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Spring EQ Home Equity Loan

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A Quicker Way to Obtain Home Equity

Get a competitive home equity loan quicker.

Minimum Loan


Maximum Loan



5-30 years



See all

Best For

Homeowners with good credit

Type of Loan

5-30 years

Average time before receiving funds

18 days

Credit score minimum


First mortgage

A home equity loan will not replace your first mortgage

Faster process

Online quoting and Spring EQ’s backend technology result in faster approvals than the traditional process

Home equity loans let you access capital tied to your home. Homeowners build equity as home values increase, and they make monthly mortgage payments. Some homeowners need home equity to consolidate debt, make home improvements, home renovations, or purchase a second home. Other people take out a second mortgage to cover an emergency expense and create extra stability. Spring EQ offers home equity loans and other financial products that help borrowers take out home equity.

About Spring EQ

Spring EQ is a mortgage lender that specializes in second mortgages. In addition, the online lender offers several home equity loans and lets homeowners borrow funds up to 95% of their home equity or $500,000. Spring EQ is a Philadelphia-based company founded in 2016 by Jerry Schiano. The Spring EQ CEO has over 30 years of experience in the mortgage industry.

Spring EQ has a faster timeline than traditional lenders. Some Spring EQ borrowers receive their home equity in an average of 18-20 days after starting the process.

What is a Home Equity Loan?

Borrowers take out home equity loans when they need extra cash. For many people, a home is their most valuable asset. Appreciation and consistent mortgage payments allow homeowners to build high equity positions over time. Home equity loans are lump sum payments that use your home as collateral. While it’s risky to fall behind on these loan payments, the lower interest rates make it more difficult to lose ground. Since home equity loans use collateral, you won’t pay as much interest compared to a personal loan or credit card debt.

The Difference Between Home Equity Loans and HELOCs

Home equity loans and HELOCs turn your home into a source of capital at a competitive rate. Home equity loans are fixed-rate debt, while HELOCs have variable interest rates. Fixed-rate debt is more favorable during economic cycles with rising interest rates, while variable rates are ideal for environments with declining rates. The fixed-rate debt from home equity loans also provides more consistency. You know how much you have to pay every month.

HELOCs have lower monthly payments in the beginning. Spring EQ allows you to make interest-only payments in the first ten years of taking out a HELOC with them. You can make regular monthly payments with the principal in mind to avoid falling into this scenario.

The interest-only payments reflect how a home equity line of credit differs from a home equity loan. Home equity lines of credit have more flexibility than their counterparts. You can borrow against the line of credit at any time, and you never pay interest until you borrow against the line of credit. You won’t have to ask your lender about borrowing from your HELOC each time. Home equity loans give you a single lump sum payment and consistent monthly payments. Consistency creates more stability, but some people may prefer interest-only payments in the beginning. Both financing options let you accomplish the same ultimate goal: raise extra cash by tapping into your home’s equity.

Spring EQ Home Equity Loan Review

Several lenders offer home equity loans, but few help consumers as much as Spring EQ. Jerry Schiano founded the company after several decades of experience in the mortgage industry. Spring EQ’s leadership taps into that experience as it provides a superior process for obtaining competitive second mortgages.

Why Use Spring EQ for Your Home Equity Loan

It can take up to two months to get a home equity loan from a traditional financial institution. Spring EQ speeds up this process and lets you obtain financing faster. You can get a quote online and wait for Spring EQ to send an email containing loan options. The company also has a team of loan officers if you prefer talking with a representative.

Spring EQ gives you more borrowing flexibility than other lenders. While many lenders top out at 85% of your home equity, Spring EQ lets you borrow up to 95% of your home equity. The only exception is if you have a large enough home equity position to exceed $500,000 in borrowed money. Spring EQ caps its loans at $500,000. If you have multiple homes, you can obtain multiple home equity loans or lines of credit as long as your debt-to-income ratio remains below 50%.

What Should You Use the Loan Funds For?

You can use a home equity loan to cover any expense, but you should be selective about which expenses are worth borrowing money. A home equity loan can provide enough funds to cover an emergency expense. However, medical bills and vital home repairs can get expensive, and you may not have enough funds to afford them. Some people borrow home equity to buy investment properties. The home equity loan gives them enough money to make additional down payments. However, you don’t want to take on too much debt and risk defaulting on any of your properties.

Home equity loan funds can also help you cover a vacation or any other expense like consolidating debt. You should consider how to minimize expenses when borrowing money for a nonessential purchase. Reducing your costs will result in a lower loan principal and reduced interest payments.

Spring EQ Home Equity Loan Amounts, Terms, and Rates

Borrowers can take out loans equal to 95% of their home equity or $500,000, depending on which is lower. You can get a loan term between 5-30 years.

How to Qualify for a Spring EQ Home Equity Loan

Spring EQ has a minimum credit score requirement of 620, and you need a debt-to-income ratio below 45%. Paying off other debts is the best way to improve your chances of getting a home equity loan. Debt payments will improve your credit score and reduce your debt-to-income ratio.

What Fees Will You Pay?

You will incur a loan origination fee and other administrative costs. These costs vary by state, but you can incur an additional expense depending on how much you borrow. Spring EQ will conduct an in-home appraisal if you ask for more than $250,000. You will have to repay the appraisal fee within 15 days or incur a late fee. Spring EQ only does an exterior appraisal instead of the in-home appraisal if you ask for less than $250,000.

Get Started with a Home Equity Loan with Spring EQ

A home equity loan can help you afford large purchases and emergency expenses. These loans have lower interest rates than unsecured loans. Spring EQ can provide competitive loans faster than traditional banks. You can request more information about a home equity loan by submitting a simple online form. After providing your information, Spring EQ will introduce several loan offers that come with no obligation.

This Company Also Offers

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A Spring EQ HELOC lets you access up to 90% of your home's equity. Discover how you can get a HELOC within 11 days.

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