Mortgage
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Spring EQ Mortgage Review 2023

Editorial Note: The content of this article is based on the author's opinions and recommendations alone. It may not have been reviewed, commissioned or otherwise endorsed by any of our network partners.

Spring EQ at a glance

  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/conclusion/take: 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 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.

Spring EQ mortgage products

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

FHA

Not offered by this lender.

VA

Not offered by this lender.

Spring EQ mortgage rates and fees

Rate and fee information is not available directly to consumers. The “b2b” button takes users to a matrix with rates and fees, but users can only apply for those rates and fees through an approved mortgage broker or mortgage bank. It’s unclear whether these are the same rates offered to customers who apply directly to Spring EQ.

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

Spring EQs application experience

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.

Spring EQ’s customer service experience

Existing customers can reach Spring EQ by phone at 1-888-978-9978 or by email at [email protected].

 

Today's Mortgage Rates

  • 6.22%
  • 5.81%
  • 3.31%
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