Spring EQ Expanded Offerings In The News

Spring EQ headquarters on Arch Street in Philadelphia as seen in the skyline

Posted by Spring EQ on Mar 21, 2022 4:44:33 PM

Recently, Mortgage Professional America featured Spring EQ's launching of new products and guidelines with this to say:

"Fast-growing lender Spring EQ has launched an array of home equity product updates and revamped guidelines—for investment properties, second homes, bridge loans and more—amid record levels of home equity..."

These new features and products are happening "as homeowners seek to leverage funds toward improving their homes, financing education and consolidating debt."

At the same time Spring EQ is making it easier for more homeowners to access up to 97.5% of their home's equity, home values are hitting all time highs.

In fact, CNBC reported that "the average mortgage holder has a record $185,000 in equity" and that "for many Americans, that means they can borrow more against what is often their biggest asset."

With record amounts of home equity available, and interest rates on the move, the focus at Spring EQ remains offering more ways for homeowners to "reach their financial goals and meet their expanding home equity needs in 2022."

Homeowners interested in exploring the HELOC and home equity loan opportunities of Spring EQ can take a few moments to start the conversation—with no obligation or effect to their credit score.

The average mortgage holder has a record $185,000 in e

Topics: HELOC, HomeEquity, HomeImprovement

*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.