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Figure offers a unique approach to HELOCs, boasting a fully online application process and fixed interest rates1. Whether you're planning a home renovation, consolidating high-interest debt, or funding a significant purchase, Figure's streamlined process and fixed rates make it an attractive option.
Figure's HELOC product is ideal for homeowners with good credit who are looking for a fast, efficient way to access their home equity, supported by easy online notary services and expert support.
Figure NMLS ID #1717824
+ Fully online application
+ Borrow up to $400,0005
+ No in-person appraisal needed
- No face-to-face interaction
- Figure currently offers only HELOCs
Figure specializes in Home Equity Lines of Credit (HELOCs). They do not currently offer other loan products. This focus allows them to streamline their process and provide competitive features for HELOCs:
To apply for a Figure HELOC, you will need:
Figure's HELOC product stands out for its convenience, speed, and fixed interest rates. It's an excellent option for homeowners looking to leverage their home equity without the hassle of traditional HELOC processes. However, if you're seeking diverse loan products, Figure's exclusive focus on HELOCs may be a limitation.
Figure NMLS ID #1717824
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Figure Disclaimers
1. The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. 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.
5. Our loan amounts range from a minimum of $15,000 to a maximum of $400,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX, the minimum loan amount is $35,000. Your maximum loan amount may be lower than $400,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models.
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