Figure Home Equity Loan Review

Figure at a Glance

Loan Types

Home equity loans

Featured LoansHELOC
Repayment Terms   5, 7, 10, or 15 years    
Minimum Down PaymentN/A
Minimum Credit ScoreNot given
Best forAnyone who wants to pay for renovations or large purchases.

Visit Figure ‚Äč


Figure is a direct lending company which exclusively offers home equity loans. Figure uses technology to make its process fast and easy. Its home equity loans come with fixed rates and no extra fees apart from an origination fee.

  • Fixed-rate loans
  • Take advantage of the home equity loan to pay off debts, fund large purchases, or carry out home improvements
  • Single-family residences and townhouses are eligible for home equity loans

Best For?

Figure is best for 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 zero extra fees, a fast online application process, and inviting you to take an additional draw once you’ve begun to pay off the loan.

Types of Loans/Products

At the moment, Figure only offers home equity loans beginning at $15,000. You can borrow up to $100,000, although your final maximum loan amount will depend on the value of your home and your credit score. When you take a home equity loan with Figure, you'll get the full value of your loan in a single lump sum as soon as the loan is approved. However, once you start paying off the loan, you can then make additional draws. These must be no greater than 10% of your total loan amount, be at least $500, and be made within the first 2 years of your loan term.

  • Borrow between $15,000 and $100,000
  • Terms of 5, 7, 10, and 15 years
  • Make additional draws of up to 10% of your total loan amount, as long as you’ve paid off some of your loan and are within 2 years of the origination date
  • 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

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 around 5 days for funding to come through.

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 the home equity 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
  • 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, and you don't need a camera on your computer or phone to use eNotary.
5. Wait for the requested funds to appear in your bank account.

Pros and Cons

Application is fast and entirely onlineThe application process isn’t very clear
Fully transparent—no application or prepayment feesYou can only make additional draws within the first 2 years of the origination date

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 only a few days, Figure brings home equity 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 application, 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 loan doesn't have the flexibility of a 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 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 1%—3% of the initial loan amount—there are no application fees, prepayment fees, or any other hidden fees. This is similar to or lower than fees charged by competitors like J. G. Wentworth and Quicken Loans.

Figure promises competitive interest rates, but it’s frustratingly difficult to find rates on their website. It does give a sample fixed rate of 5.99% APR for a borrower with a credit score of 760 and a CLTV of 45%. You can get a personalized quote with interest rates by completing a pre-approval form on the Figure website.

 Figure mortgageJ.G. WentworthQuicken Loans
Typical APR4.99%4.875% - 5.052%4.625% - 4.912%
Fees3% origination fee3% closing costsNot given

Repayment Terms

Figure’s home equity loans are all fixed-rate. You can choose between a term of 5, 7, 10, or 15 years. There’s no information about typical APR on Figure loans.

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 home equity loan 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. However, Figure doesn’t offer all the flexibility of a HELOC, and borrowers who are just comparing home equity loans might want to get an idea of typical APR rates without entering their personal information.


Does Figure offer any other home loans?

Figure is in the process of setting up Sell and Lease Back, as an alternative to reverse mortgages for retirees. It’s coming soon to your area.

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 no minimum credit score, 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

Visit Figure

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