When you apply for a home equity loan, most people know FICO and credit score will play into their ability to qualify for a loan. But are you aware of the effect your debt-to-income (DTI) ratio can have?
Read More...When you apply for a home equity loan, most people know FICO and credit score will play into their ability to qualify for a loan. But are you aware of the effect your debt-to-income (DTI) ratio can have?
Read More...Topics: Cashout, HELOC, HomeEquity, CashAccess, Financial Tips, Personal Finance, CLTV, Cash Calculator, DTI, debt-to-income ratio, loan approval
With many people continuing to WFH, the "home office space" continues to be on the minds of plenty of homeowners. Now, some of those who viewed their home office spaces as temporary are looking to set up a more permanent, specialized home office—in their garage.
Read More...Topics: Cashout, HELOC, HomeEquity, CashAccess, home improvement, renovation, CLTV, Cash Calculator, WFH
How much equity can you access from your home? And what's the best way to access it? It's no secret home values have hit record highs. In fact, the Wall Street Journal says that tappable home equity rose to over $11 Trillion in the first quarter of 2022 alone.
Topics: Cashout, HELOC, HomeEquity, CashAccess, home improvement, renovation, CLTV, Cash Calculator
She sheds have become a widely popular trend. Whether you want one for hobbies, friends or just relaxation, She Sheds provide a personal space you can make your very own.
Read More...Topics: HELOC, HomeEquity, home improvement, interior design, renovation
With rates on the move and home values setting records in neighborhoods across America, you know it’s a crazy market out there. So if you’re home shopping and you find the house of your dreams BUT you haven’t sold your home yet—what are your options? Here’s a way to use your existing home’s available equity if you’re short on down payment funds for your new home...
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Topics: mortgage, HomeEquity, FixedRate, finance, Financial Tips, bridge loans, home purchase
“Spring EQ is honored to be recognized as one of the best mortgage companies to work for again this year,” said Jerry Schiano, CEO of Spring EQ. “We strive to build a fast-paced and rewarding environment committed to diversity and inclusion, professional development and excellent benefits for our talented and hardworking employees.”
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Topics: mortgage, HomeEquity, careers, mortgagecareers, nowhiring
Goodbye white cabinets! Hello, color! Ultra-sleek white modern kitchens are being replaced with a variety of rich and bold colors, high-tech appliances and unfinished metals. If you’ve been considering a kitchen upgrade, there are many new moods, vibes and styles to choose from.
Read More...Topics: HomeEquity, home improvement, remodel, design
When it comes to our pets, many of us feel like they're full-fledged members of the family. And while there’s no way to quantify the bond between you and your animal companions, National Puppy Day is the perfect time to celebrate our pets—and take a look at a few dog houses where the term “spare no expense” clearly has come into play.
Read More...Topics: HELOC, HomeEquity, HomeImprovement, NationalPuppyDay
When looking into any kind of mortgage loan, it's only natural to want to go where you feel comfortable. However, when homeowners obtain a Home Equity Line of Credit (HELOC), home equity loan or cash-out refinance from their existing bank or credit union, they sometimes miss out on potential savings, better offers and more flexible terms.
Read More...Topics: Cashout, mortgage, HomeEquity, CashAccess
Recently, Mortgage Professional America featured Spring EQ's launching of new products and guidelines with this to say:
Read More...Topics: HELOC, HomeEquity, HomeImprovement
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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 680 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.