Spring EQ Home Equity Loans Review
14 Customer Comments & Reviews - see all comments
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Spring EQ, LLC is a home equity loan company based in Philadelphia. Founded in 2016, the company's senior leadership collectively has over 100 years in mortgage industry experience.
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14 Customer Comments & Reviews
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Working with Spring EQ has been a joke with little to no communication throughout the process. Multiple documents uploaded then rejected with little to no explanation. left several voicemails with my advisor and multiple emails with ZERO response. Based on this experience I would NOT EVER recommend Spring EQ for mortgage services. I’ve also tried multiple times to reach someone at the main number listed on their website and it always goes unanswered with requesting me to leave my name and number for a follow-up call. Will be moving on to a more reputable, Communitive lender. Thanks for wasting my time and for the overpriced appraisal as I was unable to shop around and was required to... Read More
We applied for a Home Equity Loan with Spring EQ and although approved, we decided to go elsewhere because of the abysmal customer service that we received from our loan officer. She was rude, unresponsive, unethical and the list goes on (I set up a zoom with her because I had additional questions and she did not bother to log in or cancel, this is just an example of one of many incidences of unprofessionalism). In terms of the home equity loan itself, our rate was high. Then about two weeks before closing we received an automated e-mail message from our loan officer that the terms of our loan needed to be changed. Likewise we called and e-mailed multiple times to request details but we... Read More
I recently applied for a HELOC through SpringEQ. I was able to get my paperwork over in a timely manner for their review. I was told there would be a 21 day turn around until I was funded, and that everything looked real good. After 21 days, I was denied, and kicked to the curb. I was able to get the money I needed from Figure.com, and closed on the property today. Figure.com will make your dreams come true, check them out if these guys burn up all your time and leave you hanging without any communication.
I contacted Spring EQ in the middle of March 2022 for a home equity loan. Our credit is in the 800s, my husband is retired military working as a contractor, and I am a retired teacher looking to start a business. For starting the business, I need $100,000 to get a $500,000 SBA loan, so we decided to take out a home equity loan to payoff our solar panels on our house and get the money we need to start a business. We have plenty of home equity because our home is worth over a million and we owe less than half that. My husband's salary and military retirement is also plenty for this loan. There is no reason we should be denied. I spoke to Kristin W-B at Spring EQ in mid-March, and she... Read More
I wish I would have seen these reviews before I started a loan with this company. My loan officer, Joseph, is really a nice person however, I feel he should have advised me to get the loan on another property I own. I told him at the beginning that I bought the property he advised me to get a loan on in "as is" condition. After having paid double for an appraisal ($795) it did not pass and the things that needed to be done were just too much. The appraiser, among a list of things. said I needed to have an electrical inspection. The house was built in 1950 and it would cost 10k to upgrade the electric. My other house was built in the 70's and is in great shape. It seems like he... Read More
I wish I would have seen these reviews before I started a loan with this company. My loan officer, Joseph, is really a nice person however, I feel he should have advised me to get the loan on another property I own. I told him at the beginning that I bought the property he advised me to get a loan on in "as is" condition. After having paid double for an appraisal ($795) it did not pass and the things that needed to be done were just too much. The appraiser, among a list of things. said I needed to have an electrical inspection. The house was built in 1950 and it would cost 10k to upgrade the electric. My other house was built in the 70's and is in great shape. It seems like he... Read More
If you are looking to refinance your mortgage, take out a second mortgage or HELOC, run far away from this company. If you don't run far, far away, please understand that Nicolette Loesche & Anthony Barberra are going to get you nowhere. We have never received such terrible customer service in our entire lives. They are SO quick to call and get your business and run your credit score but as soon as you sign the first document to get the process started- you will loose all communication unless they need you to sign something again and they will call, email and text to get ahold of you to sign. We opened a loan on August 11th and asked to try the "free" drive by appraisal. It's not free... Read More
calling the number on their website and on my bill and it is going to a completely different number/business. Will not return voice mail or email. I have no idea how to pay my loan as there is no online portal. I'm in the same boat as Jason- feeling duped/scammed.
Had a bad experience with this company. Initially they seemed great and everything was moving along. We were happy with the rate and the offer we received. We finished underwriting and paying $525 for an appraisal which we requested (the reason was we had just had an addition added to our home and wanted an in person appraisal). We thought we were close to closing and being funded but then we got a random new disclosure sent to us and they had significantly lowered our loan amount and raised the interest rate. I tried for 3 days to get in touch with the agent that had been helping me but she did not call me back and explain. Finally at the end of the 3rd day she called and said Spring EQ... Read More
I am very disappointed in this company and will never do business with them. They provided a loan disclosure with was signed as well as telling me the loan was approved. All paperwork submitted timely to ensure that my rate of interest was locked in. Everything was supposedly fine. Now two weeks has gone by when I thought everything is fine and waiting for a closing date, I receive a new loan disclosure that has increased my loan as well as the monies I need to bring for closing. Two weeks and not a word until I contact Mr. Henderson and ask what is going on. He apologies for the delay and now states he was not able to lock in the agreed upon the fixed rate which was 2.65% for 30 years.... Read More