Spring EQ
- Home equity loan, HELOC
- Not disclosed
- 640
- 888-978-9978
Spring EQ is a mortgage lender based in Philadelphia. Founded in 2016, Spring EQ offers home equity loans and home equity lines of credit, or HELOCs, in 41 states (excluding Alaska, Hawaii, Idaho, Missouri, New York, North Dakota, South Dakota, West Virginia or Wyoming).
Spring EQ calls itself a “technology-based” originator of loan products and says its streamlined process can drastically reduce the time it takes to access the equity in your home.
Spring EQ made our list of the best home equity loan and HELOC lenders thanks to its smooth application process, quick funding and range of loan options.
Spring EQ: At a glance
| Types of home equity loans | Home equity loan, HELOC |
|---|---|
| APR range | Not disclosed |
| Loan amounts | $5,000 to $500,000 |
| Credit score requirements | 640 |
| Repayment terms | 5-30 years |
| Average time for approval | Can be approved within minutes |
Spring EQ is best for homeowners who need fast access to funds. The lender provides instant loan qualification and says it can get you funding in as little as 14 days, with the average being 21 business days.
Pros
Fast access to funds: The average time to receive funds is 21 business days but can be as fast as 14 days.
Fast qualification: You can get qualified for a loan within minutes, according to the lender’s website.
Flexible property types: Some lenders only allow you to take out a home equity loan or HELOC on a primary residence. Spring EQ also allows for loans on second homes.
Cons
Not available in every state: Spring EQ does not offer home equity loans or HELOCs in Alaska, Hawaii, Idaho, Missouri, New York, North Dakota, South Dakota, West Virginia or Wyoming.
No online payment option: Although this lender considers itself a technology-based lender, it doesn’t yet offer an online payment option.
Strict guidelines for self-employed homeowners: If you’re self-employed, you’ll need extra verification of income and employment.
Home equity loan product options
With a minimum credit score of 640, you can borrow anywhere from $5,000 to $500,000 (up to 95% of your home equity) with a Spring EQ home equity loan or HELOC. The lender also has an interest-only HELOC option that allows you to only pay interest on what you’ve borrowed for the first 10 years of your draw period.
Fees
Spring EQ charges typical closing costs and fees such as title, notary and home appraisal fees. However, it also charges administrative fees for its home equity products, which some other lenders choose to waive. You must pay an origination fee of $995, a loan administration fee of $295, plus an annual maintenance fee of $99.
How to qualify
Home equity loan borrowers must have a minimum credit score of 640 and a debt-to-income ratio of 50% or less. HELOC borrowers also need a 640 credit score but will need their DTI ratio to be 40% or less.
You can borrow up to 95% of your home’s value, which is high compared to most other lenders, but you’ll need a credit score of at least 700.
Applying for a home equity loan or HELOC with Spring EQ
The application process for Spring EQ is simple. You can apply online and receive a decision within minutes, or call and speak directly with a loan officer. Its online platform helps simplify the paperwork process and keep all your documentation in one place. You can find out what interest rate you’re likely to prequalify for without dinging your credit score, but if you want to be fully verified for preapproval, it will result in a hard pull on your credit.
Homeowners applying for a home loan with Spring EQ should be ready to provide the information below and any other paperwork requested by the lender.
- Current and valid completed application
- Proof of income
- Current mortgage statement
- Home hazard insurance
- Photo ID
If you’re self-employed you’ll be required to provide additional documentation.
Customer service
You can reach a licensed Spring EQ loan officer at one of the phone numbers or emails below, or submit an inquiry via Spring EQ’s website.
Live phone support:
- General inquiries: 888-978-9978
- Home equity loan applicants: 888-451-4574
Email support:
- Current customers: servicing@SpringEQ.com
