PNC Home Equity Loans

This company SUCKS.
Our mortgage was sold to them by our previous mortgage holders. It made sense that when we needed a home equity line of credit that we would go to the same company as owned our mortgage. We made the call and after a few questions, we were told we would qualify for the next step which is to submit our information. We were assured that our chances of getting a line of credit were very good as we also knew. Our house is appraised at more than twice what we currently owe, our credit score is in the low 800's and both my husband and I have equitable jobs. After one and a half months, we were told that everything was going well but they questioned the fact that our driveway went through someone else's property. We laughingly informed them that it was our land, just separated into a different parcel. This began the most ridiculous and absurd part of this whole story.
PNC wanted us to give ourselves permission to drive over our own land...in writing...notarized. This is known, they informed us, as an easement. We did so, thinking this as stupid as it gets, but then, they proved they could be even more stupid than that.
They said our letter was not enough, we needed to send them the deed to the land (as if they could not ask the county registrar for this themselves.) We sent this along and they then said we had to put the easement on our deed.
We informed them that our mortgage is on 10 acres, we could easily just drive the other way through our yard. This was not good enough for them.
After three months. we are still waiting for them to make a decision on this. And no one, absolutely NO ONE has ever heard of this happening before. Not our lawyer, not the registrar of deeds or the appraiser of our county, nor anyone we have talked to.
The absolute stupidity of holding us back from an equity line of credit simply because our driveway goes through another part of OUR LAND!!! Mind you, they do not want us to add this parcel to the mortgage which we would not do! Also, mind you, they refinanced our mortgage without this being an issue.
PNC loan officers are obviously obsessed with their own power, to the point that they do not care about getting money for their company. They will certainly not get our money.

Over the last few decades, I have worked with different banks for mortgages and home equity loans. I gave PNC one star because I could not give them a -star.
PNC is by the worst bank I have ever worked with for a loan and that is a low bar. My credit rating is over 800 and I have 4x's more cash on hand than the equity loan I am requesting, yet I continue to get requests for documents I have already sent and the loan analysts tell me incorrect information. For example, I was told I had a lien on my property and they needed verification I had taken care of it. I have never been late on a payment or have a lien on my property and after researching it a person with a name the same as mine in the county but a different town and SS # had a lien on their property. The analyst had obviously missed those important points.

Next, I was told I was delinquent in paying my property taxes and to send my tax statement to them. I had sent them the tax statement a month before this request where it clearly shows I am up to date on my property taxes. Nonetheless, I sent them another statement and circled the text on the statement that obviously stated my paid status.

There are other examples but two should be adequate.

PNC keeps blaming the long approval process on COVID but other banks are not having this problem. Additionally, their lack of being able to analyze the documents, as pointed out above, sucks!! If you are thinking about getting any type of equity or mortgage loan with PNC my advice to you is RUN, RUN!!!

This is a useful way to do business and see what options are available for me while looking for options to buy a second home. I would recommend this to others

Stay away from this bank! I have a home equity loan. They cheat! If you have a minimum payment put in today (principal and Interest) and in 4 days a principal payment only, PNC will take interest out of that payment again ---not all of the total amount of principal you deposit will go to principal. This is financial rape!

PNC advertises 100% equity value loans. They denied my equity line based on home value, I was asking for less than 100% have 800 credit score, high income, low debt ratio. They wasted my time asking for documentation on my income when it really didn't matter. False advertising on their part don't waste your time with PNC heloc.

Great rate, easy application process, and quick closing. Great customer service and account management portal. Highly recommended.

PNC Bank has absolutely the worst loan service I have experienced in my liftetime. The loan officer, Stephen Hach, was terrible. We have a FICA score of 835, 3 homes (2 small mortgages, no other debts) & much more. For more than 4 months, I kept sending HUNDREDS of documents. Then he would ask for more. It would have been more helpful if he had said in the beginning that they did not want to make the loan. Finally got a better deal at another bank in ONE day without the need for any of the documents.

What ever you do don’t take out a home equity loan with PNC it’s a consumer biggest rip off. Loan amount in May was 51,000.00 pay over $3000. The loan is still at 51,276.00. This is the worst home equity loan ever!