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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.
Not available in: AK, DE, HI, IA, KY, MD, NY, SC, TX, UT, VT, VA, WV
Pros
Quick close times
Completely online application
Chat support six days a week
Cons
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.
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
Pros
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%.
Cons
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.
Go to Figure.com and click the yellow Find my rate button on the homepage.
Fill out the questionnaire that pops up in the middle of your screen.
At the end of the questionnaire, click I agree.
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.
Frequently asked questions about Figure home equity loans
You must complete the process in seven days. Otherwise, you’ll need to restart your application.
If your application is declined, you or your property did not Figure’s specific requirements that include your credit score and property data. Contact Figure customer service for more detailed information about your application.
Yes, but the loan will only be under one owner’s name. Other owners are asked to sign documentation agreeing to the terms of the loan.
Figure is not available to residents of Alaska, Delaware, Hawaii, Iowa, Kentucky, Maryland, New York, South Carolina, Texas, Utah, Vermont, Virginia or West Virginia.
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Gabrielle Pastorek is a writer at finder.com, regularly researching and creating shopping and finance reviews, as well as car and loan comparisons. She holds an MFA from the University of Pittsburgh, and her essays and short stories can be found in The Collagist, Blue Monday Review, Blotterature and others. When she’s not writing, Gabrielle can be found out in the barn with her horse, Lucy.
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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