Figure HELOC Review

Best Overall

4.9 _/5

LendEDU Rating

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HELOC

• Fixed interest rates
• No in-person appraisal needed
• Option to redraw up to 100% of funds
• Funding can be available in as few as 5 days
• Check your rate without affecting your credit score

• 100% of funds are drawn at origination
• An origination fee of up to 4.99%
• Unavailable in Hawaii, Kentucky, New York, and West Virginia

Rates (APR)	8.35% – 16.55%
Funding amount	$15,000 – $400,000
Repayment terms	5, 10, 15, or 30 years
Min. credit score	640

Figure is our top choice for a home equity line of credit (HELOC), offering fixed interest rates, fast funding in as little as five days, and a fully digital process that doesn’t require an in-person appraisal. You can borrow between $15,000 and $400,000, with options to redraw up to 100% of your funds.

However, Figure charges an origination fee of up to 4.99%, and it’s unavailable in a few states. This review covers all you need to know about Figure’s HELOC to help you decide whether it fits your needs.

Figure HELOC at a glance

Here’s a quick overview of what Figure’s HELOC offers:

Terms	Details
Rates (APR)	6.10% – 14.74% fixed
Rate discounts	0.25% for auto payment (included in your rate)
Loan amounts	$15,000 – $400,000
Draw period	100% of the loan amount (minus the origination fee) is drawn at the time of loan origination; Additional draws can be made during the 2 – 5 year draw period
Repayment period	5, 10, 15, or 30 years
Fees	Origination fee up to 4.99%; Possible manual notarization and recording fees
Unique features	Automation in approving loans, eNotary, blockchain, & AI technology

How does a Figure HELOC work?

Getting a HELOC with Figure is simple, starting with an easy online application on the website or mobile app. It uses advanced technology, including blockchain and automated valuation models (AVM), to speed up the process.

• Blockchain technology ensures that all loan data is securely recorded and shared, reducing errors and delays that can happen with traditional manual methods.
• AVM technology skips the in-person appraisal, using recent sales, public records, and trends to quickly estimate your home’s value.

Once your home’s value is assessed, Figure can approve your loan for amounts between $15,000 and $400,000. Automatic payments are required, but you get a 0.25% rate discount for setting them up. With no in-person appraisal needed, the process moves fast, and you could have your funds in as little as five days.

Figure HELOC phases

1. Initial draw: Once approved, you get the full loan amount (minus the origination fee) right away.
2. Repayment: Payments start immediately at the fixed rate you were approved for. You can redraw funds during the two- to five-year draw period as you repay the loan. Any additional draws will have interest rates based on the Prime Rate plus a fixed margin.
3. Repayment period: After the draw period ends, you enter the repayment phase, which lasts from 5 to 30 years, during which no further borrowing is allowed.

By using these technologies and offering flexible terms, Figure makes it easy to quickly and securely obtain a HELOC that fits your needs.​

Who’s eligible for a Figure HELOC?

To qualify for a Figure HELOC, you must meet certain criteria.

Requirement	Details
Eligible properties	Single-family residences, townhomes, planned urban developments, and most condos are eligible properties
State of residence	Eligible in 45 U.S. states* and Washington, D.C.
Max LTV	95%
Maximum DTI	50%
Minimum credit score	640

What are the costs and fees of a Figure HELOC?

The cost of a Figure HELOC includes a fixed annual percentage rate (APR) that ranges from 7.10% to 15.70%, depending on your creditworthiness and property location. This fixed rate influences your monthly payments and the total cost of the loan over time.

Rates (APR)	6.10% – 14.74% fixed
Origination fee	0% – 4.99%
Rate discounts	0.25% discount for auto-payment
Other fees	Manual notarization and recording fees may apply

How do you repay a HELOC from Figure?

You must draw the full approved amount minus any origination fees when your HELOC begins. Your draw period, lasting between two to five years, starts immediately after. During this time, as you make payments on your balance, you have the option to redraw funds up to 100% of the original amount.

Once the draw period ends, the repayment period begins, ranging from five to 30 years, depending on the terms you selected at the start. During this time, you’ll make regular payments on both the principal and interest, which may increase your monthly obligations.

Figure’s approach offers unique flexibility, but remember that you must draw the entire approved amount upfront, and any additional redraws depend on your repayment progress.

How does your home’s value affect your terms?

Your home’s value determines how much you can borrow with a Figure HELOC. Because Figure uses your home as collateral, the loan-to-value ratio (LTV), calculated by dividing your current mortgage balance by your home’s appraised value, is a major factor.

To determine how much you can borrow, Figure calculates your combined LTV (CLTV) by adding the desired HELOC amount to your current mortgage balance and dividing it by your home’s appraised value. Figure typically lends up to a 95% CLTV, but qualifying for this higher range requires a strong credit score, significant income, and assets. For most borrowers, Figure suggests having at least 30% equity in your home and a CLTV below 80%.

Pros and cons of Figure

Let’s explore the risks and benefits of Figure’s HELOC.

Pros

• Fast approval

  One of Figure’s major advantages is the speed of approval. It uses eNotary to avoid in-person appraisals and closings.

• Quick disbursement

  Need the cash fast? Figure claims to disburse loans in as little as five days.

• High CLTV

  For homeowners looking to tap into a significant portion of their home equity, Figure allows up to 95% combined loan-to-value.

Cons

• Short draw period

  If you’re seeking a lengthy draw period, Figure might not be the best fit. Its draw periods last between two and five years.

• Full loan balance upfront

  Figure requires borrowers to draw the full loan balance at closing, which might not offer the flexibility you need.

• Limited state availability

  Figure’s HELOC product isn’t available in every U.S. state.

Our expert’s take on Figure

Erin Kinkade

CFP®

Figure’s requirement to take the full amount when you establish the HELOC could be a disincentive, in particular for those who don’t need the entire amount. But Figure’s quick funding, soft credit check to prequalify, and the option to choose a fixed rate can be desirable features that not all companies offer.

Figure alternatives

If Figure’s HELOC doesn’t fully meet your needs, several alternatives offer different features and benefits. Three other top-rated HELOC options are in the table below.

You might also consider a home equity investment company, which allows you to access your home’s value without taking on new debt. A home equity loan could be better if you like Figure’s fixed-rate structure but aren’t interested in redrawing from your line of credit.

Is Figure a reputable lender?

We examined what customers are saying about Figure.

Source	Customer rating	Number of reviews
Trustpilot	4.5/5	2,554
Better Business Bureau (BBB)	1.76/5	17
Google	3.8/5	24

We’re confident that Figure is a reputable lender, especially considering its customer feedback on Trustpilot, where it holds a solid rating based on over 2,500 reviews. This high rating, along with the significant number of reviews, suggests a generally positive customer experience and satisfaction with Figure’s services.

The company has fewer reviews on other platforms, such as the Better Business Bureau (BBB) and Google, where the ratings are somewhat lower. However, the substantial volume of Trustpilot feedback indicates that many customers have had positive interactions with Figure, highlighting its strong reputation in the market.

Does Figure have a customer service team?

Figure’s customer service team can assist you with a variety of needs—from answering questions about your application to handling issues with your loan. Contact options include:

• Email for general inquiries: [email protected] or [email protected]
• Email for active loan support: [email protected]
• Phone for general inquiries: 888-819-6388 (Hours: Monday – Saturday, 6 a.m. – 5 p.m. Pacific time)
• Phone for active loan support: 888-527-1950 (Hours: Monday – Friday, 6 a.m. – 6 p.m. Pacific time)
• Chat box: Available on Figure’s website
• Mailing address: 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202

How to apply for a Figure HELOC

The application process for Figure’s HELOC is faster and simpler than many traditional lenders that require in-person meetings and heaps of paperwork. You can complete the entire application online, and Figure uses automation to expedite decisions, with a turnaround time of as little as five minutes for final approval.

1. Visit the website: Navigate to Figure’s homepage and click “Find my rate.”
2. Enter personal information: Type in your name and date of birth.
3. Detail your property: Insert your property address and occupancy type.

4. Disclose income: Provide all necessary income information and your contact details.
5. Review rates: After a soft credit pull, Figure will present your rate options.
6. Submit more details: Choose to proceed and provide additional documentation, such as proof of identity and verification of income and financial accounts.
7. Final decision: Figure claims to make final decisions in as little as five minutes due to its use of automation.

Figure FAQ

How long does it take to get funds from Figure?

Once you apply, Figure’s automated system can offer a loan decision in as little as five minutes. If approved, you can expect to see the funds in your account in as few as five days, thanks to an expedited process involving eNotary for online verification.

Do you need to tell Figure what the funds are used for?

Figure does not ask what the funds are for during the application process.

Are there any insurance requirements?

Yes, Figure requires you to have homeowner’s insurance in place before approving your line of credit. The coverage must be sufficient to cover the value of your home as determined in the appraisal process. This is a standard requirement for most lenders offering home equity products.

Can you back out of a HELOC contract?

Yes, you can back out during various stages. During the application process, you aren’t obligated to accept the loan. If you’ve been approved but haven’t yet received the funds, you can still decline the offer. 

After you get the funds, federal law allows for a three-day “right of rescission,” allowing you to cancel the loan without penalty.

Can you close your HELOC account at any time?

Closing a HELOC with Figure is possible, but check for any early closure fees. Generally, you’ll need to pay off the remaining balance and ensure all fees have been paid. Always review your contract for specifics related to early termination penalties.

How we rated Figure

We designed LendEDU’s editorial rating system to help readers find companies that offer the best home equity products. Our system awards higher ratings to companies with affordable solutions, positive customer reviews, and online transparency of benefits and terms.

We compared Figure to several home equity companies, using hundreds of data points from company websites, public disclosures, customer reviews, and direct communication with company representatives. We weighted, scored, and combined each factor to produce a final editorial rating. This rating is expressed on a scale from 1 to 5, with 5 being the highest possible score. Our take is represented in our rating and best-for designation, recapped below.

Product	Best for	Our rating
Figure HELOC	Best overall	4.9/5