Figure is a faster way to simplify your finances. More specifically, Figure is one of the easiest ways to apply for a home equity line of credit (HELOC).
Thanks to its fast, effortless online application process, Figure has emerged as a leading lender. It’s a hassle-free way to find the best possible rates on HELOCs and mortgage refinance loans.
In this review, we’ll examine Figure’s HELOCs to help you better understand the option.
Pros and Cons of Figure
- Apply in 5 minutes and close in days
- 100% online application and appraisal process
- Helpful customer service team
- Doesn’t offer traditional home equity loans
- Not available in every state
What Does Figure Offer?
If you’re interested in home equity loans, then Figure’s home equity lines of credit are worth considering. In order to give you a clear picture of the company’s HELOCs, here’s what Figure offers at a glance:
- Average APRs range from 4.99 – 13.74%
- Loan amounts range from $15,000 – $250,000
- Same-day approval
- Funding in 5 days: Funding timelines may be longer for loans secured by properties located in counties that don’t permit recording of e-signatures or that otherwise require an in-person closing, or if the 5-day period includes a weekend or holiday.
- Tax Deductible: Figure suggests that you consult a tax advisor regarding the deductibility of interest and charges to your Figure Home Equity Line.
- Origination Fee: There is a low origination fee, which is what Figure charges to give you a loan. It ranges from 0 to 4.99% of your initial draw, depending on your credit score and the state in which your property is located. You may also be responsible for paying recording fees, which vary by county.
- Fixed monthly payments
- Minimum credit score is 600
- Combined Loan-to-Value ratio is 95%
Additionally, Figure offers mortgage refinancing if you’re also considering that option.
What To Expect on the Site
Since Figure is committed to a streamlined online application process, the company makes it easy to apply for a HELOC. All it takes is three simple steps:
- Get pre-qualified: Tell Figure about yourself and your home in order to get an accurate, pre-qualified rate without impacting your credit score. Figure uses 256-bit encryption to keep your data safe.
- Verify information: Figure automates the gathering and verification of documents while updating you on every step of the process.
- Receive your funds: Schedule closing and sign all of your final documents in order to enjoy your HELOC. You can receive funding in as little as five days.
Figure’s pricing is different from person to person since no two people have the same financial history. That said, the only account opening fee Figure charges is an origination fee. Unlike some lenders, Figure doesn’t charge account opening and maintenance fees.
What People Are Saying About Figure
As of May 2021, Figure has an excellent Trustpilot rating. Based on customer reviews the company has a rating of 4.6 out of 5 stars:
- 90% of customer reviews give it 5 out of 5 stars
- 93% of customer reviews give it at least 4 out of 5 stars
Customers point out Figure’s helpful customer service and seamless process.
The Bottom Line
If HELOCs seem confusing, it’s because some lenders make the process confusing. But you don’t have to settle for a complicated process. Instead consider Figure. Since its online application process takes minutes to complete and closing can take a matter of days, Figure is a fast and convenient HELOC option.
So, as you can see, Figure is a great company to include in your search for top home equity lenders.
Figure’s APRs can be as low as 2.88% for the most qualified applicants and will be higher for other applicants, depending on credit profile and the state where the property is located. For example, for a borrower with a CLTV of 45% and a credit score of 800 who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 2.99%. The total loan amount would be $52,495.
Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term, occupancy status, and whether you are eligible for and choose to pay an origination fee in exchange for a lower rate. Payment of origination fees in exchange for a reduced APR is not available in all states. In addition to paying the origination fee in exchange for a reduced rate, the advertised rates include a combined discount of 0.75% for opting into Credit Union Membership (0.50%) and enrolling in autopay (0.25%). APRs for home equity lines of credit do not include costs other than interest. Property insurance is required as a condition of the loan and flood insurance may be required if your property is located in a flood zone.