VERNON HILLS, Ill. - PNC Mortgage Corp. has introduced a new loan model featuring a 3% down payment, a fixed rate for the first 10 years of a 30-year year term, and fast preapproval. The loan, called Triple Play, is available at PNC Mortgage offices and by telephone.
"From a historical perspective, rates are still very affordable," said Walter C. Klein Jr., chairman and chief executive of PNC Mortgage.
"This product will help make homeownership more affordable, because it is a true 3% down payment product that is particularly beneficial to first-time and first-generation homebuyers because they seldom have access to the gift funds that are required for [other similar] products."
