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Figure Review

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1 Minute Review

If you already own a home, Figure may be able to help you access your equity or improve your loan terms. You can get a HELOC or mortgage refinancing if you live in any of the states it serves. (It offers service to more than 30 states.) Its simple application and speedy platform make it a great option if it’s available in your state.

Best For

  • Current homeowners with equity
  • Borrowers looking for a HELOC or mortgage refinancing
  • Borrowers with a credit score of 620 or higher (720 in Oklahoma)

Pros

  • Funding in as few as 5 days on its HELOC product*
  • Digital application
  • Competitive rates

Cons

  • Not available in all states
securely through Figure's website

You can get a speedy home equity line of credit (HELOC) and mortgage refinancing through Figure. Apply in minutes and get your HELOC funded in just days. Our Figure review will show you how Figure works and whether it’s right for you. 

Who’s Figure for?

Figure is for established homeowners who want to tap into your home’s equity. It’s also for homeowners looking for a better rate or improved terms on your current mortgage. 

At this time, Figure offers HELOCs and mortgage refinancing. Its loans aren’t available in every state, but it’s working on expanding. Here’s where Figure’s products are currently available:

  • HELOC: Alaska, Arizona, Arkansas, California, Colorado, Connecticut, the District of Columbia, Florida, Georgia, Idaho, Illinois, Indiana, Kansas, Louisiana, Maine, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Virginia, Washington, Wisconsin and Wyoming
  • Mortgage refinances: Alabama, Alaska, Arizona, California, Delaware, Florida, Georgia, Idaho, Indiana, Iowa, Kansas, Kentucky, Louisiana, Massachusetts, Michigan, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, North Carolina, North Dakota, Ohio, Pennsylvania, South Dakota, Tennessee, Washington, West Virginia and Wisconsin. 

Only primary residences are eligible for Figure products. You can’t get a HELOC or refinance for investment properties or second homes. 

Figure Products

Figure offers HELOC loans and mortgage refinances. Let’s dig into the details of each product. 

HELOC

A HELOC is a type of second mortgage that allows you to borrow money against the equity you have in your home and get that money as a line of credit. You can use your HELOC funds for a variety of purposes, such as home improvements, education and debt consolidation. 

HELOCs have a draw period, which is when you can take out additional funds. You make minimum payments during your draw period. 

You withdraw the amount you’re approved for when you initially take out a HELOC from Figure. As you pay it back, you can borrow more if and when you need to during your draw period. 

Once your draw period ends, you must pay back your HELOC and you can’t borrow any more against your credit line. Keep in mind that nothing will change once your draw period ends other than you won’t be able to access any more funds. The payment terms will be the same.

Figure offers HELOCs from $15,000 to $150,000. The actual amount is based on the equity in your home. Your home equity is the amount your home is currently worth, less the balance of your mortgage. 

Let’s say your home is valued at $150,000. You owe $75,000 on your mortgage. That means you have $75,000 in equity ($150,000 – $75,000 = $75,000). 

Figure will look at your home equity and allow you to borrow a portion of that equity with a HELOC. Figure allows a combined loan-to-value (LTV) ratio of up to 80% if your credit score is 680 or higher and 65% if your credit score is between 640 and 679. 

Your combined LTV ratio compares the balance of your mortgage and your HELOC with your home’s value. If your home is valued at $150,000 and you owe $75,000 on your mortgage, and you want a $30,000 HELOC, that would give you a combined LTV of 70% ($75,000 + $30,000 = $105,000, which is 70% of $150,000). That would be fine if your credit score is 680 or higher. If your credit score is lower, you may be approved for a lower HELOC amount. 

Mortgage Refinancing

Mortgage refinancing is when you replace your current mortgage with a new one. Homeowners may refinance to improve the terms of their mortgage or to take out cash. 

With a cash-out refinance, Figure approves you for a mortgage that’s more than what you owe on your mortgage. 

Let’s say you owe $75,000 on your mortgage and your home is worth $150,000. You have a couple of options for refinancing. If you want to lower your monthly mortgage payments, you could refinance your $75,000 balance with a $75,000 30-year fixed-rate mortgage. If you want to access some of your home equity, you could refinance with a $100,000 30-year fixed-rate mortgage. At closing, you’d receive $25,000. 

Figure offers 30-year fixed-rate mortgage refinances. This means that your loan is paid off over 30 years and your interest rate never changes. That means your payment always stays the same. However, this does not include escrow payments for taxes and insurance, which could change.

Average Days to Close Loan

Figure HELOC offers closings in as few as 5 days. You can complete the initial application online in about 5-10 minutes, and you’ll typically know right away whether you’ve been approved. For Mortgage Refinance, you can complete the initial application online in about 15 minutes and can close in a matter of weeks.

For HELOCs, Figure uses an Automated Valuation Model (AVM) to assess your property’s value so you don’t have to wait for an in-person appraisal. It bases its decision on comparable sales, public data records and trends in your local housing market. For mortgage refinances, Figure will work with you to schedule an in-person appraisal as well as any inspections.

Once you’ve been approved, most of Figure’s HELOC clients can work with one of its eNotaries. Your eNotary confirms your identity and reviews your documents with you, which you can sign digitally. Not all counties allow eNotaries, however. If that’s the case, Figure will work with you to set up an in-person notary appointment.  

For mortgage refinance, Figure works with you to schedule an in-person closing at your home or a location of your choosing, depending on what’s allowed where you live. 

Figure Credit Score Minimum

Your credit score is a 3-digit number that summarizes how well you pay back debt. Scores range from 300 to 850, and a score of 700 or higher is considered good. Lenders typically have a minimum credit score. If you’re below the minimum, you’ll need to take some time to improve your score before you can qualify for a loan. 

Figure’s credit score minimum for mortgage refinances is 620. Its credit score minimum for HELOCs is 640 (720 for Oklahoma). 

Figure also has debt-to-income (DTI) ratio requirements. Your DTI ratio compares your monthly debt payments to your pre-tax income. Let’s say you make $5,000 per month before taxes and you have $2,000 per month in monthly debt payments, which includes your current mortgage payment, your new Figure loan payment, credit card payments, car payments and student loan payments. This gives you a 40% DTI ratio. 

Figure requires those applying for a HELOC to have a DTI ratio of 50% or less, and in many cases, you need a DTI ratio of 43% or less. For mortgage refinancing, you need a DTI ratio of 43% or less. 

Preapproval Documents

Figure allows you to complete your application online or by using its mobile app. You’ll need to connect your financial accounts with Figure so it can verify your income. Have your account usernames and passwords available. 

Figure will also need to verify your employment, so be sure to have your employer’s contact information available. 

You should also be prepared to provide information from your past 2 years of tax returns. You’ll also want to have proof of your identity handy, like your state-issued identification. 

Customer Service

Throughout the process, you’ll be working with Figure’s knowledgeable customer service representatives. They’re available Monday through Saturday from 6 a.m. to 6 p.m. PT. You can reach them at 888-819-6388, by chat from any page of the Figure website, through the mobile app and by email at help@figure.com

Figure offers a mobile app and you can download it through the Google Play or Apple App store. 

Is Figure Right for You?

Figure is one of the best mortgage companies for current homeowners. Its HELOC application is fast and simple, and you can have funding initiated in as little as 5 days. 

Its mortgage refinancing options are limited, but its online application and accessible customer service makes it worth considering. 

Figure isn’t for people who are shopping for a first-time home loan. There are lots of lenders for first-time home buyers and traditional home shoppers. Figure focuses on current homeowners who either want better mortgage terms or want to access home equity. 

*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.