The price of a speedy approval process and closing time is the potentially impersonal feeling of an automated application decision. And it requires you to extend your trust when you provide your bank account login details.
But if you can take that leap of faith, you live in one of the states it serves and you take advantage of its highly-rated customer service, you may find your experience with Figure to be a quick and personable one.
Figure Lending LLC (Figure) seeks to make refinancing quick and easy. Its application is completely online, and it boasts turnaround times that can beat out other providers. The catch? It's not available in every state.
| Loan products offered | Refinance, Cash-out refinance |
| Minimum credit score | Conventional: 620 Jumbo: 700 |
| State availability | Not available in: CO, CT, HI, IL, KY, ME, MD, MN, NY, RI, SC, TX, UT, VT, VA, WY, DC |
| NMLS # | 1717824 |
When you refinance with Figure, you’ll find some features that you’d expect to get with a regular bank and then some.
Fees for a refinance with Figure are fairly similar to those you encounter during the mortgage process. Your estimate will have a detailed list of the fees Figure charges, including:
To be eligible to refinance your mortgage through Figure, you must meet its eligibility requirements including:
Apply for prequalification on the Figure website. Prequalification doesn’t affect your credit, and is only a few steps.
The refinance application is completely online, and a decision can be made in a few minutes.
As of July 2022, the lender has an F rating from the Better Business Bureau (BBB) — mostly because it hasn’t adequately responded to customer complaints. It averages 2 out of 5 stars from 38 user reviews, where many customers complained of glitchy technology during the online application process that took days to resolve and made them lose their locked-in interest rates.
Figure’s Trustpilot page paints a much better picture. It has a rating of 4.7 out of 5 stars from over 1,900 reviews, with approximately 7% of customer ratings falling below “Great.” Customers are generally satisfied with the speed of the application and approval process and the representatives’ professionalism.
Weigh the good and the bad of using Figure to refinance your loan:
Compare these lenders and lender marketplaces by the type of home loan you’re searching for, state availability and minimum credit score (for a conventional loan). Select See rates to provide the company with basic property and financial details for personalized rates. Disclaimer: The partners on Finder's mortgage comparison tables are sorted in alphabetical order.
What type of accounts can I link to verify my assets? Figure is not currently available on Finder
Have you considered Rocket Mortgage?
Apply online for free and lock in your rate for 90 days.
Brokerage, CD, money market, retirement and savings accounts are considered qualified assets.
How can I use my W-2s or pay stubs to verify my income?
Figure requires you to first connect your bank account to verify your income. If the amount doesn’t match your stated income you’ll need to submit additional verification.
How can I add other assets or provide additional income verification?
Provide your tax return via an accepted tax return software, such as HR Block or QuickBooks.
What types of properties can I refinance?
Figure allows single-family homes and townhouses. If you’re looking to refinance a condo or multiunit building, you’ll need to find another provider.
Rhys Finder
Editor
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