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Payments

Spring EQ mortgage payments: Payments are due the 1st of the month, however, there is a 15-day grace period. Payments received after the 15th of the month may be assessed a late fee.

Payment Options

1. Recurring and One-Time Payment

To request to make recurring or one-time ACH payments toward your home equity loan or second mortgage, you can complete our ACH authorization form.

To request to make recurring or one-time ACH payments on first mortgage, purchase or refinance loans, call us at 1-855-463-7407 and we will guide you through the process of setting up an ACH authorization.

Once complete, you can choose between one-time or automatic recurring payments so you never have to worry about being late on a payment again.

ACH Authorization Form Here.

2. Pay by phone

Please call us at 1-855-463-7407 if you would like us to coordinate a payment for you.

3. Bill Pay / Mail a check

To setup bill payment from your bank account or to mail a check, please make payable to Spring EQ at the following address:

Spring EQ

ATTN: Servicing

2929 Arch Street, Suite 500

Philadelphia, PA 19104

Please include your Loan Number to assure that your payment is credited to the appropriate loan.

While we are unable to set up Bill Pay for borrowers through Spring EQ, we do accept Bill payments. Please contact your Financial institution for assistance setting up Bill pay.

Online Payments

Currently, Spring EQ does not offer online payments. By popular demand, this is a feature that we are diligently working on and should be able to offer soon! If you are looking to set up your payments, we recommend signing up for our Recurring payment option. You can request for this option by clicking on the link available under the Recurring and One-Time Payment section of this page.

Loan Payoff

Payoffs can be requested through email: Servicing@Springeq.com or by phone: 1-855-463-7407.

Please provide the following information in your request:

Name
Loan Number
Contact Number
Payoff thru date
Signed Borrower's Authorization Form*

*Note, if a Loan PayOff is from a third party, a Signed Borrower Authorization form must be submitted with the borrower’s authorization releasing this information. This form can be provided by the third party.

Borrowers can make a request for a Loan PayOff statement on their own.

FAQ & Customer Resources

COVID-19 Assistance

At Spring EQ, the health and safety of our customers, employees and other stakeholders is first and foremost in our thoughts. We also understand that the economic disruption caused by COVID-19 may impact you financially.

If you can, it is best to continue to make your scheduled mortgage payments. If you have been impacted by COVID-19 directly or indirectly because of illness, loss of income or employment and believe you will have difficulty making your payment, you may qualify for the assistance plan.

Our assistance plan is a forbearance for those who qualify. Important to note, the forbearance does not waive or forgive the payments. During the forbearance period: You can pause your mortgage payments for an initial 3 months.

We will not charge late fees during the forbearance period.
During the forbearance period, any payments that are paused during forbearance won't be reported late to the credit bureaus.
During the forbearance period, you are not required to make a payment but, if you are able, you can make a payment or even a partial payment.

Before the end of the initial 3 months, we will work with you to evaluate your individual situation and help determine your best next step. This may include either a repayment plan or a lump sum payment. Please e-mail us at Servicing@Springeq.com and provide the following:

Full Name
Address
Phone Number
Loan Number
Reason for forbearance request

Upon receipt we will review your situation and within 2 business days advise of next possible steps.

How do recurring payments work?

You authorize regularly scheduled charges to your checking or savings account. You will be charged the amount indicated below each billing period. Your payments will be reflected on your next month’s statement and the charge will appear on your bank statement as an “ACH Debit.” You agree that no prior notification will be provided unless the date or amount changes, in which case you will receive notice from us at least 10 days prior to the payment being collected.

Where does the additional payments I make toward my mortgage go toward?

Any additional amount paid toward your mortgage will go toward the principal balance.

Why are Online Payments not available yet?

While we do not offer the ability to initiate online payments online at this time, this is a feature that we are looking to offer in the future! If you have any additional feedback for us, please let us know!

If you have any questions or concerns, please call 1-855-463-7407 or email us at Servicing@Springeq.com

How can Current Applicants Contact Spring EQ By Phone?

Current applicants can call Spring EQ at 1-888-978-9978.

How can Existing Customers Contact Spring EQ By Email?

Current Customers can e-mail Spring EQ at Servicing@Springeq.com.

*Details to note:
To get cash in under two weeks or as few as 11 days the following must be true: 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. Spring EQ customers get their cash on average in 18 days. The time period calculation to get cash is based on the last 6 months of 2021 funding's, 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. 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 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.
Spring EQ offers options up to 97.5% of your home value for qualified borrowers with a credit score of 740 or greater excluding investment properties.
4.49% rate featured is for a variable-rate Home Equity Line of Credit (HELOC). The APR may change and will be based on the value of an index plus a margin. The “Index Rate” will be the highest Prime Rate as published in the “Money Rates” table of The Wall Street Journal as of the first business day of the calendar month. The APR may increase if the Index Rate increases. An Index Rate increase will result in a higher finance charge, and it may have the effect of increasing your monthly minimum payment. A decrease in the Index Rate will have the opposite effect as an increase. During the term of the HELOC, the APR will not exceed 18% or the maximum allowed by applicable law, whichever is less. Example: For a $50,000 HELOC, rate and APR can vary from 4.49% rate 4.645% APR) to 10.75% rate (10.99% APR). Actual rate and APR for qualified borrowers will be determined by a combination of factors, including their creditworthiness as determined by Experian Credit bureau, loan amount requested, home value, published Prime Rate, and more. For details, call 855-888-0563 to speak to a licensed Spring EQ Loan Officer. Subject to $995 origination fee and annual fee of $99 (except in certain states, where it may be lower or not applicable).
5.999% rate featured is for a fixed-rate Home Equity Loan. Example: For a $50,000 Loan, rate and APR can vary from 5.999% rate (6.232% APR) to 11.799% (12.13% APR). Actual rate and APR for qualified borrowers will be determined by a combination of factors, including their creditworthiness as determined by Experian Credit bureau, loan amount requested, home value, and more. For details, call 855-888-0563 to speak to a licensed Spring EQ Loan Officer. Subject to $899 origination fee (except in certain states, where it may be lower or not applicable).

Customer Resources, Contacts + FAQs