Last Updated: 04/18/2025
SuperMoney User Recommendation Score +50
Strongly recommended8 total votes
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Highlights
Community Rating
Strongly recommended
Credit Score Range
640 - 850
Amount Range
$25,000 - $500,000
Maximum LTV
90%
Loan Term (Years)
5 - 30
Number of Reviews
Spring EQ Home Equity Loans Review
Spring EQ Home Equity Loans 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.
Key Takeaways
- No primary residences considered. Spring EQ Home Equity Loans does not offer financing for primary homes.
- Origination fees starting at $995.Origination fees are deducted from the loan amount, so take it into account when deciding how much you need to borrow.
- High maximum LTV ratio. Spring EQ Home Equity Loans has a maximum loan to value ratio of 90%.
- Cosigner and coborrower applications accepted. A cosigner or coborrower can help you qualify for better rates and terms when applying for Spring EQ Home Equity Loans.
- Fair credit accepted. Borrowers with a credit score as low as 640 may qualify for Spring EQ Home Equity Loans.
- High maximum DTI ratio. Spring EQ Home Equity Loans requires a debt-to-income ratio of less than 50%. This ratio includes all your monthly debts, not just your proposed mortgage payment. Typically, lenders have a maximum DTI of 43% or lower.
Spring EQ Home Equity Loans Pros & Cons
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Spring EQ Home Equity Loans FAQ
How much can you borrow with a Spring EQ Home Equity Loans home equity loan?
A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.
Spring EQ Home Equity Loans allows borrowers to apply for home equity loans of up to $500,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.
What are the home equity loan requirements of Spring EQ Home Equity Loans
This lender's maximum loan to value rate is 90%. 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 good credit, you may qualify for a line of credit of up to $70k.
Generally, the APRs of home equity loans do not include points and financing charges, just the interest rate.
What is the estimated funding time for a home loan via Spring EQ Home Equity Loans?
Spring EQ Home Equity Loans will typically fund home equity loans within 14 to 21 days of approval.
What fees does Spring EQ Home Equity Loans charge for a home equity loan?
Spring EQ Home Equity Loans may charge a loan origination fee of $995.
Is Spring EQ LLC a legit company?
Spring EQ LLC was founded in 2016, it is a well-established company that has been in business for 10 years. Based on their "mostly recommended" SuperMoney community rating, they seem to be a reputable company.
SuperMoney Disclosure: SuperMoney.com is an independent, advertising-supported service. The owner of this website may be compensated in exchange for featured placement of certain sponsored products and services, or your clicking on links posted on this website. Read more...
Editorial Disclaimer: Editorial and user-generated content on this page is not provided or commissioned by the issuer. Opinions expressed here are the author's alone and have not been approved or otherwise endorsed by any financial institution, including those that are advertising partners.
Hours of Operation
Sunday
Closed
Monday
9:00AM - 5:00PM
Tuesday
9:00AM - 5:00PM
Wednesday
9:00AM - 5:00PM
Thursday
9:00AM - 5:00PM
Friday
9:00AM - 5:00PM
Saturday
Closed
Other Services by Spring EQ LLC
Home Equity Lines of Credit
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SuperMoney Net Recommendation Score
SuperMoney users strongly recommend this product, giving it a user recommendation score of +50, or 4 on a 5-point rating scale.
+50
-1000+100
No one recommends
Everyone recommends
Spring EQ Home Equity Loans Community Reviews
Would you recommend Spring EQ Home Equity Loans to your friends?
JH
Jennifer H.
Jun 25, 2023
May or may not recommend
My family applied for a HELOC through Guild mortgage and Guild used SpringEQ as the third party. My account manager was Jason Stefano. My credit was approved (hard inquiry dropped my score 19 points), debt to income was approved, employment verified, all paperwork complete, appraisal completed and "looked great!". My loan officer from Guild mortgage assured me that everything looked great and we were just waiting for the final approval. ...Show More
MM
Maheen M.
Jul 25, 2022
May or may not recommend
100% authentic and reliable!!
Applying for loan and go through all the process quite difficult but spring EQ home equity loan made easier and quite understandable.
They have compassionate and honest employees to help you go through easily from all the documentation and process.
I was little scared before applying the loan but I am so happy with my decision now.
I highly recommend spring EQ.
JL
Jasmine L.
Jun 2, 2022
May or may not recommend
We applied for Home Equity Loan with Spring EQ in Aug 2021. The paperwork had been done very quickly and we closed in around 10 days. One plus is that they used an online appraisal service that gave our house a reasonable value which was near the values given by websites like Zillow and Redfin. Previously, several other lenders that used expensive in-person appraisers gave our house very low values ...Show More
OA
Omolola A.
Jan 5, 2022
May or may not recommend
My friend recommended the Spring EQ home equity loans to me when my business was on the verge of collapse, but I was feeling reluctant to take it because I’m not fond of taking loans, especially home equity low. However, I took the loan, and I never regret my decision at all. Although the annual percentage rate got me thinking, when I consider the loan term, I know that the ...Show More
AJ
Ashuntae J.
Oct 3, 2021
May or may not recommend
Typically getting a home loan is a stressful process. However, this company made the entire process easy and understandable. The staff was kind and compassionate, helping me with diligence and patience. If you are looking to have an easy time getting a home loan, I recommend Spring EQ.
PN
P N.
Jun 11, 2021
May or may not recommend
When we decided we were going to build our first home, I was dreading the process of getting home loans and the sky high insurance rates. But this company has proved me wrong on so many aspects of housebuilding that I’m eternally grateful to them. Not only is their procedures easy to understand, they also have a very kind and honest employees who helped in every step of the way. ...Show More
DJ
D J O.
Mar 20, 2021
May or may not recommend
Pushy, bad reviews by prior customers the past 4 months. Only in business 5 years, bunch of BBB complaints that were dealt with, so BBB gave them A+, which now makes me question BBB.
OL
Oyalola L.
Oct 29, 2020
May or may not recommend
I was in the red when I came across Spring EQ a few years back. You can borrow everything from $500k below, so I applied for a loan of $300k. In no time, my application was approved and I got my loan in less than two weeks, and at a good rate too. My house had to be collateral, but hey! Everything worked out fine.
Showing 8 of 8 reviews
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