Home Equity Loans

home-equity-line-of-credit

Whether you’re looking to purchase a vacation home, sending your child off to college, or remodeling your kitchen, we can help fund your projects with our market-leading Home Equity Lines of Credit (HELOC). With Quorum's customized solutions and knowledgeable loan experts, you'll get the financing power to get your big projects done, without having to use all of your hard-earned savings.

Interest-Only RealtyLine

Borrow up to 95% of your appraised property value at top-of-market rates.

 

Product Features:

 

  • Interest Rate: As low as 5.49% APR
  • Credit line: $10,000 minimum; up to $500,000 maximum credit line for well qualified borrowers
  • Draw Period: 10 years
  • Repayment period: 20 years
  • Payment: Monthly interest-only payments (during draw period); principal and interest payments are based on a 20-year amortization
  • Floor Rate: 3.95%
  • Rate Cap: 2% increase or decrease per year
  • Property Type: Primary residence preferred; one-unit single family/condos

 

Fees

 

  • $495 Origination Fee
  • Closing Agent/Settlement Fees, Recording Fees
  • Mortgage/Transfer Tax, Government Fees (if applicable)
  • Fees are due at closing and debited from the HELOC

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Investment Property Interest-Only HELOC

Borrow up to 80% of your appraised property value at top-of-market rates.

 

Product Features:

 

  • Interest Rate: As low as 6.25% APR
  • Credit line: $10,000 minimum; up to $250,000 maximum credit line for well qualified borrowers
  • Draw Period: 5 years
  • Repayment period: 10 years
  • Payment: Monthly interest-only payments (during draw period); principal and interest payments are based on a 10-year amortization
  • Floor Rate: 4.95%
  • Rate Cap: 2% increase or decrease per year
  • Property Type: 1-4 Unit, Fee Simple, PUD, Condo, Townhouse​

 

Fees:

 

  • $795 Origination Fee
  • 1 Point Origination Fee (based on credit limit)
  • Closing Agent/Settlement Fees, Recording Fees
  • Mortgage/Transfer Tax, Government Fees (if applicable)
  • Fees are due at closing and debited from the HELOC
  • $100 annual servicing fee (billed on the anniversary year)

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RealtyLine

Enjoy revolving credit lines starting at $10,000 with market-leading low rates, no application fees, no prepayment penalties, and a 0.10% rate discount if you maintain eStatements!

 

Product Features:

 

  • Interest Rate: As low as 5.50% APR
  • Credit line: $10,000 minimum
  • Draw Period: 15 years
  • Repayment period: 20 years
  • Payment: Monthly principal and interest payments based on a 20-year amortization
  • Floor Rate: 4.95%
  • Rate Cap: 2% increase or decrease per year
  • Property Type: 1-4 Unit, Fee Simple, PUD, Condo, Townhouse​

APPLY ONLINE

 

A Few Things You Should Know:

Interest-Only RealtyLine Line of Credit

Rates and APR: The Annual Percentage Rate (APR) is as low as 5.49% as of  9/28/18. 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) plus a margin. 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, closing, 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.  
 
Fees: Fees are due at closing and debited from the HELOC. Additional fees for standalone second mortgages, including appraisal, flood, and title report, will be passed to the customer.

 

Investment Property Interest Only Home Equity Line of Credit

Rates and APR: The Annual Percentage Rate (APR) is as low as 6.25% as of  9/281/18. 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) plus a margin. 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.  
 
Fees: Fees are due at closing and debited from the HELOC. Additional fees for standalone second mortgages, including appraisal, flood, and title report, will be passed to the customer.
 

Realtyline Home Equity Line of Credit

Rates and APR: The Annual Percentage Rate (APR) is as low as 5.50% as of  9/28/18. 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) plus a margin. 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, closing, 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.  
 
Fees: Fees are due at closing and debited from the HELOC. Additional fees for standalone second mortgages, including appraisal, flood, and title report, will be passed to the customer.