Renovate Smarter, Not Harder: Quorum’s Renovation HELOC
Are you dreaming of upgrading your home but dread the idea of refinancing? Is your home improvement project being limited by your current borrowing power?
Unlike traditional HELOCs, Quorum’s Renovation HELOC allows you to access funds based on the after-renovation value of your home, empowering you to take on significant projects without compromising your finances- no mortgage refinancing required!
What Is a Renovation HELOC?
Quorum’s Renovation Home Equity Line of Credit (HELOC) is not just another home improvement loan. It’s a financial tool designed to help you improve your home by borrowing against its future value, rather than its current value, increasing your borrowing power to help fund larger renovations that can increase your home’s value in the long run.
Key Features of Quorum's Renovation HELOC:
Lending Based on After-Renovation Value: Unlike traditional HELOCs that calculate your borrowing power based on the current value of your home, Quorum’s Renovation HELOC considers your home’s potential value post-renovation, giving you additional financial flexibility to complete the projects you’ve always wanted.
No Mortgage Refinancing Required: You can renovate without the headache of refinancing your existing mortgage. A traditional home improvement loan may require a refinance, but with Quorum's Renovation HELOC, you can access the funds you need without the added complexity.
No PMI (Private Mortgage Insurance): Quroum’s Renovation HELOC doesn’t require PMI, which means no extra monthly payments and less cost for you to manage.
Major Renovation Without the Refinance Hassle
Homeowners often shy away from major renovations because they feel the need to refinance their mortgage to tap into their home’s equity. But with Quorum’s Renovation HELOC, you don’t have to refinance. This credit line offers a unique, streamlined way to fund your home improvements while keeping your existing mortgage intact.
Benefits of Choosing Quorum’s Renovation HELOC
Flexible Borrowing: Unlike traditional home improvement loans, Quorum’s Renovation HELOC offers flexible borrowing, so you can access your funds as you need them for your renovation project.
Long-Term Financing: You can borrow against your Renovation HELOC for up to 10 years, giving you ample time to complete your home improvement projects.
Wide Range of Financing Options: We offer financing for a variety of properties, including owner-occupied homes, second homes, investment properties, 1-2 unit homes, ADUs (Accessory Dwelling Units), and more.
No PMI or Jumbo Financing Hassles: Avoid the extra costs of PMI, jumbo loans, and other complications, making it easier for you to move forward with your home renovation projects.
Who Qualifies for a Quorum Renovation HELOC?
> Up to 95% CLTV (Combined Loan to Value) in select states
> Minimum credit score of 640
> Minimum loan amount of $25,000 (or $50,000 in some states)
> Maximum loan amount of $1,000,000
> Available for a variety of property types: Single-family homes, multi-unit properties, PUDs (Planned Unit Developments), townhouses, and warrantable condos.
Closing Thoughts
By leveraging your home’s future value and avoiding the need for refinancing or PMI, you can embark on your renovation projects with confidence. Give us a call to learn more about Quorum’s Renovation HELOC today- we’re here to help you finance your next big project!