Connexus Credit Union: 2025 Home Equity Review

Founded in 1935, the Wisconsin-based Connexus has changed its name and merged with other credit unions over the years— growing into an organization with over 475,000 members in all 50 states. It now boasts over $4.5 billion in assets and is the fourth-largest credit union in Wisconsin. In addition to home equity loans and HELOCs, Connexus’ products and services include mortgages, savings accounts and credit cards.

Connexus Credit Union home equity products offered

Connexus Credit Union offers a fixed-rate home equity loan, along with a standard and interest-only HELOC. 

The repayment terms for Connexus’ home equity loan range from five to 15 years. Meanwhile, its standard and interest-only HELOC both have a draw period of 15 years, followed by a 15-year repayment term. For the standard HELOC, you’ll need to make a minimum monthly payment of 1.5 percent of the amount borrowed — at least $25. With its interest-only HELOC, your monthly payment will be based on the interest due on the amount you borrowed.

Connexus’ home equity loans and HELOCs allow you to borrow up to 90 percent of your equity at a minimum loan amount of $5,000. Primary and secondary residences are eligible, provided you’ve owned the properties for at least six months and your secondary home is at least 50 miles from your main residence.

The products aren’t available in Alaska, Hawaii, Maryland or Texas.

Affordability: 4.2/5

• APR: Connexus advertises an APR that is slightly below Bankrate’s national average. 

• Fees: Connexus Credit Union doesn’t charge an annual fee for any of its home equity products. However, it does charge origination fees and closing costs of $175 to $2,000 depending on the property location and loan terms. It also charges a returned loan payment fee of $15, a $9 fee for loan payments by phone or debit card) and a force-placed insurance processing fee of $12. 

Connexus earns a 4.2 out of 5 for affordability because of its low rates, getting dinged slightly by the closing costs and other fees attached to its loans. 

Availability: 4.8/5

• Loan products: Connexus’ fixed-rate home equity loan and standard and interest-only HELOCs allow you to borrow up to 90 percent of your home’s equity, a higher loan-to-value (LTV) than some lenders offer.
• Footprint: Connexus’ home equity products are available in most states, but you’re out of luck if you live in Alaska, Hawaii, Maryland and Texas.
• Credit score: You will need a 640 credit score to qualify for Connexus’ home equity products, well within minimum range home equity lenders look for.
• Loan minimum: Connexus’ minimum loan starts at $5,000, a low sum by home equity financing standards. 
• Draw requirement: With its HELOC, your minimum monthly payment needs to be 1.5 percent of the amount you borrowed or at least $25.

Connexus scores a 4.8 out of 5 for availability because of its high LTV and small loan amount.

Borrower experience: 3.5/5

• Rate transparency: Connexus enumerates the rates and repayment amounts of its HE Loans by rate term. It also lists the introductory rates and subsequent rates for its HELOCs.
• Convenience: Anyone is eligible to join Connexus Credit Union and then apply for a loan online or a branch, or book a call with a customer service rep. You can make payments via its digital banking app.
• Customer service: Get in touch with Connexus via one of its multiple contact methods: phone, online form, online chat, text message and email at info@connexuscu.org. If you are looking for in-person assistance, you can visit the company at one of its 14 branches in Illinois, Minnesota or Wisconsin.
• Fixed-rate options Connexus offers a fixed-rate home equity loan, but no rate locks on its HELOCs (after the eight-month introductory rate period).

Despite its highly transparent rates, Connexus earns a 3.5 out of 5, because it has limited branches and no fixed-rate HELOC option.

Connexus Credit Union gets an A+ rating from the Better Business Bureau but is not accredited by the organization.

To be eligible for a home equity product from Connexus Credit Union, you’ll need a combined loan-to-value (CLTV) ratio of 90 percent (in other words, at least 10 percent equity in your home). You can only take out a HELOC or home equity loan on a primary residence or eligible second home (no investment properties). You also must have owned the property for at least six months. 

More importantly, you’ll need to become a credit union member by making a $5 donation to the Connexus Association. Without a donation, you can also become a member if you meet one of the below criteria:

• You are a family member, a spouse or live in the same house as a current member
• You are an employee, student, retiree or family member or one of more than 20 participating groups 
• You are a resident of one of about 40 communities or counties in Illinois, Wisconsin, Ohio or Minnesota

If you’re interested in getting a home equity loan or line of credit from Connexus, you can start the process online, by email or by phone at 800-845-5025. The credit union’s call center and live chat are open from 7 a.m. to 7 p.m. CT Monday through Wednesday; 9 a.m. to 7 p.m. CT Thursday; 7 a.m. to 7 p.m. CT Friday; and 8 a.m. to 1 p.m. CT Saturday. You can also visit one of Connexus’ 14 branches in Illinois, Minnesota or Wisconsin.

You will need to provide Connexus with the amount and type of the home equity product, your estimated property value, the reason for the loan, how you intend to occupy the property, proof of income and assets, your current mortgage balance and your second mortgage balance, if any.