Spring EQ enhances home equity product lineup for consumers and B2B customers

0

PHILADELPHIA, March 14, 2022–(BUSINESS WIRE)–Spring EQ, a leading home equity lender, today announced significant updates to home equity products and enhanced guidelines for investment properties, second homes , bridging loans, etc.

With the continued rise in home values, homeowners have record levels of home equity, and many will be drawing on those funds this year.

“Homeowners today want to leverage this increased home equity to make improvements, fund education and consolidate debt, while loan originators strive to find the best products on the market. for their consumer customers,” said Jerry Schiano, CEO of Spring EQ. “This is the right time and opportunity for Spring EQ to expand our home equity product offerings and guidelines for all of the clients we serve.”

Some of Spring EQ’s recent home equity product updates include:

  • Bridge loan availability in all licensed states

  • Maximum total funding increased to $3 million on primary residences

  • Area limit increased to 20 acres

  • Acceptable prior use ratings for 12 months on HELOCs and AVMs acceptable for qualifying loans

Spring EQ has also expanded guidelines for investment properties and second homes on its fixed-rate home loan product. Features include:

  • Maximum combined loan-to-value ratio (CLTV) is now 90% up to 680 FICO

  • Minimum credit score is now 620 for lower CLTVs

  • Credit ratings have been lowered for all CLTVs

  • No cash reserve required

  • Maximum loan amount of $500,000

  • Maximum of 10 properties financed

Unlike banks and other lenders, Spring EQ’s platform offers easy and convenient access to a homeowner’s home value, along with fast financing, flexible borrowing options, competitive interest rates and a simple application process.

About Spring EQ

Spring EQ is a national first and second mortgage lender specializing in refinancing, home equity lending and home equity line of credit products directly to consumers and through mortgage brokers. Based in Philadelphia, Spring EQ has been one of the most award-winning and fastest growing lenders since its inception in 2016. Spring EQ is built on a transparent, simple, and digital process that results in faster, reliable loans and less frustration for today’s consumers.

To learn more about Spring EQ, visit www.springeq.com.

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220314005259/en/

contacts

Media Contact:
Cheri Herlinger
267-752-0098
[email protected]

Share.

Comments are closed.