Wisconsin-based Connexus Credit Union offers its customers a range of banking and lending products.
Among them are two HELOC options available to homeowners in 46 states: a standard HELOC and an interest-only HELOC. You can apply for a line of credit for either your primary home or a second home, assuming you have owned the property for at least six months. The credit union also offers home equity loans.
To apply for a Connexus Credit Union home equity line of credit, you’ll first need to join the credit union. That can be easily done by making a one-time $5 donation to the Connexus Association.
Loan Minimums
A Connexus HELOC has a minimum loan amount of $5,000, according to the credit union’s website.
Loan Maximums
You can borrow up to 90% of your home’s value, but a phone representative told us HELOCs are capped at a maximum amount of $200,000.
Loan Terms
Both the standard and interest-only HELOCs at Connexus have a 15-year draw period and a 15-year repayment period. That means you can pull money from the line of credit as needed for 15 years. After that, you can no longer borrow money and have 15 years to repay the outstanding balance and any remaining interest.
With a standard HELOC, you’ll make monthly payments during the draw period that equal 1.5% of the amount borrowed, with minimum payments of at least $25. If you opt for an interest-only HELOC, you pay interest only on the amount you borrow during the draw period.
Loan Servicing
Once you receive a Connexus HELOC, you won’t have to worry about the credit union transferring your loan to another lender. According to a phone representative, Connexus services its own HELOCs.
