Fund your dreams with a Home Equity Line of Credit from Quorum.

home-equity-line-of-credit

Planning for a big home renovation? Buying a new property? Need to fund your child's college education?

 

Whatever your goals may be, a home equity line of credit (HELOC) from Quorum can help you get there. Check out our new (even lower) HELOC rates!

Interest-Only RealtyLine Plus

This limited-time offer is our market-leading HELOC and features an introductory rate of 3.95% APR*.

 

Borrow up to 80% of your home's equity and enjoy affordable, interest-only payments for 10 years. You're free to use the money any way you choose—even help fund the down payment on a new home by getting this HELOC along with a Quorum mortgage!  

 

Here are some of the benefits you'll enjoy:
 

  • Interest Rate: Introductory rate at 3.95% APR* for the first 12 months
  • Maximum Credit Line: Up to 250,000 (for well-qualified borrowers)
  • Draw Period: 10 years
  • Repayment Period: Interest-only payments during the 10-year draw period; principal and interest payments during the 20-year repayment period 
  • Floor Rate: 3.95%
  • Rate Cap: 18.00%; 2.00% increase or decrease per year
  • Property Type: 1 Unit, Fee Simple, PUD, Condo, Townhouse​
 

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Interest-Only RealtyLine

If you’re looking to borrow more money, but still want the flexibility of interest-only payments during the 10-year draw period, our Interest-Only RealtyLine may be the product for you.

 

Borrow up to 95% of your home's equity, enjoy up to a $500,000 credit line, low rates and interest-only payments for 10 years. So go ahead! Start a business. Pay off credit card debt, or buy that cottage on the lake.

 

Here are some of the benefits you'll enjoy:
 

  • Interest Rate: As low as 4.99% APR*
  • Maximum Credit Line: Up to 500,000 (for well-qualified borrowers)
  • Draw Period: 10 years
  • Repayment Period: Interest-only payments during the 10-year draw period; principal and interest payments during the 20-year repayment period
  • Floor Rate: 3.95%
  • Rate Cap: 18.00%; 2.00% increase or decrease per year
  • Rate Discounts*:
    • 0.25% if you open a Checking Account and maintain a monthly balance of $5,000
    • 0.25% for an active Credit Card (min 5 purchase transactions/month)
    • 0.50% for $5,000+ in Certificate Account (any term)
  • Property Type: 1-4 Unit, Fee Simple, PUD, Condo, Townhouse​​

 

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Principal & Interest RealtyLine

If you're looking for a home equity line of credit that lets you borrow more from your equity, attack that principal, and comes with a longer draw period, we've got one for you.

 

Borrow up to 100% of your home's equity, enjoy up to a $500,000 credit line, and super low rates.

 

Here are some of the benefits you'll enjoy:
 

  • Interest Rate: As low as 5.00% APR*
  • Maximum Credit Line: Up to 500,000 (for well-qualified borrowers)
  • Draw Period: 15 years
  • Repayment Period: 20 years (principal and interest payments)
  • Floor Rate: 3.95%
  • Rate Cap: 18.00%; 2.00% increase or decrease per year
  • Property Type: 1-4 Unit, Fee Simple, PUD, Condo, Townhouse​
 

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Investment Property HELOC

A HELOC specially made for investment properties!

 

If you have an investment property or are planning on purchasing one, this line of credit is perfect for you! Our Investment Property HELOC allows you to borrow money against the equity of your investment property. You can use this HELOC to help you with purchasing another property, big renovations, and any other big-ticket items you may have on your list.  

 

Here are some of the benefits you'll enjoy:

  • Interest Rate: As low as 5.00% APR*
  • Maximum Credit Line: Up to $250,000 (well qualified borrowers) 
  • Draw Period: 5 years
  • Repayment period: Interest-only payments during the 5-year draw period; principal and interest payments during the 10-year repayment period
  • Floor Rate: 4.95%
  • Rate Cap: 18.00%; 2.00% increase or decrease per year
  • Rate Discounts*:
    • 0.25% if you open a Checking Account and maintain a monthly balance of $5,000
    • 0.25% for an active Credit Card (min 5 purchase transactions/month)
    • 0.50% for $5,000+ in Certificate Account (any term)
  • Property Type: Non-owner occupied 1-4 Unit, Fee Simple, PUD, Condo, Townhouse​
 

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MORE ABOUT HELOCs

 

What Is a Home Equity Line of Credit (HELOC)?

A HELOC is a line of credit, or amount of money a financial institution agrees to lend you, based on the equity you have in your home. This equity, or the difference between the fair market value of your home and the remaining balance you owe on your mortgage, serves as the collateral, or asset you offer the lender as security, in exchange for the HELOC.
 
Unlike a first mortgage, which provides a fixed-dollar amount to fund the initial purchase of a home, a HELOC, or second mortgage, helps current homeowners use the equity they have built in their home to fund other purchases via a flexible line of credit. When using a HELOC, you are under no obligation to take the maximum allowable loan amount.
 
For example, if you qualify for a $50,000 HELOC, but decide only to use $20,000 of these funds, you only pay interest on the borrowed amount, not the total. As you repay the balance of the HELOC, you replenish the amount of available credit you may access.
 
The way you spend the HELOC funds (accessed through specially-issued checks tied to your HELOC account) is entirely up to you. However, if used to finance home improvements, the interest you pay on the loan may be tax deductible (consult your tax advisor).
 
Continue reading this article to find out whether or not a HELOC is right for you. 
 
 

READ MORE

 


*Disclosures:

Interest-Only RealtyLine Plus Home Equity Line of Credit 

Rates and APR: The Introductory Annual Percentage Rate (APR) is 3.95% and applies for the first twelve months of the loan, whether or not funds have been advanced from your account during that time. This Introductory APR is in effect as of 7/18/19. Loans still within the twelve month introductory period will adjust after the introductory period ends. The rate, including the rate on any existing balance, will convert to the applicable APR thereafter, which is as low as 4.99% as of 10/31/19. The Floor Rate is 3.95%. Maximum APR is 18.00%. The APR is a variable rate, plus or minus a margin, and is based on the Prime rate (index - as published in The Wall Street Journal). The margin is determined based on credit history, loan amount, property usage, and combined loan-to-value (CLTV) ratio. Rate will not increase or decrease more than 2% annually. A home equity line-of-credit is secured by the member's home, and is available only for single family residence, 1 unit owner occupied, and condominiums, excluding co-ops. Minimum line-of-credit amount: $10,000. No draw required at closing. No application, annual, or termination fees; appraisal fee varies. No pre-payment penalty. Mortgage tax may apply in some states. This Home Equity Line-of-Credit is not available in TX. All loans are subject to credit approval.    
Other Discounts: The 0.10% discount on the Interest-Only RealtyLine Plus HELOC applies after the 12-month promotional period if you maintain eStatements.

 

Interest-Only RealtyLine Home Equity Line of Credit 

Rates and APR: The Annual Percentage Rate (APR) is as low as 4.99% as of 10/31/19. The Floor Rate is 3.95%. Maximum APR is 18.00%. The APR is a variable rate, plus or minus a margin, and is based on the Prime rate (index - as published in The Wall Street Journal). The margin is determined based on credit history, loan amount, property usage, and combined loan-to-value (CLTV) ratio. Rate will not increase or decrease more than 2% annually. A home equity line-of-credit is secured by the member's home, and is available only for single family residence, 2-4 unit owner occupied, and condominiums, excluding co-op's. Minimum line-of-credit amount: $10,000. No draw required at closing. No application, annual, or termination fees; appraisal fee varies. No pre-payment penalty. Mortgage tax may apply in some states. This Home Equity Line-of-Credit is not available in TX. All loans are subject to credit approval. 
Other Discounts: In order to qualify, the member would need to establish these account(s) prior to the loan closing.
 

Principal and Interest Realtyline Home Equity Line of Credit

Rates and APR: The Annual Percentage Rate (APR) is as low as 5.00% as of 10/31/19. The Floor Rate is 3.95%. Maximum APR is 18.00%. The APR is a variable rate, plus or minus a margin, and is based on the Prime rate (index - as published in The Wall Street Journal). The margin is determined based on credit history, loan amount, property usage, and combined loan-to-value (CLTV) ratio. Rate will not increase or decrease more than 2% annually. A home equity line-of-credit is secured by the member's home, and is available only for single family residence, 2-4 unit owner occupied, and condominiums, excluding co-op's. Minimum line-of-credit amount: $10,000. No draw required at closing. No application, annual, or termination fees; appraisal fee varies. No pre-payment penalty. Mortgage tax may apply in some states. This Home Equity Line-of-Credit is not available in TX. All loans are subject to credit approval.   
Other Discounts: In order to qualify, the member would need to establish these account(s) prior to the loan closing.
 

Investment Property Interest-Only Home Equity Line of Credit

Rates and APR: The Annual Percentage Rate (APR) is as low as 5.00% as of  10/31/19. The Floor Rate is 4.95%. Maximum APR is 18.00%. The APR is a variable rate, plus or minus a margin, and is based on the Prime rate (index - as published in The Wall Street Journal). The margin is determined based on credit history, loan amount and combined loan-to-value (CLTV) ratio. Rate will not increase or decrease more than 2% annually. A home equity line-of-credit is secured by the member's home, and is available only for 1-4 family residential properties and condominiums, excluding co-op's. Minimum line-of-credit amount: $10,000. No draw required at closing. No application or termination fees; appraisal fee varies. No pre-payment penalty. Mortgage tax may apply in some states. This Home Equity Line-of-Credit is not available in TX. All loans are subject to credit approval.

Other Discounts: In order to qualify, the member would need to establish these account(s) prior to the loan closing.