Figure Review for 2024

Figure rates

Figure only offers home equity lines of credit (HELOCs), so we won’t compare its mortgage or refinance rates to other major lenders. The fine print of Figure’s website claims that average percentage yields (APRs) “range from 6.55% to 15.54%.”

The lowest rates typically go to those who opt for the shortest loan term (five years), pay a higher origination fee, and have excellent credit scores. You can further reduce your HELOC rate by enrolling in autopay and joining a partner credit union.

Fixed interest rates

One unique benefit of working with Figure is that it offers hybrid fixed-rate HELOC loans. This means that your HELOC will have a fixed rate during the draw period.

Be aware that a Figure HELOC works a little differently than a traditional one (more on that below). So while your initial draw will have a fixed rate at the time of origination, additional borrowing will carry the lender’s rate at the time it was drawn. To find out what Figure can offer you, you’ll need to get in touch with the company.

Figure lending fees

Homeowners will pay a loan origination fee of up to 4.99% of their loan amount when borrowing with Figure. The exact amount will depend on your credit profile and the state where your property is located.

Some borrowers may even be able to reduce their HELOC’s fixed APR and monthly payments by opting for a higher origination fee.

Fortunately, the lender doesn’t charge nuisance fees like account opening, prepayment penalties, or maintenance fees. Many are happy to discover that Figure doesn’t charge appraisal fees, either.

Figure review for 2024

Clearly, Figure appeals to a limited market: Those who wish to get home equity lines of credit. However, the fact that Figure has achieved success in the HELOC market so quickly suggests it does a good job in that niche.

Figure is predominantly a technology-led company, and its pioneering use of blockchain in the financial services industry can make the lending experience more convenient for borrowers. Blockchain technology helps improve financial transactions behind the scenes to make them more efficient, more secure, and less costly.

What’s more, the lender says it can approve some loan applications in five minutes and fund some in just five days.¹

Working with Figure

As you’d expect with such a technological innovator, applications are completed wholly online. Figure’s website says you can normally complete an online application “in minutes.” But you have the option to call for help if you have queries or need an extra hand along the way.

The company’s call center is open Monday through Sunday between 6 a.m. and 6 p.m. (PT). For online support, Figure estimates, “Our average response time is less than 45 seconds.”

The website also says HELOC loans take “weeks (not months) to close.” Straightforward HELOC loans might even close in as little as five days.¹ Presumably, customers with unique applications that are tougher to evaluate do take longer. But Figure’s technology may well facilitate a quick approval process and very fast closings.

No in-person home appraisal is needed to secure your line of credit with Figure. However, when Figure loan experts cannot verify that a property is in average condition, homeowners may need to submit to a “desktop appraisal” via their tablets or home computers.

Where your state or local laws allow, you may be able to close on a HELOC transaction in the comfort of your own home. This might require a video conference with a remote notary.

Figure customer service reviews

Figure scores an impressive 4.6 out of 5 stars on Trustpilot. Of nearly 2,000 reviews at the time of writing, 90% ranked Figure as “excellent” and another 3% described it as “great.” That compares well with many other lenders.

For other metrics that we typically look at — including J.D. Power survey scores — Figure is either too new or too small to be included.

Customer service reviews at major lenders

The elephant in the room here is the number of complaints borrowers filed with the Consumer Financial Protection Bureau (CFPB) against the lender. Figure has well over two complaints for every 1,000 loans it underwrites.

Also troubling is Figure’s poor rating with the Better Business Bureau (BBB). It gets an F — the same as Wells Fargo.

But the more you look at this, the less of a problem it seems to be. The BBB acknowledges that a big reason for the low score is the company being so young. And the other element is that Figure has failed to respond to two (yes, just two) customer complaints.

Loan products at Figure

In the past, Figure offered home purchase and refinance loans. However, it now partners with Homebridge, and both home buyers and homeowners are encouraged to view that mortgage lender’s home loan offerings.

Homebridge’s loan products include:

• Conventional loans
• FHA loans
• VA loans
• USDA loans
• Jumbo loans
• Renovation loans

Figure HELOCs

Unlike a traditional HELOC that offers a revolving line of credit over a predetermined draw period, a Figure HELOC grants the entire loan amount — minus its origination fee — at the time of closing.

Borrowers are allowed to make additional draws while paying off the initial loan balance. Depending on your repayment term, your draw period could be anywhere from two to five years. Keep in mind that while your initial draw is at a fixed interest rate, any additional draws will be fixed at the lender’s rate at that time.

This may not be the best option for conventional HELOC borrowers who want access to funds as needs arise. Yet for borrowers who need a large sum of money quickly, Figure could be ideal.

Figure HELOC details

• Loan terms between 5 and 30 years
• Loan amounts between $20,000 to $400,000, depending on credit score
• Minimum credit score of 640
• Loan origination fee of up to 4.99% of the loan amount
• Quick loan approval and funding

Eligible properties

Homeowners can secure a Figure HELOC for single-family homes, townhouses, planned urban developments (PUDs), and most condos. The property must be a secondary or primary residence.

Unfortunately, the lender will not approve HELOCs for certain types of properties:

• Co-ops
• Commercial real estate
• Multifamily properties
• Manufactured housing
• Non-traditional housing such as domes, log homes, and timeshares, to name a few
• Properties purchased within 90 days prior to application

Crypto mortgages with Figure

While not yet available, the lender has plans to allow home buyers to use cryptocurrency for a zero-cash home loan. Although details are still forthcoming, you can join the waiting list and learn more on the company’s site.

Figure credit score requirements

Figure’s minimum credit score requirement is 640 in most states and 720 in Oklahoma. It’s also important to note that your maximum loan amounts are largely determined by your FICO score. Here’s how your credit score will affect loan limits for 5-, 10-, and 30-year repayment terms:

• 640-679: $125,000 limit
• 680-699: $200,000 limit
• 700-739: $250,000 limit
• 740-759: $275,000 limit
• 760 or more: $400,000 limit

Where can I get a loan with Figure?

Figure is available in 46 states and Washington D.C, according to NMLS.

• AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, VA, VT, WA, WI, and WY

Properties located in the following states are ineligible for a home equity line of credit with Figure:

1. Hawaii
2. New York
3. Utah
4. West Virginia

Note, Figure is actively working to offer refinances and HELOCs in more states. So if you’re interested in working with Figure but don’t see your state listed above, check the company’s website to see whether it’s been added since this review was published.

Is Figure the best lender for you?

For many, the company simply won’t offer what they need, which takes it out of the running. But if you want to leverage your home value into cash using a HELOC, Figure might be for you. Many customers love the online convenience and speed this company offers. Compare rates and fees between several different banks and mortgage lenders before committing.

Methodology

The Mortgage Reports considers multiple factors when reviewing lenders. These factors include credit and down payment requirements, loan types offered, customer service indicators, and availability of online tools. We then use these factors to rank lenders in four categories:

• Lending flexibility: Includes the number of loan types offered, special programs offered, minimum down payment requirements, and minimum credit score requirements
• Customer service: Includes CFPB complaints per 1,000 loans and average rating from other top rating services
• Ease of application: Includes the availability of an online pre-approval or pre-qualification process
• Online experience: Includes the robustness of the lender’s online offerings, including online chat availability, phone number availability, and learning center/help center availability

¹ For the Figure Home Equity Line, approval may be granted in five minutes but is ultimately subject to verification of income and employment. Five business day funding timeline assumes closing the loan with Figure’s remote enotary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.