Founded in 2016, Spring EQ offers home equity loans with quick funding and high loan maximums. The lender is headquartered in Philadelphia and operates in 33 states plus the District of Columbia.
Spring EQ’s online approach to home equity lending simplifies the process by eliminating stacks of paperwork and getting borrowers the money they need in as little as 12 days. Here’s what you need to know about Spring EQ to find out if it’s right for you.
If you need a home equity loan fast, Spring EQ may be a good fit. Here’s what you need to know before you apply:
- Offers only home equity loans.
- Requires a minimum FICO credit score of 640.
- Loans range from $25,000 to $500,000.
- Offers repayment terms up to 30 years.
- Offers instant loan qualification and fast funding.
Pros and cons
Here are some of the benefits and drawbacks to consider when deciding whether to work with Spring EQ.
- Fast funding: The lender offers instant loan qualification and funding in as little as 12 days. On average, borrowers receive their funds in three weeks.
- Borrowing flexibility: Spring EQ offers loans of up to $500,000 to borrowers who qualify.
- Competitive interest rates: Compared with other top home equity lenders, Spring EQ’s interest rates are relatively low. As of December 2019, the lender’s APRs start at 5.125 percent. The average home equity loan APR is 5.77 percent, according to Bankrate data.
- Easy application process: You don’t need to visit a bank branch to speak with a loan officer. Instead, you can get a quote online and speak with a loan officer over the phone to finish the process.
- No HELOC option: The lender offers only home equity loans, which won’t help if you prefer a home equity line of credit, or HELOC.
- Fees: Spring EQ charges an appraisal fee (only exterior appraisal required for loans below $175,000), origination fee, documents fee, property report and flood certification fee, and closing and settlement fee. However, borrowers are able to use an appraisal that was completed in the past 12 months. Fees are due at closing and range from $450 to $1,400 on average. It’s important to note that fees vary based on the borrower, as well as the loan amount and state.
Spring EQ only offers fixed-rate home equity loans ranging from $25,000 to $500,000. Repayment terms include 15, 20, 25 and 30 years, and you can borrow up to 100 percent of your home’s value between your mortgage and a home equity loan.
When determining your home’s value, Spring EQ accepts appraisals that were completed in the past 12 months. If you don’t have one and your loan is less than $175,000, the lender does a drive-by appraisal, which bases your home’s value on its exterior and the surrounding homes. Loans above $175,000 require an in-home appraisal.
Once you apply, you’ll receive an instant response, and you can receive the funds in as little as 12 days. On average, borrowers receive their funds from Spring EQ in three weeks.
Fees on Spring EQ home equity loans vary based on the borrower, loan amount and state. Fees range from $450 to $1,400 on average and are due at closing.
Spring EQ charges an appraisal fee, origination fee, documents fee, property report and flood certification fee, and closing and settlement fee. Loans below $175,000 require only an exterior appraisal, while loans above that amount require an in-home appraisal. Borrowers are able to use an appraisal that was completed in the past 12 months if applicable.
You’ll get a list of fees for your loan within three days of applying for a loan.
Spring EQ’s interest rates can vary based on a few factors, including your credit score, repayment term and CLTV. The lender offers a 30-day rate lock for free and up to 75 days total.
Spring EQ requires a FICO credit score of at least 640 to get approved. It also has a maximum debt-to-income ratio — your total monthly debt payments divided by your gross monthly income — of 43 percent.
The lender allows borrowers to have a CLTV of up to 100 percent, and it doesn’t require any cash reserves when you close the loan.
How to apply
You can apply for a home equity loan with Spring EQ online through its website. You can also call the lender at (833) 374-2274 to speak with a loan officer. You’ll start by getting a quote, which requires just a soft credit check.
To do this, you’ll need to provide your:
- Email address and phone number.
- Credit score.
- Property type.
- Home value.
- Mortgage balance.
- Desired loan amount.
- Employment and credit information.
Once you receive your quote, you’ll then call or receive a call to complete the application process over the phone.
After you officially apply and get approved, you’ll need to provide a form of identification, mortgage and homeowners insurance statements, and proof of income.
As always, it’s best to get quotes from at least a few lenders before settling on one. But if you’ve done that and want to work with Spring EQ, you can start the application process with the lender through its website.
If you have questions during the process, you can call and speak with a loan officer at (833) 374-2274.
Customer service representatives are available Monday-Friday from 8 a.m. to 8 p.m. Eastern and Saturday from 8 a.m. to 5 p.m.
If you call after hours, you can leave a message and get a call back. Alternatively, you can submit questions via a contact form or the website’s live chat feature. If a representative isn’t available, you can request an email when they send a response.
How Bankrate rates Spring EQ
Editorial disclosure: All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.