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.
| Name | Figure.com |
|---|---|
| Description | Fast turnaround and competitive fixed rates for qualified borrowers with only an origination fee. |
| Loan types | Home equity |
| Minimum credit | 680 |
| Origination fee | Up to 3% of the loan amount |
| Other fees | None |
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 $100,000. You can apply for multiple loans within these limits.
- Loan terms. Figure offers loan terms of 5, 7, 10 and 15 years.
- Combined loan-to-value ratio of up to 80%. Borrow up to 80% of the value of your home.
- Fees. Expect to pay origination fees up to 3%, 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
- This is a new company with few reviews. There’s nothing wrong with using a startup to fund your HELOC, but there are limited online reviews from previous customers to help you make a decision.
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 680 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?
- 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 should receive a preapproval decision within minutes after completing the form. If accepted, you can begin a video session with an eNotary to complete the process.
Eligibility requirements
To qualify for a HELOC with Figure, make sure you and your property meet the following requirements:
- Minimum credit score of 680.
- Your name must appear on the county record as the owner of the property.
- The property must be either a single-family residence or a townhouse.
- The property must have hazard insurance.
- Properties that are located within flood zones A or V must have flood insurance.
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.
- Review and electronically sign mortgage document provided by an eNotary.
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 if you can, since there’s no penalty for doing so.
- Consulting a tax advisor to determine if your HELOC is tax deductible.
- Contacting customer service by phone, email or live chat if you have specific questions.
Bottom line
Figure could be the right home equity line of credit provider for you if you’re searching for a quick approval and funding process and don’t want to get stuck with a bunch of extra fees.
If you’re still not sure, research your other mortgage options before making a final decision.
