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Connexus Credit Union is a member-focused cooperative based in Wisconsin, serving members in all 50 states and managing more than $5 billion in assets.
In addition to banking services, Connexus offers personal loans, auto loans, home equity loanwhich includes a traditional fixed rate loan and two home equity lines of credit, or HELOC, all at competitive interest rates. The credit union provides banking services nationwide, but its home equity loans are not available to homeowners in Alaska, Hawaii, Maryland and Texas.
Connexus Credit Union: Overview
Types of Loans Offered |
home equity loan |
Herlock |
---|---|---|
April |
7.96% |
A low adoption rate of 4.50%.Standard rate as low as 6.99% |
loan amount |
Minimum $5,000 |
Minimum $5,000 |
minimum credit score |
none |
none |
repayment terms |
5 to 15 years |
15 years withdrawal, 15 years repayment |
Mean Time to Approval |
Minimum 1 day |
Minimum 1 day |
For homeowners looking for competitive interest rates and low minimum loan amounts, a Connexus Home Equity Loan or HELOC is the right choice. Connexus also has an easy application process and fast turnaround times when it comes to loan approvals.
Apply online and receive a decision in minutes. This is useful for homeowners who need quick access to financing. It’s not. This is what most lenders require.
what we like
- Low interest rate: Connexus offers both low referral rates and low standard rates, so even if your referral rate expires, you can lock in a lower rate than other lenders.
- Low Minimum Loan Amount: Some lenders have higher minimum loan amounts, so homeowners end up paying interest on money they don’t really need. But at least he has $5,000 so he doesn’t have to worry about paying interest on unwanted funds.
- Low monthly payments: Minimum monthly payments can be as low as 1.5% of total loan balance using standard HELOCs, giving you more room in your monthly budget.
dislike
- Limited Availability: Connexus has only a handful of physical offices in Wisconsin. home equity loan Also, HELOC is not available to homeowners in Alaska, Hawaii, Maryland, or Texas.
- Credit union membership required: To qualify for a Home Equity Loan or HELOC, you must be a member of Connexus.
- High closing costs: Closing costs are often waived by lenders. HELOC and home equity loans, but Connexus ranges from $175 to $2,000 and is the responsibility of the homeowner.
home equity loan options
Connexus offers traditional home equity loans and two types of HELOCs. Interest only HELOC And standard HELOC. Please note that these loans are not available to homeowners in Alaska, Hawaii, Maryland or Texas. Credit unions also offer mortgages and refinancing.
commission
Connexus does not charge an annual mortgage fee, but you may be required to pay certain taxes and insurance depending on the state where you take out the loan. It ranges from $175 to $2,000.
How to get qualification
Connexus does not disclose a minimum credit score, but the higher the score, the more attractive the loan candidate is to banks and lenders. To be approved for a Connexus Home Equity Loan, you must have at least 20% equity accumulated in your home in addition to good credit standing. Also, the lender usually wants his debt-to-income (DTI) ratio to be less than 36% for him but no more than 43% for him, ensuring he can afford to add monthly payments to his budget. To do.
getting started
If you apply for a home equity loan online, you will be approved in as little as one day, so make sure you have all your personal and financial documents ready. Proof of sufficient income and stable employment, in the form of items such as payslips or Form W-2, and current mortgage statements showing that you are making prompt and regular payments are required.
customer service
You can contact customer service at 800-845-5025. Monday through Friday, 8:00 AM to 8:00 PM (5:00 AM to 5:00 PM ET) and Saturday, 9:00 AM to 12:00 PM. Connexus Online Portal. To contact Customer Service by email, send a message to info@connexus.org or use the online chat feature.
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