Achieve Loans vs. PNC Bank HELOC compared

The equity in your home could offer a flexible way to borrow for a big goal, and you have more than one option for how to do it. A home equity line of credit (HELOC) enables you to tap into your home equity to fund a variety of goals.

An Achieve Loans HELOC and a PNC Choice HELOC are both options for turning home equity into financing. But these HELOCs have a few key differences in how they work. Achieve Loans offers a fixed-rate HELOC from the start, while PNC offers a Choice HELOC with a variable rate that can be locked or unlocked for a fee.

This comparison of Achieve Loans vs. PNC HELOCs should help you compare these two lenders on rates, eligibility, funding speed, account requirements, and access. 

Achieve Loans HELOC at a glance

An Achieve Loans HELOC offers a fixed rate, so the interest rate doesn't change during the life of the loan. This gives borrowers better predictability for how much their loan will cost and how much they can expect to pay each month. 

The Achieve Loans HELOC has a five-year draw period and 10-, 15-, 20-, and 30-year term options. Credit limits can go up to $700,000 based on your qualifications. 

With Achieve Loans, there are no prepayment penalty fees. Achieve Loans also offers rate discounts for qualifying borrowers who have a debt-to-income ratio (DTI) of less than 15% and who enroll in automatic payments. You can start the process of applying for an Achieve Loans HELOC online or speak with a Mortgage Advisor. 

PNC Bank HELOC at a glance

PNC HELOC reviews often highlight the flexibility of PNC’s Choice HELOC, which starts with a variable rate and lets you lock all or part of a qualifying balance into a fixed-rate part during the draw period. The minimum amount for a fixed-rate part is $5,000, and there is a fee to lock or unlock your rate. 

PNC says its Choice HELOC offers credit lines up to $1 million, subject to qualification and other requirements. PNC's Choice HELOC also offers a 0.25% rate discount when you set up and maintain automatic payments from a qualifying PNC checking account. Availability varies by location, and PNC currently does not offer its HELOC in Alaska, Hawaii, Louisiana, Mississippi, Nevada, and South Dakota.

Rates and fixed-rate options

When comparing Achieve Loans HELOC rates with PNC HELOC rates, the biggest difference is the rate structure. An Achieve Loans HELOC is fixed-rate, while PNC's Choice HELOC has a variable rate unless you pay to lock your rate on eligible draws.

These are two quite different approaches for how to borrow with a HELOC, and each has some advantages. With Achieve Loans, you get rate certainty from the start. You know what your fixed interest rate will be; you know that it won’t change for the life of your loan. 

With PNC, you can keep a balance variable or lock qualifying portions at a fixed rate as your needs change. PNC says a $100 fee applies when you lock or unlock a balance after your first draw.

Qualification and account requirements

Achieve Loans evaluates your application based on factors including your credit, income, home value, debt-to-income ratio (DTI), and other financial information. Achieve Loans also considers your combined loan-to-value ratio (CLTV) when reviewing your application. Maximum CLTVs for Achieve Loans HELOCs range from 75% to 90%.

PNC evaluates the same types of factors, but has different ranges for what it accepts. Its current product page says maximum LTVs generally range from 79.9% to 89.9%, depending on factors such as lien position, property location, and loan type. PNC limits Texas Choice HELOCs to 80% CLTV.

Funding speed, branch access, and experience

Achieve Loans HELOC reviews often highlight the online-first application experience. With Achieve Loans, you could receive a loan decision in minutes, with application-to-funding in as fast as five days once you're approved. If you want to speak to a real person about your HELOC application, Achieve Loans also offers Mortgage Advisors to help you with the process. 

PNC combines online HELOC application tools with access to representatives by phone or help with applying in-person at a PNC bank branch. PNC also offers help by phone for HELOC applications submitted online. 

Which lender is right for you?

The choice between an Achieve Loans or PNC HELOC depends largely on how you want your rate and borrowing experience to work. 

Achieve Loans could appeal if you want a fixed rate from the start, a five-year draw period, and no early prepayment penalty fees.

PNC could appeal to you if you want a variable-rate HELOC with the ability to designate fixed-rate portions later or if you value having access to PNC’s banking network. 

You can check your options with an Achieve Loans HELOC through prequalification and receive a prequalification decision in as little as two minutes. 

Find out if you're eligible for an Achieve Loans HELOC and get an initial estimate.