Connexus Credit Union mortgage review
Get competitive loan terms but no government-backed options.
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 there already or those okay with opening a savings account to apply. But if physical locations are important to you, Connexus only has 13 branches across the four states it serves.
|Loan products offered||Conventional, Home Equity/HELOC, Refinance|
|Minimum credit score||No minimum listed, but most lenders require at least a 620 FICO score for conventional loans|
|Minimum down payment (Conventional)||3%|
|State availability||Only available in: MN, NH, OH, WI|
Connexus Credit Union requirements
The website doesn’t list its underwriting guidelines and 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.
Have the following information ready before you apply:
- 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
Costs and fees
Connexus Credit Union doesn’t publish its closing costs on its website. But common fees from lenders include:
- 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.
How to apply for a mortgage with Connexus Credit Union
Start your application online by following these steps:
- Go to Connexus Credit Union’s website, hover over the Borrow tab and select Mortgage Loans from the dropdown options.
- Select Apply Now and choose whether this is a new application or you’re finishing an old one.
- Make an account by entering your email address and date of birth. Give detailed information like who’s applying for this loan and how you plan to use the property.
- Select Agree to receive required disclosures electronically, then input property details.
- Answer whether you’re going to get another loan to finance the property.
- Fill in your personal information like name, Social Security number and marital status.
- Answer questions about the property and select the loan you want. Input information about your assets, expenses and income. Select Submit.
You should receive information about your loan within three business days.
What types of mortgages can I get through Connexus Credit Union?
Other mortgage products 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 let you borrow money as you need it, with variable interest rates.
- Construction. These loans typically cover the construction costs and roll over into a permanent loan once construction is complete, though the Connexus website offers no information about the terms of its construction loan options.
How Connexus Credit Union’s mortgage products compare to other lenders
Connexus offers a decent roster of mortgage loans, refinance options and home equity products. Construction loans are listed on the website but have no accompanying information about whether the credit union offers a construction-to-permanent mortgage option. However, it does finance manufactured homes that meet certain criteria.
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Connexus Credit Union reviews and complaints
Connexus Credit Union has only four reviews on Trustpilot as of August 2021, earning a trust score of 3.5 stars. Although it is not accredited, the lender holds an A+ rating with the Better Business Bureau (BBB) for addressing 28 customer complaints in the last year. But Connexus has only nine reviews on the BBB, averaging 1 out of 5 stars.
While membership requirements for a credit union are not unusual, customers complain that Connexus Credit Union automatically opens a savings account with a $5 balance whether you close on a loan with them or Connexus purchases the loan from another lender.
Ask your loan officer about mandatory savings accounts so you’re not taken by surprise.
Pros and cons of Connexus Credit Union
- Customer support options. When you have a question, you can choose to live chat, email, phone, submit an inquiry online or visit a branch for more information. Loan officers list dedicated phone extensions, email and personal websites.
- 30-day closing. Connexus Credit Union locks the interest rate for free after loan approval, with a promise to close in 30 days.
- Manufactured home financing. This lender finances manufactured homes that meet its eligibility requirements.
- Best in the US. Both Bankrate and Kiplinger’s Personal Finance named Connexus the Best Credit Union in the US for 2020.
- No government-insured loans. Connexus Credit Union does not offer VA, USDA or FHA loans.
- Limited branch locations. The credit union has only 13 branch locations across four states: Minnesota, New Hampshire, Ohio and Wisconsin.
What is Connexus Credit Union?
Connexus Credit Union is a member cooperative with over $3.3 billion in assets. It serves over 380,000 members across the US. In 2020, Connexus was named the Best Credit Union in the US by both Bankrate and Kiplinger’s Personal Finance. In addition to home loans, it also offers banking services, personal and auto loans and insurance policies.
Kimberly Ellis is a writer at Finder. She hails from New York City with a BA from Queens College and a New York State teaching certificate. After teaching in both public and private schools, Kimberly decided to take the world by storm and dive into the media industry — where she covers everything from home loans and investing to K–12 education and shopping. She’s also an aspiring polyglot, always in a book and forever on the hunt for the perfect classic red lipstick.
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 requires opening a $5 savings account with Connexus, and its physical locations are limited.