Spring EQ: 2024 Home Equity Review

Benefits

• Spring EQ offers instant loan qualification and funding in as little as 11 days. On average, borrowers receive their funds in 18 days.
• The lender offers loans of up to $500,000.

Drawbacks

• Spring EQ charges an administrative fee on home equity loans and HELOCs, and an annual maintenance fee for HELOCs. Spring EQ also charges an appraisal fee, and you’ll be responsible for other third-party fees like a credit check.
• Spring EQ doesn’t currently offer loans in Alaska, Hawaii, Idaho, Missouri, New York, North Dakota, South Dakota, West Virginia or Wyoming.

Home equity loan products offered

Spring EQ offers fixed-rate home equity loans, which range from $25,000 to $500,000. The repayment terms are from five years to 30 years, and you can borrow up to 95 percent of your home’s equity. Spring EQ also offers home equity lines of credit (HELOCs).

Types of fees charged

The fees on Spring EQ home equity loans vary based on the borrower, loan amount and state. You might be charged an administrative fee, plus third-party fees for credit report and flood certification, document prep and notaries. Any loans below $175,000 require only an exterior (“drive-by”) appraisal, while loans above that amount require an in-home appraisal. You’ll be charged a late fee if you make a payment outside of the 15-day grace period.

How to qualify for a home equity loan with Spring EQ

Spring EQ requires a FICO credit score of at least 620 for a home equity loan (higher if you’re borrowing more) and 680 for a HELOC. Home equity loans allow for a maximum debt-to-income (DTI) ratio — your total monthly debt payments divided by your gross monthly income — of 43 percent. The lender doesn’t typically require proof of assets when you close the loan.

How to apply with Spring EQ

You can apply for a home equity loan or HELOC with Spring EQ online through its website. You can also call the lender at 888-978-9978 to speak with a loan officer. You’ll start by getting a quote, which involves a soft credit check.

How Bankrate scored Spring EQ

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 45%; convenience - 35%; customer service - 10%; fixed-rate options - 10%

  Learn more about our methodology.