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This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.

Figure Home Equity Line

Bradley Schnitzer Bradley Schnitzer Last update:
NMLS#
1717824
Min Credit Score
620
Repayment Terms
12 - 480

Many homeowners leverage the equity in their homes for cash. But borrowing against your home equity is a long, laborious process. Home equity lines of credit (HELOCs) take 2-4 weeks to finalize. Mortgage refinancing takes even longer at 30-45 days.

Figure wants to fix this. In fact, Figure can initiate funding for HELOCs in as little as five days¹ and mortgage refinancing loans can be approved in a few weeks rather than months.

Mortgage types Rate refinance, cash-out refinance, jumbo refinance, home equity loan
Mortgage amount $15K – $400K Lines of credit (HELOC)

75%-80% of your home value.

Cash out Jumbo – Max CLTV 75% & max loan amount $1M

No Cash-out Jumbo – Max CLTV 80% & max loan amount $1M

Cash-out and no cash-out refinance for non-jumbo loan: Max CLTV 80% & max loan amount – FNMA loan limits up to $2.0M

Repayment terms 15 & 30-year fixed (rate & cash-out refinance)

Jumbo loans only available at 30-year term

HELOC are 5, 10, 15, and 30 years

APR APR dependent on loan type
Minimum credit score 620; 700 for Jumbo loans
Lender type Direct Lender

Get my rate

Figure Home Equity Line: Pros

  • Fast approval times (mortgage); Fast funding times (HELOC)
  • Speed digital application with eNotary (where available)
  • Few and low fees (in general) on HELOCs; Figure mortgage refinance loans does not charge any lender fees other than discount points, if applicable
  • Several customer service channels

Figure Home Equity Line: Cons

  • Origination fee in place (HELOC)
  • HELOC maximum borrowing amounts
  • Not available in all 50 states

Figure offers an entirely digital application process on its website, and it’s pretty fast. To start, you’ll click “find my rate” on the page of whichever product you’d like to apply for.

Application Process (HELOC only)

The application process will then ask for information, such as:

  • Name
  • Date of birth
  • Email
  • Property address
  • Social Security number
  • Citizenship status
  • Annual income estimate
  • Reason for borrowing
  • Proof of insurance if refinancing a mortgage (homeowners insurance, any hazard insurance necessary based on your location)

Get my rate

After providing this information, Figure runs a soft credit check that doesn’t damage your credit score. It then uses the results to present you with offers you may qualify for.

Next, pick an offer to apply to. Then Figure runs a hard credit check — which may affect your credit score. At this point, they’ll also ask you to link your checking account to verify your income and prepare for loan disbursal. It’ll also ask you for a government-issued ID (driver’s license, passport, state ID card) for identity verification purposes.

When all that’s done, you work with a remote notary over a video call to sign documents and finalize the loan. Figure sends you a notary if you live in a region where remote notarization isn’t allowed.

Taking a Home Equity Loan with Figure

If you already have a home mortgage and you are looking to take out a home equity loan, then Figure has you covered in this department. The application process is very similar to if you were trying to get an initial home mortgage. This will only require a few minutes of your time and everything is completed online. It currently allows you to borrow up to $400,000 with a one-time origination fee starting at 3%.

Figure promises that you will usually receive your funding in five days after your application has been given the green light. The interest rates vary but will go as low as 3.50% APR. There is also an online video notary and support available if you have any questions or run into any issues.

Terms & Requirements

Figure requires a decent income and credit score to qualify for any of its products. Part of the reason is it’s able to offer great rates and few fees — and of course, they fund things quite fast.

Requirements

Figure is fairly stringent about its lending requirements, from credit score and income to other factors like bankruptcies and number of liens on the property.

  • Property can be a single-family residence, townhome, condominium, or planned urban development
  • Primary residences only for mortgage refinancing
  • HELOC credit score: 620 for primary and secondary homes (720 for OK); 680 for investment properties
  • Mortgage refinancing credit score: 620 for conforming loans; 700 for jumbo loans
  • Debt-to-Income ratio: Maximum 50%; 43% for Jumbo loans.
  • Can’t have more than two existing mortgages/liens on the property
  • Minimum 2 years of credit history on file
  • Must be employed
  • No delinquencies on current mortgage in the last 6 months
  • No foreclosure in the past five years
  • No accounts in collections
  • No bankruptcy in the last four years/seven for Jumbo loans.
  • No undischarged bankruptcies
  • No bankruptcy in 7 years
  • No foreclosure in the past 5 years
  • No collections
  • For mortgage refinancing: must have any relevant hazard insurance (such as flood insurance if you live on a flood plain)

CLTV Eligibility:

For Primary, Owner-Occupied Properties:

Figure loan occupying First or Second lien position:

  • CLTV cap of 75% – FICO 620-659
  • CLTV cap of 85% – FICO 660-699
  • CLTV cap of 90% – FICO 700-759
  • CLTV cap of 95% – FICO 760-850

Figure loan occupying Third lien position:

  • CLTV cap of 70% – FICO 620-850

For Secondary/Non-Owner Occupied Properties (occupied <6 months out of the year)

All lien positions:

  • CLTV cap of 70% – FICO 680-850

Additional requirements:

  • Fixed rates starting at 3.50% APR* (The advertised rate of 3.50% APR includes a combined 0.5% discount for opting into a Credit Union Membership (0.25%) and enrolling in AutoPay (0.25%). This rate also includes the payment of a 4.99% origination fee in exchange for a reduced APR, which is not available to all applicants or in all states.)
  • All applicants are subject to Verification of Employment (Figure does not lend to unemployed borrowers at this time)
  • Eligible properties: Figure offers loans on single-family residences, townhouses, planned urban developments (PUDs), and most condos. The following properties are not eligible: co-ops, commercially zoned real estate, multifamily (2+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed-use properties. The property may be the applicant’s primary or secondary residence.
  • Ineligible properties: Co-ops, commercially zoned real estate, multifamily (5+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed-use properties.

Terms

Figure is known for providing competitive rates and few fees — aside from an origination fee of 3%-4.99% (for HELOC only). You can borrow different amounts depending on your credit score and what term length you select.

Repayment Terms

Figure currently offers 15 & 30-year fixed refinancing loans at the moment.
Good/Excellent Credit; 15 & 30 year term.
Jumbo refi available with option to pull up to $500K cash out only on 30-year term.

Figure states in its privacy policy that it can use your information to market its own products to you. Its marketing can get a bit overwhelming at times, so be prepared for that.

Additionally, Figure may share the information you provide with third parties without notice except for cases where it’s legally required. You can learn more about its information-sharing policies in its privacy policy.

Customer Support

Figure has plenty of customer support options. You can reach out to them via email for application and product questions, current borrowers and general support. You can also call them Monday-Saturday, 6 am-6 pm (except for on major US holidays), or open a live chat with a customer support agent on Figure’s website.

Final Thoughts

Figure’s rates are pretty good, and there aren’t many fees to be concerned with as well. If you have a strong credit score and want to leverage your home equity fast, Figure might be the way to go.

Figure has a very streamlined type of home equity loan offer. You are able to borrow up to $400,000 at rates of as low as 3.50% APR. You can often get these funds within five days, allowing you to put them to work straight away. With a great level of customer support and a good reputation, Figure is a great option for anyone looking to take out a home equity loan.

Address

Figure Lending LLC dba Figure

15720 Brixham Hill Avenue, Suite 300

Charlotte, NC 28277

Get my rate

Figure disclaimer: Figure Personal Loan is available in all 50 states including Washington DC.
¹To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit. Figure’s APRs start at 5.99% for the most qualified applicants and are higher for other applicants. Loan example, for a borrower with a CLTV of 45% and a credit score of 800, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 4.99% and a 3.25% origination fee. Your total loan amount payment would be $51,500. Origination fees range from 0-4.99% of your initial draw depending on your credit score and the state in which your property is located. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. For Figure Home Equity Line, our APRs can be as low as 3.25% for the most qualified applicants and will be higher for other applicants, depending on credit profile and the state where the property is located. For example, for a borrower with a CLTV of 45% and a credit score of 800 who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 3.25%. The total loan amount would be $52,495. Alternatively, a borrower with the same credit profile who pays a 3.25% origination fee would have an APR of 4.00% and a total loan amount of $51,500. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay an origination fee in exchange for a lower rate. Payment of origination fees in exchange for a reduced APR is not available in all states. In addition to paying the origination fee in exchange for a reduced rate, the advertised rates include a combined discount of 0.50% for opting into a credit union membership (0.25%) and enrolling in autopay (0.25%). APRs for home equity lines of credit do not include costs other than interest. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone
Term Option Disclosure: The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
Funding as fast as 5 days disclosure: For the Figure Home Equity Line, approval may be granted in five minutes but is ultimately subject to verification of income and employment. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing. In addition, funding timelines may be longer if we cannot readily verify that your property is in at least average condition with no adverse external factors with a property condition report and need to order a desktop appraisal to confirm the value of your property.

Disclosure
This website is an informative comparison site that aims to offer its users find helpful information regarding the products and offers that will be suitable for their needs. We are able to maintain a free, high-quality service by receiving advertising fees from the brands and service providers we review on this website (though we may also review brands we are not engaged with). These advertising fees, combined with our criteria and methodology, such as the conversion rates, our team of reviewer's finding and subjective experience and product popularity, impact the placement and position of the brands within the comparison table. In the event rating or scoring are assigned by us, they are based on the position in the comparison table, or according to other formula in the event specifically detailed by us. See our How we Rate page and Terms of Use for information. The reviews, rating and scoring are provided “as-is” without guaranties or warranties regarding the information contained in our website, which shall not be considered as endorsement. We make the best efforts to keep the information up-to-date, however, an offer’s terms might change at any time. We do not compare or include all service providers, brands and offers available in the market.
Bradley Schnitzer Bradley Schnitzer
Bradley Schnitzer is a copywriter and content writer that helps businesses gain loyal customers through informative content pieces and persuasive copy. He is passionate about personal finance and helping budding freelancers further their careers. He spends his free time reading, hitting the gym, pursuing several intellectual interests, and drinking coffee.
This review is based on the writer's personal opinion.