Renovation HELOC
Your Flexible Financing Solution for Home Upgrades
Are you dreaming of renovating your home but need more money and flexibility to make it happen? A Renovation HELOC (Home Equity Line of Credit) is your answer! Quorum, in partnership with Renofi, offers a HELOC that gives you increased financing power and easy access to funds, giving you the freedom to tackle your remodeling projects at your own pace.
Not Ready? Speak to a Specialist!
A Home Equity Line of Credit Based on Your Home’s After-Renovation Value (ARV)
Our Renovation HELOC is a home equity line of credit designed for homeowners looking to finance remodeling projects. It offers you the unique advantage of borrowing based on your home’s future, post-renovation value rather than its current value. This means you can access a larger line of credit to finance big home improvement projects, giving you the flexibility and funds you need to realize your renovation goals.
Key Benefits of Quorum and RenoFi’s Renovation HELOC
Learn how Quorum can make your home improvement dreams a reality.
Apply for a Quorum Renovation 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.
Ready to Start? Here's How:
Compare Our Best Home Improvement Loan Rates with the Average Interest Rate.
According to BankRate, as of 10/16/2024, the average home improvement loan ranges between 7.00% APR – 36.00% APR.
Our Renovation HELOC offers an interest rate as low as 7.75% APR1!
Open a Quorum Renovation HELOC Today.
Ready to take the first step in financing your goals with a HELOC from Quorum? Apply online to get started.
Other Helpful Resources:
Kitchen Renovations: What Will They Cost?
10 Things to Ask a Contractor Before Hiring
Should You Move or Improve Your Home?
Why Choose Quorum?
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RENOVATION HELOC FAQs
How is a Renovation HELOC different from a normal cash-out refi, home equity loan, or HELOC?
A cash-out refinance loan, home equity loan, or home equity line of credit (HELOC) allows you to borrow against the current value of your home, whereas a Renovation HELOC allows you to borrow against the after-renovation value, or future value of your home.
Can I use a Renovation HELOC if I just purchased a home?
Yes, you can apply for a Renovation HELOC once you’ve closed on the home. The Renovation HELOC is specifically designed for homeowners who’ve recently purchased or are about to purchase a home, and are therefore “equity light,” and aren’t able to borrow enough money to fund a renovation with a traditional home equity loan.
What does the application process look like for a Renovation HELOC?
The application process for a Renovation HELOC is as follows:
- Prepare Documents: In addition to the standard information you need to provide when applying for any HELOC, like a credit report, commitment letter, 1003 Form, etc., you’ll also need to provide the following:
- Contractors Information: This includes basic contact information such as name, address, phone number, email, and company website
- Detailed Cost Estimate: This will be used by the appraiser to assist in determining the after-renovation value of the home. This should at the very least be a subcategory cost breakdown, as well as the general scope of work.
- Renovation Plans and Drawings: Renovation plans may include architectural plans, structural plans, addition plans, floor plans, renderings, front elevation plans or any other designs, drawings, and plans to be used by your contractor for the project, as applicable.
- Preliminary Renovation Contract: This should include a proposed payment schedule, change order procedures and an approximate timeline. You don’t need the contract to be signed to apply for the loan.
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- Submit Application: To access the application and apply for a Renovation HELOC, click here.
- Submit Documents: After submitting the Renovation HELOC application, upload the required documents (listed above) to your HELOC application in the Borrower Portal.
- Application Status: You will receive an email notification regarding your application the status (approval/denial/suspend/ pending). If additional information is needed, you will receive a call from Quorum.
- Pay Appraisal Fee: If approved, Renofi will order an appraisal and will contact you to collect the appraisal fee.
- Prepare For Closing: Once all of the loan conditions are satisfied and you have received your approval, we will contact you to schedule closing.
What do I need to have ready in order to apply for a Renovation HELOC?
In addition to the standard information you need to provide when applying for any HELOC, like a credit report, commitment letter, 1003 Form, etc., you’ll also need to provide the following:
- Contractors Information: This includes basic contact information such as name, address, phone number, email, and company website
- Detailed Cost Estimate: This will be used by the appraiser to assist in determining the after-renovation value of the home. This should at the very least be a subcategory cost breakdown, as well as the general scope of work.
- Renovation Plans and Drawings: Renovation plans may include architectural plans, structural plans, addition plans, floor plans, renderings, front elevation plans or any other designs, drawings, and plans to be used by your contractor for the project, as applicable.
- Preliminary Renovation Contract: This should include a proposed payment schedule, change order procedures and an approximate timeline. You don’t need the contract to be signed to apply for the loan.
How is the after-renovation value of my home determined?
The after-renovation value of your home is determined by the getting an “as completed” appraisal on your home. It is based on the condition that the proposed renovation plan is completed.
Who is Renofi?
RenoFi is a financial technology company that provides a lending platform leveraged by credit unions nationwide to offer renovation loans to consumers. Its loan products are intended for consumers looking for non-traditional loans to support their renovation, remodeling, and/or construction financing needs. The RenoFi team is made up of expert loan originators who are dedicated to providing expert information and personalized loan concierge services via RenoFi financial technology.
Disclosure
1Renovation HELOC: The Annual Percentage Rate (APR) is as low as 7.50% as of 11/08/2024 and subject to change. 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 1-2 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. LTV/CLTV IS 95% of the ARV (After Renovated Value). Maximum CLTV applies only to the following states: Connecticut, Maine, Massachusetts, New Hampshire, Rhode Island, Vermont, New York, New Jersey, Pennsylvania, Virginia, Ohio, Illinois, Indiana, Wisconsin, Tennesse, North Carolina, South Carolina, Utah