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Connexus Credit Union offers a variety of options for tapping into your home’s equity. You can choose your loan’s term and can qualify for a discount on your closing costs. But if in-person banking is important to you, this lender only has a handful of branches located in four states.
Not available in: AK, HI, MD, TX
State availability
Loan products offered | Home equity loan, HELOC, Second lien ARM |
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APR range | 3.49% APR to 15.9% APR |
Repayment terms | HELOC: 15-year draw, 15-year repayment Loan: 5 to 20 years |
Loan limits | $5,000 minimum |
State availability | Not available in: AK, HI, MD, TX |
You won’t pay an annual fee on your HELOC with Connexus, and the lender doesn’t require home appraisals for their equity products, which can save you some money. If you qualify, you can get up to $600 off your closing costs, which Connexus estimates can range from $175 to $2,000.
This lender isn’t very forthright about specific requirements but indicates that approval is mostly based on your credit score and credit history. Your interest rate is also affected by your credit score as well as the amount of equity in your home, the size of the loan or line of credit you want, and how long you need to pay it back.
You’ll need to gather the following information to apply:
Whether you want a loan or line of credit, use the following steps to start your application:
Connexus offers four options to use your home’s equity.
This lender also offers the following mortgage loans:
Connexus offers more home equity loans than most banks, with a standard HELOC and interest-only HELOC, as well as an adjustable-rate second mortgage and fixed-rate home equity loan.
This lender offers one discount on closing costs. By using the EQUITY promotional code, you can get up to $600 off on loans of $40,000 or more, which is applied as a lender credit during closing.
Use our tool to get personalized estimated rates from top lenders based on your location and financial details. Select whether you’re looking for a Home Equity Loan, HELOC or Cash-Out Refinance.
If you selected a home equity loan or HELOC, enter your ZIP code, credit score and information about your current home to see your personalized rates.
In the Cash-Out Refinance tab, select Refinance and enter your ZIP code, credit score and other property details to see what you might qualify for.
Connexus doesn’t have many customer reviews online. The lender isn’t accredited by the Better Business Bureau (BBB), but as of July 2022, it has an A+ rating for answering 26 customer complaints in the last three years. The credit union has earned 1.73 out of 5 stars from only 11 reviews.
Trustpilot only has four reviews on file for Connexus, where it earns a 3.5-star TrustScore.
Most customer complaints are about poor customer service and fees, though one review complained of an unauthorized hard credit check.
Connexus Credit Union offers flexible terms and a nice selection of options to borrowers looking to tap into their home’s equity. With no annual fees and discounts on your closing costs, this could be a good fit, but only if you live within the area it serves.
Connexus Credit Union is not currently available on Finder
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Apply online for free and lock in your rate for 90 days.