In the meantime, review these FAQ answers + information
We've received your response and will reach out soon to discuss your options and request any additional information we need moving forward.
The fact is, the next step is really up to you. You can wait to speak to us. Whether you wait to speak to us or go directly to registration to complete your application is up to you.
We offer the tech to move as fast as you'd like—with the team to help you every step of the way.
You have taken the first step, you control the process, and we will make your experience as smooth as possible.
We appreciate that this is a big decision for you, so we'll always act as transparently as possible.
Once we match you to the loan type, rate and terms that fit your needs, have all the necessary information verified and you give us permission to request your credit report, our systems will complete the underwriting and approval process soon after.
Based on the information you provided us, once you complete your full application and give us permission to verify your FICO score with a national credit bureau, we'll review the results with you.
We partner with Experian® for this part of the process. And for full transparency, your assigned licensed loan officer will review all findings with you.
The good news is this: we offer the widest and deepest range of home equity loans, and can approve borrowers with FICO scores as low as 640.
Even better news? Since we partner with Experian for credit reports, our loan officers can help counsel borrowers who need some help on ways to get their FICO scores high enough to be approved—or even higher to be approved for a lower rate than other lenders might offer.
The charts on this page show a few of the options and ways we can customize a home equity or HELOC loan for you. But they're really just the tip of the iceberg. The reality is that Spring EQ offers one of the widest, deepest set of options to help homeowners access their available home equity.
At the broadest level, you can choose from a variable rate Home Equity Line of Credit (HELOC) or a fixed-rate Home Equity Loan. When you look deeper, there are many distinct, personalized loan options we offer—many more than most lenders.
And within every loan type we offer, we have multiple options that can be designed to suit your needs and situation perfectly. These options include choices including loan amount (how much cash you want to access from your home) as well as the rates you qualify for and how long you'd like to take to pay back your loan.
We offer many options customized to your needs. And our home equity solutions offer you the choice of a loan repayment term that could last anywhere from five to thirty years.
For instance: If you want to pay off your loan faster, you can choose a shorter term—as few as five years.
But if you'd prefer a lower monthly payment, a longer term (up to 30 years) may be right for you. And our HELOC loan options offer 10 years of interest-only payments. Once you're ready, your dedicated loan expert can walk you through all the options to find the best one to suit you.
Spring EQ offers homeowners access to up to 90% of their home's available equity (with a loan maximum of $500,000).
A major factor of how much you may be able to borrow is your CLTV. Are you familiar with the term CLTV? It stands for combined loan-to-value ratio.
And though CLTV is a number that lenders use as a guide of how much they are willing to offer a homeowner, it's not a term most homeowners encounter until they try to access their home's equity. But it doesn't have to be confusing.
That's why Spring EQ offers more than tech. We offer a team. What does this mean for you? In addition to leading edge digital processes to make your experience simple and streamlined, our dedicated, licensed experts are with you to answer questions and guide you through every step—from application through funding.
Many of our loans fund in an average of 21 days.* The truth is, we have designed our loan process to be as smooth, simple and fast as possible for every borrower. How?
1. Most of our loans require no in-home appraisal and this saves considerable time
2. We combine leading-edge technology with an expert team to get create the most efficient experience possible
Also, borrowers usually only need to have a few documents ready to submit their application to underwriting and gain final approval. So it helps if you gather these documents before completing your application—or before speaking to your dedicated loan expert:
• Previous two years W2
• Recent paystubs
• Recent mortgage statement
• Homeowners insurance
• Driver's License
And we also offer solutions for self-employed homeowners who may not receive a traditional W2. For all these reasons, how fast we move is really up to the borrower. You might say we move at the speed of you.
And we are happy to answer them!
When you and your dedicated loan expert are in touch, you should feel confident to ask any and all questions you have. We are dedicated to offering homeowners the most ways to access their home's equity—and the tech to make that process easier.
We're also dedicated to empowering you with a deeper understanding of how home equity loans and HELOCs work. So you can make the most informed—and best—decisions for you.
1 West Elm St, Ste 450 Conshohocken, PA 19428-4152, 888-978-9978
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*Details to note:
This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
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 640 and meet all other qualifying criteria in Spring EQ's current underwriting guidelines. Spring EQ offers Home Equity loan options up to 90% of primary residence value for qualified borrowers (and up to 80% for 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.
