Connexus Credit Union: 2023 Home Equity Review
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At a glance
- Customer Experience
About Connexus Credit Union
Starting at $5,000
Min. credit score
15-year draw period and 15-year repayment term for HELOC; 5 years to 15 years for home equity loan
Funds available in
Within 30 days of applying
Connexus Credit Union features
Here's a breakdown of some of the benefits and drawbacks of Connexus Credit Union home equity loans.
Connexus Credit Union overview
Connexus Credit Union is based in Wausau, Wisconsin, and serves more than 440,000 members nationwide. The credit union offers both home equity loans and home equity lines of credit (HELOCs) in addition to auto loans, personal loans, student loans, credit cards and banking products.
Connexus Credit Union snapshot
|Home equity loan types||Home equity line of credit (HELOC)
Home equity loan
|Loan amounts||Starting at $5,000|
|Credit score minimum||640|
|Repayment terms||15-year draw period and 15-year repayment term for HELOC; 5 years to 15 years for home equity loan|
|Average time to approval||Within 30 days of applying|
How Bankrate rates Connexus Credit Union
To create our Bankrate Scores, we evaluated lenders based on availability, affordability and customer experience. Availability was assessed based on the minimum loan amount required, time to approval, days to close, minimum draw requirements, minimum credit score requirements and loan types offered. Affordability was assessed based on minimum APR, discounts and promotions offered and associated fees. Customer experience was assessed based on online application and account availability, customer support, auto payment availability and mobile app availability and ratings.
- You can borrow up to 90 percent of your home’s equity with the credit union’s fixed-rate home equity loan.
- You can apply for a home equity product entirely online or call a dedicated representative to get personalized service throughout the process.
- You’ll need to join the credit union in order to get a HELOC or home equity loan. To join, you must be affiliated with a member community or company, or join the Connexus Association by making a one-time $5 donation.
- If you’re looking for in-person assistance, Connexus has branches in three states (Wisconsin, Minnesota and Illinois).
Types of fees charged
Connexus Credit Union doesn’t charge an annual fee for any of its home equity products. However, it does charge closing costs of $175 to $2,000 depending on the property location and loan terms. It also charges a returned loan payment fee of $15 ($9 by phone) and a force-placed insurance processing fee of $12. The credit union doesn’t specify whether it charges an origination fee or appraisal fee for any of its products.
Home equity loan products offered
Connexus Credit Union offers a fixed-rate home equity loan and variable-rate HELOCs, the latter of which includes an option to make interest-only payments during the draw period.
The fixed-rate home equity loan allows you to borrow up to 90 percent of your equity in a minimum loan amount of $5,000. The repayment terms range from five to 15 years.
Meanwhile, HELOCs come with variable introductory rates for six months, also with a minimum loan amount of $5,000. The draw period is 15 years, followed by a 15-year repayment term. You’ll need to make a minimum payment of 1.5 percent of the amount borrowed, at least $25.
Note: The credit union’s home equity products aren’t available in Alaska, Hawaii, Maryland or Texas.
How to qualify for a home equity loan with Connexus Credit Union
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).
More importantly, you’ll need to become a member of the credit union, either by being eligible based on membership criteria or making a donation to the Connexus Association.
How to get started
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 is 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.