Figure Mortgage Loans Review

BySarah PritzkerSep. 15, 2020

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In a Nutshell

Figure is a direct lending company that offers two unique products called Figure Home Equity Line and Figure Mortgage Refinance. Figure uses technology to reinvent the loan application process. Every step of the application is 100% digital.


  • Application is fast and entirely online
  • Fully transparent with no prepayment fees
  • Rated Excellent on TrustPilot


  • The application process isn’t very clear
  • Make additional draws only within 2-5 years
  • Only available in 41 states (32 for refinance)

Visit Figure

Figure at a Glance 

Loan types
Home Equity, Refinance, HELOC, Jumbo
Featured Loans
Figure Home Equity Line and Figure Mortgage Refinance
Repayment terms
5, 10, 15 or 30 years (Depends on loan type)
Minimum Down Payment
Minimum Credit Score
640 (700 for Jumbo)
Best for
Anyone who wants to pay for renovations or large purchases.


  • HELOC and Mortgage Refinance loans available
  • Approvals in 5 minutes and funding in as little as 5 days.* 

  • Closing in as little as 10 days for mortgage refinance. 

  • Single-family residences and townhouses are eligible.

Best For?

Figure is best for those looking to refinance a mortgage, as well as homeowners with plenty of equity in their home, who want to access it in one lump sum. It's ideal if you need to consolidate debts, make a large and expensive purchase, or carry out improvements on your home. Figure stands out for charging no hidden fees, a fast online application process, and inviting you to take an additional draw once you’ve begun to pay off the loan (for HELOC).

Types of Loans/Products

With Figure, you can borrow between $15,000 and $150,000, and refinance for up to $500,000, although your final maximum loan amount will depend on the value of your home and your credit score. When you take a HELOC loan with Figure, you'll get the full value of your loan in a single lump sum as soon as the loan is approved, minus the origination fee. However, once you start paying off the loan, you can then make additional draws. These must be no greater than 20% of your total loan amount, be at least $500, and be made within the first 2-5 years of the origination date your loan term.

  • Borrow between $15,000 and $150,000 (HELOC)

  • Terms of 5, 10, 15, and 30 years

  • Make additional draws of up to 20% of your total loan amount, as long as you’ve paid off some of your loan and are within 2-5 years of the origination date depending on your loan term.

  • No prepayment fees, application fees, or other hidden fees—only an origination fee*

  • All single-residence and townhouses are eligible, even if they are investment properties or second homes

What you need in order to qualify

Specific requirements: 

  • FICO minimum of 620 (720 for Oklahoma, 680 for investment properties)
  • Origination Fee ranging between 3% and 4.99% (where allowed)
  • Primary Residences only at this time
  • Cannot have more than 2 existing Mortgages/liens on the property
  • Debt-to-Income ratio must be less than 50%, and in many cases, under 43%.
  • Min 2 years credit file
  • No delinquencies on current mortgage in the last 6 months
  • No foreclosure in the past 5 years
  • No collections
  • No bankruptcy in 7 years
  • No undischarged bankruptcies

Additional requirements:

 - All applicants are subject to Verification of Employment (Figure does not lend to unemployed borrowers at this time).

 - Single family residences, townhomes, condominiums, and planned urban developments are all eligible as long as they are located in the eligible states and are the property is your primary residence

 - Ineligible: Co-ops, Commercially-zoned real estate, Multi-family (5+) real estate, Manufactured housing, timeshares, log homes, or houseboats, Mixed-use properties, Duplex, Investment Properties and “Second Homes”

The Application Process

Figure’s application and approval process is entirely online. It usually takes about 5 minutes to complete the online application, and most applicants get approval immediately. It can take as little as 5 days until funding.

1. Complete the initial online application form for pre-qualification. You’ll be asked for:

  • Your name, address, email address, and date of birth
  • The address and type of property for your loan
  • The purpose of your loan
  • Your household income

2. Figure runs a soft credit check.

Your property value is assessed using an advanced algorithm. You'll receive an email reply almost immediately to tell you if you've been approved, the maximum amount you can borrow, and the likely rates and terms.

3. Complete the full application process.

This includes:

  • Sharing documents, including a valid photo ID such as your US driver’s license, passport, or State ID
  • Sending your bank account information or other documentation for income varification
  • Waiting for a hard credit check on your credit standing
  • Figure will carry out an advanced assessment of the value of your home

4. Attend an online audio-enabled video session with Figure’s unique eNotary service. 

This uses knowledge-based authentication questions to verify your identity and then review your loan contract. You can use eNotary to electronically sign and notarize your contract. It takes just a couple of minutes.

5. Wait for the requested funds to appear in your bank account.

Pros and Cons

Figure stands out for its advanced technology that makes it quick and easy to apply online. There is no need to wait for someone to survey your home, or to travel to a branch or rely on email to receive and sign the loan documents. With an online-only application that takes just a few minutes, and the entire loan process taking as little as 5 days, Figure brings mortgage loans into the 21st century.

Another big part of Figure's appeal is its transparency. You won't be charged any added or hidden fees for prepayment, or anything else—the only fee is an origination fee, which is made clear to you in your loan offer.

However, Figure could do with adding more information about the application and assessment process. At the moment, the website doesn’t specify which documents you might be asked to provide or give a minimum credit score for eligibility.

Figure's Home Equity Line doesn't have the flexibility of a traditional HELOC. You'll receive your funds in a single lump sum in your account when the loan goes through, instead of getting a flexible line of credit that you can withdraw and pay off. Although you can make additional draws on your home equity loan, the option is only available throughout the first 2-5 years of the loan, and you'll have to have paid off some of your loan before you can make another draw.

Rates and Fees – The Bare Basics

Figure stands out for its low loan fees. You’ll only be charged an origination fee of 0%—4.99% of the initial draw amount—there are no prepayment fees—or any other hidden fees. This is similar to or lower than fees charged by competitors like Freedom Mortgage and Quicken Loans.

Repayment Terms

Figure’s mortgage loans are all fixed-rate*. You can choose between a term of 5, 10, 15 or 30 years. 

Help & Support

Figure’s customer support and eNotary service are available 6am-6pm PT, from Monday to Saturday. You can get in touch with Figure using the email address, or for specific loan support. There’s also telephone support.


Figure stands out for its fast, fully online approval process, as well as for its commitment to transparency. Borrowers appreciate that it charges zero fees apart from the loan origination fee, and the ability to make additional draws.  For refinancing, customers can refinance their mortgage to take advantage of low interest rates, and they can use it to cash-out refinance, which enables them to refinance their home for more than their existing mortgage and access the difference in cash. The cash can then be used to consolidate high-interest credit card or personal loan debt and/or make home improvements.


  • How can Figure give me a pre-qualification offer so fast?

Figure uses advanced financial technology to assess and respond to borrower applications faster and more accurately.

  • How can I check my APR rates?

You can complete a short form, sharing your personal information, property information, and email address, and Figure will send you a personalized rate quote.

  • What credit rating do I need to get a loan with Figure?

Figure has a minimum credit score of 640, but the higher your rating, the more you can borrow and the better the terms that you’ll be offered.

Physical Address

650 California Street, Suite 2700

San Francisco CA, 94108

Figure Figure Visit Figure

* Figure’s APRs can be as low as 2.99% 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 2.99%. The total loan amount would be $52,495. 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 0.75% for opting into Credit Union Membership (0.50%) 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.

Figure customer testimonials

ExcellentReviews 920
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  • author
    Sheila GC
    3 days ago

    This company is unbelievably AWESOME and how every bank/credit union should handle their loans! I've done two now, and it is so easy it's amazing. Not sure why it is always like pulling teeth to get a refinance, heloc or mortgage when it can be this simple. HIGHLY RECOMMENDED!


  • author
    Fred Cabrera
    3 days ago
    Lousy Customer Service/ DO NOT USE

    I am returning customer to Figure Lending! Apply for a home improvement loan for approx 20k. During the entire process I have rec'd numerous emails from Figure Lending about income verification! No problem, I submitted my income and added my wife's income too as a joint loan, in which I did not have too. Figure said they can ONLY use One paystub not Two, but needed our Tax returns to verify income???? What? Figure was given Two our our most recent paystubs, use that to figure out income. Not sure why last year's tax returns are needed to figure out income for a 20k loan.. Waste of time people, just use your credit card, these guys are clueless !


  • author
    Curtis Fredericks
    Sep 21, 2020
    Figure lending really looked out for me…

    Figure lending really looked out for me during coronavirus and losing my job. They delayed my payments and even though I never collected unemployment I was able to have 3 payments delayed and that was enough time to get job back and back on track. Thanks again really appreciate the hassle free process to get extension!!


  • author
    Jill Springer
    Sep 19, 2020
    The process was swift and handled very…

    The process was swift and handled very well. The only hitch is that we had to re-do our entire application in order to fix one typo mistake on our part. Other than that, a very well done process. Thank you Figure!


  • author
    Thomas Siedelmann
    Sep 17, 2020
    The process was very quick

    The process was very quick, very easy and those that I worked with were helpful. Highly recommend Figure!