Figure Mortgage Loans Review

ByRoger WohlnerJul.15, 2021
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In a Nutshell

Figure is a direct lender who is using technology to simplify the mortgage lending process. Figure utilizes AI, Blockchain and data analytics technology to streamline its loan approval process.


  • Fast application process that is entirely online
  • Fully transparent with no prepayment fees.
  • Top rated on TrustPilot


  • HELOCS only available in 42 states
  • Refinance only available in 33 states

Figure at a Glance 

Direct lender or marketplace?Direct lender
Loan types
Home Equity, Mortgage Refinance, HELOC, Jumbo
Loan amountHELOC: $15K-250K
Repayment terms
5, 10, 15 or 30 years (HELOC)
15 & 30 Years (Mortgage Refinance)
Minimum Down Payment
Minimum Credit Score
Suitable for
Anyone who wants to pay for fome renovations, large purchases, or to cover debt.

View Rates


Figure offers two types of mortgage loans: HELOC and mortgage refinancing. They have used technology to streamline the application process. 

Suitable For?

Figure is suitable for borrowers with good credit who are looking to tap their home’s equity to pay for home renovations or large purchases. 

Types of Loans/Products

Figure offers home equity loans, home equity lines of credit (HELOC), mortgage refinance, cash-out refinance, and jumbo loans. 

The Application Process

The application process is completely online. For Figure HELOC, approval is often immediate and funding can take as little as 5 business days (1). You will be asked to provide information including:

  • Your name, address, your email address and your date of birth. 
  • The address of the property and the type of loan you are seeking. 
  • The purpose of the loan.
  • Your household income.

They then run a soft credit check and do an appraisal of the property’s value. They will let you know how much you will be able to borrow at this time.

They will then have you do a full online application process that includes:

  • Sharing your photo ID such as a driver’s license or other ID.
  • Sending a bank account and other information to verify your income. This part will involve waiting for the results of a hard credit check.
  • Then, they will do an advanced appraisal of the property . 

Once all of this is complete, they will have you sign any documents via their online e-notary service.

Rates and Fees– The Bare Basics 

For HELOC, rates are as low as 2.88%(2) and you can borrow up to $250,000 with a one-time origination fee(3), but there are no additional fees such as appraisal and maintenance. 

For Refinance, you can borrow up to $1,500,000, or get up to $500,000 with a cash-out refinance.

For a 30-year jumbo loan, you can borrow up to 75% of your home value (up to $1,000,000) for a cash-out refinance, and up to 80% of your home’s value (max $1,500,000) on a rate refinance.

Repayment Terms

Figure offers repayment terms of 5, 10, 15 and 30 years for home equity loans. For refinance, borrowers can choose between 15 and 30 year terms. 

Help & Support

Customer support is available everyday from 6:00 AM to 6:00 PM. PT, except for major holidays. 

The general customer support number is 1-(888)-819-6388. The number for support on a mortgage refinance is 1-(888)-697-1506. 


Q: What types of properties are eligible for a HELOC?

A: Figure offers loans on single family residences, condos, and townhouses. Certain types of properties may not be eligible. The property may be the applicant's primary or secondary residence.

Q: What types of home ownership arrangements are eligible?

A: Properties that are owned solely, jointly or as part of a revocable trust are eligible. The applicant’s name must appear as a property owner in their county’s records for the property. 

Q: Do I need to have insurance coverage?

A: Figure will require proof of hazard insurance for all properties and may require flood insurance in certain areas. 

View Rates


Figure Lending LLC 

 15720 Brixham Hill Avenue, Suite 300

 Charlotte, NC 28277


Figure is distinguished by its online application and fast decision-making. Aside from the loan origination fee, there are no other fees associated with the HELOC. Borrowers like the ability to take additional draws on their HELOC subsequent to the initial amount funded. 


Elaborate on how you gathered information to create this review:



Figure Mortgage Refinance is available in AK, AL, AR, AZ, CA, DE, FL, GA, IA, ID, IN, KS, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, PA, SD, TN, WA, WI, WV 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.

(2) For Figure Home Equity Line, our APRs can be as low as 2.88% 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 2.88%. 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.

(3) 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.

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