Spring EQ is a Philadelphia-based mortgage lender. Founded in 2016, Spring EQ calls itself the originator of “technology-enabled” loan products and claims its streamlined process can dramatically reduce the time it takes to access your home’s equity.
This lender is ideal for homeowners who need quick access to funds, as Spring EQ says their customers receive their money on average in 21 business days. Spring EQ is also a good option for borrowers with excellent credit. The lender requires a FICO score of at least 740 to qualify for the maximum loan amount of $500,000.
Spring EQ offers home equity lines of creditor HELOCs, and home equity loans.
Spring EQ: at a glance
Types of home equity loans
Home Equity Loan, HELOC
Varies from 4.75% to 13.15%
$25,000 to $500,000
Credit score requirements
Home equity loan: 620 home equity loan; HELOC: 680
5-30 years old
Average approval time
Can be approved in minutes
What we like
- Quick access to funds: The average time to receive funds is 21 working days, but can be up to 11 days.
- Quick approval: You can be approved in minutes, according to Spring EQ.
- Flexible property types: You can purchase a Spring EQ HELOC for a second home.
What we don’t like
- No online payment option: Although this lender considers itself a technology-based lender, it does not yet offer an online payment option.
- Strict guidelines for independent owners: Self-employed owners should be prepared with additional verification of income and employment. For example, some homeowners may qualify for certain home loans with a debt-to-equity ratio, or DTI, of up to 50%, but if you are self-employed, your DTI cannot exceed 40%.
- Limited availability: Spring EQ Retail Home Loans are currently not available in Alaska, Hawaii, Idaho, Massachusetts, Missouri, North Dakota, Nevada, New York, South Dakota, West Virginia, Wyoming and Utah (as well as Washington for HELOCs).
Home equity loan options
Spring EQ offers HELOCs, home equity loans, refinance loans and cash refinances. Qualified homeowners can borrow up to 95% of their home’s value with a home equity loan or 90% with a HELOC.
Spring EQ charges typical closing fees and costs such as title, notary, and home appraisal fees. However, it also charges administrative fees for its home equity products that some other lenders choose to waive. Keep in mind that the fees you pay with any lender will vary by state and county, as well as your personal financial situation.
For a Spring EQ HELOC, you must pay a loan administration fee of $295, plus an annual maintenance fee of $99. For a home equity loan, you must pay a fixed rate loan administration fee of $799.
How to qualify
The requirements to be eligible for Spring EQ vary depending on the type of loan product you are applying for, but the loan amount and interest rate you are approved for will depend heavily on your credit score. For example, you can borrow up to 95% of the value of your home with a credit score of 700 or higher for its home equity loans, or 90% for HELOCs.
For HELOCS, here are Spring EQ’s FICO score requirements and the corresponding maximum value you can borrow against your primary residence:
- 740 and over: 90%
- 700-739: 90%
- 680-699: 80%
For home equity loans, here are Spring EQ’s FICO score requirements and the corresponding maximum value you can borrow against your primary residence:
- 740 and over: 95%
- 700-739: 95%
- 680-699: 90%
- 640-679: 85%
- 620-639: 70%
You must also have a current DTI of at least 50% or less with the minimum FICO score and $3,500 monthly residual income to qualify for a home loan, and a current DTI of at least 45% with the FICO score minimum for both HELOC and home equity loan approval.
The application process for Spring EQ is simple. You can apply directly online and receive a decision in 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 affecting your credit score, but if you want to be fully verified for pre-approval, it will put a lot of strain on your credit.
Homeowners applying for a home loan with Spring EQ should be prepared to provide the information below, along with any other documents requested by the lenders. Remember that self-employed clients will need to provide additional documentation.
- Current and valid completed application
- proof of income
- Mortgage statement
- Home risk insurance
- ID photo
You can contact a Spring EQ Authorized Loan Officer at one of the phone numbers or emails below, or submit a request through the Spring EQ website.
Live phone support:
- General Inquiries: 888-978-9978
- Home Equity Loan Applicants: 888-451-4574
- Current Customers: [email protected]