works, worships or attends school in New Haven, Hartford, Middlesex, or Fairfield County.
All you need is a $25 deposit into your share savings account. Click here to begin!
HOME EQUITY LOAN: *APR = Annual Percentage Rate. 3.49% rate is representative of a 5 year and 7 year home equity loan in second lien position with no points in amounts of $100,000 and greater, and up to 80% loan-to-value. A loan amount of less than $100,000 has a 3.74% APR and is representative of a 5 year and 7 year home equity loan in second lien position, with no points paid, and up to 80% loan-to-value.
PAYMENT EXAMPLE: A loan at an APR of 3.49%, with no points paid, would have 60 months principal and interest payments of $18.19 per $1,000.00 borrowed.
HOME EQUITY LINE OF CREDIT: *APR = Annual Percentage Rate. 4.00% rate is representative of up to 80% loan-to-value and is a variable rate based on the Prime Rate published in the Money Rates column of The Wall Street Journal on the 25th of each month. The annual rate can change the first day of each month. The rate cannot increase or decrease more than 3 percentage points in any one-year period. The ANNUAL PERCENTAGE RATE will never go below 4.00% and cannot increase more than 8 percentage points above the initial rate or the maximum permitted by law, whichever is less, at any time during the term of the loan. For new lines of credit only. Existing Connex Home Equity Lines of Credit are not eligible. The minimum line of credit amount is $10,000, and the minimum credit advance that you can receive is $500 for the first advance and $500 for each subsequent advance. Connex Credit Union’s home equity line of credit allows you to make multiple advances for any amount and will be available for a 10-year draw. After the draw period has expired, any outstanding balance will be amortized over a 10-year period and will be payable in 120 monthly payments.
MINIMUM PAYMENT EXAMPLE: If you made only the minimum monthly payment and took no other credit advances, it would take 20 years to pay off a credit advance of $10,000 at an Annual Percentage Rate of 4.00%. During that period, you would make 120 payments of $30.68 to $33.97, followed by 119 payments of $101.25 and one (1) final payment of $101.68.
MAXIMUM RATE AND PAYMENT EXAMPLE: An outstanding balance of $10,000 during the draw period, the maximum Annual Percentage Rate of 12.00% would be a monthly payment $101.92 in principal and interest.
HOME EQUITY LOAN/LINE OF CREDIT: Up to 100% loan-to-value financing available, higher rates apply. Other rates and terms available. No application fee, no closing costs, no annual fee. New money only. The minimum loan amount is $10,000. Proof of homeowners insurance required. CT owner-occupied properties only. Programs, rates, terms and conditions are subject to change or may be withdrawn without notice. Connex $25 share savings account required. Other terms and conditions may apply. * Consult your tax advisor regarding the deductibility of interest.
Apply by May 31, 2017