Quorum Federal Credit Union: 2021 Home Equity Review

Courtesy of Quorum

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With only a handful of branches, Quorum Federal Credit Union offers online banking, a mobile app (with over 4,000 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 named one of the best credit unions in the U.S. for 2021 by Bankrate.

If you’re a Quorum member, one of its two HELOC products may be a great fit for you, especially if you already have a Quorum checking account or CD, because it may get you a rate discount.

Quorum Federal Credit Union snapshot

Loan types offered HELOC
APR range 3.95% to 18% (with discounts)
Loan amount range $10,000 to $500,000
Minimum credit score required Not specified
Repayment terms 10-year draw period with 20-year repayment period or 5-year draw period with 10-year repayment period
Average time to approval Not specified


Quorum advertises a few distinct benefits, including:

  • Great discounts: 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 0.50 percent rate discount with $50,000 or more in a Quorum CD.
  • No prepayment penalty: You won’t be charged a fee if you pay off the principal on your HELOC before the end of your loan period.
  • 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 some drawbacks, including:

  • Not available in Texas: If your property is in Texas, you’re not eligible for any of Quorum’s home equity products.
  • Closing costs: The borrower is responsible for closing costs on all Quorum home equity products.
  • Application fee: Quorum’s HELOC application fee is $495; many lenders don’t have this charge.

Types of fees charged

Quorum home equity borrowers are responsible for closing costs, as well as a $495 application fee. There are no annual fees or termination fees.

Fees for appraisal and late payments vary, and there are several fees for documents and for services such as making loan payments via automated telephone service. Mortgage tax may apply in some states.

Loan products offered

In addition to mortgage products, Quorum offers two HELOCs: the Interest-Only RealtyLine and the Investment Property HELOC. The differences between the products are the type of property they cover, the minimum APR, the amount you can borrow and the repayment schedule.

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

These HELOCs also offer relationship discounts. 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 0.50 percent rate discount. For both discounts, you must meet the requirements when you originate your HELOC and for the life of your loan.

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.

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, condo or townhouse. This product has a five-year draw period when you make interest-only payments and a 10-year repayment period when you repay principal and interest. Rates start as low as 4.95 percent APR.

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 need 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 the combined loan-to-value, or CLTV, which is how much equity you are borrowing versus the value of your home.

How to get started

To apply for a Quorum HELOC, 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 from 8:30 a.m. to 7 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 4.0
Availability 4.0
Affordability 3.6
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.

Written by
Diane Costagliola
Contributing writer
Diane Costagliola is a contributing writer for Bankrate. Diane writes about homebuying, loans and personal finance.
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