Spring EQ Review
Spring EQ is a Philadelphia-based financial services company specializing in home loans. The company offers a complete lineup of loans, including home purchase, mortgage refinancing, cash-out refinancing, and home equity. So, it offers flexible solutions for first-time homebuyers and current homeowners alike. To help you decide if it could be a good fit for your needs, we explore everything the company provides in this Spring EQ review.
Pros and Cons of Spring EQ
- Fast pre-qualification process that doesn’t impact your credit score
- Releases funding very quickly, often closing within 11-20 days
- Offers a relatively high borrower limit of up to $500,000
- Excellent Better Business Bureau rating and customer score
- Doesn’t offer home equity lines of credit (HELOCs)
- Charges an appraisal fee to finalize certain types of loans
What Does Spring EQ Offer?
Spring EQ provides many different financing solutions for homebuyers and homeowners. As we noted, the company has mortgage refinancing, home equity, and mortgage loans.
Mortgage refinancing loans
- Standard refinance: Replaces the homeowners existing mortgage with a new one at a lower interest rate without tapping into home equity
- Cash-out refinance: Simultaneously renegotiates mortgage terms and grants the homeowners access to their built-up equity
If you’re interested in refinancing your mortgage with Spring EQ, then we’ve found a few key details you’ll want to know:
- Most mortgage refinancing loans close in 20 days or less
- Each customer gets a dedicated loan expert to handle their refinance
- It only takes a few seconds to find out if you qualify
Additionally, Spring EQ says that the average homeowner saves $530 per month on their mortgage payments after refinancing.
Home equity loans
While the company doesn’t have HELOCs, Spring EQ does offer home equity loans. A home equity loan allows homeowners to borrow money against their built-up equity. So, if you’re considering a cash-out refinance, then you might be interested in home equity loans as another way to tap into your equity.
To help you figure out if a Spring EQ home equity loan could work for you, we’ve rounded up noteworthy features:
- Most home equity loans close in 11 days or less
- Homeowners can borrow up to 90% of their home’s equity
- Each customer has a devoted home equity expert to help along the way
- See if you qualify quickly and easily online
Spring EQ doesn’t place restrictions on how borrowers can use the proceeds of their refinance or home equity loans. Common uses include:
- Home improvements and renovations
- Down payments on secondary or investment properties
- Reinvestment into other assets, such as retirement plans
- Education expenses for the homeowner
Home purchase loans
If you want to purchase a new home, then you’ll be interested to know that Spring EQ also offers home purchase loans. There are a few pertinent details that may help you decide if Spring EQ is a good fit for you:
- Loans above $175,000 require an in-home appraisal
- Loans above $250,000 require title insurance
- Many mortgages close in 20 days or less
- Each customer is assigned a helpful mortgage expert
- It only takes a few seconds to get pre-qualified
Spring EQ’s goal is to streamline the homebuying process with a combination of online convenience and expert guidance from its team.
What To Expect on the Site
To get a custom quote, Spring EQ needs some basic information from you. The company’s “Get My Option” loan pre-qualification form prompts you to enter your:
- Property address
- Contact information
Then, Spring EQ asks you to answer a few more questions, including:
- How much are you seeking to borrow?
- Are you applying alone or with a co-borrower?
- What’s your credit score?
After providing these details, Spring EQ can evaluate your application. Spring EQ doesn’t perform a hard credit pull at this point. So, applying for loan pre-qualification with the company won’t impact your credit score. It’s also worth noting that Spring EQ requires a FICO credit score of 680 or higher and a debt-to-income ratio of 50% or less.
If Spring EQ decides you pre-qualify for a loan, then you can proceed through the process of securing your loan. This process involves:
- Completing a detailed loan application after pre-qualification
- Providing proof of income, home hazard insurance, a mortgage statement, and government-issued photo identification
Another key point to note is that self-employed applicants may need to provide more extensive proof of income documentation.
Spring EQ doesn’t publish specific details about its interest rates and closing costs. So, to get these pricing details, prospective borrowers should complete the pre-qualification process. However, Spring EQ does provide an example that illustrates the type of offer a borrower with a strong credit score can expect.
The theoretical applicant has a:
- Single-family home in Pennsylvania
- Credit score of 740
- Debt-to-income ratio 43%
In this example, the applicant may qualify for an interest rate of 4.99% and an annual percentage rate (APR) of 5.205% for a 20-year term with no mortgage points. Of course, the actual APR would vary based on the settlement date.
Other costs and fees may apply, depending on the property. For instance, loans greater than $175,000 require an in-home appraisal. But smaller loans only need a less expensive exterior appraisal. Furthermore, borrowers seeking loans of $250,000 or more need title insurance.
What People Are Saying About Spring EQ
Spring EQ has been accredited by the Better Business Bureau (BBB) since 2016. As of June 2021, Spring EQ has an A+ BBB rating. And as an illustration of its high level of consumer satisfaction, customers give Spring EQ a score of 4.48 out of 5 stars on the BBB website. That impressive rating is based on feedback from the nearly 200 customers who left a Spring EQ review. Constant communication and efficiency are pros that multiple customers include in their Spring EQ review.
The Bottom Line
Spring EQ heavily promotes its ability to lower monthly payments and interest rates. Plus, it’s known for an easy application process and flexible loan terms. The company also stands out for its excellent record with the authoritative BBB. Not to mention the fact that many BBB users have good things to say about their experience in their Spring EQ review.
All in all, Spring EQ is a good option to include in your search for top home equity lenders and mortgage refinance lenders.