Planning for a big home renovation? Buying a new property? Need to fund your child’s college education?
Whatever your big goals may be, a Quorum home equity line of credit can help you get there. Check out our highly-rated HELOC products!
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 3.95% 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
- 0.50% for $50,000+ in Certificate Account (any term)
- Property Type: 1-4 Unit, Fee Simple, PUD, Condo, Townhouse
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 4.95% 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
- 0.50% for $50,000+ in Certificate Account (any term)
- Property Type: Non-owner occupied 1-4 Unit, Fee Simple, PUD, Condo, Townhouse
HELOC RESOURCES
Manage Your HELOC Account Online
Did you know that Quorum offers a full service, online HELOC Loan Service Center? You can make payments, view your loan activity, download statements, and access other HELOC tools and resources online!
How to Make Loan Payments
Learn more about the different ways you can make a payment to your HELOC account.
Bankrate.com Gives Our Products a 4-Star Rating
For an unbiased and detailed review of our Home Equity Line of Credit products, read Bankrate’s “Quorum Federal Credit Union: Home Equity 2020 Review”
What Is a Home Equity Line of Credit (HELOC)?
If you’re a homeowner looking to finance a home-remodeling project, consolidate credit card debt, and/or pay for big-ticket purchases, you may want to weigh the benefits offered by a Home Equity Line of Credit, or 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. You may even use a HELOC to help with the downpayment on your new home (ask about simultaneous transactions). Continue reading this article to find out whether or not a HELOC is right for you.
*Disclosures:
Interest-Only RealtyLine Home Equity Line of Credit:
Rates and APR: The Annual Percentage Rate (APR) is as low as 3.95% as of 07/01/20. 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.
Rate discounts: Member must satisfy requirements at account opening and maintain them through the life of the loan to be eligible for the rate discounts.
Investment Property Interest-Only Home Equity Line of Credit
Rates and APR: The Annual Percentage Rate (APR) is as low as 4.95% as of 07/01/20. 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.
Rate discounts: Member must satisfy requirements at account opening and maintain them through the life of the loan to be eligible for the rate discounts.