Figure is a unique financial service provider powered by blockchain technology. As such, it paves the way for the future of finances and uses advanced technologies to provide customizable financial services including mortgage refinance, HELOCs, and personal loans. In this review, we’re going to look at Figure’s home equity line of credit and how it can help homeowners turn their home equity into cash in no time.

Why Choose Home Equity Line of Credit?

A HELOC is not the same thing as a traditional home equity loan. A home equity loan allows homeowners to borrow money against their existing home – kind of like taking out a second mortgage that has a fixed loan amount and a fixed term.

A HELOC, on the other hand, is a line of credit that allows you to borrow only as much money as you need, in respect to the given maximum credit limit. That means you can access the money in smaller instalments when the need arises, instead of borrowing a lump sum that you’d have to pay interest on in entirety.

Figure’s HELOC Features

Figure uses blockchain technology which helps improve financial transactions behind the scenes to make them more efficient, secure, and less costly. Thanks to their artificial intelligence systems, it can fund HELOCs in as little as five days1. Traditionally, it takes around two months to close the deal on a mortgage loan. With Figure, it could be done in a matter of days. They allow homeowners to borrow up to $3000,0002 with a one-time origination fee on flexible terms and use the money to finance their next project or pay off existing debts.

Here’s a quick rundown of Figure’s HELOC features:

  • Fastest way to turn home equity into cash
  • Fixed rates always, redraw up to 100%
  • Flexible terms, borrow up to $300,000
  • Use to consolidate debt or finance your next project
  • 100% digital app & online appraisal
  • Good/Excellent credit
  • Rated Excellent on TrustPilot

It is important to address that Figure’s HELOC is slightly different from most HELOCs out there. In fact, it can be described as a hybrid between a traditional equity line and a common HELOC. In other words, this service works as a home equity line of credit but it includes certain limitations on credit line draws that are not typical with common HELOCs. Thus, Figure’s HELOC is not as flexible as a regular HELOC but it does offer a much faster payout and a simpler application process.

Loan Terms

While Figure does allow homeowners to borrow up to $300 000, your personal credit limit will depend on your credit score. When it comes to the CLTV or the combined loan-to-value ratio, Figure allows for 95%, which is quite high compared to other service providers. As far as the loan terms go, Figure allows loan terms of 5, 10, 15, or 30 years. With each term, you are responsible for paying back the loan on a fixed payment schedule.

It’s important to mention that you will have an initial draw phase with Figure between 2 to 5 years. During this period, you can draw extra money if necessary. After the draw period ends, you will enter a repayment phase which functions similar to a regular mortgage.

Rates & Fees

Figure’s HELOCs include a one-time origination fee of up to 4.99% of your initial draw. The exact percentage will depend on the state in which your property is located and your credit profile. You may also be responsible for paying recording fees and a subordination fee if you ever ask Figure to voluntarily change lien position. However, these fees also depend on your location.

Figure’s fixed rates for HELOC start at 3.25% APR3. Keep in mind that this rate also includes the payment of a 4.99% origination fee and autopay and credit union membership discounts. The reduced APR is not available to all applicants or in all states so you have to double check this when applying yourself.

Specific Requirements

In order to qualify for Figure’s HELOC, you need to have a minimum FICO of 620. The HELOC can be used for primary and secondary residences, given that the applicant has no more than two existing mortgages on the property.

Moreover, your debt-to-income ratio must be lower than 50% and you must have no delinquencies on your current mortgage in the last 6 months and no foreclosure in the past 5 years. In addition, the applicant must not have any bankruptcies filed in the past 7 years. It is important to mention that Figure does not lend to unemployed borrowers. Hence, all applicants must go through the process of employment verification.

When it comes to property types eligible for this type of loan, Figure accepts single family residences, townhomes, condominiums, and planned urban developments as long as they are located in eligible states. Properties ineligible for this type of loan include co-ops, commercially zoned real estate ,multi family real estate, manufactured housing, log homes, houseboats, mixed use properties, and investment properties.

Pros & Cons

  • Funding in as few as five business days
  • Fixed interest rate
  • Origination fees involved

Figure’s Application Process for HELOCs

Figure has made their application process quick and easy. The first step includes completing the prequalification form with basic information such as your name, address, email address, collateral property address and type of property, household income, and purpose of the loan.

Once that is complete, Figure will do a soft credit check to ensure you meet the minimum score of 620. You will then receive a quote including your maximum loan amount, interest rates, and the size of your origination fee.

If the quote fits your needs, you can proceed to complete the full loan application process, which includes a few extra steps such as photo identification, proof of insurance, bank account verification, etc. Figure will then perform a deeper check on your bank account statement and the documentation you provided.

If all goes well, you will then verify your identity via their “eNotary” system. This process is done virtually and includes answering a few verification questions to ensure your identity matches the files you provided. Once all of that is done, Figure will fund your checking account with the agreed amount.

Final Words

Figure’s HELOC is a great option if you’re looking for a fast solution to use your home equity to access cash. They offer fixed interest rates so you don’t have to worry about the fluctuations of the market as the years go by. Moreover, Figure offers a very transpired structure of fees so you don’t have to stress about any hidden expenses. Overall, their application process is quick and simple, which makes them one of the best HELOC providers on the market.

Westwin is a Figure partner and may receive compensation for this content.

Figure Lending LLC dba Figure | NMLS #1717824 - For licensing information, go to

Figure Home Equity Line is available in 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, WY with more states to come.

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 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. In addition, funding timelines may be longer if we cannot readily verify that your property is in at least average condition with no adverse external factors with a property condition report and need to order a desktop appraisal to confirm the value of your property.

2 You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying recording fees, which vary by county, as well as a subordination fee if you ever ask Figure to voluntarily change lien position.

3 For Figure Home Equity Line, our APRs can be as low as 3.25% 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 3.25%. The total loan amount would be $52,495. Alternatively, a borrower with the same credit profile who pays a 3% origination fee would have an APR of 4.00% and a total loan amount of $51,500. 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 0.50% for opting into a credit union membership (0.25%) 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.

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Sean Heberling

Sean Heberling

With Morgan Stanley, BNY Mellon, Sailfish Capital, and Marion Street Capital, Sean has analyzed 10,000+ companies, built complex models, and helped facilitate $1+ billion in investment transactions. He freelances to leverage his expertise in financial modeling, investor presentations, investment analysis, and M&A. He is on the boards of several early-stage companies, advising on operations, growth strategy, and fundraising.

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