HOME EQUITY LOANS & HELOCSUse your equity your way.Fund home projects, debt, medical bills, tuition, and more. Apply now View ratesQuestions? We can help. Schedule a chat Call 800.845.5025Benefits of Using Your Home’s Equity Flexibility of useUse the equity in your home for home renovations or repairs, college tuition, consolidating debt, vacations, and more – you decide! Personal attention & first-class serviceWithin 24 hours of applying, a personal lender will reach out to get the process started and will be available to chat whenever you have questions. To speak with an experienced personal lender, book an appointment. Quick & easy application processMost applications can be processed entirely online in just minutes and do not require a home appraisal. Apply now From Our Members “When my kitchen flooded, I needed funds to repair the damage – and fast! The process couldn’t have been easier with Connexus. I filled out the application online, the appraisal was completed online, and I had my funds within ten days of applying.” Nicole WisconsinToday’s ratesHome Equity Line of Credit (HELOC)Standard HELOCHome Equity Loan Rates – StandardIntro Rates1Rates1APRMonthly Payment15.99% until October 1, 20248.74% after intro period.8.74%1.5% of the amount borrowed ($25 minimum).6.49% until April 1, 2025Rates accurate as of 12/10/2023 Apply now Interest-Only HELOC Home Equity Loan Rates – Interest-OnlyIntro Rates2Rates2APRMonthly Payment25.99% until October 1, 20249.24% after intro period.9.24%Interest due based on the amount borrowed6.49% until April 1, 2025Rates accurate as of 12/10/2023 Apply now Home Equity Loan Home Equity Loan – Term TiersTerm3RatesAPRMonthly Payment35 years6.89%7.20%$987.4710 years7.89%8.08%$603.7415 years8.99%9.15%$506.84Rates accurate as of 12/10/2023 Apply now Calculators Home Equity Line of Credit Loan payment Debt-to-income RatioWhich Home Equity product is best for you? Home Equity ProductsLoan DetailsHome Equity LoanStandard HELOCInterest-Only HELOCHelpful IfYou need a specific amount right nowYou need money over timeYou need money over timeHow it WorksBorrow up to 90% of your home’s equity and receive all the money at signingBorrow money as you need it up to your line of credit limitBorrow money as you need it up to your line of credit limitRate TypeFixedVariableVariableAvailable Terms60-180 months15 year draw, 15 year repayment15 year draw, 15 year repaymentMinimum PaymentDependent on loan details1.5% of amount borrowed ($25 minimum)Interest-only payment based on amount borrowedApply nowApply nowApply now Learn more about Home Equity NerdWallet Names Connexus Best Mortgage Lender for HELOCs For the fourth year in a row, Connexus has clinched a top spot on NerdWallet’s Best-Of Awards list. Find out why Connexus won and what sets our Home Equity Lines of Credit (HELOCs) apart from our competitors. Home Equity 101: Everything You Need to Know How much do you know about home equity? We’ll break down the key factors, so you can make the most of this resource whenever you need it. The Differences Between Home Equity Products Find out the differences between Home Equity Loans and Lines of Credit, and discover what they’re commonly used for.FAQs: You asked. We answered. a How much equity do I need in my home to get started? You generally need to have at least an 80% Loan-to-Value ratio after the loan in order to be considered. That means you must have made enough payments on your home to own at least 20% of it. If you have 20% equity, you’re more likely to be considered for a Home Equity Loan or Line of Credit. For more detailed information, please call our team at 800.845.5025. a I don’t know which Home Equity product is best for me. How do I choose? If you’re unsure which product is right for you, our team can provide a personalized recommendation based on your financial situation. Call 800.845.5025 to get started. a How are my HELOC payments determined? Your payment will be 1.5% of the amount borrowed. If you have a credit limit of $20,000, but only draw out $5,000, you would pay 1.5% on the $5,000 balance. If you have an interest-only HELOC, the monthly payment will be the interest accrued during the month. a Can I get a Home Equity Loan or HELOC anywhere in the United States? You can get a Home Equity Loan or HELOC for properties throughout the United States, with the exception of properties in Hawaii, Alaska, Maryland, and Texas. a Can I get a Home Equity Loan or HELOC for my second home or one of my investment properties? We do not offer Home Equity Loans or HELOCs for investment properties; however, you can get a Home Equity Loan or HELOC for a second home if the property meets our eligibility standards. Eligible property types include primary residences and second homes (located at least 50 miles from the primary residence). Properties must be one of the following: single-family homes, 2-4-unit condominiums, owner-occupied duplexes, or townhouses. a Can I protect myself with Life, Disability, and Unemployment coverages on my loan? Yes, debt protection is available for all Home Equity Loans and Lines of Credit. See more info about our coverages or start a claim now. Disclosures See our Fee Schedule for a list of fees you may encounter.APR=Annual Percentage Rate 15.99% is an introductory rate lock available until October 2024. Non-introductory rate is 8.74% APR and is current as of 12/10/2023. Introductory rate reflects all available discounts. Loan is subject to credit approval and actual rate is based on applicant’s credit history and terms of the loan. Rates and terms are subject to change after the introductory rate lock period ends. After the introductory period the rate is variable and can adjust semi-annually in April and October based on a 12-week average of the 1-Year Treasury Constant Maturity Rate plus a margin; currently 8.74% APR. Maximum rate is 15.9% APR. Payment is based on 1.5% of amount borrowed, with a minimum payment of $25. Finance charges begin to accrue on the day an advance is made. Minimum loan amount $5,000. No annual fee. Credit Union membership required. Separate payment of taxes and insurance may be necessary. Depending on loan terms and property location, borrower paid closing costs can range from $175 to $2,000. Product not available in Maryland, Texas, Hawaii, and Alaska. 25.99% is an introductory rate lock until October 2024. Non-introductory rate is 9.24% APR and is current as of 12/10/2023. Introductory rate reflects all available discounts. Loan is subject to credit approval and actual rate is based on applicant’s credit history and terms of the loan. Rates and terms are subject to change after the introductory rate lock period ends. After the introductory period the rate is variable and can adjust semi-annually in April and October based on a 12-week average of the 1-Year Treasury Constant Maturity Rate plus a margin; currently 9.24% APR. Maximum rate is 15.9% APR. Payments are interest only and are based on the amount borrowed. Borrow at a variable 5.99% APR; estimated monthly payments of $49.92 per $10,000 borrowed. Finance charges begin to accrue on the day an advance is made. Minimum loan amount $5,000. No annual fee. Credit Union membership required. Separate payment of taxes and insurance may be necessary. Depending on loan terms and property location, borrower paid closing costs can range from $175 to $2,000. Product not available in Maryland, Texas, Hawaii, and Alaska. 3Advertised rate reflects all available discounts and is current as of 12/10/2023. Rate is fixed for the term of the loan. Rates and terms are subject to change. Loan is subject to credit approval and actual rate is based on applicant’s credit history and terms of the loan. Borrow $50,000 at an interest rate of 8.99% at up to 80% LTV for 15 years with estimated monthly payments of $506.84. Minimum loan amount $5,000. Credit Union membership required. Separate payment of taxes and insurance may be necessary. Depending on loan terms and property location, borrower paid closing costs can range from $175 to $2,000. Product not available in Maryland, Texas, Hawaii, and Alaska.
