Tap equity. Keep your rate.

A second-lien Home Equity Line of Credit. Draw period: typically 10 years — borrower can draw against the available limit, pay down, and re-draw, with interest-only payments due during the draw period. Repayment period: typically 20 years — line is closed to new draws, principal-and-interest payments amortize the balance over the remaining term.

Variable rate, indexed to Prime Rate plus a risk-based margin (typical floor 4.95%, lifetime cap 18% per the Quorum HELOC matrix). Up to 95% combined LTV (CLTV) on owner-occupied 1–4 unit properties. Best fit when the borrower wants flexibility — only pay interest on what's drawn, only draw what they actually need.

A traditional fixed-rate second mortgage: borrower draws the full loan amount at closing, repays in fixed monthly P&I payments over a fixed term (10–30 years). No draw period, no variable rate, no index — what closes is what stays.

Best fit when the borrower has a defined need (debt consolidation, home renovation with a fixed budget, college tuition where the total is known) and wants payment certainty. Rates typically run higher than HELOC introductory pricing but lower than HELOC rates after the variable rate adjusts up — and a fixed-rate second priced today will not float higher.

A second mortgage closed simultaneously with the purchase first mortgage. Two common structures: 80/10/10 (80% first lien, 10% second, 10% borrower down payment) and 80/15/5 (80% first lien, 15% second, 5% borrower down payment). The 80% first lien stays at conforming pricing; the second covers the gap that would otherwise push the first into jumbo or trigger PMI.

Two main use cases: (1) the borrower's loan amount would land just above conforming — keep the first at 80% conforming and use a 10% second to cover the rest, avoiding jumbo pricing and reserve requirements; (2) the borrower has 5%–10% down but wants to avoid PMI on the first lien — second mortgage takes the place of MI.

A HELOC that sits in first-lien position — replaces the existing first mortgage. The borrower's entire mortgage becomes a revolving line of credit: draw and repay during the 10-year draw period, then the balance amortizes over a 20-year repayment period.

Useful for borrowers with no first mortgage or those refinancing out of a high-rate first into a HELOC structure. Lets the borrower deposit income into the line and treat it as a velocity-banking account. Less common than second-lien HELOC because the rate is variable from day one — but the right product for self-employed borrowers with bursty income who can deposit large lumps to drive principal down quickly.

A HELOC structured for short-term use — funding the down payment on a new home before the existing home sells. Draw period is shorter (5 years), repayment period is shorter (10 years), and the floor rate is higher than a standard HELOC (typical floor 6.95% per the Quorum bridge HELOC matrix) — but the line is open, draws are immediate, and the borrower can buy a new home without contingent-on-sale offers.

Once the existing home sells, the borrower pays down the bridge HELOC from sale proceeds — typically within 60–180 days. Up to 80% CLTV. Investment-property bridge variants exist for landlords assembling acquisitions.

A HELOC structured against a non-owner-occupied 1–4 unit residential investment property. Most banks won't do these; specialty wholesale lenders will. Tighter LTV cap (80% CLTV) and higher rates than primary-residence HELOC, but lets a landlord pull equity out of stabilized rentals to fund the next acquisition without a full DSCR cash-out refi.

Self-employed borrower-friendly. Closes in personal name or LLC.