Are you thinking of renovating your house or consolidating your debts? Check out our PNC HELOC review!

Discover the ins and outs of PNC HELOC, weigh its pros and cons, find out what credit score you need, and learn about potential tax benefits. Then read on and learn!

For starters, let’s understand how a HELOC works.

A Home Equity Line of Credit (HELOC) is a type of revolving credit that allows homeowners to borrow against the equity in their homes.

Equity is the amount of your home’s value you own outright, minus any outstanding mortgage payments.

With a HELOC, you can borrow up to a certain amount, which is determined based on the equity you have in your home.

HELOCs work similarly to credit cards. So, you can draw on the credit line as needed and only pay interest on the borrowed amount.

PNC HELOC offers several options to access your funds, including online banking, checks, and a card. Thus, you only pay interest on the amount you use.

This loan stands out because you can choose from a fixed or variable interest rate, and in many states, there’s no minimum draw.

However, there’s an annual fee.

Home renovations made for medical purposes or to install energy-efficient equipment can be eligible for tax deductions.

Also, you can get a 0.25% rate discount by setting up and maintaining automated payments from a qualifying PNC checking account.

Indeed, a PNC HELOC loan suits homeowners with sufficient home equity and a good credit score.

For example, the flexible nature of the loan can be an advantage and disadvantage, depending on your financial planning style.

So here are some pros and cons of a PNC HELOC loan:

Indeed, PNC does not disclose a specific credit score requirement, but a score of at least 680 is typically a  good start.

Further, review how to apply for PNC Heloc now! Thus, our post below shows you how. So keep reading and find out.