DIscover this Home Equity Secret

couple happy at their budget thanks to their ability to access their home's equity
Posted by Spring EQ on Jun 21, 2022 5:14:35 PM

Homeowners can access cash from their home's equity WITHOUT touching their low first mortgage rate. It's not a secret—but more and more homeowners are just now discovering one of the best options available to them.

"A home equity line of credit, also known as a HELOC, is one of the best ways to access equity in your home..."
That's what CNBC.com had to say about HELOCs. HELOCs serve as a revolving line of credit similar to a credit card, but with some very big differences. A HELOC is typically taken out in addition to your existing first mortgage, and lets you borrow against your available home equity with your property as collateral.


 

Therefore, HELOCs differ from first mortgage refinance loans by adding a second mortgage onto your property and won't change the terms of your existing mortgage. 


How much cash can you access?
Many refinance cash out loans won't let you access as much cash as a HELOC. And many traditional bank HELOCs won't let you access as much cash as non-bank lenders.

 

For instance, Spring EQ allows homeowners to access cash up to 97.5% of their home's equity. If you're interested, take a moment to let us know and we'll reach out to help you explore your options.

The cash homeowners need to achieve your goals
Debt consolidation. Home improvement. Tuition costs. These are all common reasons for homeowners to access their home's equity. But the truth is, you can use the funds for anything you want. Some may want the security of having the funds available for an emergency—or unexpected large expense. Everyone's goals are different. What could a HELOC help you do?

 

Other important aspects to HELOCs are their interest rates and closing costs. HELOC interest rates are typically variable and change in conjunction with an index based on your credit profile.

 

The higher your credit score, generally the lower the index markup. Regarding closing costs, a unique aspect of HELOCs is that they usually have no (or relatively small) closing costs compared to home equity loans and first mortgage refinances.

 

Is a HELOC Right for You?
When considering your options, it is important to consider all the factors and make the best choice for you. We offer fixed-rate Home Equity Loans as well as HELOCs with 10 months of interest-only payments. If you're ready to explore your options, we're here to help.

 

 

Topics: mortgage, HELOC, CashAccess, home improvement, Personal Finance, debt consolidation, pay off debt

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    *Details to note:
    Spring EQ customers get their cash on average in 21 business days, and as fast as 14 days. This average time is measured from the time we receive all requested documents and assumes your stated income, property and title information provided in your loan application matches your documents and any supporting information collected. The time period calculation to get cash is based on the average funding turn times over the first four months of 2023, assumes the funds are wired, excludes weekends and excludes the government mandated disclosure waiting period. Typical applicants are required to provide a current and valid completed application, proof of income, mortgage statement, home hazard insurance, and a photo ID.

    Applicants are typically not required to provide proof of assets, and proof of income may be more extensive for self-employed borrowers. Quarterly, we calculate The Spring EQ Cash-In-Pocket Index™ which is the average reduction of our customers debt payments where at least one debt was paid off with loan proceeds. The most recent Cash-In-Pocket Index™ reported a reduction in debt payments of $530.

    Any pre-qualification or “Home EQ” value is in no way a pre-approval, indication of eligibility, or binding underwriting decision.

    All borrowers will be required to meet Spring EQ's current underwriting guidelines including verifications of applicant’s credit profile, debt-to-income ratio, and home’s current value. Eligible Home Equity Loan borrowers must have a FICO score of 640 or greater and debt-to-income ratio of 50% or less. Refinance transactions may increase total finance charges over the life of the loan. Speak to a loan officer for details. Eligible Home Equity Line of Credit borrowers must have a minimum FICO score of 640 and debt-to-income ratio of 45% or less. Spring EQ offers Home Equity loan options up to 95% of your home value for qualified borrowers with a credit score of 700 or greater excluding second home or investment properties. The maximum Home Equity loan or Home Equity Line of Credit amount Spring EQ offers is $500,000.

    For details, call 888-978-9978 to speak to a licensed Spring EQ Loan Officer. Please Note: Any reference to news organizations or outlets and/or their logos or likenesses on these webpages are solely in reference to the inclusion of relevant home equity, mortgage or interest rate subject matter in current, publicly available national news items and cycles and are not meant to imply endorsement of Spring EQ in any way.