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If you want to make monthly budgeting easier, this traditional type of loan can help. Fixed rate loans maintain their original interest rate throughout the life of the loan. So the principal and interest payments will not change where they could with an adjustable rate loan.

When it comes to your home, don’t settle for anything less than the local, reliable service offered by Connex Credit Union.

• Save time with quick online pre-approval
• Save money with low closing costs
• Enjoy convenience with multiple financing options

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Let's face it, adjustable rate mortgages have gotten a bad rap as of late. That's because banks haven't always been up front about the details. At Connex, our ARM comes with a really low rate that could save you a lot of money. But it also comes with something more important - honest advice. We'll match the advantages and risks of an ARM to your needs and expectations. Then together we decide if it's right for you. That's the part banks forget to do.

Adjustable Rate Mortgages (ARMs) provide you with initial lower interest rates and payments and increased purchasing power, but are subject to rate adjustments later on. In addition to standard programs that adjust every 6 months, our programs provide an initial fixed rate for up to ten years before the rate adjusts.

Enjoy flexibility
Whether you are buying your first home or you have mortgage needs that don’t fit within the traditional loan frameworks, our mortgage professionals will listen and help you explore the options.

When it comes to your home, don't settle for anything less than the local, reliable service offered by Connex Credit Union.

• Save time with quick online pre-approval
• Save money with low closing costs
• Enjoy convenience with multiple financing options
   

There are a variety of reasons that you may want refinance your mortgage.The mortgage specialists at Connex can help guide you through the options and help you to choose the loan that will meet your goals. No matter what your goal is, we can deliver the right match.

• Lower your monthly mortgage payment
• Reduce your interest rate
• Switch to a fixed-rate or variable-rate loan
• Pay-off your mortgage sooner

We are committed to providing money and time-saving home loan options. That’s why we offer our free Home Loan Savings Analysis. With just a few pieces of information, we will review the information provided and will be in touch within one business day with some great news.

You can also apply for a mortgage refinance online with no obligation.

A jumbo mortgage, also called a jumbo loan, is a mortgage that exceeds conforming loan limits. In Connecticut the conforming loan limit for a one-unit property is $806,500.(In Fairfield County, the conforming loan limit for a one-unit property is $851,000.)

Jumbo loans are available for purchases or refinances, and approval is based on the same basic formula as any other mortgage. Eligibility depends mainly on income, cash reserves, credit score, debt, employment status, and property type. 

• Save time with quick online pre-approval
• Save money with low closing costs
• Enjoy convenience with multiple financing options

Connex is there to help first-time homebuyers to become new homeowners. Our mortgage specialists can talk you through the process and loan options from start to finish. In addition to unparalleled guidance, we offer up to $1,0002 credit at closing! Receive a $500 credit at closing just for being a first-time homebuyer, and if you attended one of our free First-Time Homebuyers seminars or complete the HomeViewTM course you are eligible for an additional $500 credit at closing.

¹ First-time homebuyer is an individual who has not owned a principal residence for 3 years. If joint applicants, only one must meet this criterion.
² The $500 learning credit (for attending a Connex First-Time Homebuyer Webinar or completing the HomeView^TM course) and the $500 credit for being a first-time homebuyer apply only when closing on a Connex mortgage through Member’s Mortgage. Member is responsible for providing a certificate of course completion or promo code for credit eligibility. Credits at closing have no cash value and cannot be used toward any other service. Closing credits are subject to change at any time and may be withdrawn without notice.

See how little cash you may need to buy a home.

• Income limitations apply
• Down payments as low as 3% (fixed-rate, single-family primary)
• Flexible underwriting guidelines
• Reduced mortgage insurance above 90% LTV
• Gift funds from acceptable sources allowed
• Homebuyer education required for at least one borrower

The HomeReady™ Mortgage (HomeReady) program is sponsored by Fannie Mae and helps lenders serve today's market of creditworthy, low- and moderate-income borrowers.

HomeReady loans allow as little as 3% down payment which is lower than most conventional loans. With conventional mortgages, there may be restrictions on the source of your down payment.

Most mortgages require a "minimum contribution" from the borrower. This means that the borrower must come up with a certain portion of the down payment on their own. Beyond that minimum contribution, borrowers can usually make up the rest of their down payment with other sources of funds such as gifts or down payment assistance programs. However, HomeReady mortgages are more flexible-100% of the down payment to can come from gifts, or other sources. In other words, a relative or friend can give the entire down payment and closing costs to the borrower.

You must have a credit score of at least 620 and potential borrowers cannot earn more than 80% of their area’s median income (AMI).

HomeReady mortgages have reduced mortgage insurance costs. Private mortgage insurance typically applies when the down payment is less than 20%. However, one of the benefits of a HomeReady mortgage is that even if your LTV is above 90%, the standard PMI costs can be reduced. PMI will automatically be canceled once the balance of your mortgage reaches 78% of the original appraised value provided you have had no late payments.

Designed to help borrowers who may not qualify for conventional loans.

• Down payments as low as 3.5% (single-family primary)
• Options for borrowers with credit challenges
• Flexible underwriting guidelines
• Upfront and monthly mortgage insurance premiums apply
• Homebuyer education required

An FHA loan is a mortgage insured by the Federal Housing Administration (FHA). FHA loans are popular among homebuyers who cannot qualify for a conventional loan, either because of a low credit score or because they don’t have a large enough down payment. FHA loans can only be used to finance a primary residence.

FHA Loans require mortgage insurance. FHA Mortgage Insurance is generally more expensive than conventional mortgage insurance because FHA lenders take on more risk approving loans to lower-credit-score borrowers. You’ll pay FHA mortgage insurance regardless of your down payment.

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Connex Community Lending offers low- to moderate-income households additional pathways to homeownership.

• First-Time Homeowner Mortgage Loan Program
• First-Time Homebuyer Down Payment Assistance Program
• First-Time Homebuyer Rehabilitation Program

For eligibility details, contact Jeannette Lucky at (203) 907-4487.