Linda Bell is a senior writer on Bankrate's Home Lending team, producing content around HELOCs, financing home renovations, home equity loans and more.
Suzanne De Vita is a senior editor on Bankrate’s Home Lending team, focusing on mortgage and real estate topics for homebuyers, homeowners, investors and renters.
All reviews are prepared by Bankrate.com staff. Opinions expressed therein are solely those of the reviewer and have not been reviewed or approved by any advertiser. The information, including rates and fees, presented in the review is accurate as of the date of the review. Check the data at the top of this page and the lender’s website for the most current information.
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At a glance
NMLS: 1717824
Bankrate Score
Bankrate scores are objectively determined by our editorial team. Our scoring formula weighs several factors consumers should consider when choosing financial products and services.
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate.
To help serve you with relevant information, the customer reviews shown are limited to only those that this advertiser has received during the past 12 months.
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Privacy Policy, or the Terms of Use.
Rating: 1 stars out of 5
Never received a call or email after requesting information
I never received any communications from figure. I even reached out to Bankrate and was told I should hear from representative from Figure. Even after that I didn’t hear from them.
Robbie W.
Montana (Jun 18, 2024)
Rating: 1 stars out of 5
Horrible Rates
You tell me I have great credit and then show me rates 30% higher than any other rate on a 30yr fixed. Taking advantage of good payers to line your pockets. Bunch of morons
You can apply for a HELOC entirely online, get approved in as few as five minutes, and receive your money in as little as five days.
No in-person appraisal is required and there are no annual fees, account opening fees, late fees or prepayment penalties. (However, Figure does charge an origination fee of up to 4.99 percent of your initial draw.)
Drawbacks
When you receive your HELOC, you’ll be required to draw the entire loan amount, and you can make additional draws as you pay off the initial amount. (Most other HELOC lenders allow you to draw only what you need, when you need it, potentially reducing interest costs.)
Figure’s HELOC is capped at $400,000, which is lower compared to some other lenders.
Home equity loan products offered
Figure offers fixed-rate home equity lines of credit (HELOCs) between $15,000 and $400,000 with repayment terms of five, 10, 15 or 30 years. They’re available to qualified borrowers in the majority of U.S. states.
Unlike most other HELOCs, Figure offers fixed rates, meaning each draw has a fixed interest rate based on the prime rate at the time of the draw. Because of this, different draws have different rates, but the rate you lock in with each draw will not change over the repayment period.
Once approved, you’ll receive the initial draw amount in as little as five days. As you repay the initial draw amount, you can make additional draws from $500 up to 100 percent of the initial draw amount plus the origination fee. You can make these additional draws for two years to five years after you open the line of credit, depending on the length of your repayment term.
Types of fees charged
Figure charges an origination fee that can cost up to 4.99 percent of your initial draw amount, depending on your location. You might also be responsible for recording fees. However, you don’t need to worry about appraisal fees, annual fees, late fees or a prepayment penalty.
If you’re looking for ways to lower your monthly payment, you can sign up for autopay for a 0.25 percent rate discount. You can also opt into a credit union membership for an additional 0.30 percent discount. Figure currently has partnerships with Quorum Federal Credit Union, Teachers Federal Credit Union and Valley Strong Credit Union.
How to qualify for a HELOC with Figure
You need a credit score of at least 640 to be eligible for a HELOC from Figure (or at least 680 if you’re tying the line of credit to an investment property or second home). If you have a higher credit score, you’ll have access to a larger line.
For a first or second lien HELOC on a primary, owner-occupied home, the CLTV ratio (combined loan-to-value ratio) caps range depending on your FICO credit score:
640-659 credit score: Up to 75 percent of home equity
660-699 credit score: Up to 85 percent of home equity
700-850 credit score: Up to 90 percent of home equity
For third liens on a primary residence, the CLTV ratio cap is 70 percent for those with FICO scores between 640 and 850.
If you’re unsure if you qualify, Figure can prequalify you without impacting your credit score.
How to apply with Figure
You can apply for a HELOC with Figure online or by phone at 888-819-6388. Home equity application support is available Monday through Sunday from 9 a.m. to 8 p.m. ET, except on major national holidays. You can also email the company at loans@figure.com.
Figure Home Equity FHE Visuals
Images courtesy of Figure Lending as of 1/24/2024.
How Bankrate scored Figure
Affordability
9.6/10
Availability
8.6/10
Borrower experience
7.3/10
To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:
Star ranking and total number reflects the lifetime customer reviews received while this lender has been an advertiser on Bankrate. To help serve you with relevant information, the customer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
This lender has 6 recent reviews.
Knowledge
Rating: 2.3 stars out of 5
Level of service
Rating: 2.3 stars out of 5
Professionalism
Rating: 2.7 stars out of 5
Responsiveness
Rating: 2.3 stars out of 5
5 stars
4 stars
3 stars
2 stars
1 star
33%
0%
0%
0%
67%
33% of customers would recommend this lender.
of
6
reviews
The consumer reviews posted on Bankrate.com ("Bankrate") are individual, subjective opinions of reviewers, and not of Bankrate. Bankrate does not endorse any of the opinions expressed by reviewers or any responses to reviews.
Bankrate cannot guarantee or verify the accuracy of the opinions shared by individual reviewers, and reserves the right to reject or remove any review, at any time, for any reason at Bankrate’s sole discretion, including but not limited to those that Bankrate deems inappropriate, fraudulent, invalid, irrelevant, or otherwise outside the parameters of the Bankrate Review Guidelines, the Privacy Policy, or the Terms of Use.
To help serve you with relevant information, the consumer reviews shown below are limited to only those that this advertiser has received during the past 12 months.
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