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Figure home equity review

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Get approved in minutes and funded in as little as five days with no hidden fees.

When searching for a home equity line of credit, the last thing you want is a long, drawn-out process. Figure.com understands your situation and wants to get you approved, financed and on with your life as quickly and seamlessly as possible.


Loan types Home equity
Minimum credit 600
Origination fee Up to 4.99% of the loan amount
Other fees None
Available States Not available in: AK, DE, HI, IA, KY, MD, NY, SC, TX, UT, VT, VA, WV


  • Quick close times
  • Completely online application
  • Chat support six days a week


  • Only available in four states
  • You have to use your bank login information
  • No specialized refinance
Figure is a startup as of 2018, so its online reviews are limited. So far, though, the company has a 5 out of 5 rating on Facebook from a handful of customers.

Why we like:

Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee.

  • Competitive rates.
  • Low fees.
  • Quick preapproval.

Why we like: Figure

Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee.

  • Get preapproved without a hard credit pull.
  • Loan terms of 5, 10, 15 and 30 years.
  • Borrow up to 95% of the value of your home.
  • Minimum credit score: 600

What can I expect with Figure home equity loans?

Figure strives to make the HELOC process as simple as possible. Using AI and Blockchain technology, it offers speedy turnaround and competitive rates. Blockchain technology allows for digital data to be transmitted and accessed faster and more safely than ever. What this means for you is near-instant approval and the confidence that your personal information is secure.

If you qualify for a HELOC, you can expect:

  • Speedy preapproval. Fill out a simple online form and be preapproved in minutes — without affecting your credit score.
  • Minimum and maximum amounts. Loans range from $15,000 to $150,000. You can apply for multiple loans within these limits.
  • Loan terms. Figure offers loan terms of 5, 10, 15 and 30 years.
  • Combined loan-to-value ratio of up to 95%. Borrow up to 95% of the value of your home.
  • Fees. Expect to pay origination fees up to 4.99%, depending on your state.

Pros and cons


  • Quick preapproval and funding. Get preapproved in minutes without affecting your credit score, and get funding in as little as five days.
  • Soft credit pull. Getting preapproved won’t affect your credit.
  • Only pay origination fee. Unlike other lenders, you won’t be charged to open or maintain an account, an appraisal fee or prepayment penalty for paying your loan off early.
  • Competitive APRs. As low as 4.99%.


  • No in-person support. Figure is a 100% digital company. If you value face-to-face service or prefer a lender with physical locations, look elsewhere.

Do I qualify for a home equity line of credit with Figure?

To qualify for a HELOC with Figure, you’ll need a minimum credit score of 600 and your name needs to appear on the county record as the owner of the property.

Your property needs to be either a single family residence or townhouse and have hazard insurance and flood insurance if it’s located in flood zone A or V. The property does not need to be your primary residence to qualify.

How do I get started?

  1. Go to Figure.com and click the yellow Find my rate button on the homepage.
  2. Fill out the questionnaire that pops up in the middle of your screen.
  3. At the end of the questionnaire, click I agree.
  4. You’ll receive a preapproval decision within minutes. If accepted, begin a video session with an e-notary to complete the process.

Eligibility requirements

To qualify for a HELOC with Figure, make sure you and your property meet stated requirements:

  • Minimum credit score of 600
  • A county record showing you as the owner of your property
  • A single-family residence or a townhouse property
  • Proof of hazard insurance
  • Proof of flood insurance for properties in Special Flood Hazard Area zones A or V

Required documentation

Have these documents ready before you apply:

  • Current identification, such as a US driver’s license, state ID or passport
  • Proof of homeownership
  • Proof of insurance
  • Electronically signed mortgage document provided by an e-notary

I got the HELOC. Now what?

Make the most of your HELOC with Figure by:

  • Signing up for autopay to get a discount.
  • Paying off your loan early with no penalties.
  • Consulting a tax advisor to determine if your HELOC is tax-deductible.
  • Contacting support by phone, email or live chat with questions.

Bottom line

Figure could be the a good option for your next home equity line of credit if you value quick approval and funding process and don’t want to get stuck with extra fees.

To compare other lenders, research home equity loans before making a final decision.

Frequently asked questions about Figure home equity loans

Home loans ratings

★★★★★ — Excellent

★★★★★ — Good

★★★★★ — Average

★★★★★ — Subpar

★★★★★ — Poor

We analyze top home loan providers and rate them one to five stars based on factors that are most important to you. These factors include: rates and fees, product selection and borrower experience.

Read the full methodology of how we rate home loan providers.

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  1. Default Gravatar
    February 25, 2019

    Do you attach a lien to my house if I decide to borrow from you?

    • AvatarStaff
      February 26, 2019

      Hello Karen,

      Thank you for your comment.

      Yes, a lien attached to your property puts others on notice that you owe the creditor money. Before you can sell your property and give a clear title to a buyer, you must pay off the lien.

      The lien stays on the property unless it’s paid off.


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