Figure Home Equity Loan Review 2023


Figure offers home equity lines of credit and plans to add an option to use cryptocurrency for a mortgage.

The minimum home equity line of credit is $15,000 or $25,001 in Alaska, and the maximum is $400,000. Borrowers can choose home equity loan terms of five, 10, 15 or 30 years. The initial amount funded at origination is based on a fixed rate, but additional draws may be higher than that rate.

The lender stopped accepting new mortgage applications in March 2022.

Start by prequalifying online to find out an estimated rate, with a soft pull that will not hurt your credit score. Figure will ask for basic information, including income, before offering an interest rate for the loan. If you decide to continue your application, the company will do a hard credit pull, which may affect your credit. HELOC funds may arrive in as few as five days from signing but might take longer, especially if you live somewhere that requires in-person rather than online closing.

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The lender charges an origination fee for home equity lines of credit but no account-opening, maintenance or prepayment fees.

The origination fee ranges from 0% to 4.99% of your initial draw, and you may choose to pay a higher origination fee in exchange for a reduced annual percentage rate. You may be responsible for recording fees, depending on where you live, and a subordination fee if you ask Figure to change its lien position. You must have property insurance for the duration of the loan, and flood insurance may be required if your home is in a flood zone.

Figure offers a combined discount of 0.75 percentage points. That’s a reduction of 0.25 percentage points for enrolling in autopay as well as a 0.5 point discount for opting in to a membership with one of Figure’s credit union partners.

You must own or jointly own a qualifying property, such as a single-family residence, townhouse or planned urban development, to qualify for a HELOC from Figure. Most condos also are eligible. The property may be your primary or secondary residence.

Properties that do not qualify include co-ops, commercially zoned real estate, multifamily real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats or mixed-use properties, and properties purchased in the last 90 days.

All applicants must be employed, self-employed or retired, and Figure may verify your employment.

Figure requires at least a 640 FICO credit score to qualify for a home equity line of credit. For investment properties, the minimum score is 680.

The company does business in nearly every state but is not yet available nationwide.

Figure is not accredited by the Better Business Bureau and receives an F rating. However, the lender receives from Trustpilot an “excellent” score of 4.6 out of five stars based on more than 1,900 reviews.

The Consumer Financial Protection Bureau received one complaint in 2021 related to HELOCs from Figure Technologies, holding company of Figure. The company gave a timely response and closed the complaint with explanation.

You can contact the company via phone, email or chat.

Reach live phone support for HELOCs at 888-819-6388 from 6 a.m. to 6 p.m. Pacific Time daily and for active loans at 888-527-1950 from 6 a.m. to 6 p.m. Pacific Time Monday through Friday.

For general support by email, send a message to Contact for active loan support or for questions about HELOCs. Live chat is accessible from 6 a.m. to 6 p.m. Pacific Time daily except for major U.S. holidays.

Figure offers a completely digital loan application and approval process. Approvals can take as little as five minutes, and funding can occur in as little as five days.

Figure also offers iOS and Android apps that allow you to apply for and manage loans on a mobile device. To close your loan and receive funding within the five-day window, you must use the company’s remote online notary feature.

  • People with good to excellent credit.
  • People who want to borrow up to $400,000.
  • People who prefer an online lender.


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