Looking for a home equity line of credit (HELOC)? Want to be able to easily get a quote online and see if it's worth it? That's where Figure comes in.
Figure is an online lender that focuses on HELOCs. The approval process is online and fully automated, making it easy to get a quote on your own terms - no dealing with phone calls to brokers.
They advertise themselves as the World's Fastest HELOC - with a loan decision in 5 minutes, and funding in as few as 5 days if you're approved*.
Check out our Figure review and see if it's worth it.
- Offers home equity line
- Completely online application
- HELOC fees are limited to origination and interest on draws, however, you may be be responsible for recording fees, which vary by county, and subordination fees if you ever ask Figure to voluntarily change lien position.
Starting at 4.99% APR**
Who Is Figure?
Figure is a fintech company that offers home equity line products. It also goes by the names Figure Lending LLC and Figure Technologies, Inc. They are located in San Francisco, CA and were founded in 2018 by Mike Cagney, former SoFi CEO.
Figure uses technology, AI, and analytics to evaluate a person’s credit, debt-to-income ratio, and home value. From customer reviews, it seems once the software approves or declines you, there isn’t anything customer service can do to change it.
What Do They Offer?
Figure offers home equity lines of credit (HELOCs) and mortgage refinancing (more products may be coming). Because Figure’s loan approval process is automated, you’ll get a same-day decision. Monthly payments are fixed and there are no ongoing fees.
Once you make a draw, monthly payments will begin on the outstanding balance. As you pay down the draw, you can make another draw up to 20% of the total loan amount. Additional draws can be made two to five years after the origination date and based on the loan term.
Loans range from $15,000 to $150,000. Loan terms include 5, 10, 15, and 30 years.
Figure estimates home values based on their assessment of independent data sources and automated valuation models (AVMs). This means Figure may generate a home value that is different from the one you or your real estate agent has estimated.
Some qualification criteria include:
- A credit score of at least 640 ( (720 for properties in Oklahoma)
- There are restrictions for borrowers in the 640-679 range
- Maximum combined loan-to-value ratio is 80%
You can check your interest rate on Figure’s website without having to go through the application process. Checking your rates doesn’t impact your credit score since it requires only a soft inquiry. Once you submit an application, a hard inquiry will occur and may affect your credit score.
If you opt to have your monthly payments put on autopay, you’ll receive a discount of 0.25%. You can also receive an additional .50% discount if you opt in to a membership with Quorum Federal Credit Union.
If you received an offer in the mail from Figure, it doesn’t guarantee that you’ll be approved. Once an application is submitted, additional information goes with it, allowing Figure to more accurately determine your creditworthiness, which may result in being declined.
Figure’s Home Equity Line product is available in AL, AR, AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, VA, WA, WI, WY.
Figure Lending LLC is an equal opportunity lender. NMLS #1717824
Note: Figure previously also offered student loan refinancing. Read our full Figure student loan refinancing review here.
Are There Any Fees?
Yes — for the home equity line, Figure charges these fees:
- Interest rate on drawn amount that ranges from 4.99% to 12.5% APR*, including the 0.75% discount for enrolling in autopay and opting in to a Quorum membership. The interest rate is fixed for each draw. It will vary from draw to draw, depending on the rates that are available at the time of the additional draw(s).
- Origination fee of up to 4.99% of the initial draw amount, depending on the state where your property is located.
- Recording fees that vary depending on the county.
- Subordination fee will be assessed if you ever ask Figure to agree to changing lien position.
You won’t find the following fees with Figure:
- Maintenance or appraisal fees
- Late fees
- Prepayment penalties
How Do I Apply?
One thing to note: some reviewers have mentioned that Figure only works with certain banks. If you want to use your bank, check that it is on their list of banks before applying. Otherwise, you may go through the entire loan application process, get approval, and then find out you can’t get financing because your bank isn’t one Figure uses.
To notarize documents, Figure uses an eNotary. Part of the application process involves meeting with a notary online through a video/audio-enabled session. During this session, you’ll electronically sign documents. Then the notary will digitally notarize them.
There is no in-person interaction with Figure’s loan application process, unless the property is located in an area that doesn’t accept remote notarization.
Is My Information Safe?
Figure may use your information to market its own products to you. Some reviewers have mentioned Figure’s marketing can be aggressive.
Is It Worth It?
Figure offers a straightforward loan application process that can be completed entirely online. For those that want speed and the convenience of not having to go to a bank, Figure is a great option.
Before applying, check that your bank is one Figure works with. Also, don’t assume that Figure will use your home value numbers. They calculate their own proprietary numbers for home values.
* 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.** Figure’s APRs start at 4.99% for the most qualified applicants and are higher for other applicants. For 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 4.99% origination fee.The total loan amount would be $52,495. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on 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. The advertised rate of 4.99% includes a combined discount of .75% for opting into a Quorum Membership (.50%) and enrolling in autopay (.25%). APRs start at 5.74% for customers that do not opt in to autopay or apply to become a Quorum member. 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.
Figure Home Equity Review
Rates and Fees - 80
Products and Services - 80
Ease of Use - 90
Customer Service - 90
Robert Farrington is America’s Millennial Money Expert® and America’s Student Loan Debt Expert™, and the founder of The College Investor, a personal finance site dedicated to helping millennials escape student loan debt to start investing and building wealth for the future. You can learn more about him on the About Page, or on his personal site RobertFarrington.com.
He regularly writes about investing, student loan debt, and general personal finance topics geared towards anyone wanting to earn more, get out of debt, and start building wealth for the future.
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