Figure is a fast way to simplify your finances. More specifically, it’s a hassle-free way to refinance your mortgage. Figure’s completely online, 256-bit encrypted application process allows you to find a great rate or get cash out as quickly as possible.
In order to help you decide if Figure could be right for you, let’s take a closer look at everything it has to offer.
Pros and Cons of Figure
- Refinance with option to pull up to $500,000 cash out
- 100% online application done from the comfort of home
- Easily see your new rate in minutes and close in weeks
- Jumbo home refinance loans and cash-out also available
- Best for good/excellent credit
- Not available in every state
What Does Figure Offer?
In order to help a variety of homeowners, Figure offers three mortgage refinance options. So, you can consider home refinance, cash-out refinance, and jumbo refinance.
- Home Refinance: If you want to reduce your loan term or lower your monthly payment, a home refinance loan could be a good option. Reasons to refinance your mortgage include lowering your interest rate, switching to a fixed rate, and shortening your term.
- Cash-Out Refinance: Why is being able to take cash out a good thing when refinancing your home? Because it can be a way to make big-ticket investments like consolidate high-interest debt and fix up your home.
- Jumbo Refinance: Figure offers both jumbo home refinance and jumbo cash-out refinance. So, if you have a jumbo mortgage, then Figure has options.
To give you an idea of what to expect, borrowers can get up to $1,500,000 with home refinance. Figure offers both 15 and 30-year terms. On the other hand, borrowers who choose the cash-out track can pull up to $500,000 cash out. For those who need a jumbo refinance, homeowners can borrow up to 80% of their home value.
Additionally, Figure offers home equity lines of credit, if that option is on your radar.
What To Expect on the Site
Since Figure aims to simplify the mortgage refinance process, the application process is streamlined. Instead of overcomplicating anything, Figure keeps it to an efficient three-step process:
- Get pre-qualified: Tell Figure about yourself and your home in order to get an accurate, pre-qualified rate without impacting your credit score.
- 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 home refinance or cash-out refinance.
Before submitting your application, you should make sure that your type of property is eligible for refinancing. Currently, single-family homes and townhouses qualify for Figure’s mortgage refinancing. After submitting your application, Figure securely encrypts your data. All in all, Figure funding can be as fast as ten days.
For Figure’s mortgage refinance loans, pricing is going to be different from person to person. That said, generally, fees include origination, appraisal, settlement, and title. All fees are financed into the loan amount, meaning closing is quick, simple, and requires no cash from the borrower.
The Bottom Line
If mortgage refinancing seems confusing, it’s because it can be. But you can save yourself a headache with the right lender for your needs. Since Figure puts an emphasis on convenience and fast results, it could be a good fit. The company’s online application only takes minutes to complete and payout can be as prompt as a few days.
So, given these advantages, Figure deserves to be among your considerations in your search for top mortgage refinance 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.