Making Mortgage Payments Stress-Free With PNC Bank

Paying the mortgage can be one of the most stressful parts of homeownership. With so many payments to keep track of and due dates to remember, it’s easy to feel overwhelmed. But your mortgage lender can make all the difference. At PNC Bank, we make paying your mortgage simple and convenient.

Understanding Your Mortgage Payment

Your monthly mortgage payment goes toward several costs associated with your home loan. Here’s a quick breakdown:

• Principal This covers the amount you actually borrowed to purchase your home. Your payments slowly pay down the principal over the full term of your loan

• Interest Since mortgage lenders loan you hundreds of thousands of dollars to buy your home, they charge interest on the loan. This is how they make money.

• Property taxes: Part of your payment goes into an escrow account to pay your annual property taxes.

• Homeowners insurance: Your lender also keeps money in escrow to pay your homeowners insurance premiums when they are due.

So in short, your monthly payment covers the actual loan itself plus the taxes and insurance on your property.

Setting Up Payment With PNC Bank

PNC Bank offers flexible payment options to fit your needs and budget. Here are some of the ways you can pay your mortgage with us:

Online

The easiest way to pay is through our online mortgage portal. Simply log into your PNC account anytime and schedule a payment. You can set up automatic monthly payments as well.

By Phone

Call 1-855-588-3607 to speak with one of our mortgage specialists. They can take your payment info over the phone or help with any account questions.

By Mail

If you prefer to mail checks, send them to:

PNC BankPO Box 1820Dayton, OH 45401-1820

Be sure to include your 10-digit account number on the check so we apply funds to the proper mortgage.

In Person

Visit any PNC Bank branch near you to make a payment in person. Over 2,900 branches nationwide provide convenient access.

Money Transfer

Apps like Zelle allow you to instantly transfer funds to pay your mortgage. Add PNC as the payee in Zelle using our email address [email protected].

Payment Options With PNC

In addition to multiple ways to pay your mortgage, PNC Bank offers choices in how you can pay each month:

Fixed Payments

The standard option is making the same principal and interest payment each month over the full loan term. This allows you to budget a predictable amount.

Interest-Only Payments

For the first 5-10 years, you only pay the monthly interest charges and don’t pay down the principal. This offers lower payments at first.

Balloon Payments

Here you make generally lower payments for a set number of years, then owe the entire remaining balance in one final “balloon” payment.

Biweekly Payments

Divide your monthly payment in half and pay every two weeks. This adds up to an extra monthly payment each year, helping you pay the loan faster.

PNC mortgage specialists can explain the pros and cons of each option to help you pick the best payment method.

What Happens If You Miss a Mortgage Payment?

It’s understandable that you might miss making the occasional payment. Various circumstances can make it difficult to pay bills some months. Here’s a quick look at what happens if you miss a mortgage payment:

30 Days Late

• Late fees around 5% of the monthly payment
• Interest charges still accruing
• Credit score starts decreasing
• Collection calls from lender begin

60 Days Late

• Additional late fees added
• Reported to credit bureaus as delinquent
• Foreclosure process can begin
• Credit score drops significantly

90 Days Late

• Loan defaulted to serious delinquency
• Foreclosure proceedings ramp up
• Notice of default issued
• Credit score plummets further

As you can see, the consequences escalate quickly when payments are missed. Be sure to contact PNC right away if you anticipate difficulty making payments so we can discuss assistance options. The sooner we know, the more we can help prevent further impacts.

Assistance Options With PNC

If your financial situation changes and mortgage payments become difficult, know that PNC offers customized assistance options. Here are some examples:

Payment Deferrals

We may be able to pause payments for a short period, adding the missed amounts to the end of the loan. This provides temporary relief.

Loan Modifications

We can restructure the loan terms to make payments more affordable, which often involves extending the repayment period.

Partial Claims

If you have an FHA-insured loan, we may cover missed payments with a no-interest loan that doesn’t need repayment until you sell the home or refinance.

Short Sales

As a last resort, we can allow you to sell the home for less than you owe and forgive the remaining mortgage balance. This avoids foreclosure.

Our team will fully assess your situation and present you with tailored solutions to get your payments back on track. The key is contacting us right away so we can take action before challenges compound further.

Tips For Avoiding Missed Payments

While assistance options provide a safety net if you struggle paying your mortgage, it’s always preferable to avoid delinquencies in the first place. Here are handy tips:

• Sign up for automatic payments so you never forget when bills are due
• Review payment dates often so you remember when funds will be withdrawn
• Set payment alerts through online banking to receive notices
• Build an emergency fund with at least 6 months of expenses as a buffer
• Prioritize mortgage payments in your budget since non-payment has severe consequences
• Be proactive with lender communication to get ahead of emerging issues

Making mortgage payments on time takes some planning and discipline. But doing so protects your credit, home equity, and peace of mind.

Why Choose PNC For Your Mortgage?

As one of the largest lenders in the U.S., PNC Bank has extensive mortgage options combined with excellent customer service. Here’s what sets us apart:

Online Resources

Our online mortgage portal provides account access 24/7. View statements, make payments, check due dates, and manage your loan fully online.

Personal Assistance

Contact our U.S.-based call centers anytime to speak with real mortgage experts ready to help you. No offshore outsourcing here!

Quick Preapprovals

Our online application takes just minutes to complete. Find out your estimated rates and loan amount swiftly.

Flexible Terms

We offer fixed and adjustable-rate mortgages across a wide spectrum of loan amounts, credit scores, and property types.

Streamlined Process

Our approvals occur in days not weeks thanks to efficient underwriting. We get you to closing quickly.

Local Knowledge

With branches coast to coast, our mortgage specialists understand regional real estate markets.

For a mortgage experience that’s fast, friendly, and headache-free, choose PNC Bank. Our solutions make home financing easier and payments stress-free. Contact us today to start the conversation!