Spring EQ, founded in 2016, is a Philadelphia-based mortgage lender that specializes in home equity loans and operates in 39 states and Washington, DC The technology-based loan originator, which plans to expand into more states, also provides home purchase, rate -and-term refinance, and cash-out refinance loans. Spring EQ’s digital process can streamline borrowing and help people get their money in as little as 11 days.
- Qualified borrowers may be able to access up to $ 500,000 in home equity.
- Check whether you qualify “in seconds,” and get your money quickly. Borrowers may receive funds in as little as 11 days and an average of 18 days.
- Apply online or by phone, and get help from a loan officer by phone.
- Spring EQ offers home equity loans but not home equity lines of credit.
- Loans of more than 175,000 require an in-home appraisal, and loans of more than $ 250,000 need title insurance.
- Spring EQ is not yet able to lend in every state.
Spring EQ specializes in home equity loans and offers home purchase, rate-and-term refinance, and cash-out refinance loans. The lender may allow you to access up to 97.5% of your home’s value when most others stick to 85%, and your loan amount could be as much as 500,000.
This lender promotes its longer terms for affordable payments but does not disclose a range of terms. Spring EQ also notes several uses for home equity loans, including making home improvements, consolidating debt and paying college tuition.
Apply for a Spring EQ home equity loan either online or by phone at 888-978-9978. Applicants can also receive support from loan officers at that phone number.
Start by completing Spring EQ’s prequalification form to check that you meet the lender’s standard criteria for a home equity loan. If you are happy with your potential terms, then you can continue your application.
Typically, you will need copies of your mortgage statement, photo ID and credit report, plus proof of income, assets and home hazard insurance. You will have to meet Spring EQ’s underwriting guidelines, including verification of your credit, debt-to-income ratio and home value.
Borrowers may be able to get their money in as little as 11 days, but the average is 18, according to the lender.
Spring EQ does not disclose a minimum interest rate. The lender does, however, provide an estimate based on this scenario:
Loans of more than 175,000 require an in-house appraisal, and loans of more than $ 250,000 need title insurance. The lender does not disclose other fees and terms.
Borrowers must have a FICO score of at least 680 and a debt-to-income ratio of 50% or less.
Spring EQ operates in 39 states and Washington, DC, and plans to expand.
Is your dream home within reach? US News’ mortgage calculator will show you how much house you can afford.
Spring EQ has an A + rating with the Better Business Bureau and is a BBB-accredited business.
The Consumer Financial Protection Bureau received four complaints in 2021 about Spring EQ’s home equity lines of credit. The complaints were about applying for or refinancing a mortgage, trouble during the payment process and closing on a mortgage. The company gave a timely response to all complaints, and two closed with monetary relief.
Spring EQ has a 4 out of 5 stars overall rating from US News.
Customers with questions or concerns should call 888-978-9978 or email [email protected] If you need help with your loan application, call 888-978-9978.
Contact 855-463-7407 to set up a payment by phone or automatic payments. You can also access a form online to set up autopay. Spring EQ does not offer online payments.
- Full name.
- Phone number
- Loan number.
- Reason for forbearance request.
The lender will review your situation and, within two business days, advise on next steps.
You can prequalify online to check whether you meet lending criteria and how big your loan could be. If you’re ready to apply, you can complete the application online and access support by phone.
Borrowers can email Spring EQ for assistance at [email protected] and access an online form to set up autopay. Loans cannot be paid online at this time.
- People seeking home equity funding within a few weeks.
- People seeking an online application process with phone support.
- People seeking large home equity loans of up to $ 500,000.