Connexus Credit Union, based in Wisconsin, provides homeowners in 46 states with two options for Home Equity Lines of Credit (HELOCs): a standard HELOC and an interest-only HELOC. To qualify, homeowners must have owned their property for at least six months. The minimum loan amount for a Connexus HELOC is $5,000, with a maximum borrowing limit of up to 90% of the home's value, capped at $200,000. Both HELOC options feature a 15-year draw period, allowing customers to withdraw funds as needed, followed by a 15-year repayment period. During the draw period, standard HELOC borrowers pay 1.5% of the borrowed amount monthly, with a minimum payment of $25, while interest-only HELOC borrowers pay only the interest on the amount drawn. Importantly, Connexus services its own loans, ensuring that customers won’t face the hassle of having their loans transferred to another lender after approval.
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