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Connexus Credit Union mortgage review

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A lender with competitive rates below the national average, but watch out for that automatic savings account.

Connexus Credit Union offers low down payment loan options, without including government-backed options like FHA, VA or USDA to its suite. It’s best for borrowers who bank with Connexus Credit Union, as it requires that you open a savings account to apply.

Details

Loan types Conventional, Refinance, Home Equity
Available States Only available in: MN, NH, OH, WI

Pros

  • Customer support
  • 30-day rate lock
  • Caters to unique underwriting situations

Cons

  • No government-insured loans
  • Limited branch locations
Connexus Credit Union doesn’t have any customer reviews on Trustpilot. Although it is not accredited, it holds an A+ rating with the Better Business Bureau (BBB) because it has addressed 27 out of 35 complaints. Most customers complained that they were unaware that Connexus automatically open a savings account in their names.

What types of loans does Connexus Credit Union offer?

  • Conventional. Fixed- and adjustable-rate mortgages with down payments as low as 3% and interest rates starting at 3.750%.

Other loans offered by Connexus Credit Union

  • Refinance. Traditional refinancing can lower your interest rate or shorten your loan term. A cash-out refinance lets you borrow against your home’s equity. You can borrow more than your existing mortgage getting you additional cash.
  • Home equity loan. Borrow up to 90% of your home’s equity. The fixed interest rate can be as low as 4.49%.
  • HELOC. Home equity lines of credit (HELOC) let you borrow money as you need it, with variable interest rates.
  • Construction. Loans for building a new home that generally covers the construction and the mortgage together.

Connexus Credit Union fees

Connexus Credit Union doesn’t publish its closing costs on its website. A few common fees include:

  • Underwriting
  • Lender fees – such as document preparation fees and loan processing fees.
  • Third-party fees – such as an appraisal fee, credit report fee and title insurance fee.

Requirements

Connexus Credit Union’s website doesn’t offer any direction about its underwriting guidelines. It recommends consulting with a loan officer to discuss your situation. However, most lenders like to see a maximum debt-to-income (DTI) ratio of 43% and a 3% down payment minimum.

Documentation

  • Most recent W-2 or paystub
  • Most recent bank statement
  • Last two years of your federal tax returns — personal and business if applicable — for self-employed borrowers
  • Government-issued ID
  • Social Security number

Automatic savings account

Customers complain that Connexus Credit Union automatically opens a savings account with a $5 balance after closing on a loan, or if Connexus purchases the loan from another lender. Because it’s not clearly outlined in the closing process, customers are subject to its 12-month inactivity fees and low balance fees for an account dipping below $100.
Ask your loan officer about mandatory savings accounts so you’re not taken by surprise.

How to get a home loan with Connexus Credit Union

  1. Go to Connexus Credit Union’s website.
  2. On the homepage, hover over the tab Borrow and click Mortgage Loans from the dropdown options.
  3. Click Apply Now.
  4. Scroll down and select whether this is a new application or you’re finishing an old one.
  5. Make an account by entering your email address and date of birth.
  6. Give detailed information about your application – for example, where you’re at in the loan process, who is applying for this loan and how you plan to use the property.
  7. Click Agree to receive required disclosures electronically.
  8. Input property details – for example, the state, county, city and loan amount.
  9. Answer whether you’re going to get another loan to finance the property.
  10. Fill in your personal information – for example, name, Social Security number and marital status.
  11. Answer questions about the property.
  12. Select your loan.
  13. Input information about your assets.
  14. Detail your expenses.
  15. Fill out your income and how you can verify it.
  16. Click Submit. You should receive information about your loan within three business days.

Pros and cons of Connexus Credit Union

Pros

  • Customer support. Live chat, email, phone, submit an inquiry online or visit a branch for more information. Loan officers list dedicated phone extension, email and personal websites.
  • 30-day rate lock. Connexus Credit Union locks the interest rate for free after loan approval, with a promise to close in 30 days.
  • Caters to unique underwriting situations. Connexus Credit Union works with borrowers without traditional W-2s, like the self-employed. Provide proof of a paycheck for two year.

Cons

  • No government-insured loans. Connexus Credit Union does not offer VA, USDA or FHA loans.
  • Limited branch locations. 13 branch locations across four states (Minnesota, New Hampshire, Ohio, and Wisconsin).

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What is Connexus Credit Union?

Connexus Credit Union is a member cooperative with over $2.6 billion in assets. It serves over 360,000 members across all 50 states. In February 2019, Connexus became the sixth-largest Wisconsin Credit Union. In addition to home loans, it also offers banking services, personal and auto loans and insurance policies.

Frequently asked questions

Expert review

Kimberly Ellis

Review by


Kimberly Ellis is a writer at Finder specializing in home loans. She hails from New York City with a BA from Queens College. She has written extensively about the real estate and finance industries. Kimberly is also a language lover and aspiring polyglot.

Expert review

Connexus Credit Union is a good option for self-employed people and borrowers who may not qualify for government-backed loans. But you’ll need to become a Connexus Credit Union member, which may require opening an account with Connexus. Accounts with inactivity and a month-end balance of under $100 incur a monthly fee. Consider another lender if you don’t want the extra headache to maintain another account on top of your home loan.

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