Rates and APR: The Annual Percentage Rate (APR) is as low as 6.00% as of 08/01/19. 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.
Relationship Pricing: In order to qualify, the member would need to establish these account(s) prior to the loan closing.
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.
Quorum is an Equal Housing Lender. We do business in accordance with Federal Fair Lending Laws.