Spring EQ Reviews

Spring EQ offers a range of home equity products, including loans that allow borrowers to tap equity up to 95% loan-to-value (LTV) and home equity lines of credit that can be used as revolving accounts. Its application experience is fully digital and offers an instant equity estimate.

This lender is mostly nationwide, operating in 40 states plus Washington, D.C. However, some loan options are restricted depending on the state in which you’re applying. And since Spring EQ is online-only, borrowers won’t get a face-to-face loan experience.

Popular products include Spring EQ’s home equity loans and home equity lines of credit (HELOC).

Home equity loans are fixed-rate, amortized loans that the borrower repays over time with interest. Your costs are based on your creditworthiness, home equity and the size of your loan.

HELOCs are adjustable-rate lines of credit that only charge interest on the amount you borrow in your credit line.

Every loan is different, and Spring EQ offers a variety of home equity loan options, so requirements for your loan may differ depending on your needs and what you qualify for.

Spring EQ doesn’t publish its full lending criteria online. To begin the underwriting process, you’ll need income documentation, your homeowners insurance information, a copy of your first mortgage statement and your photo identification.

Higher loan amounts may have more stringent requirements, higher interest rates or higher costs to homeowners. Although some home equity loans don’t allow borrowers to take out more than 80% loan-to-value, Spring EQ offers loans up to 95% LTV.

You may want to learn more about home equity loans and HELOC programs before applying with Spring EQ.

Spring EQ offers home equity loans and home equity lines of credit. Which service is right for you depends on your financial goals and how you plan to use the loan. Here are the options:

• Home equity loans: Homeowners receive a lump-sum payment, borrowing against their home’s value. You can use these funds for many different purposes, and you typically pay a low interest rate.
• Home equity lines of credit (HELOC): Within a set credit limit, homeowners can borrow funds and pay interest on the balance they carry. In practice, HELOCs are similar to credit cards, but they’re secured by the borrower’s property as collateral for the loan. As such, they often have lower interest rates than credit cards.

Borrowers can use Spring EQ loans for major purchases, such as education costs, medical expenses, home renovation, vehicle purchases or other needs. Spring EQ does not restrict how you use the equity you pull from your home.

Spring EQ calculates costs individually for each loan, but your costs may include:

• Administration fees ranging from $499 to $799
• Annual renewal fee of $99
• Margin (your interest cost above the prime rate)
• Extension costs charged for extending rate lock-in
• Fees related to property type, state, occupancy, loan amount or debt-to-income (DTI) ratio

If you pay upfront to buy points (‘buy down’), your lender may reduce the interest rate, ultimately reducing how much you pay over the life of the loan. Adjustable-rate mortgages may have a rate cap or floor impacting how much you pay.