Quorum Federal Credit Union: 2024 Home Equity Review

Benefits

• 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 0.5 percent rate discount with $50,000 or more in a Quorum CD.
• You won’t be charged a fee if you pay off the principal on your HELOC before the end of your term.

Drawbacks

• You’ll be responsible for all closing costs, including an origination fee of $495.
• You won’t be able to get a HELOC with the credit union if you live in Texas.

Home equity loan products offered

Quorum Federal Credit Union offers variable-rate HELOCs on both primary residences and investment properties. The differences between the two include the minimum APR, the amount you can borrow and the repayment schedule. The rate cap is 18 percent on both options.

For the interest-only RealtyLine (primary homes), you can borrow up to 80 percent of your equity, with a line limit of $250,000. This HELOC also has a 10-year interest-only draw period followed by a 20-year principal and interest repayment schedule.

Types of fees charged

Quorum Federal Credit Union charges a $495 origination fee and a $100 processing fee on HELOCs, but there are no application fees, annual fees or early termination fees. You’ll also incur charges for an appraisal, credit report pull, document prep services and late payments, among other costs.

The HELOCs also come with relationship discounts, however. 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 0.5 percent rate discount. For both discounts, you must meet the requirements when you originate your HELOC and for the life of your loan.

How to qualify for a HELOC with Quorum Federal Credit Union

To qualify for a Quorum HELOC, you’ll need to become a member of the credit union. It counts employees of Avon, Mastercard, Mondelez International and Ogilvy among its members. You can fill out an application online to see if you’re eligible.

How to apply with Quorum Federal Credit Union

Once you’ve established membership with Quorum, you can apply for a HELOC on the credit union’s website. If you need assistance, you can email the credit union or call 800-874-5544 Monday through Friday from 8:30 a.m. to 7 p.m. ET.

How Bankrate scored Quorum Federal Credit Union

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.