By the end of 2017, PNC Mortgage already had a loan portfolio of $220 billion, making it one of the largest originators and servicers of residential mortgage in the United States. A major bank and financial services company, it offers a wide range of services across 19 states and the District of Columbia, with more than 2,459 branches and over 9,051 ATMs.
PNC Mortgage Payment
Closing might be an end of the tedious homebuying process, but it is just the beginning of your life as a homeowner. The most important among your new responsibilities is your monthly payment, which you must make before the due date, or at least before the grace period allowed.
PNC generally offers 15 days grace period for its customer. Here are few options that can help you pay on time and avoid a late payment.
Online Banking payment method
It is often convenient to have a checking or savings account with the bank that has funded you to buy your home. You can simply login to PNC online banking and sign in to your account to pay your mortgages. Moreover, you can set up automated recurring payments and just forget about your monthly mortgage payments.
SpeedPay refers to an online payment service that is unique to PNC Bank. You do not have to make payments on the same date each month, which may suit the best for people with irregular income. Speedpay is not free and may cost you $7 per transaction. Call at phone number 1-877-429-4129 for SpeedPay payment.
Since it is an online payment service, you need to log in using your loan number, property city and the last four digits of your Social Security Number to use it. You may call customer service phone number to troubleshoot any login issues.
Postal Mail (Payment Address)
You can use the following mailing address to send your check or money order. Customers have to conform at customer care for overnight payment address: PNC Mortgage Attn: Payment Services
P.O. Box 1820 Dayton, OH 45401-1820
Don’t forget to write your loan number on the check or money order.
Electronic Funds Transfer (EFT)
It is a free service that allows you to make payments from any account of any bank. You do it online and there is no need to worry for anything because everything is automatic. Moreover, you can find this method easy to make extra payments and pay off your mortgage faster.
Types of Mortgage Options at PNC
You must talk to a loan officer to discuss your financial situation and seek suggestions for an appropriate loan option. Here are few general guidelines.
Fixed Rate Mortgage
If you have no plan to change your job in near future, you are likely to live in your home for a long time. A fixed-rate mortgage can be the best option if you are sure of a regular income that is always rising. With PNC, your down payment requirements may be as low as 3% of purchase price.
Adjustable Rate Mortgage
If you foresee a future where you may have to change your job, and even city, in a matter of few years, then you would probably need an adjustable-rate mortgage, which typically comes with lower interest rates in the initial few years.
If your home costs more than $417,000 (but less than $3 million), then you need a Jumbo loan, which comes with fixed rate, adjustable rate and interest-only payment options. The loan terms can usually vary between 8 and 30 years.
FHA loans come with lower down payments, but higher overall cost. You may have to settle for a tradeoff between these two depending on your financial circumstances. While the normal FHA loan may allow you to pay down as low as 3.5% with an assistance of up to 6% of purchase price toward closing costs, the FHA 203K Loan can help you get up to $35,000 additionally for non-structural home improvements.
First time home buyers with not enough savings for down payment can obtain a first and second mortgage package from PNC. Borrowers need to put down only 10% to get additional finance for meeting the usual down payment requirement, eliminating the need of private mortgage insurance (PMI) and lowering the monthly payment.
Besides, PNC Bank has to offer VA Loans and a few specialized loans for individuals meeting certain criteria, such as medical professionals or borrowers wishing to buy homes in a specifically designated rural area.
PNC Mortgage Customer Service Phone Number
The following are some of the ways to contact customer support department.
Loan Origination Customer Support
You can call the Home Lending Center at 1-877-508-3339 to talk to a local loan officer and discuss about your mortgage options. You can get started with your application, choosing your loan option and submitting all necessary documents. For assistance after you have applied at PNC, you can dial 1-877-762-4685 or seek online help to track and update your application.
Loan Servicing Department Contact
You can contact customer care center at (800) 822-5626, which you can use for all general queries, including PMI or other insurance, tax, principal reduction modification, escrow, loan assumption and monthly payments.
Payoff Department Phone Number
You can request a payoff statement by dialing 877-729-6337 or filling out a short request form online. PNC can also offer payoff information via fax.
Mortgagee Clause Phone Number and Address
You can change your insurance companies, but you need to notify the bank about the same. The fax number to send your documents is 937-324-7101. You can also mail to the following (insurance department or mortgagee clause).
PNC Bank, N.A., ISAOA ATIMA, P.O. Box 7433
Springfield, OH 45501
Foreclosure and Payment Delinquency
If you are facing financial hardship, you must seek mortgage help by speaking to a home loan assistance representative. Just call 1-800-523-8654 and you may be able to avoid foreclosure.
Wikipedia Details of PNC Mortgage