Spring EQ 2022 Home Equity Loan Review
Spring EQ 2022 Home Equity Loan Review

Spring EQ, founded in 2016, is a Philadelphia-based mortgage lender that specializes in home equity lending and operates in 39 states and Washington, DC. -term refinancing and cash refinancing loans. Spring EQ’s digital process can streamline borrowing and help people get their money in as little as 11 days.

  • Qualified borrowers can access up to $500,000 in home equity.
  • Check if you qualify “in seconds” and get your money fast. Borrowers can receive funds in as little as 11 days and on average 18 days.
  • Apply online or over the phone and get help from a loan officer over the phone.

  • Spring EQ offers home equity loans, but not home equity lines of credit.
  • Loans over $175,000 require a Evaluationand loans over $250,000 require title insurance.
  • Spring EQ is not yet able to lend in all states.

Spring EQ specializes in home equity lending and offers home purchase loans, rate and term refinance, and cash-out refinance loans. The lender can let you access up to 97.5% of your home’s value while most others stick to 85%, and your loan amount could be as high 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 home improvement, debt consolidation, and paying college tuition.

Apply for a Spring EQ home loan online or by phone at 888-978-9978. Applicants can also receive assistance from loan officers at this phone number.

Start by completing the Spring EQs prequalification form to verify that you meet the lender’s standard criteria for a home equity loan. If you are satisfied with your potential conditions, you can proceed with your application.

Typically, you’ll need copies of your mortgage statement, photo ID, and credit report, as well as proof of income, assets, and accident insurance. domestic risks. You will need to meet Spring EQ subscription guidelines, including checking 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, depending on the lender.

Spring EQ does not disclose a minimum interest rate. However, the lender provides an estimate based on this scenario:

Loans over $175,000 require an internal appraisal and loans over $250,000 require title insurance. The lender does not disclose other fees and conditions.

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 home you can afford.

Spring EQ has an A+ rating with the Better Business Bureau and is a BBB accredited company.

The Consumer Financial Protection Bureau received four complaints in 2021 regarding Spring EQ’s home equity lines of credit. Complaints related to applying for or refinancing a mortgage, problems during the payment process and taking out a mortgage. The company gave a quick response to all complaints and closed two with monetary relief.

Spring EQ has an overall rating of 4 out of 5 stars from US News.

Customers with questions or concerns should call 888-978-9978 or email Servicing@Springeq.com. If you need help with your loan application, call 888-978-9978.

Contact 855-463-7407 to set up pay-by-phone or automatic payments. You can also access an online form to configure automatic payment. Spring EQ does not offer online payments.

Loan repayment can be requested by email to Servicing@Springeq.com or by phone at 855-463-7407. If you need to request a COVID-19 forbearance, email Servicing@Springeq.com and provide:

  • Full name.
  • Address.
  • Phone number
  • Loan number.
  • Reason for requesting abstention.

The lender will review your situation and, within two working days, advise you on the next steps.

You can prequalify online to see if you meet the loan criteria and what your loan amount could be. If you are ready to apply, you can complete the online application and access support over the phone.

Borrowers can email Spring EQ for assistance at Servicing@SpringEQ.com and access an online form to set up autopay. Loans cannot be paid online at this time.

  • People looking for home equity financing within weeks.
  • People looking for an online application process with phone support.
  • Individuals seeking large home loans of up to $500,000.


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