About Figure Home Equity Loans

Figure is an online home lender founded in San Francisco in 2018. Although Figure doesn’t extend its home loan services to all states, it operates in 42 states and the District of Columbia. An impressive aspect of Figure’s services is its ability to provide quick access to cash, with a potential turnaround as short as five days, which stands in contrast to the longer processing times of 30 to 60 days commonly associated with most lenders.

Figure’s home equity lines of credit (HELOCs) stand out in today’s environment of increasing interest rates due to their unique feature: a fixed-interest rate component. This can be an attractive option for many homeowners. Notably, many other lenders do not provide fixed interest rates for HELOCs, making Figure’s offering distinctive. However, it’s important to be aware that Figure’s most favorable rates are typically reserved for individuals with excellent credit scores of 760 or higher.

Figure Home Equity Loans – How it works?

Figure offers a streamlined online application process that significantly simplifies the often cumbersome task of gathering and submitting paperwork to the lender. To initiate the process with Figure, visit the Figure website and locate the “Find My Rate” button, typically found in the top right corner of the page.

When you start the application process with Figure, you’ll be prompted to provide some fundamental information. Having the following details readily available will streamline the application process:

• Legal name
• Date of birth
• Citizenship status
• Estimated annual income
• Primary address
• Email address

Figure’s Loan Products

Figure’s product offerings are somewhat limited compared to some traditional lenders. As of the current information available, Figure primarily focuses on home equity line of credit (HELOC) products. It’s worth noting that Figure previously provided refinance and purchase loans directly to homeowners, but these options are now facilitated through its partner, Homebridge Financial Services.

For its HELOC product, Figure provides a range of loan terms, offering flexibility to borrowers. The terms can extend from as short as five years to as long as 30 years. Borrowers also have the option to access loan amounts ranging from $20,000 to $400,000, provided they meet the lender’s qualification criteria. While multiple home loans can be obtained from Figure, the total combined amount cannot exceed $400,000, ensuring a cap on the available credit.

Figure provides home equity lines of credit and has plans to introduce an innovative option for using cryptocurrency in the mortgage process.

For Figure’s HELOCs, the key features include:

• A minimum HELOC of $15,000 (or $25,001 in Alaska).
• A maximum HELOC limit of $400,000.
• Flexible home equity loan terms, allowing borrowers to choose from five, 10, 15, or 30-year terms.
• An initial funding amount at origination based on a fixed rate, although additional draws may have varying rates, which could be higher than the initial rate.

Qualification Requirements

When applying for a Figure home equity line of credit (HELOC), your credit score plays a significant role in the qualification process. While it is possible to be eligible with a credit score as low as 640, it’s essential to understand that a lower credit score can limit the amount of money you can take out against your home equity. Figure imposes a minimum loan amount of $20,000, even if your credit score is as low as 640.

The loan limits and corresponding credit score requirements for Figure’s different HELOC terms are as follows:

Terms, Fees, and Other Conditions

Figure imposes certain fees for its home equity lines of credit (HELOCs, including an origination fee, but it refrains from charging account-opening, maintenance, or prepayment fees. Here are the key fee-related details associated with Figure’s HELOCs:

• Origination Fee: This can vary from 1.5% to 4.99% of your initial draw. You have the option to choose a higher origination fee in exchange for a reduced annual percentage rate (APR).
• Recording Fees: Determined by your location
• Subordination Fee: This fee is relevant when adjusting the order of liens on your property.
• Insurance Requirements: Borrowers are required to maintain property insurance throughout the loan’s duration.

Figure provides a combined discount of 0.5 percentage points on its home equity lines of credit (HELOCs). This discount comprises two components. Borrowers can receive a reduction of 0.25 percentage points on their interest rate by enrolling in autopay. This incentive promotes automated and convenient payment processes. An additional 0.25 percentage point discount is available for borrowers who choose to participate in a membership with one of Figure’s credit union partners. This discount further enhances the cost-saving opportunities for borrowers.

Customer Support

For HELOC inquiries, you can call Figure at 888-819-6388, and they are available from 6 a.m. to 6 p.m. Pacific Time daily.

For inquiries related to active loans, you can reach Figure at 888-527-1950. Their active loans phone support is available from 6 a.m. to 6 p.m. Pacific Time, Monday through Friday.

Figure’s live chat support is available daily from 6 a.m. to 6 p.m. Pacific Time, except on major U.S. holidays. You can use the following email addresses and access their live chat support during specified hours:

• For general support, you can send an email to help@figure.com.
• If you need assistance with active loans, contact myaccount@figure.com.
• For questions related to HELOCs, you can reach out to loans@figure.com.

Final Thoughts

Figure offers a streamlined and efficient application process, making it an appealing choice for mortgage refinancing. While other lenders may consume a significant amount of your time during the application process, Figure’s approach is much quicker, taking only minutes of your time to apply.

When considering a home equity loan or mortgage refinance, evaluating the purpose of accessing your home’s equity is crucial. These funds should ideally be used to address pressing financial needs. If no such financial issue exists, it may be more prudent to retain the equity in your home rather than borrowing against it.