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Connexus Credit Union home equity review
Get flexible terms and a closing costs discount if you live within this lender’s service area.
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.
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Details
| Loan products offered | Home equity loan, HELOC, Second lien ARM |
|---|---|
| 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 |
Pros and cons of Connexus Credit Union
Pros
- Closing costs discount available. You can save $600 on your closing costs on home equity loans of $40,000 or more. Enter the promotion code EQUITY when you apply.
- Flexible terms and options. With four home equity products to choose from and the ability to set your own loan term, you should be able to find a product that works for you.
Cons
- Limited branch locations. Connexus is part of a co-op that gives you access to ATMs and services at shared branches, but actual Connexus branches are limited to four states: Minnesota, New Hampshire, Ohio and Wisconsin.
- Products not available nationwide. Connexus doesn’t offer its home equity products to customers in Alaska, Hawaii, Maryland or Texas.
What types of fees does Connexus Credit Union charge?
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.
Connexus Credit Union requirements
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.
Documentation
You’ll need to gather the following information to apply:
- Drivers license
- Social Security number
- Employment and income information
- Information on your coborrower, if applicable
- Property information, including your insurance, tax and association fees
- Mortgage information
How to apply for a home equity loan with Connexus Credit Union
Whether you want a loan or line of credit, use the following steps to start your application:
- Go to the Home Equity page of the Connexus website and select Apply Now.
- Choose the product you want to apply for and answer questions about your property. Choose Continue.
- Upload an image of your driver’s license to autofill or manually enter your personal information, including income and employment information. Select Continue.
- Review your application details and hit I Agree to allow Connexus to run your credit report.
What types of home equity products does Connexus Credit Union offer?
Connexus offers four options to use your home’s equity.
- Home equity loan. This fixed-rate option allows you to borrow up to 90% of your home’s equity and choose your repayment term from five to 20 years.
- Home equity line of credit (HELOC). Draw money as you need it for up to 15 years and then repay the money over the next 15 years. Your payments throughout the draw and repayment periods are equivalent to 1.5% of the amount you borrowed.
- Interest-only HELOC. This option is similar to the HELOC, only you make interest-only payments through the draw period and only start paying on principle once the repayment period begins.
- 5/1 adjustable-rate 2nd lien. This is an adjustable-rate second mortgage with a fixed rate for the first five years and a variable rate for the rest of the loan that adjusts annually.
Other mortgage products offered by Connexus Credit Union
This lender also offers the following mortgage loans:
- Conventional loans
- Refinance loans
How Connexus Credit Union’s home equity products compare to other lenders
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.
Compare home equity loan and HELOC options
Compare these lenders and lender marketplaces by the type of home equity product you're searching for, state availability and minimum credit score. Select See rates to provide the company with basic property and financial details for personalized rates.Connexus Credit Union reviews and complaints
Connexus doesn’t have many customer reviews online. The lender isn’t accredited with the Better Business Bureau (BBB), but as of May 2021, it has an A+ rating for answering 28 customer complaints in the last three years. The credit union has earned 1 out of 5 stars from only eight reviews.
Trustpilot only has three reviews on file for Connexus, where it earns a 2.3-star TrustScore, despite all three reviews scoring the credit union as one-star.
Most customer complaints are about poor customer service and fees, though one review complained of an unauthorized hard credit check.
Our verdict
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.