5 Reasons to Choose a Home Equity Loan

woman applying for a home equity loan on her laptop while snuggling a puppy
Posted by Spring EQ on Dec 29, 2022 6:12:26 PM

Homeowners who need cash for major expenses have an advantage. Instead of high-rate personal loans or credit cards, you can access cash from your home equity. Here are 5 things many homeowners use home equity loans to take care of...

 

1. To make home improvements

A home equity loan can be a good way to finance home renovations or repairs. With a lower rate than most credit cards and higher maximum loan amounts than most personal loans, a home equity loan is a great way to cover the costs of home improvements.

2. To pay for education or medical expenses

If you have a large expense such as paying for college tuition or medical bills, a home equity loan can provide the funds you need.



3. To pay of high-rate debt

If you have high-interest credit card debt or other types of debt, you may be able to save money by using a home equity loan to pay off your debts and consolidate them into one monthly payment.


 

4. To buy a second home

If you want to buy a vacation home or investment property, a home equity loan can be a good way to finance the purchase.
 We're happy to chat if you'd like to learn more.

 

5. To pay for a wedding or other special event

Some people use home equity loans to pay for large expenses, such as a wedding or a family reunion.


 

It's important to note that while a home equity loan can be a convenient and much better choice than personal loans or credit cards, it's best to make an informed decision as to whether it's the right choice for you. If you're interested in learning more and want to explore your home equity options, we're here to help.

 

Topics: HomeEquity, CashAccess, second mortgage, home equity loan

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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.

    Please Note: Spring EQ does not provide tax, legal, investment or accounting advice. This material has been prepared for informational purposes only, and is not intended to provide, and should not be relied on for, tax, legal, investment or accounting advice. You should consult your own tax, legal, investment and accounting advisors before engaging in any transaction.

    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 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 verification 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 and meet all other qualifying criteria in Spring EQ's current underwriting guidelines. 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 660 and meet all other qualifying criteria in Spring EQ's current underwriting guidelines. Spring EQ offers Home Equity loan options up to 90% of your home value for qualified borrowers with a 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.