Second Lien HELOC

Unlock Equity Without Disrupting Your Low-Rate Mortgage

Tap into your home’s equity without effecting your low-rate mortgage with our Second Lien HELOC. Whether you’re looking to finance home improvements, consolidate debt, or cover unexpected expenses, our loan provides a cost-effective solution that gives you the financial flexibility you need. Keep your low-rate mortgage intact and access the equity in your home.

Not Ready? Speak to a Specialist!

Second Lien Heloc 3 Second Lien HELOC Dollar Dollar Bills

Quorum’s Second Lien HELOC Offers Financial Security

Our Second Lien HELOC is designed to give homeowners financial security. Tap into your home’s equity, without sacrificing your low-rate first mortgage. Whether you are looking for a debt consolidation solution, cover unexpected expenses, refinance your existing mortgage, or cashout to cover other expenses, our Second Lien HELOC will help you achieve financial stability.

Why Choose a Second Lien HELOC?

Learn how Quorum can guarantee that your financial commitments come with no unexpected surprises. Here are the key benefits of our Second Lien HELOC:

 

Second Lien HELOC

Rates as low as 7.25% APR

Secure a rate that offers you peace of mind and financial stability for the future.
Repayment Period For Low Payments

10-Year Draw & 20-Year Repayment

Access funds whenever needed, allowing you to manage your budget with a little more ease. 
Max Loan Amount

$750K Maximum Loan Amount

Access substantial financial resources with our loan offerings, designed to cater to a variety of needs.
Fico

640 Minimum FICO Score

Our commonsense approach to underwriting makes financing more attainable even if your credit score isn’t perfect.
Cltv

Up to 95% Combined Loan-to-Value Ratio

A CLTV ratio of up to 95% (available for select states) maximizes your borrowing potential, giving you the financial flexibility you want.
No Fees

No Mortgage Refinancing or PMI

Keep costs down by preserving your existing mortgage terms and avoiding the additional expense of PMI.

Apply for a Second Lien HELOC Today.

Our online loan application is seamless and easy. And, whenever you need assistance, our team is ready to help you explore your options.

HELOC Rate Discount Offer!

When you open a Quorum checking account with any of our HELOC products, you’ll get an additional 0.25% rate discount. Here’s what you’ll need to do:

STEP 1: Open any Quorum checking account.

STEP 2: Establish a minimum balance of $5,000 and satisfy the checking account requirements.

STEP 3: Let your mortgage representative know you’ve completed Steps 1 and 2 and we’ll adjust your rate!

Be sure to complete steps above before you close so you can get the rate discount!

An older man holds up a Quorum Debit Card.
Credit Cards 8

How to Apply for a Second Lien HELOC

Apply.

Use our easy, online application to apply for a Second Lien HELOC and upload required documents in one secure platform.

Close.

As soon as we’ve processed your application and have all your paperwork in order, we’ll set up your closing appointment

Access.

Shortly after closing, your funds will be available to use however you choose! You can access your cash online or via the Home Equity Loan checks you’ll receive in the mail.

Apply Now

What do I need to apply?

Quorum Membership: As with all credit unions, a membership is required to take advantage of our products and services. Our membership application will be a part of your loan application.

Personal Identification: Any government-issued ID, such as a driver’s license, state-issued ID, or passport to prove your identity.

Proof of Income: Documentation showing gross income, such as:

  • Recent pay stubs
  • W-2 forms
  • Bank statements
  • Tax returns
  • Bank or credit union account numbers
See More FAQs

Apply.

Log in to your account via online banking and use our easy, online application to apply for a Second Lien HELOC.

Close.

As soon as we’ve processed your application and have all your paperwork in order, we’ll set up your closing appointment

Access.

Shortly after closing, your funds will be available to use however you choose! You can access your cash online or via the Home Equity Loan checks you’ll receive in the mail.

What do I need to apply?

Personal Identification: Any government-issued ID, such as a driver’s license, state-issued ID, or passport to prove your identity.

Proof of Income: Documentation showing gross income, such as:

  • Recent pay stubs
  • W-2 forms
  • Bank statements
  • Tax returns
  • Bank or credit union account numbers
    See More FAQs

    What’s a Good Interest Rate on a HELOC?

    Compare Quorum’s Second Lien HELOC rates with the average interest rate! According to Bankrate, the average HELOC rate is 8.28% APR1, as of 1/22/25.

    Orange toy house sitting over coin stacks, illustrating the concept of increasing home value.

    Open a Quorum Second Lien HELOC Today.

    Ready to take the first step in financing your goals with a Second Lien HELOC from Quorum? Apply online to get started.

    Other Helpful Resources:

    Why Choose Quorum?

    Bankrate 2025 Top Credit Union: Quorum Federal CreditUnion

    One of the Best Credit Unions of 2025

    Bankrate

    2025 Cnet Us Cnet Best Of Logo 1

    The Best Credit Unions

    CNET

    CNN Underscored Best HELOC Lenders 2024

    The Best HELOC Lenders

    CNN Underscored

    The Best Savings Account of 2025 is Quorum's HighQ Savings - Bankrate

    Best Savings Account of 2025

    Bankrate

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    Best HELOC for Investors

    Bankrate

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    Best Credit Unions

    Business Insider

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    Best Credit Union for Widespread ATM Access

    Yahoo! Finance

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    Best Online Banks

    MarketWatch Guides

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    Best Credit Union Savings Accounts

    MarketWatch Guides

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    Best Overall Credit Union Savings Account

    CNBC

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    2023 Diamond Award Financial Education

    CUNA

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    Highly recommend.

    I applied for a HELOC. I am a mortgage professional and I have worked with many lenders over the years. Quorum was very efficient, sensible and a pleasure to work with. I highly recommend them.

    Dan F.

    Very competitive HELOC.

    Vinny and Jacqueline assisted my husband and I with a HELOC recently. My husband and I both work in the mortgage business, so needless to say, we are picky about the process, because we know how it should be! The process with them was flawless, the tech platform was user-friendly, communication was stellar and they offer a very competitive HELOC. We highly recommend them!

    Jennifer A.

    Straightforward and efficient.

    Just completed a HELOC with QFCU. Process was very straightforward and efficient. Christina and Nancy were excellent. Portal process for uploading and reviewing documents was a breeze.

    Steven G.

    Member Reviews

    CLOSE

    Put me at ease.

    Eddie was very professional and i appreciating the follow up call on my recent wire I was sending. This extra step of confirmation put me at ease to make sure that my money would not be stolen through wire fraud. Thank you.

    Shelly S.

    I will remain a loyal member due in part to the amazing customer support.

    My CS Agent Shelly was very professional, polite and knowledgeable. Her patience as we walked through how to resolve my issue was stellar. I have been a long-time customer of Quorum Federal Credit Union and I will remain a loyal member due in part to the amazing customer support through the years. She is another great example! Keep up the great work, Shelly.

    Rayshon D.

    What I needed to be done was completed in under 10 minutes.

    I phoned in to specify what term and APY I wanted for 2 IRA Term accounts that were about to mature. The Credit Union representative was courteous, knowledgeable and helpful. What I needed to be done was completed in under 10 minutes, and I am satisfied.

    John B.

    Have always gotten excellent service.

    I've been banking with this credit union for years, and have always gotten excellent service. Thank you for helping me with an error on my part and reversing fees for this longstanding customer!

    Barrianne B.

    Super helpful and friendly.

    The customer service and member services department are super helpful and friendly. Eddie helped me today: great personality and very patient.

    Suzie

    Been there over 20 years.

    Been there over twenty years. Good FCU.

    Vanessa K.

    Fraud on my debit card.

    The customer service person was very helpful and patient with me and did a wonderful job of guiding me with steps that needed to be taken to submit a dispute and closing my debit card. Thanks for such a wonderful experience with my issues ❤️.

    Virginia

    Exceptional customer service experience!

    I was assisted by a very knowledgeable representative named Bonnie. Bonnie answered questions I had not asked yet and informed me of actions that needed to be taken to implement a necessary life changing situation. If Bonnie could be cloned, it would be an exceptional customer service experience!

    Idella H.

    Very good service.

    Very good service.

    Bernard D.

    Quick and friendly.

    My husband and I have been with Quorum since the days of it being the Kraft Employee Credit Union. We have always had quick and friendly responses to all of our requests/issues. Through multiple life events, multiple moves, multiple loans, we have always maintained our accounts there and plan to for the future.

    Theresa P.

    Very helpful and understanding.

    It was nice talking with Eddy; he was very helpful and understanding with my needs, and it was very easy to fix what I needed; thank you, Quorum!

    Margarita G.

    Helped me through a tricky HELOC process.

    Eli Shereshovech was great. Helped me through a tricky HELOC process. You could tell he really went the extra mile to prioritize the customer.

    Chris C.

    Very pleasant and professional.

    Very pleasant and professional; answered all questions.

    Jo P.

    Excellent service.

    Excellent service.

    Abraham C.

    Your support was excellent.

    I had a problem with my debit card; your support was excellent.

    Eduardo L.

    I’ve been a member since 1978.

    I’ve been a member since 1978. Saving and checking, term accounts, car loans and mortgages all with great rates. Couldn’t be happier. Great service with a knowledgeable customer service team.

    Tim R.

    Very patient and kind.

    Very patient and kind with their help.

    Yvelisse B.

    Just Amazing People.

    Just a couple of days ago I called Quorum and the same gentleman, Kevin, helped me out with a little issue and took care of everything; just amazing people at this credit union. Thank you Kevin for your help!

    Kin F.

    A pleasure to get on the phone.

    Ebony is an excellent and very professional person. It is a pleasure to get her on the phone.

    Janene T.

    Member Service Team was really helpful in assisting me!

    We are back from a cruise tour in the U.S. and Canada. During our vacation, my debit card was blocked (nearly a financial disaster). I called Quorum and got great help, first from Kevin B. After telling him my story, he transferred me to the Fraud Department. Unfortunately, they could not help, as I had one important piece of personal information that was not available. I called Quorum again and got Ebony. Ebony did a super job; she called the Fraud Department and convinced them I'm not a debit card fraudster. Thank you very much for your time and tremendous help, Ebony. Last, but not least, a thank you to Savannah. Coming back from Canada to the U.S., I emailed Quorum asking for support for another debit card alert and Savannah took care of that. Overall, the Member Service Team was really helpful in assisting me!

    Klaus W

    Easy to fill out application!

    Straight to the point, easy to fill out application, and well put together!

    Melissa F.

    Awesome experience.

    Awesome experience working with Brianna and the team! Extremely helpful and went above and beyond.

    Tysen C.

    Professional and knowledgeable.

    Professional, knowledgeable, sympathetic; a quick and enjoyable experience calling Quorum today!

    James B.

    For security, I give them an A+.

    I have been with this Credit Union for 12 or 13 years. For security, I give them an A+. Customer service is very helpful. Happy customer 😁

    Rose E.

    Absolutely great customer service.

    Very helpful. Absolutely great customer service. Made my day.

    Rehan H.

    Best and most helpful in all my 15+ years with Quorum.

    Today’s assistance was the best and most helpful in all my 15+ years with Quorum Federal Credit Union.

    Carrie H.

    Very friendly and extremely professional.

    I just had a phone call to Quorum, talking to Bonnie. She helped me to activate my new debit card which I could not do myself from Germany. Bonnie was very friendly and extremely professional to get my request done. Now the card is activated for the next vacation in the US :-) Thank you very much, Bonnie.

    Klaus W.

    Very polite and professional.

    The representative that I had the pleasure to talk with today took her time; she used safety measures to make sure I was who I said I was; very polite and professional.

    Sheila L.E.

    I’ve been a member for almost 30 years.

    I’ve been a member for almost 30 years. I stay because the customer service professionals are excellent!

    Ross W.

    Very helpful and professional.

    Very helpful and professional.

    Ibrahim

    Great customer service.

    Great customer service.

    Barbara R.

    Excellent customer service.

    Excellent customer service. Eddie was excellent.

    Louis A.

    Glad we found Quorum.

    Quorum is great. We feel so much more secure with a federal credit union than a commercial bank. Great staff and customer service is always patient and helpful. Rates on interest-bearing accounts are great, too. Website is user-friendly. Info is clear and precise. Glad we found Quorum.

    Kathy W.

    I’ve been a member for over 35 years.

    I've been a member of Quorum Federal Credit union for over 35 years. I highly recommend to anyone that would like low banking fees, a great banking experience and fantastic customer service.

    Laurie D.

    Excellent problem solvers.

    I've been banking with Quorum for years. They're always very pleasant to interact with and they're excellent problem solvers. Thank you, Quorum. You're the best.

    NYCBlkM4WhtM

    Lifetime approval from me!

    I have had checking and savings accounts for years with Quorum Federal Credit Union and have never had any problems. Therefore, when I needed a mortgage loan, I turned to Quorum. Their staff was a joy to work with. Very professional, informative and attentive to my every question, concern throughout the entire process. Quorum gets my lifetime customer approval from me.

    Ruby S.

    Have been a faithful and delighted customer.

    I joined Quorum in 1998 and have been a faithful, and delighted customer since. Any issue I have experienced has always been handled with respect, knowledge and follow-through. Can't give them enough high praise. Today I was contacted by Quorum so they could personally update me on a specific change in their policy that may affect me. What other company takes the time and consideration to do that? I don't know of any other. Adisa was the Quorum representative who contacted me. Her approachability and the fact that she consistently asked if I was comfortable in giving answers to the requests for information from me made me feel safe and comfortable. Any business who employs someone of Adisa's caliber is worthy of all my banking business! Thank you, Quorum... you guys really are The Best!

    Kathy C

    Always friendly and courteous.

    Always friendly and courteous. Great job by the Quorum team. Great to do business with them.

    Bill J.

    Go with a credit union-and this is a good one.

    Really nice group here; they actually work with you, much like a community bank. They are also fast and efficient.If you are tired of being gouged by the Big and Ugly banks, you should go with a credit union--and this is a good one.

    Heidi K.

    Extremely efficient.

    Bonnie at Member Services Quorum Federal Union was exceptional! Extremely efficient and explained processes very well. Highly recommend her!

    Kip K.

    Simply just wonderful.

    Today and yesterday's agents were simply just wonderful. I say this because it is a hit or miss with agents. Previous years I've always had very nice agents. Meaning, not that they knew everything, but more so of the care and kindness they shared. That what counts as service for me and what is most important. Out of the several calls I had to make within the last few days, like I said, today's and yesterday's agents were very kind and knew their job well. I am most grateful. I wanted to give credit where credit is do. Thank you, you have put my mind at ease.

    Tery A.

    Very attentive.

    Eli, Daniel's & Nancy were very attentive with their responses. The process for my Heloc was quick and painless. I'm very pleased.

    Brianne T.

    Personable staff who are motivated to bring solutions.

    Brand new customer. So far so good. They were able to answer all questions promptly and accurately. Will see how follow-through goes but no complaints, which is a good thing! Personable staff who are motivated to bring solutions.

    Vicki P

    OUTSTANDING!

    Shelly was nothing short of OUTSTANDING! Big thank you to her and her follow through.

    Bob S.

    Excellence, patience and care.

    Shelly's service was of excellence and she walked me through the entire claims process with ease and calmness. I greatly appreciate her customer service skills of excellence, patience and care. Thank you.

    Janice J.

    Friendly, helpful and knowledgeable representatives.

    New customer. Friendly, helpful and knowledgeable representatives. They answered ALL my questions and stayed on the phone with me through the entire setup and deposit process. I hope the exceptional customer service continues. Based on my experience, so far, I would definitely recommend.

    Cynthia M.

    We love Quorum!

    My wife and I just closed on a mortgage with Quorum (my first and her second time using Quorum!), and we couldn’t have been happier or more satisfied with the entire process. From a great rate, to an easy online application, to incredible service and communication throughout (have to personally thank Mirella, Brandi, Kathy and the rest of the Quorum Lending team for making the process so easy and stress-free), we were 100 percent satisfied with the entire experience. Thank you, Quorum Lending, for always being available to answer emails and questions, and for helping us to close on our home! We love Quorum!

    Stellar communication and attention to detail.

    Quorum Mortgage has clearly delivered an experience that exceeded even the highest standards of service in the industry! It's amazing when everyone works together seamlessly, especially during such a critical process like a mortgage. Props to Lorena, Bryce, Brian, and the rest of the Quorum team for not only closing the transaction on time, but doing so with stellar communication and attention to detail.

    David C.

    Very straightforward and efficient.

    Just completed a HELOC with QFCU. Process was very straightforward and efficient. Christina and Nancy were excellent. Portal process for uploading and reviewing documents was a breeze.

    Steven G.

    A very good experience.

    Worked with Vincent and Yesenia for my HELOC application. They were very responsive and clear about everything from the beginning. When the application ran into a few issues, they went above and beyond to make sure that I had all the exceptions and approvals in place for a smooth release of funds well in time. Overall, it was a very good experience working with them and Quorum. Thanks.

    Nikhil B.

    Very competitive HELOC.

    Vinny and Jacqueline assisted my husband and I with a HELOC recently. My husband and I both work in the mortgage business, so needless to say, we are picky about the process, because we know how it should be! The process with them was flawless, the tech platform was user friendly, communication was stellar and they offer a very competitive HELOC. We highly recommend them!

    Jennifer A.

    Highly recommend.

    Amazing experience with this company for the past two years. I highly recommend.

    Jorgefelix S.

    10/10!

    Eli Sheresovech and his team at Quorum were outstanding in our first interaction. The HELOC process was simple, easy, fast and ahead of time! 10/10!

    James O.

    Communicative, patient and provided all the information we needed.

    We were lucky to get in touch with Vanessa, who helped us out during a HELOC application. She was very communicative, patient and provided all the information we needed, on time. Thank you, Vanessa!

    Diego and Laura

    Thank you.

    Brandi, thank you for your assistance with getting the HELOC done!

    Eun Suk L.

    Wonderful experience.

    I had a wonderful experience working with QFCU to get a HELOC. The team working on our behalf included Elizabeth Ruggiero, Mirella Prestia, and Christina Moore and each and every one of them were a joy to work with. They provided prompt responses to our questions, step by step instructions, and showed great attention to detail throughout the process. I would highly recommend their services!

    Arden M

    Highly recommend Quorum for your HELOC needs!

    Eli Shereshovech and his team were amazing. We were able to close my HELOC very quickly and I was kept up to date the entire way through. I highly recommend Quorum for your HELOC needs! :)

    Monica S.

    Great rates.

    I've been a member of Quorum for many years. They almost always have great deposit rates and the app is super easy too!

    Tbe

    Very good service and rates.

    Very good service and rates.

    Stan L.

    This Credit Union quickly became my bank!

    This credit union quickly became my bank! What started with a low-interest first mortgage refinance has turned into a first mortgage, two credit cards, a high yield savings account, fee free checking account and a checking reserve account. I pay all my bills via the online bill payment and even send physical checks from my online checking account to the landscaper and others. Member support is beyond expectation and the mobile app is robust and user friendly. Great work Quorum!

    mhudson

    Great experience being a member.

    Quorum is a great credit union. The staff are always so helpful, friendly, and very patient. Great experience being a member.

    Carla F.

    Tremendously patient and helpful.

    Quorum customer service was tremendously patient and helpful today. I'd phoned with two problems, which were successfully addressed with a combination of patience and professionalism.

    Richard B.

    Our mortgage was a breeze!

    Extremely professional team, our mortgage was a breeze with all the support from Mirella and Brandi. Highly recommended!

    Erika V.

    Very helpful and attentive.

    I have been a member of Quorum for many years. They have always been helpful and very attentive. I highly recommend Quorum for financial business.

    Herminia M.

    Knowledgeable and friendly.

    Bonnie was both knowledgeable and friendly. My issue was corrected immediately.

    Catherine C.

    Refreshing.

    I was amazed at the simplicity and speed at which things were handled today. Not something you see every day in business anymore. So refreshing.

    Livin Curiously

    CD and high-yield savings rates are excellent.

    CD and high-yield savings rates are excellent. Decent service for an online only bank.

    Celtics

    A safe place to put your money.

    This is a safe place to put your money. They have very proactive fraud prevention systems that I am impressed with. Recently, I moved a large amount of money that is going towards the purchase of a car and my account not only required a code, but I received a phone call within a half hour of my transaction from one of their professionals, Savannah. She politely quizzed me, and from every angle may I say, to establish that it was indeed me who was working within my account. The savings and CD rates are great also and, their website works like clockwork. Thank you, Quorum, for being the best!

    LS B.

    Polite, professional, helpful.

    Polite, professional, helpful. What customer service should be.

    Penny W.

    Love everything about them.

    Have been a member for 15 years and love everything about them: have a HighQ account, QClassic checking and a mortgage with them, too.

    Sharon C.

    Just a wonderful credit union.

    Just a wonderful credit union. Very knowledgeable people with kindness and professionalism. I’m an older gentleman, you can always call and speak with a human voice, it doesn’t have to be done on the computer. It’s a wonderful organization. If you’re looking for a credit union that offers great CD rates, great customer service, and most of all is very professional, I would recommend them to anyone that is looking for those qualities and some of the highest CD rates in the country. Quorum Federal Credit Union is all five star - first class, in my opinion.

    Kin F.

    Quorum is the BOMB!

    Quorum Federal Credit Union is the BOMB! Best customer service, helpful & assists with any concerns. I've banked at conventional "brick mortar" banks for 50 years. The extra benefits, better rates and customer service are by far SUPERIOR to any bank anywhere. Look them up, compare as I did then sign up. They are truly the real deal.

    Gary H.

    Excellent customer service.

    Excellent customer service. Very kind, courteous, pleasant and patient!

    Vince D.

    Love my Credit Union.

    Great experience today! We even got disconnected and she called me back after my issue was solved! Love my Credit Union.

    Allison W.

    Friendly, knowledgeable, efficient.

    Service member was friendly, knowledgeable, efficient and solved my problem quickly.

    Marianne M.

    They do NOT disappoint.

    Quorum has been my primary bank for over 5 years where they do NOT disappoint. Not only do they offer the best interest rates with the HighQ Savings and term CDs, they are prompt to provide answers to any questions that you may have regarding transactions with a detailed explanation of both benefits and minimum balances as well as other options to avoid fees. I encourage others to use these benefits and services offered.

    Sonja M.

    I so appreciate their time and hard work.

    I want to thank Adisa, Debra, Eddie and Ellie for the excellent customer service that they gave me during the past week and a half. It made a difficult experience easier to deal with. The patience, understanding and kindness that they showed me was outstanding. They should be commended on doing their job with such expertise and professionalism. I so appreciate their time and hard work.

    Mary F.

    Extremely helpful and knowledgeable.

    The Quorum representative was extremely helpful and knowledgeable. I appreciate all she did to resolve my situation.

    Carl W.

    View all reviews

    Join an online community geared towards helping your financial well-being through top-tier financial tools, competitive rates, and award-winning customer resources. Become a member today and find out why Quorum is consistently selected as one of the top credit unions in the country.

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    Second Lien HELOC FAQs

    Should I apply for a Home Equity Loan or a HELOC?

    While both loans convert equity into cash, there are differences that make each loan suited to different borrowers. A Fixed-Rate Home Equity Loan is considered a second mortgage. It offers the loan as a one- time lump sum with a fixed interest rate, so the payment remains the same each month. A HELOC a revolving line a credit that offers a specific draw period. During that time, borrowers only pay interest on the amount borrowed. After the draw period, borrowers will begin making payments that include principal and interest.

    Is there a limit to how much I can draw from my HELOC?

    You may request a draw in any any amount up to the available balance on your HELOC.

    Please be aware that it may take up to 4 business days to process HELOC advance requests, and the draw might not immediately reflect in your available balance. If you have made other recent HELOC advance requests, be sure to factor that amount into the new amount you wish to draw, to avoid a possible rejection.

    How can I access funds or request an advance from my HELOC?

    You can request an advance from your HELOC in two ways:

    Online:

    1. Log in to online banking.
    2. Under More, click on “Other Services.”
    3. Click on “Loan and Credit Card Services.”
    4. Select “Request a HELOC Advance,” then follow the prompts to complete the request.

    You will receive an email confirmation shortly after submitting the request. (Please note: advances made in online banking are subject to a hold of 3-4 business days. If you need your funds sooner, please follow the steps above, then contact us at (800) 874-5544, Monday through Friday, 8:30 a.m. – 7:00 p.m. ET, to request the hold be expedited.)

    By Using the HELOC Checks Provided to You:

    HELOC advance checks are ordered automatically during the loan closing process. Your checks are mailed to the address listed on your loan closing documentation and should be received within 10 business days of your loan boarding, which will be after the three day Right of Rescission period has ended. If you have not closed yet, please make sure that your loan processor has the correct mailing information so that your checks are mailed to the requested address.

    Once you receive your checks, you can use them to withdraw money from your HELOC account, use Quorum mobile deposits to deposit funds into your Quorum account, or pay service providers by check.

    Here are some limitations you should be aware of:

    • The minimum advance is $500. The check will be returned if it is written for less than $500.
    • You may write checks up to your available credit limit. Please be aware of your available credit limit, which you can find in online banking. Keep in mind that if closing costs were rolled into your loan transaction, your available credit limit will be reduced by that amount.
    • You may write checks payable to yourself or to others. However, please be sure that the name matches that of the deposit account holder as differences in the name may cause the check to be returned.
    • Be sure that the legal amount (written amount) and the numerical amount match. If they do not, the check may be returned by the processing financial institution, or only the legal (written) amount will be honored.
    • Checks can be deposited through allowable channels as determined by the depositing institution. Please consult the institution at which you are depositing the funds regarding the availability and limitations of mobile deposit, ATM deposit, branch deposit, etc. Also be sure to confirm hold times on funds based on the policy of the institution. In general, larger checks tend to be held for extended time periods, especially if deposited to an international institution.

    How long does it take to process a HELOC advance via check or online?

    The processing times for HELOC advances are as follows:

    Online Requests: Advances made in online banking are subject to a hold of 3-4 business days. If funds are needed sooner, once the advance request has been submitted via online banking, please contact us at (800) 874-5544, Monday through Friday, 8:30 a.m. to 7:00 p.m. ET, to request to have the hold release expedited. 

    Mobile Check Deposits: HELOC checks deposited via mobile deposits will take 3-5 days for funds to be available in your account.

    Mailed Checks: Checks you mailed directly to your service providers will vary based on the delivery time and your service provider’s financial institution. 

    How do I check the status of my HELOC advance request?

    To check the status of your HELOC advance:

    Requests submitted via online banking: The amount of the requested advance will reflect immediately as a deposit in the transaction history of the selected account. However, please note that this amount will not be reflected in the available balance until the request has been processed, which may take up to 4 business days. Should you wish to confirm when the funds will be released, please contact our Member Services Team at (800) 874-5544, Monday – Friday, 8:30 a.m. – 7:00 p.m. ET.

    HELOC Advance Checks: Please contact our Home Equity Loan Servicing Center at (877) 909-2544, Monday – Friday, 8:30 a.m. until midnight, ET, and Saturday, 8:30 a.m. – 5 p.m. ET.

    How do I make extra payments towards the principal on my Home Equity or HELOC?

    To make a principal payment toward your Home Equity Loan or HELOC: 

    1.  to online banking.
    2. Under Accounts on the Dashboard, click on “Second Mortgage.”
    3. Select “Manage My Account” from the menu bar.
    4. Click on the “Payment” tile at the top of the page. You will only be able to select the principal payment option if your current monthly payment has been made.

    Please note that principal payments cannot be processed until your current monthly payment has been made. Once your billed amount has been satisfied and posted (within 2 business days), you may make a principal payment. You will see the principal payment reflected in your account within 2-3 business days after your regular monthly mortgage payment has been made.

    Disclosure

    1Second Lien Investment HELOC Disclosure: The Annual Percentage Rate (APR) is as low as 10.50% as of 01/01/2025 and subject to change. The Floor Rate is 6.95%. 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 family residential properties and condominiums, excluding co-ops. Minimum line-of-credit amount: $50,000. No draw required at closing. No application or termination fees; appraisal fee varies. Click here for the Fee Schedule. 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 discount: 50bps for 1st lien position investment property. Investment HELOC: For discounted rates: a. (0.25%), a new Checking Account with Quorum must be established prior to closing with a minimum monthly balance of $5,000. b. (0.50%) a new Term Savings Account with Quorum must be established prior to closing. Must maintain at least $50,000 in a Term Savings Account any duration. Requirements must be satisfied at account opening and maintained through the life of the loan to be eligible for the rate discounts. Minimum loan amount $50,000.