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Spring EQ Home Equity Lines of Credit
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| Loan Amount | $50,000 - $500,000 |
| Maximum LTV | 90% |
| APR (Fixed APR) |
Starting at 7.9% (Verified 08/04/2023) |
Spring EQ Home Equity Lines of Credit Review
Spring EQ Home Equity Lines of Credit is offered by Spring EQ LLC (NMLS #1464945), a direct lender founded in 2016 and based in Radnor, PA. Spring EQ are available in 38 states (and Washington, DC).
Spring EQ Home Equity Lines of Credit FAQ
How much can you borrow with a HELOC?
HELOCs are lines of credit that are secured by your home. Once you get approved for a certain amount, you can access your funds by check, phone, credit card, or online up to your HELOC amount.
Spring EQ Home Equity Lines of Credit allows borrowers to apply for lines of credit of up to $500,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.
This lender's maximum loan to value rate is 90% for qualified borrowers. That means the total debt secured by the property cannot exceed 90% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $70k.
Is there a minimum draw requirement?
Yes, there is a minimum draw requirement of $50.
What range of rates does Spring EQ Home Equity Lines of Credit offer?
Spring EQ Home Equity Lines of Credit offers APRs as low as 7.9% .
Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.
What fees does Spring EQ charge for a HELOC?
Spring EQ Home Equity Lines of Credit may charge a loan origination fee of $995 There is also an annual fee of $99.
What types of property can you use as security for a HELOC with Spring EQ?
Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Spring EQ Home Equity Lines of Credit will consider lines of credit secured by the following property types:
- Primary homes.
- Secondary homes and vacation properties
Message From Spring EQ
Contact
- Headquarters
-
100 W. Matsonford Rd
Bldg 5, Suite 100
Radnor, PA 19087 USA - Visit Site
- Email Support
Other Services by Spring EQ LLC
Availability
- Alabama
- Arizona
- Arkansas
- California
- Colorado
- Connecticut
- Delaware
- Florida
- Georgia
- Illinois
- Indiana
- Iowa
- Kansas
- Kentucky
- Louisiana
- Maine
- Maryland
- Michigan
- Minnesota
- Mississippi
- Missouri
- Nebraska
- New Hampshire
- New Jersey
- New Mexico
- North Carolina
- Ohio
- Oklahoma
- Oregon
- Pennsylvania
- Rhode Island
- South Carolina
- Tennessee
- Texas
- Vermont
- Virginia
- Washington
- Washington, DC
- Wisconsin
Feature Breakdown
| Annual Fee | $99 |
| No Prepayment Fee |
(Verified 04/18/2023) |
| Origination Fee ($) | $995 |
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