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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.
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.
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.
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