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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.

Home equity lines of credit at your local bank can involve a lot of paperwork, approvals and time to funding. Figure is looking to change up the game with five-minute applications and funding within five days after the process is complete. But it’s a relatively new company, and its products aren’t available for all types of properties.


Loan types Home equity, HELOC
Minimum credit 620 (720 in Oklahoma), 680 for investment properties
Origination fee 0-4.99%
Available States Not available in: DE, HI, KY, MD, NY, SC, TX, UT, VT, WV
NMLS 1717824


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


  • You have to supply your bank login information
  • No in-person support
  • Higher than average origination fee
  • Strict requirements for eligibility - make sure you qualify before applying
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.

What can I expect with Figure home equity loans?

Figure is focused on an all-digital experience for its HELOCs, folding in a fully online application, virtual meetings and an electronic notary for paperwork. That kind of technology offers a speedier turnaround than banks, with competitive rates that start at 2.99% APR.

Figure’s marketing highlights a system that relies on blockchain technology to record and store your loan information after approval. Though with that technology running well behind the scenes, you aren’t likely to see a difference between a bank that uses traditional technology to store your loan.

If you qualify for a HELOC, you can borrow up to 80% of the value of your home with:

  • Speedy prequalification. Fill out a simple online form and be prequalified in minutes with only a soft credit pull.
  • A range of loans and terms. Loans range from $15,000 to $150,000. You can apply for multiple loans within these limits at terms of 5, 10, 15 and 30 years.
  • Minimal fees. You won’t pay appraisal, late payment or prepayment fees. Though expect to pay origination fees up to 0-4.99%, depending on your state.

Pros and cons


  • Fast prequalification and funding. Get prequalified in minutes and funding in as little as five days after completion of the loans process.
  • Minimal fees. You won’t pay costs to open or maintain an account, an appraisal fee or prepayment penalties for paying your loan off early.
  • Competitive APRs. Find rates as low as 2.99% APR. You can also qualify for rate discounts by signing up for autopay or by applying to become a Quorum member.
  • Online video notary and support where available. Complete the entire process from the comfort of your own home.


  • 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.
  • New to the market. A digital disruptor can be a good thing, but there’s just not enough out there from customers to know what to expect long term.
  • Requires handing over your bank details. Figure requires you to connect at least one checking account, but Redditors report having to give up your bank login details to do so.
  • Origination fee can be high. While the number of costs are minimal overall, the fee on your first draw can make your loan more expensive than competitors, depending on where you live.
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How do I qualify for a home equity line of credit with Figure?

You need a minimum credit score of 620 (720 in Oklahoma) to qualify for a HELOC, and your name must appear on the county record as the owner of the property.

Eligible properties for a HELOC are limited to single-family residences, townhouses, condos or planned urban development properties with hazard insurance and flood insurance if located in FEMA flood zones A or V.

      How do I get started?

      1. Select Find my rate from Figure’s homepage.
      2. Complete the questionnaire pop-up, and then select I agree.
      3. You’ll receive a prequalification 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 stated requirements:

      • Minimum credit score of 620 (720 in Oklahoma). But expect a minimum credit score of 680 for investment properties
      • Maximum loan-to-value ratio of 50% if Figure is the first lien on the property
      • Maximum combined loan-to-value ratio of 75% if your FICO score is 640-679
      • Maximum combined loan-to-value ratio of 80% if your FICO score is 680-759
      • Maximum combined loan-to-value ratio of 85% if your FICO score is 760-850
      • Maximum combined loan-to-value ratio of 100% if your FICO score is 680 or higher for a 5-year term on a second or third lien on the property
      • Debt-to-income ratio of less than 50% — or under 43%, in select cases
      • At least two years of credit history
      • No delinquencies on current mortgage in last six months
      • No foreclosures in the past five years and no collections
      • No bankruptcy in last seven years and no undischarged bankruptcies
      • Employed with verifiable proof

      Your property must also meet eligibility:

      • County record showing you as the owner
      • Primary residence in eligible state
      • Proof of hazard insurance
      • Proof of flood insurance for properties in Special Flood Hazard Area Zones A or V
      • No more than two existing mortgages or liens on the property
      • Single-family residence, townhouse, condo or planned urban development property
      • Can be primary or secondary residence
      • Ineligible properties: co-ops, commercially-zoned real estate, multi-family (5+) properties, manufactured homes, timeshares, log homes, houseboats, mixed-use properties, duplex properties

      Required documentation

      Have these documents ready before you apply:

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

      What states are Figure HELOCs available in?

      Figure works with borrowers in all states except:

      • Delaware
      • Kentucky
      • Maryland
      • New York
      • South Carolina
      • Texas
      • Utah
      • Vermont
      • West Virginia

      I got the HELOC. Now what?

      Make the most of your HELOC with Figure:

      • Sign up for autopay to get a discount.
      • Pay off your loan early with no penalties.
      • Consult with a tax advisor to determine if your HELOC is tax-deductible.
      • Get help through convenient live chat, email or phone.

      Frequently asked questions about Figure home equity loans

      Expert review

      Gabrielle Pastorek

      Review by

      Gabrielle Pastorek is a staff writer at Finder, helping readers to round up the best deals, coupons, retailers, products and services to make sound financial decisions. She's written more than 800 articles on the site and is a quoted expert in Best Company and DealNews. She earned an MFA from the University of Pittsburgh, with essays and short stories published 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.

      Expert review

      Figure’s home equity loans offer faster turnaround and minimal fees with competitive APRs starting at 2.99% (and APR discounts are available if you meet certain criteria such as signing up for autopay). But you won’t get in-person support with this digital disruptor, and loans aren’t available in all 50 states.

      If you’d rather apply with a more established lender, compare other home equity loans to find a fit with your property and needs.

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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?

        • Avatarfinder Customer Care
          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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