Spring EQ Mortgage Review
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: 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.
| Pros | Cons |
|---|---|
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.
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
- First mortgage cash-out refinance options available
- Purchase buyers can use Spring EQ products to buy a home with a piggyback loan or 80-10-10 financing to avoid mortgage insurance
Spring EQ mortgage rates and fees
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? |
Spring EQ’s 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.
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.
Spring EQ’s customer service experience
Existing customers can reach Spring EQ by phone at 888-978-9978 or by email at [email protected].
How we rated Spring EQ
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. 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