About Figure

With Figure, you can refinance to potentially lower your mortgage rate or cash in on your home equity. Personal loans and asset management services are also available in most states. The company also provides cap table management and digital fund services for institutions. It does not offer home loans for purchasing a property at this time.


  • Short closing time for HELOC
  • Quick approvals
  • Online application


  • Not all properties are eligible
  • Not available in all states

Bottom Line

Figure offers a streamlined HELOC approval process that lets you get funding in as few as five days1. Availability may be limited by geography and home type, but it could be a good fit if you prefer online lending services.

What is Figure?

Figure is an online lender that specializes in mortgage refinancing and home equity lines of credit. Unlike traditional HELOC lenders, Figure uses blockchain technology — the company states this helps improve financial transactions behind the scenes to make them more efficient and secure while lowering costs. Its application process requires minimal borrower input; the company collects W-2 forms, bank statements and pay stocks online. Because the application is online and it collects many important forms itself, it can approve HELOC applications within minutes.

Figure lending services

Figure works by providing mortgage refinance loans and home equity lines to individual and joint borrowers (mortgage refinancing only). Refinancing is exclusively for single-family homes and townhouses borrowers maintain as primary residences. It also offers its HELOC as a first or subordinate lien, meaning you can still get a HELOC even if your home is already paid off.

You can apply for more than one HELOC, but the total loan amount is limited to $250,000 per borrower and $250,000 per property. Figure offers the following financial products:

  • Home equity line: Up to $250,000 with the option to redraw up to 100%. Select from five-, 10-, 15- and 30-year fixed term options.
  • Cash-out refinance: Up to $500,000 with custom rates and payment options.
  • Jumbo refinance: Up to $2,000,000 (The maximum loan-to-value ratio is 80% for both rate and cash-out refinances).

Figure HELOC requirements

In most states, Figure requires a minimum credit score of 620 (720 in Oklahoma) to qualify for a home equity line of credit. Applicants also need a higher credit score of at least 680 for investment properties. Eligible applicants must also have a verifiable employment history.

Its application and processing are fully streamlined. This lets Figure approve home equity lines of credit within a few minutes and initiate funding in as few as five days1. In most areas, the company also provides video notary services.

For people with a credit score between 620 and 850, minimum lines of credit start at $15,000 in most states ($25,001 in Alaska). Depending on your credit score, the loan limits for terms over five, 10 and 30 years are as follows.

FICO scoreLoan limit
620 to 679$75,000
680 to 759$150,000*
*Customers may qualify for a higher loan limit if they have a maximum combined loan-to-value ratio of 80%.

Figure mortgage refinancing requirements

To refinance a conforming loan, Figure requires applicants to have a minimum FICO score of 620. A score of 620 is also required for jumbo loans. For a cash-out refinance or rate refinance, you can borrow up to 80% of your home’s value ($2,000,000 maximum).

You can fill out the quick application to see your estimated refinancing rates. If you decide to borrow from Figure, you’ll have to fill out a more comprehensive form that requires a credit check. You will likely also need a home appraisal.

The refinancing application takes longer to process than the HELOC application. Though the application process is entirely online, you will be required to attend an in-person closing. Other terms and conditions may apply.

How much is Figure?

As of publishing, APRs can be as low as 2.88%2 for home equity lines (includes autopay and credit union membership discounts, as well as payment of an origination fee in exchange for a reduced APR). However, your credit, combined loan-to-value ratio, loan term, occupancy status and other factors affect the actual rate you qualify for. You should fill out an online application for the most accurate rate estimates.

We like that Figure doesn’t charge maintenance fees or prepayment penalties for either mortgage product. Like most lenders, Figure charges origination fees and appraisal, title and settlement fees for mortgage refinance, which vary based on terms and location.

In some states, you can pay a higher origination fee in exchange for a lower APR for HELOC. Figure also offers discounts to reduce your APR rate. You can get a 0.25% rate reduction for enrolling in autopay and a 0.50% APR rate reduction for opting into a credit union membership.

Figure FAQ

Are Figure’s services available online only?
Figure’s applications are exclusively online. However, most states require in-person closing for mortgage refinancing. For HELOC closings, online video notary sessions are available in most locations.
Does Figure do mortgage refinancing in every state?
Figure offers both rate and cash-out refinancing in the following states: Alaska, Alabama, Arkansas, Arizona, California, Delaware, Florida, Georgia, Iowa, Idaho, Indiana, Kansas, Louisiana, Massachusetts, Michigan, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, South Dakota, Tennessee, Washington, Wisconsin and West Virginia.
Where does Figure offer home equity lines of credit?
Figure offers home equity lines in Alaska, Alabama, Arkansas, Arizona, California, Colorado, Connecticut, Florida, Georgia, Iowa, Idaho, Indiana, Illinois, Kansas, Louisiana, Massachusetts, Maine, Michigan, Minnesota, Missouri, Mississippi, Montana, North Carolina, North Dakota, Nebraska, New Hampshire, New Jersey, New Mexico, Nevada, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Dakota, Tennessee, Virginia, Vermont, Washington, Wisconsin, Wyoming and Washington, D.C.

Is Figure a good loan company?

We like that the fully online services allow for seamless loan approvals and closing times. Figure is a good loan company for homeowners with single-family homes or townhouses who want to refinance their mortgage or access a line of credit. It's not a good choice for those who own multifamily properties, investment properties, second homes or homes as part of an LLC or trust. If you need to reduce your mortgage rate or pull cash from your home, Figure might be a good fit.

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