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Figure mortgage refinance review

Pay no origination fees when you refinance with this lender, but not all loan types are eligible.

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 offeredRefinance, Cash-out refinance
Minimum credit scoreConventional: 620
Jumbo: 700
State availabilityAK, AL, AR, AZ, CA, DE, FL, GA, IA, ID, IN, KS, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, SD, TN, WA, WI, WV
NMLS #1717824

What can I expect when I refinance with Figure?

When you refinance with Figure, you’ll find some features that you’d expect to get with a regular bank and then some.

  • Prequalification. Apply for prequalification without a hard check on your credit. The process allows you to get a quote with the rates calculated based on the information you give about your credit, income, house and the loan you’re seeking. Once you select an offer and move forward with the application, there may be a hard pull on your credit to verify your creditworthiness.
  • Loan term options. Choose from 15- or 30-year fixed terms. But jumbo mortgage refinancing is only available in a 30-year term.
  • Accepted loan-to-value ratios. You can borrow up to 80% (75% for jumbo loans) of your home’s value, up to the maximum amount.
  • Flexible repayments. Figure allows you to pay off your loan at any time without a prepayment fee, but interest-only payments aren’t available.

Typical costs and fees

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:

  • Origination. Figure does not charge origination fees to borrowers.
  • Third party. Appraisal, recording and title fees are charged by third parties and are affected by the service provider and your location.
  • Escrow. If you set up an escrow account, you’ll pay into it each month in order to cover taxes and insurance throughout the year, once you start making mortgage payments.

Do I qualify for refinancing with Figure?

To be eligible to refinance your mortgage through Figure, you must meet its eligibility requirements including:

  • Minimum credit score of 700 for jumbo loans, 620 for all other loans.
  • Minimum two years credit history.
  • No delinquencies in the last 24 months and no collections.
  • No bankruptcy in the past four years (seven for jumbo loans) and no undischarged bankruptcies.
  • No foreclosures in the past seven years.
  • Maximum 80% combined loan-to-value ratio (75% for jumbo loans).
  • Maximum 50% debt-to-income ratio (43% for jumbo loans).
  • Single-family homes only.

Apply for prequalification on the Figure website. Prequalification doesn’t affect your credit, and is only a few steps.

How to apply

The refinance application is completely online, and a decision can be made in a few minutes.

  1. Go to the Figure website.
  2. Under Products click Mortgage refinance
  3. Select Find my rate.
  4. Fill out your address, information about the loan, your personal information including date of birth and income and select I agree.
  5. Go over your rates and choose your offer.
  6. Verify your identity.
  7. Review documents.
  8. Add any signers.
  9. Detail your income, assets, declarations and liabilities.
  10. Submit your application.

Figure mortgage reviews and complaints

The Better Business Bureau (BBB) profile for Figure is relatively new, having only been opened in October of 2018. As of August 2021, the lender has an F rating from the BBB — mostly because it hasn’t adequately responded to customer complaints. It averages 2 out of 5 stars from 22 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 almost 1,400 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.

Pros and cons

Weigh the good and the bad of using Figure to refinance your loan:


  • Quick close times. While many borrowers are facing long turnaround times to close on their refinance, Figure claims that applicants can close in a matter of weeks.
  • Completely online application. Apply online without ever leaving home.
  • Chat support six days a week. Get answers to any of your questions online, Monday through Saturday from 6 a.m. to 6 p.m. PT.


  • Limited state availability. Refinancing through Figure is not available in every state.
  • You have to use your bank login information. While Figure doesn’t store your bank account login information, it requires it to verify your assets.
  • No specialized refinance. If you’re looking for a VA mortgage refinance or FHA Streamline, you’re out of luck with Figure.

Compare mortgage refinance lenders and brokers

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.

Name Product Loan products offered State availability Min. credit score
(NMLS #1168)
Conventional, Jumbo, FHA, VA, USDA, Refinance
Not available in: NY
Great customer reviews and customized rate quotes in three minutes with no SSN needed.
Rocket Mortgage
(NMLS #3030)
Rocket Mortgage
Conventional, Jumbo, FHA, VA, Refinance
Available in all states
Streamline your mortgage from quote to final payment — all from your computer or phone.
Veterans United
(NMLS #1907)
Veterans United
Conventional, FHA, VA, USDA, Jumbo, Refinance
Available in all states
Veterans United stands out from other lenders for its focus on serving the military community.
(NMLS #330511)
Conventional, Jumbo, FHA, Refinance
Not available in: HI, MA, MN, NV, NH, VT, VA
Refinance your home loan using an easy online process.

Compare up to 4 providers

Frequently asked questions

What type of accounts can I link to verify my assets?
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.

Review by

Rhys Subitch is a former writer and editor at Finder who tackled topics across the site. With half a decade of experience researching, editing, and writing for a Fortune 500 company, university, and several independent publications, Rhys brought readers the most up-to-date and curated information on all things finance.

Expert review

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.

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