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Quorum Federal Credit Union: 2023 Home Equity Review

This online credit union offers a low introductory rate for qualified borrowers, but standard rates are high.

Quorum Federal Credit Union

Quorum Federal Credit Union

Products offered
Introductory rate of 3.95%; standard rate as low as 11.25% (Interest-Only HELOC)
Min. credit score
Contact info

Quorum Federal Credit Union, headquartered in Purchase, New York, was founded in 1934. Today, the online-only credit union offers banking services and home loans in most states and has competitive interest rates for well-qualified borrowers. 

While Quorum doesn’t offer a traditional fixed rate home equity loan, it provides three different choices for home equity lines of credit, or HELOCs, so you can choose the loan that works best for your budget and how you plan to use the funds.

Quorum Federal Credit Union: At a glance

Type of loan offeredHELOC
APRIntroductory rate of 3.95%; standard rate as low as 11.25% (Interest-Only HELOC)
Loan amount$10,000 to $250,000
Credit score minimum680
Repayment terms10-, 15-year draw periods and 20-year repayment period
Average time for approval15 days
Rates as of January 6, 2023

Quorum is best suited for homeowners looking for flexible HELOC options. Quorum offers two HELOC products for residential properties, so you can decide which one works best for your specific financial situation. Its Interest-Only HELOC gives you a 10-year draw period during which you can make interest-only payments that help keep your monthly payments low.

The second option is its Interest-Only RealtyLine HELOC, which requires you to make monthly payments on both the interest and principal balance of your loan, so your monthly payments will be higher. It also has a longer draw period of 15 years. 

Quorum also offers a separate Investment Property HELOC specifically for investment properties that has different rates and terms than its residential home loans.

Pros and cons


  • Low introductory rate: Quorum’s Interest-Only HELOC option offers an introductory rate as low as 3.95% for the first year your line of credit is open, which is a great option in today’s rising interest rate environment.

  • Low minimum loan amount: $10,000 is lower than some other minimum loan amounts, which is beneficial for homeowners completing smaller projects, such as a bathroom renovation, that don’t need a large loan.

  • No draw required at closing: Some lenders will require you to make an immediate minimum withdrawal from your HELOC as soon as you open your account, which means you end up paying interest on funds you don’t necessarily need, adding to the total cost of your loan. With Quorum HELOCs, however, you can avoid that extra cost.


  • High APRs: Although Quorum’s Interest-Only HELOC has an attractively low introductory rate, it can jump up quite a bit to 11.25% after the introductory period expires, which is higher than the current average HELOC rate of 7.62%, according to CNET’s sister site Bankrate.

  • No fixed-rate option: Quorum only offers variable-rate HELOCs, which isn’t advantageous to borrowers in today’s high interest rate environment, as it’s likely that your variable rate will increase.

  • Online-only: Quorum has no physical locations for homeowners who prefer in-person service at a brick-and-mortar bank.

Home equity loan options

Quorum offers three different types of HELOCs as well as mortgages and refinancing, though its HELOCs are not available in Texas. 


With Quorum, there’s no application, annual and termination fees or prepayment penalties. You’ll have to pay an appraisal fee, however, which can vary, as well as pay mortgage taxes in states where they apply. There’s no draw required at closing, which benefits homeowners who don’t need to use their loan right away.

How to qualify

To qualify for a Quorum HELOC, you’ll need a minimum credit score of 680. In addition to your credit history, the lender will also take into account your loan amount and your home’s combined loan-to-value, or CLTV, ratio, to determine whether you qualify for a loan. Generally speaking, lenders like to see a debt-to-income, or DTI, ratio below 36% but no higher than 43%. Even if you think you’re getting a great deal, it’s important to shop around and compare rates and fees from other lenders to ensure you’re receiving the best offer possible.

Getting started

You can be approved in a little as 15 days for a Quorum HELOC. To ensure the process is as speedy as possible, make sure you have all of your personal and financial paperwork ready to go for the lender to review. A HELOC is a second mortgage on your property, so you’ll need to provide proof of income and employment with such items as tax returns, pay stubs and Form W-2s, just like you did when applying for your first mortgage. You’ll also have to show that you’ve been making consistent on-time payments on your first mortgage to demonstrate that you’re a reliable borrower that isn’t a risk to your lender. 

Customer service

Quorum is an online lender, but you can reach member services at 877-909-2544 from Monday to Friday 8:30 a.m. to midnight ET (5:30 a.m. to 9 p.m. PT) and Saturday from 8:30 a.m. to 5 p.m. ET (5:30 a.m. to 2 p.m. PT). You also have the option to log into your account and use its online chat feature to speak with a representative.

Alix is a former CNET Money staff writer. She also previously reported on retirement and investing for and was a staff writer at Time magazine. Her work has also appeared in various publications, such as Fortune, InStyle and Travel + Leisure, and she also worked in social media and digital production at NBC Nightly News with Lester Holt and NY1. She graduated from the Craig Newmark Graduate School of Journalism at CUNY and Villanova University. When not checking Twitter, Alix likes to hike, play tennis and watch her neighbors' dogs. Now based out of Los Angeles, Alix doesn't miss the New York City subway one bit.