Connexus Credit Union Mortgage Review: Rates, Fees, & Terms
Disclaimer: This post contains references to products from one or more of our advertisers. We may receive compensation (at no cost to you) when you click on links to those products. Read our Disclaimer Policy for more information.
Connexus Credit Union is a locally owned and run credit union with a national footprint.
Although they’re based in Wisconsin and have branches in Minnesota, New Hampshire, and Ohio, they’re rapidly growing their national reach through online offerings, such as their various loan products.
For those interested particularly in their mortgages, we’ve put together a comprehensive review below.
- NMLS#649316
- Min. Credit Score640
- Learn More↪
- Mortgage Details
Connexus Credit Union Mortgage Pros and Cons
Pros:
- You can put down as little as 3%
- High borrowing limits on home equity loans
- Dedicated representatives for HELOCs and home equity loans
- Competitive rates
Cons:
- Doesn’t offer government-backed loans (FHA, VA, USDA, etc.)
- Limited online capabilities
- It’s a credit union, so membership is required (however, it’s inexpensive to join)
- There are physical branches in only 4 states
Connexus Credit Union Mortgage Overview
With around a dozen branches across four states, Connexus isn’t typically thought of as a player in the mortgage game.
However, their recent investments in their online infrastructure have elevated them to a national player in the mortgage industry.
Although they’ve been focused on building out their online infrastructure in recent years, there is still an element of peer-to-peer communication when working with Connexus.
This is because all new mortgage applicants have a loan officer assigned to them, which they can get in touch with throughout the mortgage process.
What Types of Mortgages Does Connexus Credit Union Offer?
Connexus offers a wide range of loans, including conventional, adjustable-rate (ARM), and jumbo loans. Unfortunately, they don’t offer any government-backed loans, such as Federal Housing Authority (FHA), Department of Veterans Affairs (VA), or US Department of Agriculture (USDA) loans.
However, they do offer the ability to refinance your existing home or pull equity out using a home equity loan or line of credit (HELOC).
They do offer very favorable borrowing conditions for their home equity loans as well. With a Connexus home equity loan, you can borrow up to 90 percent of your home’s equity.
Connexus Credit Union Mortgage Qualification Requirements
The minimum required credit score to qualify for a Connexus mortgage is on the higher end of the spectrum, at 640.
The main reason for their higher credit score requirements is their lack of FHA, USDA, and VA loans. Since those loans are backed by the US government, lending requirements are eased up a bit.
Connexus Credit Union Mortgage Rates and Fees
Connexus displays up-to-date mortgage rates publicly on their site – there is no need to enter any personal information.
The only information you need to provide is the area you’re looking to buy in, the properties use, and the amount you’re looking to borrow.
Once you enter that info, you’ll have access to the rates they’re charging, given your specific circumstances.
Connexus Credit Union Mortgage Features and Benefits
Connexus offers a unique hybrid mortgage experience that caters to the needs of today’s borrowers. Below we’ve outlined some of our favorite features that Connexus has to offer.
Low Down Payment Options
Although Connexus doesn’t offer any government-backed loans, like FHA, USDA, and VA, they do still have options for those looking to put as little money down as possible. With their conventional mortgage product, borrowers can put down as little as 3%.
This is great for those who don’t have much money saved up or want to keep some money on the side for renovations and repairs.
Easily Find a Mortgage Loan Officer
As we’ve mentioned before, Connexus provides all its borrowers with a loan officer.
Connexus loan officers work one on one with borrowers from application submission to closing and answer any questions that may arise.
This can be especially helpful for first-time borrowers that may require more personalized assistance in the application process.
Digital Mortgage Experience
Since Connexus only has branches in four states, they have worked hard to improve their digital experience.
Although they’ve made many strides in this area, they still have a long way to go. While you can get the process started online, you will ultimately spend a lot of time working with a loan officer.
This is because Connexus doesn’t offer the ability to upload documents or track your loan status online.
How Does Connexus Credit Union Compare to Other Mortgage Lenders?
#1. Connexus Credit Union Home Loans vs. Quicken Loans
Quicken Loans is a premier online mortgage provider. They were one of the industry’s pioneers and have grown to be a giant as of today. They offer loans in all 50 states; however, they don’t have any physical branches.
Unlike Connexus Credit Union, Quicken Loans allows borrowers to go through the entire mortgage application process online, and they offer FHA and VA loans (no USDA), so if you’re looking for either of these qualities in your mortgage broker, Quicken Loans is likely a good choice for you.
>> More: Quicken Loans Mortgage Review
#2. Rocket Mortgage vs. Connexus Credit Union Mortgages
Rocket Mortgage is another leader in the online mortgage lending space. They have a mortgage application process that is 100% digital and industry-leading customer service.
Rocket Mortgage offers loans in all 50 states; however, they don’t have any physical branches, so they likely aren’t a great option for you if you want in-person assistance.
Unlike Connexus, their suite of products includes both FHA and VA loans, making them a great choice if you’re looking for a government-backed low/no money down payment option.
>> More: Rocket Mortgage Review
#3. Connexus Credit Union vs. Better Mortgage
Better Mortgage is another titan when it comes to online mortgage providers. They have a wide variety of mortgage products.
However, unlike Connexus Credit Union, they don’t offer loans in every state. This means that depending on where you’re looking to buy your home, Better Mortgage might not be able to help you out.
If you are in an area that Better services, they offer an incredibly online mortgage application process, with their famous “Better guarantee,” where they will give you $100 cash if they can’t beat a competitor’s price.
>> More: Better Mortgage Review
#4. Guild Mortgage vs. Connexus Credit Union
Guild Mortgage is very similar to that of Connexus Credit Union. They both have a sort of hybrid approach to their mortgages, where a loan officer is involved from start to finish.
However, where Guild differs from Connexus is their loan offerings. Guild offers government-backed loans, such as FHA, VA, and USDA loans, whereas Connexus does not.
Another area where Guild differs from Connexus is their rates. Guild’s rates are not made publicly available, whereas Connexus provides their rates right on their site. When working with Guild, you need to contact a loan officer to find their rates.
>> More: Guild Mortgage Review
Connexus Credit Union Mortgage FAQs
Is Connexus Credit Union a Good Choice for Mortgages?
Connexus Credit Union is a decent choice for mortgages, so long as government-backed loans and online capabilities are at the top of your priority list. Their limited online capabilities make it difficult for those with limited time in their schedules. However, if you prefer a mortgage with a personal touch, Connexus is a great option.
How Do Connexus Credit Union Mortgage Rates Compare to the National Average?
The rates that Connexus charges are typically in line with the national average; however, the rates do fluctuate daily (as with all the best mortgage lenders).
Does Connexus Credit Union Offer Mortgage Refinance?
Connexus does offer mortgage refinances and home equity loans, and lines of credit at competitive rates. Quite possibly, one of their best features is that they can loan as much as 90% of your home’s value to you through a home equity loan. They also offer an interest-only HELOC if you prefer a line of credit to a loan.
What Credit Score Do You Need for a Connexus Credit Union Mortgage?
Since Connexus doesn’t offer any government-backed home loans, their credit score requirements are a bit higher than most. They require a 640-credit score or higher to get a mortgage through them.
Does Connexus Credit Union Charge a Mortgage Origination Fee?
Connexus doesn’t charge a mortgage origination fee. However, when buying a home, you should keep in mind other third-party fees, such as the appraisal fee, title insurance, etc. These costs should always be accounted for when you’re searching for a home, as they do add up.
Bottom Line: Connexus Credit Union Mortgage Review
Overall, Connexus’ offerings are limited. However, if the niche that they offer aligns with your needs, they are a good option.
They have low down payment requirements on their conventional loans, and their refinance and home equity offerings are top-notch.
However, their lack of government-backed loans inherently makes their offerings less attractive to first-time homebuyers.
Keep Reading:
Zach Hewke is a Personal Finance Writer who holds a Bachelor’s degree in Mechanical Engineering from Clarkson University. He is a personal finance expert who specializes in Mortgages and helping consumers land the home of their dreams. Zach’s area of expertise is mortgages, credit cards, and generation z personal finance.