Figure Home Equity Review

Sarah Pritzker

In a Nutshell

Figure is a direct lending company that offers a unique product called a Figure Home Equity Line. Figure uses technology to reinvent the loan application process. Every step of the application is 100% digital.


  • Application is fast and entirely online
  • Fully transparent with no prepayment fees


  • The application process isn’t very clear
  • Make additional draws only within 2-5 years

Figure at a Glance 

Loan types
Home Equity, Refinance, HELOC, Jumbo
Featured Loans
Figure Home Equity Line and Figure Mortgage Refinance
Repayment terms
5, 10, 15 or 30 years (Depends on loan type)
Minimum Down Payment
Minimum Credit Score
Best for
Anyone who wants to pay for renovations or large purchases.


  • HELOC and Mortgage Refinance loans available
  • Approvals in 5 minutes and funding in as little as 5 days.* 

  • Closing in as little as 10 days for mortgage refinance. 

  • Single-family residences and townhouses are eligible.

Best For?

Figure is best for those looking to refinance a mortgage, as well as homeowners with plenty of equity in their home, who want to access it in one lump sum. It's ideal if you need to consolidate debts, make a large and expensive purchase, or carry out improvements on your home. Figure stands out for charging no hidden fees, a fast online application process, and inviting you to take an additional draw once you’ve begun to pay off the loan (for HELOC).

Types of Loans/Products

With Figure, you can borrow between $15,000 and $250,000 with a one time origination fee**, and refinance for up to $500,000, although your final maximum loan amount will depend on the value of your home and your credit score. When you take a HELOC loan with Figure, you'll get the full value of your loan in a single lump sum as soon as the loan is approved, minus the origination fee. However, once you start paying off the loan, you can then make additional draws. These must be no greater than 20% of your total loan amount, be at least $500, and be made within the first 2-5 years of the origination date your loan term.

  • Borrow between $15,000 and $250,000 (HELOC)

  • Terms of 5, 10, 15, and 30 years

  • Make additional draws of up to 20% of your total loan amount, as long as you’ve paid off some of your loan and are within 2-5 years of the origination date depending on your loan term.

  • No prepayment fees, application fees, or other hidden fees—only an origination fee*

  • All single-residence and townhouses are eligible, even if they are investment properties or second homes

What you need in order to qualify

Specific requirements: 

  • FICO minimum of 620 (720 for Oklahoma, 680 for investment properties)
  • Origination Fee ranging between 3% and 4.99% (where allowed)
  • Max CLTV (combined-loan-to-value ratio) up to 100% for qualified applicants selecting a 5 year term and up to 85% for qualified applicants on all other term options
  • Primary and secondary residences
  • Cannot have more than 2 existing Mortgages/liens on the property
  • Debt-to-Income ratio must be less than 50%, and in many cases, under 43%.
  • Min 2 years credit file
  • No delinquencies on current mortgage in the last 6 months
  • No foreclosure in the past 5 years
  • No collections
  • No bankruptcy in 7 years
  • No undischarged bankruptcies

Additional requirements:

  • Fixed rates starting at 2.99% APR*
  • All applicants are subject to Verification of Employment (Figure does not lend to unemployed borrowers at this time)
  • Single family residences, townhomes, condominiums, and planned urban developments are all eligible as long as they are located in the eligible states and are the property is your primary or secondary residence
  • Ineligible: Co-ops, Commercially-zoned real estate, Multi-family (5+) real estate, Manufactured housing, timeshares, log homes, or houseboats, Mixed-use properties, Duplex and Investment Properties 

The Application Process

Figure’s application and approval process is entirely online. It usually takes about 5 minutes to complete the online application, and most applicants get approval immediately. It can take as little as 5 days until funding.

1. Complete the initial online application form for pre-qualification. You’ll be asked for:

  • Your name, address, email address, and date of birth
  • The address and type of property for your loan
  • The purpose of your loan
  • Your household income

2. Figure runs a soft credit check.

Your property value is assessed using an advanced algorithm. You'll receive an email reply almost immediately to tell you if you've been approved, the maximum amount you can borrow, and the likely rates and terms.

3. Complete the full application process.

This includes:

  • Sharing documents, including a valid photo ID such as your US driver’s license, passport, or State ID
  • Sending your bank account information or other documentation for income varification
  • Waiting for a hard credit check on your credit standing
  • Figure will carry out an advanced assessment of the value of your home

4. Attend an online audio-enabled video session with Figure’s unique eNotary service. 

This uses knowledge-based authentication questions to verify your identity and then review your loan contract. You can use eNotary to electronically sign and notarize your contract. It takes just a couple of minutes.

5. Wait for the requested funds to appear in your bank account.

Pros and Cons

Figure stands out for its advanced technology that makes it quick and easy to apply online. There is no need to wait for someone to survey your home, or to travel to a branch or rely on email to receive and sign the loan documents. With an online-only application that takes just a few minutes, and the entire loan process taking as little as 5 days, Figure brings mortgage loans into the 21st century.

Another big part of Figure's appeal is its transparency. You won't be charged any added or hidden fees for prepayment, or anything else—the only fee is an origination fee, which is made clear to you in your loan offer.

However, Figure could do with adding more information about the application and assessment process. At the moment, the website doesn’t specify which documents you might be asked to provide or give a minimum credit score for eligibility.

Figure's Home Equity Line doesn't have the flexibility of a traditional HELOC. You'll receive your funds in a single lump sum in your account when the loan goes through, instead of getting a flexible line of credit that you can withdraw and pay off. Although you can make additional draws on your home equity loan, the option is only available throughout the first 2-5 years of the loan, and you'll have to have paid off some of your loan before you can make another draw.

Rates and Fees – The Bare Basics

Figure stands out for its low loan fees. You’ll only be charged an origination fee of 0%—4.99% of the initial draw amount—there are no prepayment fees—or any other hidden fees. This is similar to or lower than fees charged by competitors like Freedom Mortgage and Quicken Loans.

Repayment Terms

Figure’s mortgage loans are all fixed-rate*. You can choose between a term of 5, 10, 15 or 30 years. 

Help & Support

Figure’s customer support and eNotary service are available 6am-6pm PT, from Monday to Saturday. You can get in touch with Figure using the email address, or for specific loan support. There’s also telephone support.


Figure stands out for its fast, fully online approval process, as well as for its commitment to transparency. Borrowers appreciate that it charges zero fees apart from the loan origination fee, and the ability to make additional draws.  For refinancing, customers can refinance their mortgage to take advantage of low interest rates, and they can use it to cash-out refinance, which enables them to refinance their home for more than their existing mortgage and access the difference in cash. The cash can then be used to consolidate high-interest credit card or personal loan debt and/or make home improvements.


  • How can Figure give me a pre-qualification offer so fast?

Figure uses advanced financial technology to assess and respond to borrower applications faster and more accurately.

  • How can I check my APR rates?

You can complete a short form, sharing your personal information, property information, and email address, and Figure will send you a personalized rate quote.

  • What credit rating do I need to get a loan with Figure?

Figure has a minimum credit score of 640, but the higher your rating, the more you can borrow and the better the terms that you’ll be offered.

Physical Address

Figure Lending LLC dba Figure
15720 Brixham Hill Ave, Suite 300
Charlotte, NC 28277

Figure Figure Visit Figure

* Figure’s APRs can be as low as 2.99% 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 2.99%. The total loan amount would be $52,495. 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 0.75% for opting into Credit Union Membership (0.50%) 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.

**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 and your credit profile. You may also be responsible for paying recording fees, which vary by county, as well as a subordination fee if you ever ask Figure to voluntarily change lien position.

Sarah Pritzker is a content writer with years of experience and a keen interest in the vast world of online consumer products. She enjoys helping readers make sense of the options on the market in a variety of fields.

Figure customer reviews

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17 Jan 2021

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Top Reviews

Heidi, KY
a year ago

Ease of use

Brand satisfaction

Value for money

Service quality

I like that Figure works as quickly as it says it does. I like that it's upfront about its terms.

Precious, TN
a year ago

They have very good ratings due to the quickness and accuracy of how they operate in giving people opportunities .

Hector, FL
a year ago

Figure was easy to deal with applying for a mortgage. I had no problems and they provided good rates. Plus, they had great customer service.

Jessica, OK
a year ago

I wasn't at all impressed by them. There over all rates just wasn't a great value deal. The staff was decent but seemed like hardly anyone took pride in their work or their work ethic.

Brenda, LA
a year ago

I don't know much about this company. I researched the company and didn't like the rates.