Both Bank of America Mortgage and PNC Mortgage provide a comprehensive suite of mortgage products and services, catering to a wide range of borrowers. Bank of America excels in customer satisfaction and quick online pre-approval, making it a strong choice for first-time homebuyers and those seeking a user-friendly digital experience. PNC Mortgage, with its broader range of loan options including specialty products and USDA loans, is suitable for borrowers with unique needs or those preferring in-person service within its branch network. However, potential borrowers should carefully consider the mixed customer service reviews and compare interest rates to ensure the best fit for their individual circumstances.
| Attribute | Bank of America Mortgage | PNC Mortgage |
|---|---|---|
| Interest Rates | 30-year fixed: 6.750% (APR 6.954%), 15-year fixed: 5.750% (APR 6.109%), 5y/6m ARM variable: 6.375% (APR 7.061%) | Generally competitive, often near the industry average, especially for borrowers with good credit. PNC Bank's mortgage rates and APRs are below market average. Offers both fixed and adjustable-rate options. NerdWallet indicates that PNC's average interest rates are higher than other lenders. |
| Loan Options | Conventional, FHA, VA, jumbo mortgages, fixed-rate and adjustable-rate mortgages (ARMs). Does not offer USDA loans. | Conventional, FHA, VA, USDA, and jumbo loans. Specialty products like construction loans, renovation loans, lot loans, and medical professional loans. Refinancing options and HELOCs are also available. |
| Down Payment Requirements | Down payments can start as low as 3% for conventional loans and 3.5% for FHA loans. VA loans may not require a down payment. Affordable Loan Solution mortgage offers a down payment as low as 3% (income limits apply). | Flexible down payment options. Some programs, like the PNC Community Loan, allow down payments as low as 3% and accept gift funds. VA and USDA loans may have no down payment requirements. |
| Closing Costs | Typically range from 3% to 5% of the loan amount. America's Home Grant provides up to $7,500 towards closing costs. | Typically range from 3% to 5% of the loan amount. These costs can include origination fees, settlement services, property insurance prepayment, interest prepayment, and escrow deposits. PNC also provides a closing cost calculator. |
| Loan Origination Fees | Vary. Preferred Rewards members may qualify for discounts ranging from $200 to $600. | Average origination costs. Origination fees are charged by PNC for processing the mortgage loan application and underwriting it. |
| Prepayment Penalties | Not specified | Not specified in the provided documents. |
| Customer Service Reputation | Scores above average on general trust indexes and received well above the industry average in J.D. Power's 2024 U.S. Mortgage Origination Satisfaction Study. Some reviews mention long customer service wait times and documentation issues. | Mixed customer service reviews. While they have an A+ rating from the Better Business Bureau, some sites show lower customer service ratings and a higher number of complaints to the CFPB compared to other lenders. |
| Online Application Process | Fast online preapproval and digital loan application process. Existing customers can link their accounts. Home Loan Navigator available to track loan status. | Offers an online application process and online preapprovals, often within 24 hours. They provide digital tools like the Home Insight Planner and application tracker. Uses Home Insight Tracker to upload documents and track the process. |
| Approval Speed | Online preapproval can take just minutes. | Offers quick online preapprovals, often within 24 hours, and issues conditional approvals within 3-5 business days. |
| Refinancing Options | Rate-and-term and cash-out refinancing options. | Provides various refinancing options, including rate-and-term and cash-out refinances. In the past, refinance loans made up a majority of PNC Mortgage loans. |
| Geographic Availability | Licensed to lend in all 50 states. | Licensed to originate loans in all 50 states and Washington, D.C. Has branch locations scattered throughout 29 states and Washington, D.C. |
| Minimum Credit Score Requirement | 620 for conventional loans, 580 for FHA loans. Best rates and terms for borrowers with credit scores of at least 740. | To qualify for a conventional loan, you generally need a credit score of at least 620. FHA loans may be available to borrowers with scores as low as 580. For the best rates and a conventional loan, PNC will likely look for a credit score of around 740 or higher. |