Mortgage
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How Does LendingTree Get Paid?

LendingTree is compensated by companies on this site and this compensation may impact how and where offers appear on this site (such as the order). LendingTree does not include all lenders, savings products, or loan options available in the marketplace.

Spring EQ Mortgage Review

Updated on:
Content was accurate at the time of publication.

4 stars

  Minimum credit score:

  Maximum LTV ratio: 90% to 95%

  Minimum down payment (for first mortgages): 5% to 10%

  Available loan products and programs: Home equity loans, HELOC, first mortgages

  Our verdict: Spring EQ is a good choice for homeowners that want to tap more of their home’s equity than most banks and credit unions allow. Consumers can choose between home equity loans, home equity loans and home equity lines of credit and even some first mortgage cash-out refinance options.

ProsCons

  Higher LTV ratio maximums than most home equity lenders

  Online application process

  Interest-only payment option to keep payments low temporarily

  Very little online information about first mortgage programs offered

  Doesn’t appear to offer any government-backed first mortgages, such as FHA loans or VA loans

  Rates and fees information not available directly to consumers

Spring EQ is a non-bank home equity lender headquartered in Philadelphia that specializes in home equity loan products. The company was founded in 2016 and is licensed in over 35 states.

Home equity loan

  • Borrow as much as 95% of your home’s value
  • Terms available from five to 30 years
  • Loan amounts up to $500,000

Home equity lines of credit (HELOCs)

  • Can borrow up to 95% of your home’s value
  • Some products may offer interest-only payments for up to 10 years
  • Loan amounts up to $500,000

Cash-out refinance

Rates

Rate information is not available on Spring EQ’s website. We do know that, on average, Spring EQ offered borrowers rates around 3.16 percentage points above the average prime offer rate (APOR) in 2022. The APOR is a benchmark rate that captures what is, in effect, the lowest APR a bank is likely to offer in the current market. But keep in mind that Spring EQ specializes in second mortgages. Second mortgages, like home equity loans or HELOCs, almost always come with higher rates than traditional, “first” mortgage loans.

Fees

The average total cost of taking out a second mortgage with Spring EQ was $963 in 2022, according to data from the Federal Financial Institutions Examination Council (FFIEC). That included an average of $839 in origination fees.

Mortgage rates published online?
Rate information updated daily or weekly?
Lender fees disclosed?

The Spring EQ website features “Start Now” and “Get Started” buttons that allow consumers to complete an online application for a rate and fee quote. There is also an applicant portal for existing customers to upload documentation and track the status of a new or current loan.

How to boost your loan approval odds

Spring EQ doesn’t disclose the exact minimum requirements it uses to approve or deny your application. However, based on nationwide data from 2022, we can say that Spring EQ approved customers who — on average — had a 74% loan-to-value (LTV) ratio or better. Most had a debt-to-income (DTI) ratio below 40%.

In that same year, Spring EQ denied about 67% of its mortgage applications. That’s definitely high when compared with other large, national mortgage lenders — but, again, it’s important to keep in mind that Spring EQ is a niche lender. Specializing in home equity products likely plays into this elevated rejection rate.

Existing customers can reach Spring EQ by phone at 888-978-9978 or by email at [email protected].

LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product information.

LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Specialty lenders, like Spring EQ, are given a slightly different rating from other lenders because their expertise is in a narrower range of loan products. Lenders specializing in home equity products receive a point if they offer only one of the two standard home equity products (home equity lines of credit and home equity loans), and two points if they offer both. Unlike our other lenders, they aren’t scored on whether they offer resources about mortgage lending on their website. In some cases, additional information was provided by a lender representative.

Spring EQ’s scorecard: 4/5

  Publishes rates online

  Offers standard mortgage products

  Includes detailed product info online

  Shares resources about mortgage lending

  Provides an online application

 = 0 points   ⭕ = 0.5 points    = 1 point

Today's Mortgage Rates

  • 6.91%
  • 6.87%
  • 7.65%
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