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Home Equity HELOCs

Figure Home Equity Line Review

Updated May 24, 2023   |   6 mins read

Our editorial-rated best overall lender is Figure. It offers fixed rates for the life of the loan, funding in five days or less, and a soft credit check.

Editorial Rating

Editorial Rating

What we like:

Funding in as little as 5 days

Fixed APR4.99%13.74%
Loan Amounts$15,000$150,000
Max LTV90%
Prepayment FeeNone
See how Figure stacks up against top HELOC options

Figure is a unique fintech (financial technology) company focused on offering fast loans to homeowners who want to tap into their home equity.

Figure offers multiple services in addition to home equity lines of credit, including an alternative to reverse mortgages. But unlike many lenders that can take a long time to approve you for these loans, Figure can help you get approved within minutes and get a loan within days — if you qualify.

If you’re interested in a home equity line of credit, Figure is definitely worth considering for its competitive interest rates and innovative application process. The company is a newer one, having been founded in 2018, so it doesn’t yet have long-term performance data to report. However, those interested in a streamlined online-only borrowing experience will likely appreciate what Figure has to offer.

In this review:

What Types of Services Does Figure Offer?

Figure recently introduced Figure Home Advantage to provide a reverse mortgage alternative to seniors. The company is also in the process of introducing a wealth management program.

For now, though, Figure is best known for its Figure Home Equity Line product. This is a loan that allows you to tap into your home equity to obtain funds for various uses, including big purchases and debt consolidation.

A home equity line of credit allows you to borrow money against the value of your home, provided you owe less than your home is worth on your current mortgage. The debt is secured by your home, so it has a lower interest rate than many other types of consumer debt — although this does mean your house is at risk if you don’t pay back the loan.

If you use your home equity line of credit for renovations and you itemize on your taxes, you can deduct any interest paid on your loan. This makes these loans an especially great option for funding repairs or home improvements.

  • Flexible terms, redraw up to 100%, borrow up to $400K
  • Use to consolidate debt or finance your next project
  • 100% digital app & online appraisal

Getting a Home Equity Line Through Figure

Figure has already established a good reputation, even as a newer fintech company. One thing Figure is known for is fast approvals.

When you apply for a home equity line through Figure, the entire application process can be done online — you don’t need to visit a bank. You’ll get a decision on your loan within just five minutes in most cases, and the application process is pretty simple.

Figure lines of credit are available only to homeowners with sufficient equity, and Figure only allows one owner to apply for the loan. The lender considers a number of factors in determining your eligibility, such as:

  • Your credit history
  • The value of your property
  • The condition of your property
  • Your income
  • Your assets, including investment accounts and bank accounts

The good news is Figure allows you to check pre-qualified offers without a hard credit inquiry, which means your credit won’t be affected just by seeing if you can qualify for a loan.

How to Apply

To start the process of applying for a Figure Home Equity Line, you’ll need to visit the company’s website and click “Find My Rate.” You’ll be asked to complete a simple form with the following information:

  • The property address
  • The type of property (e.g. primary residence, second home, or investment property)
  • Your legal name
  • Your date of birth
  • Annual gross income for you, your spouse, or other co-owners of the property
  • Income from rentals, investments, or other sources
  • Your email address(es)

After you submit your information, Figure will do a soft credit pull, after which you’ll immediately see the rates for which you may qualify. If you decide to move forward, you’ll need to submit additional information to finalize your application. This will include providing proof of identity and connecting your financial accounts to verify income and make sure funds can be disbursed.

The underwriting process is automated, so in most cases, you’ll receive a final decision on your loan within five minutes.

If you’re granted a loan, the loan can be closed online, and you can potentially receive your money within just five days. Figure uses an electronic notary, called eNotary, as part of the application process.

You’ll need to connect to Figure’s notary in an audio-enabled video session to confirm your identification and sign your mortgage documents. The notary will notarize the documents during the session before your loan funds can be disbursed.

  • Rates (APR): 6.55% – 15.54%
  • Loan amounts: $15,000 – $150,000
  • Repayment terms: 5 – 30 years

Figure Home Equity Line: The Details

If you’re considering Figure’s Home Equity Line product, it’s important to understand the terms and conditions. Here’s what you can expect:

  • These loans have an average APR of 4.99% to 14.25%.
  • Automatic payment discount of 0.75% (which is already reflected in the advertised APR).
  • There is an origination fee 0% – 4.99%.
  • You can borrow between $15,000 and $150,000, depending on your creditworthiness.
  • You can borrow against a primary home, second home, or investment property; co-ops, commercial real estate, manufactured housing, or multifamily housing with more than five units do not qualify.
  • The draw term is for 5 years.
  • Repayment terms are five, 10, 15, or 30 years.
  • Maximum loan-to-value of 95%.
  • Figure requires a minimum credit score of 600.

What are the Benefits and Downsides of Figure Home Equity Lines of Credit?

Before taking out a Home Equity Line from Figure, there are some benefits and downsides worth reviewing. These include:


  • Competitive rates. Figure’s rates are competitive in the industry and those with excellent credit may be able to receive lower rates than competing products.
  • Fast approval. Getting a home equity line is often cumbersome and requires visits to the bank and lots of paperwork. Figure makes the process much easier, and you can have your funds in just a few days.


  • Figure is a relatively new and untested company. Figure hasn’t been around for long.
  • No in-person branches to visit. This can make it more challenging if you have customer service issues to address.
  • Borrowers should be tech-savvy. You need to be able to link your bank accounts and participate in the video call with the notary to receive your loan proceeds.

Bottom Line

If you want a home equity line with fast approval and a simple application process, you should definitely consider Figure. You’ll get more flexibility than with a traditional home equity line at a competitive rate.

You should always be sure to shop around among multiple lenders and consider the total costs and fees before you borrow so you can make sure you’re getting the best deal on your home equity line.  

Ready to prequalify without affecting your credit score?

  • Rates (APR): 6.55% – 15.54%
  • Loan amounts: $15,000 – $150,000
  • Repayment terms: 5 – 30 years

See Figure disclosure.