Spring EQ Review: Access 100% of Your Home Equity
Spring EQ provides fast home equity loan funding and lets you borrow up to 100% of the value of your home. Rates are competitive and the process of qualifying is simple, but you will need a credit score of 640 or higher to get a loan.
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What we like:
N/A
| Fixed APR | 6.51%+ |
| Loan Amounts | $20,000 – $500,000 |
| Max LTV | 100% |
| Prepayment Fee | N/A |
Spring EQ is a home equity lender that promises to provide quick approval with no hassle. You can borrow up to 100% of the value of your home, with a maximum loan of $500,000, and can use your home equity for any purpose including home improvement or consolidating and refinancing high-interest debt.
This Spring EQ home equity loan review will help you decide if borrowing from this lender is right for you.
In this review:
- Getting a Home Equity Loan Through Spring EQ
- Basic Information: Rates, Terms, Fees & Limits
- The Benefits of Spring EQ
- The Downsides of Spring EQ
- Spring EQ Customer Service
Getting a Home Equity Loan Through Spring EQ
Spring EQ provides only home equity loans, not primary mortgages or home equity lines of credit. Borrowers with a credit score of 640 or higher can apply for a fixed-rate loan that can be repaid over as long as 25 to 30 years and Spring EQ’s streamlined loan process aims to make funds available as quickly as possible. In fact, you can get your money from Spring EQ in as little as two weeks from the time that you apply.
To get started, you’ll want to visit Spring EQ and click “See how much you can borrow.” You can then input your home address and get a custom quote in around 30 seconds. You’ll be asked a few simple questions, including:
- Your address
- The range of your credit score
- The current value of your home
- Your current mortgage loan balance
- The amount you’d like to borrow
- Whether you are self-employed
- Your income (and whether you can show at least two years proof of income if you run your own small business)
- Your debt-to-income ratio
- Whether you have had a past foreclosure or bankruptcy in the past four years
- Your full name and telephone number
Once you provide this information, you will get a personalized estimate of your best loan rate, lowest payment, and maximum loan amount—all within around 10 to 15 seconds. The results will show the amount of money you can qualify to borrow and the new monthly payment you’ll have if you take out the loan. After you’ve completed this process, a loan officer will call you a few minutes later to talk you through the simple refinancing process and to verify and complete the information provided in your application.
Basic Information: Rates, Terms, Fees & Limits
Here are some of the key things that you should know if you borrow through Spring EQ:
- APR: With Rate Advantage, you can qualify for a loan with a rate as low as 4.99% for the first six months.
- Loan amount: Borrow up to 100% of the value of your home with a maximum loan of $500,000.
- Maximum loan-to-value ratio: 100%
- Repayment period: Choose a repayment term as long as 30 years. Longer repayment terms allow you to keep monthly payments affordable even if you borrow a substantial sum of money.
The Benefits of Spring EQ
There are some significant benefits to borrowing against the equity in your home through Spring EQ:
- You can qualify quickly for a loan. Spring EQ makes the application process pretty easy. You simply need to provide some basic information, then talk with a loan specialist on the phone to complete the process.
- Fast funding. You can access your borrowed funds in as little as 14 days or less. Many home equity loan lenders take a much longer period of time to approve you for a loan, value your home, and provide funding.
- You can keep your first mortgage. You don’t need to refinance an existing loan at a low rate to tap into the equity in your home if you borrow with Spring EQ.
- You can borrow a lot. Many lenders limit you to borrowing 75% to 90% of your home equity or less, while Spring EQ will allow you to borrow up to 100% of what your home is worth.
- You may get lower interest rates than you would on a personal loan. Since your loan is secured by the equity in your home, you should qualify for lower rates than you’d receive if you just took out a standard personal loan.
The Downsides of Spring EQ
There are also some downsides of Spring EQ to watch out for, including the following:
- You can only get a home equity loan. Some homeowners would prefer a home equity line of credit because it provides more flexibility as you have access to a line of credit you can draw from whenever you need cash.
- Spring EQ Loans aren’t available everywhere in the United States. You can only get a loan with Spring EQ in one of the 33 states where it does business or if you refinance in Washington D.C.
- You have to talk with a loan officer on the phone. When you request your rate, a representative calls you to talk through the process and follow through with the remaining steps in the application process.
Spring EQ Customer Service
To get in touch with Spring EQ, you can call 888-978-9978. You also have the option to complete an online contact form on the Spring EQ website.
Bottom Line: Is Spring EQ Right for You?
If you are in the market for a home equity loan, Spring EQ is definitely worth considering. It’s introductory APR is competitive, the application process is quick, and you can get money fast. You can also borrow more than most lenders allow since you can borrow up to 100% of your home’s value. But make sure you comparison shop with other home equity lenders to find out which offers the best overall rate and terms to meet your needs.
