Figure home equity review

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

Learn more Go to site

finder.com’s rating: 4.05 / 5.0

★★★★★

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.

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 3%, depending on your state.

Pros and cons

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 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 600.
• 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.

Frequently asked questions about Figure home equity loans

• How long do I have to complete the loan process?

  You’ll have seven days to complete the process. Otherwise, you’ll be prompted to restart your application.

• Why was my application declined?

  Several factors go into Figure’s approval decision, including your credit score and property data. If your application was declined, you or your property did not meet specific requirements. Contact Figure customer service for more detailed information about your application.

• Can I apply for a HELOC if my property is co-owned?

  Yes, but the loan will only be under one owner’s name. The other owner(s) will be asked to sign documentation agreeing to the terms of the loan as well.

• Where is Figure available?

  Figure is avaialable in the following states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, WA, WI, WY.