Quorum Federal Credit Union: 2020 Home Equity Review

Quorum bank logo

Quorum Federal Credit Union was founded in 1934 as the credit union for employees of Kraft Foods (and its name only changed from Kraft Foods Federal Credit Union in 2005). Based in Purchase, New York, it is now the credit union to over 50 large companies including Kraft Heinz, Avon, Mastercard, Mondelēz International and Ogilvy with over 70,000 members living in all 50 states.

With just four 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. They currently have 120 employees.

As a credit union, Quorum prides itself on offering products that focus on the needs of its members. Their motto is “Banking that’s good. For you.”

“You’ll find friendly and knowledgeable representatives at Quorum, who want to understand your needs, walk you through all of your options, and ultimately help you find the best product for you, whether the feature you are looking for is low rates, interest-only payments, or a high credit line,” said Tyson Blackburn, VP of lending at Quorum Federal Credit Union. “Our experts are available seven days a week, and can also help you learn about becoming a member of our Credit Union, and the benefits of membership.”

Quorum Federal Credit Union was also ranked by Bankrate as one of the best credit unions in the U.S. for 2019.

Lender snapshot

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

  • HELOCs offered by Quorum include: Interest-Only RealtyLine Plus, Interest-Only RealtyLine, Principal and Interest RealtyLine, and Investment Property HELOC
  • Average borrower credit score is around 750, which is deemed “very good,” and the minimum credit score is 680, or “good”
  • No application, annual or termination fees on owner-occupied HELOCs (there is, however, a $495 origination fee, and for an investment property HELOC, there is also an annual fee of $100)
  • No repayment penalties
  • Borrowers pay all closing costs
  • Minimum loan amount on all HELOC products is $10,000
  • Quorum’s HELOCs are not available in Texas

Pros and cons


  • Great discounts: If you’re a Quorum member with a $5,000 minimum balance in your checking account, have a Quorum credit card that you use five times a month, or have a $5,000 or more CD, there are a number of rate discounts you can get on the Interest-Only RealtyLine product.
  • Few fees: With Quorum, there are no application or annual fees if the HELOC is for your primary residence, but there is a $495 origination fee.
  • No repayment 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 and get approved within 48 hours.


  • Fees on Investment Property HELOC: Unlike Quorum’s other home equity products, with their Investment Property HELOC you’ll pay a $100 annual service fee.
  • 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, you as the borrower are responsible for closing costs.

Mortgage products

Quorum offers four home equity products including one for investment properties. The three HELOCs for owner-occupied single-family to four-unit homes, share many similarities: no application, annual or termination fees; low APRs; a floor rate of 3.95 percent and a ceiling rate of 18 percent; and a number of discounts.

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

If you’re a Quorum member, all are good options if you want to use your home’s equity to renovate your kitchen, pay for your child’s education or pay off some high-interest debt.

“You don’t always need to tap into your savings and investments to fund a remodeling project, a vacation, or college costs,” said Blackburn. “We are empowering our members to borrow up to 95 percent of their home’s value with our home equity lines. We have a variety of options available nationwide (except in Texas) for primary residences, second homes, and most recently, for investment properties.”

Interest-Only RealtyLine Plus HELOC

With Quorum’s most popular product, you can borrow up to 80 percent of your home’s equity with a 10-year draw period where you’re responsible for interest-only payments. Both principal and interest payments are required in the 20-year prepayment period. Right now, this HELOC has an introductory APR of 3.95 percent for the first 12 months and the maximum amount that can be borrowed is $250,000. After your 12-month introductory rate is up, you can get a 0.10 percent discount for maintaining e-statements.

Interest-Only RealtyLine HELOC

Quorum’s Interest-Only RealtyLine HELOC lets you borrow more than the Plus HELOC, but it comes with a higher APR, recently starting at 5.49 percent. 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. You’ll receive a 0.10 percent rate discount if you maintain e-statements.

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 credit card and make a minimum of five transactions a month, you get another 0.25 percent discount. And if you have a Quorum CD with at least $5,000, you can get an additional 0.50 percent discount.

Principal and Interest RealtyLine HELOC

If you need to borrow even more of your home’s equity, or you’re hoping for a longer draw period, consider Quorum’s Principal and Interest RealtyLine HELOC. With this product, you can borrow up to 100 percent of your home’s equity with a maximum credit line amount of $500,000. The 15-year draw period gives you more time to access the money while only paying interest. The APR starts at 5.5 percent and you can get the 0.10 percent discount for maintaining e-statements.

Investment Property HELOC

Quorum’s Investment Property HELOC allows you to borrow a combined LTV of up to 80 percent 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 6 percent APR.

The minimum loan amount is $10,000 and the max amount is $250,000. And like Quorum’s other home equity products, there is a 0.10 percent e-statement discount. This HELOC also has the same great relationship discounts as the Interest-Only RealtyLine Plus: 0.25 percent if you have a Quorum checking account with a minimum balance of $5,000, 0.25 percent discount if you have a Quorum credit card and make a minimum of five transactions a month, and a 0.5 percent discount if you have a Quorum CD with at least $5,000.

Unlike the other home equity products, however, there is a $100 annual service fee. And the floor rate is 4.95 percent (as opposed to 3.95 percent with the other owner-occupied HELOC products).

Lender fees

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 the investment property HELOC, there’s a $100 annual service fee.

For all home equity products (with the exception of the HELOC for your investment property), the floor rate is 3.95 percent and the maximum APR 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. For the investment property HELOC, the floor rate is 4.95 percent.

For all products, the rate will not increase or decrease more than 2 percent annually.

Borrowing requirements

To qualify for a Quorum HELOC, you must be a member of the credit union. The minimum credit score requirement is 680. But, on average, Quorum borrowers have a credit score of around 750.

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 apply

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.

Loan approval response time is 48 hours and the typical closing is two to three weeks from loan approval, depending on how fast you send in certain required documents.

“In addition, prospective homebuyers may not be aware that they can close on a home equity line at the same time as a first mortgage, and use the additional cash to help cover their down payment and closing costs,” said Blackburn.

View home equity rates

Tap into the value you have in your home to get the funds you need.

Get started

Quorum’s Member Service team can reached by an email form on their website or by phone: 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 their mobile app, budgeting tools and more.

How Bankrate Rates Quorum Federal Credit Union

Overall Score 4.1
Availability 3.7
Affordability 4.2
Customer Experience 4.5

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.