Quorum Federal Credit Union: 2023 Home Equity Review
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At a glance
- Customer Experience
About Quorum Federal Credit Union
$10,000-$250,000 for interest-only RealtyLine HELOC
Min. credit score
10-year draw period with 20-year repayment term for interest-only RealtyLine HELOC
Funds available in
Quorum Federal Credit Union features
Here's a breakdown of some of the benefits and drawbacks of Quorum Federal Credit Union home equity loans.
Quorum Federal Credit Union overview
Quorum Federal Credit Union is an online banking institution that offers services across the U.S. The credit union offers two types of home equity lines of credit, or HELOCs: an interest-only “RealtyLine” for primary residences; and an investment property HELOC for non-owner occupied homes.
Quorum Federal Credit Union snapshot
|Home equity loan types||Home equity line of credit (HELOC)|
|Loan amounts||$10,000-$250,000 for interest-only RealtyLine HELOC|
|Credit score minimum||Undisclosed|
|Repayment terms||10-year draw period with 20-year repayment term for interest-only RealtyLine HELOC|
|Average time to approval||Undisclosed|
How Bankrate rates Quorum Federal Credit Union
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
- You can get a 0.25 percent rate discount If you maintain a minimum balance of $5,000 in a Quorum checking account, or a 0.5 percent rate discount with $50,000 or more in a Quorum CD.
- You won’t be charged a fee if you pay off the principal on your HELOC before the end of your term.
- You’ll be responsible for all closing costs, including an origination fee of $495.
- You won’t be able to get a HELOC with the credit union if you live in Texas.
Types of fees charged
Quorum Federal Credit Union charges a $495 origination fee on HELOCs, but there are no application fees, annual fees or early termination fees. You’ll also incur charges for an appraisal, document prep services and late payments, among other costs.
The HELOCs also come with relationship discounts, however. If you have a Quorum checking account and maintain a monthly balance of $5,000, you get a 0.25 percent rate discount. If you have a Quorum CD with at least $50,000 in it, you can get an additional 0.5 percent rate discount. For both discounts, you must meet the requirements when you originate your HELOC and for the life of your loan.
Home equity loan products offered
Quorum Federal Credit Union offers variable-rate HELOCs on both primary residences and investment properties. The differences between the two include the minimum APR, the amount you can borrow and the repayment schedule. The rate cap is 18 percent on both options.
For the interest-only RealtyLine (primary homes), you can borrow up to 80 percent of your equity, with a line limit of $250,000. This HELOC also has a 10-year interest-only draw period followed by a 20-year principal and interest repayment schedule.
How to qualify for a HELOC with Quorum Federal Credit Union
To qualify for a Quorum HELOC, you’ll need to become a member of the credit union. It counts employees of Avon, Mastercard, Mondelez International and Ogilvy among its members. You can fill out an application online to see if you’re eligible.
How to get started
Once you’ve established membership with Quorum, you can apply for a HELOC on the credit union’s website. If you need assistance, you can email the credit union or call 800-874-5544 Monday through Friday from 8:30 a.m. to 7 p.m. ET.