Quorum Federal Credit Union: 2020 Home Equity Review

Quorum bank logo

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With only a handful of branches, Quorum offers online banking, a mobile app (with over 3,000 reviews on the Apple App Store and a 4.8-star rating) and a huge network of ATMs — over 90,000 across the country.

As a credit union, Quorum prides itself on offering products that focus on the needs of its members. Its motto is “Banking that’s good. For you.” Quorum Federal Credit Union was also ranked by Bankrate as one of the best credit unions in the U.S. for 2020.

If you’re a Quorum member, one of its two home equity products may be a great fit for you. That’s especially true if you’re already using a Quorum checking account, or CD, as both will result in getting a discount on certain home equity products.

Quorum Federal Credit Union snapshot

Loan types offered HELOC
APR range Starting at 3.95%
Loan amount range $10,000 to $500,000
Minimum credit score required Not specified
Repayment terms 5- to 10-year draw period with 10- to 20-year repayment period
Average time to approval Not specified


Quorum advertises a few distinct benefits, including:

  • Great discounts: If you’re a Quorum member with a $5,000 minimum balance in your checking account or $50,000 or more in a CD, there are a number of rate discounts you can get on your HELOC.
  • Few fees: With Quorum, there are no application or annual fees if the HELOC is for your primary residence, though there is a $495 origination fee.
  • No prepayment penalty: If you can afford to pay off the principal on your HELOC before the end of your loan period, you will not be charged a fee.
  • Online application: For all of Quorum’s home equity products, you can easily apply online.


Quorum is not the best fit for everyone. Its home equity products come with a few drawbacks, including:

  • Not available in Texas: If your property is in Texas, you’re not eligible to apply for any of Quorum’s home equity products.
  • Closing costs: With all of Quorum’s home equity products, the borrower is responsible for closing costs.

Types of fees charged

There are no application, annual or termination fees on Quorum’s home equity products. But borrowers are responsible for all closing costs, as well as a $495 origination fee. Appraisal fees vary, and mortgage tax may apply in some states

For both HELOCs, the rate cap is 18 percent. The APR is a variable rate, plus or minus a margin, and is based on the Wall Street Journal prime rate index. The rate will not increase or decrease more than 2 percent annually.

Loan products offered

In addition to mortgage products, Quorum offers two HELOCs: the Interest-Only RealityLine and the Investment Property HELOC.

The difference between the products is the APR rate, the amount you can borrow and the repayment schedule.

Interest-Only RealtyLine HELOC

Quorum’s Interest-Only RealtyLine HELOC starts at 3.95 percent APR. You can borrow up to 95 percent of your home’s equity with a credit line up to $500,000. This HELOC also has a 10-year interest-only draw period followed by a 20-year principal and interest repayment schedule.

This product also has a number of relationship discounts. At the time of origination, if you have a checking account with a minimum balance of $5,000 and maintain that monthly balance, you get a 0.25 percent discount. If you have a Quorum CD with at least $50,000, you can get an additional 0.50 percent discount.

Investment Property HELOC

Quorum’s Investment Property HELOC allows you to borrow up to $250,000 on your non-owner-occupied single- to four-family home or condo. This product has a five-year draw period where you make only interest payments and a 10-year repayment period for principal and interest. Rates start as low as 4.95 percent APR.

This HELOC has the same relationship discounts as the Interest-Only RealtyLine: 0.25 percent if you have a Quorum checking account with a minimum balance of $5,000 and 0.5 percent if you have a Quorum CD with at least $50,000.

Unlike with the other HELOC, however, you may be charged an annual fee.

How to qualify for a home equity loan with Quorum

To qualify for a Quorum HELOC, you must be a member of the credit union. Quorum does not disclose a minimum credit score on its website, but you’ll likely have to have a credit score of at least 680.

All loans are subject to approval, and your APR will depend on credit history, loan amount, property usage and how much of your home equity you are borrowing against.

How to get started

To apply for any one of Quorom’s home equity products, you can fill out an online application after logging into your online banking account. Not a member? You can apply for membership on the website and then get started on the HELOC application.

Quorum’s Member Service team can be reached by an email form on the website or by phone at 800-874-5544, Monday through Friday, 8:30 a.m. to 7:00 p.m. ET. In addition to product information, a membership application and an ATM finder, the Quorum website features a Learning Hub with helpful articles, how-to guides on using the mobile app, budgeting tools and more.

How Bankrate rates Quorum Federal Credit Union

Overall Score 4.1
Availability 4.0
Affordability 4.3
Customer Experience 4.0

Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.