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Connexus Credit Union’s home equity loans and home equity lines of credit (HELOCs) have a lot of things going for them: low minimums and borrower criteria, and the ability to borrow up to 90 percent of a home’s value. While credit union membership is required, you only need to make a $5 donation to the Connexus Association to join. If you can look beyond the closing costs, Connexus can be a smart choice for consumers (except for those in the four states where it doesn’t operate).
Founded in 1935, the Wisconsin-based Connexus has changed its name and merged with other credit unions over the years— growing into an organization with over 475,000 members in all 50 states. It now boasts over $4.5 billion in assets and is the fourth-largest credit union in Wisconsin. In addition to home equity loans and HELOCs, Connexus’ products and services include mortgages, savings accounts and credit cards.
Connexus Credit Union offers a fixed-rate home equity loan, along with a standard and interest-only HELOC.
The repayment terms for Connexus’ home equity loan range from five to 15 years. Meanwhile, its standard and interest-only HELOC both have a draw period of 15 years, followed by a 15-year repayment term. For the standard HELOC, you’ll need to make a minimum monthly payment of 1.5 percent of the amount borrowed — at least $25. With its interest-only HELOC, your monthly payment will be based on the interest due on the amount you borrowed.
Connexus’ home equity loans and HELOCs allow you to borrow up to 90 percent of your equity at a minimum loan amount of $5,000. Primary and secondary residences are eligible, provided you’ve owned the properties for at least six months and your secondary home is at least 50 miles from your main residence.
The products aren’t available in Alaska, Hawaii, Maryland or Texas.
Connexus earns a 4.2 out of 5 for affordability because of its low rates, getting dinged slightly by the closing costs and other fees attached to its loans.
Connexus scores a 4.8 out of 5 for availability because of its high LTV and small loan amount.
Despite its highly transparent rates, Connexus earns a 3.5 out of 5, because it has limited branches and no fixed-rate HELOC option.
Bankrate insight
You can tap into your home equity — the difference between your home's worth and what you owe on your mortgage — with a home equity loan or a HELOC. With those funds, you can tackle a variety of expenses, like debt consolidation or home renovations.
However, before you dive in, it's important to figure out your loan-to-value ratio (LTV). Lenders use your LTV to determine how much of your equity stake you can actually borrow. (It’s typically 80 percent, although some lenders allow you to access as much as 90 percent.) The amount of equity they’ll let you tap is one consideration when choosing a lender. Be it a retail bank, online lender or credit union, it may offer different home equity loan rates and terms, too. That’s why it’s important to shop around for the best deal.
Connexus Credit Union gets an A+ rating from the Better Business Bureau but is not accredited by the organization.
To be eligible for a home equity product from Connexus Credit Union, you’ll need a combined loan-to-value (CLTV) ratio of 90 percent (in other words, at least 10 percent equity in your home). You can only take out a HELOC or home equity loan on a primary residence or eligible second home (no investment properties). You also must have owned the property for at least six months.
More importantly, you’ll need to become a credit union member by making a $5 donation to the Connexus Association. Without a donation, you can also become a member if you meet one of the below criteria:
If you’re interested in getting a home equity loan or line of credit from Connexus, you can start the process online, by email or by phone at 800-845-5025. The credit union’s call center and live chat are open from 7 a.m. to 7 p.m. CT Monday through Wednesday; 9 a.m. to 7 p.m. CT Thursday; 7 a.m. to 7 p.m. CT Friday; and 8 a.m. to 1 p.m. CT Saturday. You can also visit one of Connexus’ 14 branches in Illinois, Minnesota or Wisconsin.
You will need to provide Connexus with the amount and type of the home equity product, your estimated property value, the reason for the loan, how you intend to occupy the property, proof of income and assets, your current mortgage balance and your second mortgage balance, if any.
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Connexus Credit Union
Bankrate score
4.2
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
N/A
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
|
Bankrate score
Bankrate scores are objectively determined by our editorial team. Interest rates, fees, loan terms, borrower requirements and customer service are some of the factors that make up Bankrate's score.
Customer score
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Loan amount |
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Starting at $5,000 |
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Min. credit score required |
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640 |
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Repayment terms |
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15-year draw/15-year repayment period for HELOC; 5–15 years for home equity loan |
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Funds available in |
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Within 30 days of application |
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Recent customer review |
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Customer review No reviews available yet. N/A |
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