs, quick closing timeline, lower interest rates and flexible terms.

Note that the rates and fee structures advertised for mortgages are subject to fluctuate in accordance with the Federal Reserve rate. However, once you accept your mortgage agreement, a fixed-rate APR will guarantee your interest rate and monthly payment will remain consistent throughout the entire term of the loan, unless you choose to refinance your mortgage at a later date for a potentially lower APR. Your APR, monthly payment and loan amount depend on your credit history, creditworthiness, debt-to-income ratio and the desired loan term. To take out a mortgage, lenders will conduct a hard credit inquiry and request a full application, which could require proof of income, identity verification, proof of address and more.

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