Spring EQ Home Equity Review

4.1 _/5

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Home Equity Loans

• Offers a home equity loan and a HELOC
• Access up to 95% of your home equity
• Most borrowers don’t require an in-home appraisal

• Funds available in 21 days, on average
• $1,395 origination fee
• Not available in AK, HI, ID, MA, MO, ND, NY, SD, WV, or WY.

Rates (APR)	Starting at 9.50%
Loan amounts	$25,000 – $500,000
Repayment terms	5 – 30 years
Min. credit score	680

Founded in 2016, Spring EQ provides home equity loans and lines of credit (HELOCs) in 40 states and Washington, D.C.. It offers original home mortgages and refinance loans, but its primary focus is on helping homeowners access equity. 

If you’re a homeowner looking to tap into your property’s available equity, Spring EQ may be able to help. Read our Spring EQ home equity review to find out which products this lender offers and what you need to know before you apply.

How does Spring EQ work?

Your home equity is how much of your home’s value you own. You can calculate it by determining the difference between its current market value and what you owe on the property. 

You can borrow against it with the help of a home equity loan or line of credit. These products allow you to withdraw money from your home in cash, which you can use to pay off other debt, cover a home renovation, or finance a considerable expense.

Spring EQ provides homeowners with both home equity options.

• More about Spring EQ’s HELOC
• More about Spring EQ’s home equity loan

HELOC

A Spring EQ HELOC gives you access to $50,000 to $500,000 of your home’s equity in an open line of credit (similar to a credit card) if you borrow against your primary residence or secondary home. 

You can pull from this line of credit as needed during your 10-year draw period, with a minimum initial draw of $50,000 and minimum subsequent draws of $1,000. You’ll make draws via checks, which the lender provides right after you close.

During the draw period, the lender requires interest-only payments, with a minimum monthly payment of $100 once you draw from your line of credit. When your draw period ends, you’ll enter a 20-year repayment term during which you cannot borrow any more. You’ll then make payments of principal plus interest.

HELOC terms	Details
Rates (APR)	Starting at 9.50%
Loan amounts	$50,000 – $500,000 ($50,000 min. initial draw; $1,000 min. on subsequent draws)
Draw period	10 years
Repayment period	20 years
Max LTV	95%
Min. credit score	680
Fees	Yes, but not disclosed

Home equity loan

With a Spring EQ home equity loan, you can borrow a lump sum between $25,000 and $500,000 against your home’s equity, up to a maximum loan-to-value ratio (LTV) of 95%. You’ll have five to 30 years to repay the loan at a fixed interest rate, with a set monthly payment.

You can take out a Spring EQ home equity loan on primary owner-occupied homes, secondary homes, and (unlike a HELOC) investment properties. Your maximum allowed LTV—the most you can borrow from your home’s equity—will vary depending on the property type and your FICO credit score.

Home equity loan terms	Details
Rates (APR)	Starting at 9.50%
Loan amounts	$25,000 – $500,000
Repayment period	5 – 30 years
Maximum LTV	95%
Minimum credit score	680
Fees	Yes, but not disclosed

Do I qualify for a HELOC or home equity loan from Spring EQ?

To qualify for a home equity loan or HELOC through Spring EQ, you must meet certain criteria related to home equity, income, credit score, debt-to-income ratio (DTI), and property type.

Property requirements

• Primary and secondary homes: Spring EQ offers HELOCs.
• Primary, secondary, and investment properties: Fixed-rate home equity loans are available. Maximum loan-to-value ratios (LTV) may vary.

Equity and loan requirements

• Minimum loan amounts: $25,000 for home equity loans and $50,000 for HELOCs.
• Equity requirements: You must have sufficient equity in the property to meet Spring EQ’s LTV criteria. The required equity depends on your credit, location, and property type.

Location

Service area: Spring EQ offers home equity loans and lines of credit in 40 states and the District of Columbia. Ensure your property is located in one of these areas.

Credit score and DTI requirements

• Minimum FICO credit score: 680 for HELOCs and home equity loans.
• DTI: Capped at 45%.

Application process

• Prequalification: You can apply online, but Spring EQ doesn’t offer preapproval with a soft credit check, which doesn’t affect your credit. It will prequalify you based on the basic information you provide about your home’s value and location, but this won’t include interest rates.
• Application: You’ll apply to find out whether you qualify for a home equity loan or HELOC and at what interest rates.

Pros and cons of a Spring EQ home equity loan or HELOC

Pros

• Loans can be funded as fast as 11 days (21 days on average)

• Borrow up to 95% LTV

• Home equity loans are available on owner-occupied, secondary, and investment properties

Cons

• Not licensed in 10 states

  Alaska, Hawaii, Idaho, Massachusetts, Missouri, North Dakota, New York, South Dakota, West Virginia, or Wyoming

• HELOCs have a $100 minimum payment on borrowed funds regardless of your balance

• No option to adjust due date—payments are due on the 1st of each month

Consider other institutions if you’re unsure whether Spring EQ is the right fit for your home equity needs. Check out our guide to the best home equity loans for more recommendations.

How do I apply with Spring EQ?

You can apply for a home equity loan or HELOC through Spring EQ online by answering a few questions about your home and financial situation. You’ll see your results right away and can move forward with finalizing your new loan.

Here are the eight steps to apply with Spring EQ:

1. Visit Spring EQ’s online application form. Enter your name, address, phone number, email address, and date of birth, and choose whether the property is your primary address.
2. Answer questions about your property. Provide your property’s current value and your remaining mortgage loan balance, and answer whether you have other liens on the property (a second mortgage, for instance).
3. Decide how much you need to borrow. Based on the equity you have in your home, tell Spring EQ how much cash you’d like to borrow. 
4. Answer the following questions about your financial history: Have you ever declared bankruptcy or faced home foreclosure? How do you use the home, and what type of property is it? What is your credit score? Do you have a co-borrower? Are you a veteran?
5. Get a “pre-qualified” loan amount. Once you submit this information, Spring EQ will tell you how much home equity you can borrow. However, please note this is based on your property’s stated value and the amount you want to borrow. Spring EQ hasn’t checked your credit, and you won’t get any proposed interest rates.
6. Decide whether to finish applying or wait for a representative to reach out. At this point, you can wait for one of Spring EQ’s loan specialists to reach out to you or move forward with the online application. You must confirm your email address to move forward with the latter.
7. Apply online. If you choose to apply now, Spring EQ will pull your credit, and you’ll get a clearer idea of the interest rates and loan amounts the lender will offer, as well as your repayment term options (for home equity loans). You can select your preferred loan at that time and begin finalizing. 
8. Provide the necessary documents. Before finalizing your loan, the lender will request documentation such as your mortgage statement, a copy of your photo ID, proof of income, proof of assets, and a copy of your home insurance coverage.

What do Spring EQ’s customers say about the company?

Consumer reviews can help you see how a company treats its customers.

Source	Customer rating	Number of reviews
Better Business Bureau (BBB)	3.93/5	151
Google	3.6/5	573

The company is BBB-accredited and rates an A+.

Its customer reviews highlight a mix of positive and negative experiences. Many customers appreciate the company’s efficient loan processing and competitive rates, mentioning the smooth and straightforward application process. The customer service team earns credit for professionalism and helpfulness, making the loan experience more pleasant for borrowers.

However, some customers report issues with communication and transparency, particularly regarding the timeline and status of their applications. Delays in the loan process and unexpected changes in terms have been points of frustration for a few clients.

While many customers are satisfied with Spring EQ’s offerings, prospective borrowers should be aware of potential communication challenges and ensure they understand the loan terms before proceeding.

How does Spring EQ determine how much I can borrow?

Spring EQ allows homeowners to borrow up to 95% of their LTV. However, the exact amount you can borrow depends on several factors:

• Current home equity: You can borrow up to 95% of your home’s value, with a maximum loan amount of $500,000.
• Loan type: For a home equity loan, the minimum loan amount is $25,000. For a HELOC, the initial draw needs to be at least $50,000.
• Home use: The property’s use (primary home, secondary home, or investment property) affects the maximum LTV and loan terms.
• Credit score: A lower credit score may result in a lower allowed LTV, reducing the amount you can borrow.
• Location: Borrowers in some states may have specific home equity loan or HELOC limits that could affect the borrowing amount.

What does the appraisal process look like?

Whether you’ll need a new appraisal depends on how long you’ve owned your home and the date of your last home appraisal report.

In some cases, you may be able to use a home appraisal from the previous 12 months for a new home equity loan or line of credit. Expect to pay a $115 fee for Spring EQ to analyze a previous home appraisal report.

If you need a new home appraisal, the cost will depend on your home equity loan size and, in some cases, your debt-to-income ratio (DTI). Loans of $175,000 or less may be eligible for a drive-by inspection, where an appraiser checks the property’s exterior. The fee for this type of appraisal is $149. 

Loans over $175,000 may need a full interior appraisal. The cost varies by location, the size of your home, and its layout. The broker will order the appraisal, but you’re responsible for the cost.

Does Spring EQ charge any fees?

Whether you’re taking out a home equity loan or HELOC, Spring EQ charges several administrative fees, including a loan setup administration fee and an annual fee on HELOCs. 

If you need a new appraisal, the cost starts at $149. The prior-use appraisal fee is $115. 

You should also expect to pay credit check and document prep fees.

Does Spring EQ have a customer service team?

If you have questions for Spring EQ, you can contact the customer service department:

• By phone at 888-978-9978
• By email (current customers only) at [email protected]
• Spring EQ does not offer live chat options.

How we rated Spring EQ

LendEDU’s editorial rating system is designed to help readers find companies that offer the best home equity products. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Spring EQ to several home equity lenders, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

Product	Our rating
Spring EQ HELOC & home equity loan	3.8/5