Figure

Annual percentage rates (APRs) for Figure HELOCs range from 6.1% to 14.74% at the time of publishing. That 6.1% advertised APR includes discounts for using automatic payments and paying higher origination fees, though.

Rates change frequently and are based on your credit score, combined loan-to-value (CLTV) ratio, loan term and occupancy status.

Receiving funds for your approved HELOC can take as little as five days if you use Figure’s online notary and your county allows e-signatures.

Once you're funded, your initial draw will be equal to your credit limit minus the origination fee. You can make additional draws up to 100% of your total loan amount or credit limit as you repay the loan.

The amount you can borrow from Figure through a HELOC depends on your home value, equity, term and creditworthiness. For example, your credit score impacts your maximum CLTV ratio and maximum loan amount.

Higher CLTV caps require higher credit scores. Here’s how things break down for primary, owner-occupied residences with a Figure HELOC occupying the first or second lien position:

• FICO 640 - 659: CLTV cap of 75%
• FICO 660 - 699: CLTV cap of 85%
• FICO 700 - 850: CLTV cap of 90%

However, you should know that these requirements are different for HELOCs in lower lien positions, second homes and properties that aren’t owner occupied.

Figure also has maximum limits for lines of credit based on your credit score, irrespective of your CLTV ratio. Here are the limits for lines of credit with five-, 10- and 30-year terms:

• FICO score of 640 - 850: $20,000
• FICO score of 640 - 679: $125,000
• FICO score of 680 - 699: $200,000
• FICO score of 700 - 739: $250,000
• FICO score of 740 - 759: $350,000
• FICO score of 760+: $400,000

Getting a mortgage will require a different application process done through Homebridge.

Figure offers HELOCs for $25,000 to $400,000. Funds from a HELOC can be used for a variety of purposes, including home remodeling, debt consolidation, college tuition and small business expenses.

Figure is also rolling out a new program that lets borrowers secure 30-year, fixed-rate lines of credit with cryptocurrency. With the Crypto Mortgage PLUS program, you can use bitcoin or ethereum as collateral for a line of credit of up to $3 million without having to sell your cryptocurrency. At the time of publishing, the program is only available to residents of certain states, including:

• Alaska
• Arizona
• California
• Colorado
• Florida
• Georgia
• Nevada
• New Jersey

Figure allows borrowers to take out HELOCs on:

• Single-family residences
• Town houses
• Planned urban developments (PUDs)
• Most condos

However, many other properties are not eligible for HELOCs, including multifamily buildings, manufactured housing, timeshares and properties purchased in the last 90 days.

In most states, Figure requires a minimum credit score of 640 for a HELOC on your primary residence, and a score of 680 is needed to get a HELOC on an investment property or second home.

Figure also requires property insurance for HELOC approval, and if you are in flood zone A or V, it requires you to have flood insurance.

Since Figure no longer offers mortgages, you'll need to go through Homebridge to get a mortgage. Homebridge, like most mortgage lenders, has its own set of requirements for purchase loans and refinances. (Some of the main factors you can expect a mortgage lender to look at on your application are your credit score and whether you can afford the loan you are asking for.) You will also need to provide Homebridge with employment verification for the last two years and a list of assets and debts.

Your initial draw on a figure HELOC is subject to an origination fee of up to 4.99%. This fee might be less in your case, but you can opt to pay the maximum 4.99% origination fee in exchange for a lower rate on your line of credit. Enrolling in autopay also qualifies you for a 0.25% APR discount.

Additionally, you will be responsible for recording fees and a subordination fee if you ever ask Figure to voluntarily change its lien position on your property.

Purchasing or refinancing your home through Figure’s partner, Homebridge, will come with its own set of mortgage fees, depending on your loan type. In general, you can expect to pay closing costs of 2% to 5% on a mortgage, along with a down payment.