Is spring EQ a legit company?

Spring EQ is a Philadelphia-based lender that specializes in home equity loans but also offers mortgages for new home purchases and refinances. The company was founded in 2016 and is now licensed to lend in 40 states.

>> Click to read more <<

In this manner, how long does home equity loan process take?

The truth is that home equity loan approval can take anywhere from a week—or two up to months in some cases. Most lenders will tell you that the average window of time it takes to get a home equity loan is between two and six weeks, with most closings happening within a month.

Thereof, how long has spring EQ been in business?

2016

Keeping this in consideration, what are the disadvantages of a home equity line of credit?

Cons

  • HELOCs can come with a minimum withdrawal amount.
  • There can be limitations to how you access the funds.
  • There is a set withdraw period after which you cannot access any further funds.
  • There can be fees associated with a HELOC.
  • You can hurt your credit if you do not make payments on time.
  • Harder to qualify right now.

What is not a good use of a home equity loan?

A home equity loan could be a good idea if you use the funds to make improvements on your home or consolidate debt with a lower interest rate. However, a home equity loan is a bad idea if it will overburden your finances or if it only serves to shift debt around.

What is the best way to pay off your mortgage?

When it comes to paying off your mortgage faster, try a combination of the following tactics:

  1. Make biweekly payments.
  2. Budget for an extra payment each year.
  3. Send extra money for the principal each month.
  4. Recast your mortgage.
  5. Refinance your mortgage.
  6. Select a flexible-term mortgage.
  7. Consider an adjustable-rate mortgage.

Leave a Comment