Is Figure Home Equity Line of Credit a Legitimate Choice

Figure Home Equity Line of Credit is a type of loan that allows homeowners to borrow money using the equity in their home as collateral.

Figure's interest rates are competitive, with rates starting at 4.99% APR. This is a relatively low rate compared to other home equity loan options.

Figure also offers flexible repayment terms, with the option to repay the loan over 5-15 years. This can be a big advantage for homeowners who want to keep their monthly payments manageable.

Figure's application process is also online, which can save homeowners time and effort.

A HELOC, or Home Equity Line of Credit, is a type of loan that allows you to borrow money using the equity in your home as collateral.

HELOCs are typically offered by banks and other financial institutions, and they often have lower interest rates than credit cards.

You can borrow as much or as little as you need, and you can make payments over time or pay off the balance in full.

The amount you can borrow depends on the value of your home and the amount you still owe on your mortgage.

For example, if your home is worth $200,000 and you owe $100,000 on your mortgage, you may be able to borrow up to $100,000.

HELOCs can be a good option for people who need to finance a large expense, such as home repairs or renovations.

However, it's essential to understand the terms and conditions of your HELOC, including the interest rate, repayment terms, and any fees associated with the loan.

Make sure you have a solid understanding of the risks and benefits before signing up for a HELOC.

Figure's HELOC has some great benefits, but like any loan, it comes with its costs. The fixed annual percentage rate (APR) ranges from 7.10% to 15.70%, depending on your creditworthiness and property location.

The origination fee can be a significant cost, ranging from 0% to 4.99%. This fee is charged on top of the loan amount, so it's essential to factor it into your overall costs.

One of the benefits of Figure's HELOC is its fast application and funding process, which can get you approved and funded in as little as five days. This is much faster than traditional lenders, which can take 30-45 days to process your loan.

Automatic payments are required, but you get a 0.25% rate discount for setting them up. This discount can help you save money on interest over time.

Here are the costs and fees associated with a Figure HELOC:

It's essential to consider these costs and fees when deciding whether a Figure HELOC is right for you.

To qualify for a Figure HELOC, you'll need a minimum credit score of 640, although it's 720 in Oklahoma, and a credit score of 680 for investment properties and vacation homes. You'll also need a debt-to-income ratio of less than 50%, or under 43% in select cases.

Figure requires at least two years of credit history and proof of employment. You'll also need to have no delinquencies on your current mortgage in the last six months.

Here are the specific credit requirements:

To qualify for a HELOC with Figure, you'll need to meet certain requirements. First and foremost, you'll need a minimum credit score of 640, with some exceptions for Oklahoma residents (720) and investment properties or vacation homes (680).

A good credit score is crucial for any loan application, and Figure is no exception. Figure also looks at your debt-to-income ratio, which should be less than 50%. In some cases, they may consider a ratio of under 43% as well.

You'll also need to have at least two years of credit history and proof of employment. This helps Figure understand your financial stability and ability to repay the loan.

Finally, Figure requires that you have no recent mortgage delinquencies, foreclosures, or bankruptcies. Specifically, you should have no delinquencies in the last six months, no foreclosures in the past five years, and no bankruptcy in the last seven years.

Here are the specific qualification requirements in a quick reference list:

The Figure app is available for download on the iPhone, and it's a great tool for borrowers.

You can fully apply for a home equity line of credit through the app, and once you apply, you can view your requested loan total, term, APR, and application status in your dashboard.

The app is relatively bare-bones, but it has what most borrowers need to manage their loan applications.

You can also sign up for Figure's student loan refinancing waiting list on the app, but you can't apply for either form of mortgage refinancing Figure offers through the app.

Figure's app provides a link to the Figure blog, where you can read news about Figure and general blog posts about home financing topics.

If Figure's HELOC doesn't fully meet your needs, there are several alternatives to consider. Figure's fixed-rate structure might be appealing, but if you're not interested in redrawing from your line of credit, a home equity loan could be a better option.

Several top-rated HELOC options are available, including a company with a 4.8 rating and a product that offers a fixed-rate structure. Another option has a 4.7 rating and a similar product.

You might also consider a home equity investment company, which allows you to access your home's value without taking on new debt. A home equity investment company with a 4.8 rating offers this option.

If Figure's HELOC doesn't quite fit your needs, there are other options worth considering. Three top-rated HELOC alternatives are available, each with their own unique features.

The first alternative is a home equity investment company, which allows you to tap into your home's value without taking on new debt. This option is perfect for those who want to access their home's value without the burden of additional debt.

Another option is a home equity loan, which may be a better fit if you prefer a fixed-rate structure but don't want the ability to redraw from your line of credit. Figure's fixed-rate structure is a key selling point for some homeowners.

If you're interested in exploring these alternatives further, here are a few top-rated options to consider:

For a more in-depth comparison between Figure and Hometap, a home equity agreement provider, check out our separate article.

A cash-out refinance can be a great option for homeowners who need some extra cash. You can take out a new mortgage larger than what you owe on your home, and the lender will give you the difference in cash.

The maximum loan amount for a cash-out refinance is 75% of your home's value, up to $1 million. This means that if your home is worth $1.5 million, you can borrow up to $1.125 million.

Loan terms for cash-out refinances are typically 30-year fixed rates, and are only available for primary properties. This can provide you with stable and predictable monthly payments.

The debt-to-income ratio for a cash-out refinance is 43%, which is relatively high. This means that you'll need to be careful about how much debt you're taking on.

A minimum credit score of 620 is required for conforming loans, while jumbo loans require a minimum credit score of 700. This is higher than the minimum credit score for some other types of loans.

Here are some estimated costs associated with a cash-out refinance:

One thing to note is that there is no prepayment penalty for a cash-out refinance. This means that you can pay off the loan early without incurring any extra fees.

Figure.com has a strong reputation within the loan industry, thanks to its founder Mark Cagney's background in establishing SoFi.

Most online reviews of Figure are very positive, with an 8.9/10 score on Trustpilot.com.

Figure's funding time is remarkably fast, taking just five to seven business days for loan disbursement.

This is a significant improvement over the typical lengthy process of applying for a home equity loan.

Figure allows borrowers to use a variety of property types as collateral, including private homes, second homes, investment properties, single-family residences, and townhouses.

Figure's customer service team is available to help with a range of needs, from answering questions about your application to resolving issues with your loan.

You can reach out to Figure's customer service team through various channels, including email, phone, and online chat.

Figure's email addresses are [email protected] and [email protected] for general inquiries, and [email protected] for active loan support.

For phone support, you can call 888-819-6388 for general inquiries, available Monday to Saturday from 6 a.m. to 5 p.m. Pacific time.

If you have an active loan, you can reach out to Figure's phone support team at 888-527-1950, available Monday to Friday from 6 a.m. to 6 p.m. Pacific time.

You can also use Figure's online chat box, which is available on their website, to get help with your loan or application.

If you prefer to send a letter, Figure's mailing address is 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202.

When you're considering alternative options, it's essential to know your loan types. Figure's main offering is a home equity line of credit, often called a HELOC, which lets you borrow against your home's equity on demand.

A HELOC is a flexible loan that allows you to tap into your home's equity as needed, making it a great option for unexpected expenses or large purchases.

Figure has a solid reputation among customers, with a 4.5/5 rating on Trustpilot based on over 2,500 reviews. This suggests a generally positive customer experience and satisfaction with Figure's services.

However, the company has fewer reviews on other platforms, such as the Better Business Bureau (BBB) and Google, where the ratings are somewhat lower.

The majority of reviewers on Trustpilot give Figure an excellent or great rating, highlighting the company's quickness, efficiency, and excellent service. Some reviewers mention that the lender's hassle-free process is worth its high-end origination fee.

Here's a breakdown of Figure's customer reviews on various platforms:

While reviews on sites like Trustpilot and BBB often represent extremes, it's safe to say that Figure's reviews are mixed, with some praising the company's technology and others blaming the impersonal nature of Figure's lending processes for problems.

Figure, a company that offers home equity reviews, has a mixed bag of customer reviews.

The company isn't accredited with the Better Business Bureau (BBB), but it does have an A business rating. However, the BBB customer reviews are not very impressive, with a 1.59 out of 5 star rating based on 49 customer reviews.

On the other hand, Trustpilot Score gives Figure a 4.4 out of 5 stars, based on 2,097 customer reviews. This is a significant difference in ratings, and it suggests that Figure's customers are generally very satisfied with the company's services.

A review on Trustpilot mentioned that Figure's quickness and efficiency are worth the high-end origination fee. However, some reviewers have complained about getting denied after receiving an invitation to apply, lengthy waiting times to speak with a representative, and poor customer service.

Here's a comparison of Figure's customer ratings on different platforms:

The Trustpilot feedback is particularly significant, as it's based on over 2,500 reviews. This suggests that many customers have had positive interactions with Figure, highlighting its strong reputation in the market.

Figure does not charge any prepayment or check processing fees, but the origination fee can be up to 4.99% of the loan amount.

To qualify for a Figure home equity line, you'll need a valid passport, state ID, or U.S. driver's license, as well as an active bank account.

The minimum credit score required is 620, but having a FICO score above 740 will significantly improve your chances of approval.

You'll also need access to a smartphone or computer with a camera to have a live meeting with one of the lender's eNotaries.

If multiple owners are listed on the property, you can still apply independently if one of them doesn't meet the criteria.

Both the borrower and the home must meet a set of qualifications to ensure your home qualifies for a Figure home equity loan.

You must be the legally-named owner of the property, as reflected in county records, and have both hazard and flood insurance for the home.

If you have multiple properties, you can apply with just the ones that meet the eligibility requirements.

Figure.com offers a home equity line with some impressive features. The origination fee is up to 4.99% of the loan amount, and there are no prepayment, check processing, or late fees.

To qualify for Figure, you'll need a valid passport, state ID, or US driver's license, an active bank account, and a minimum credit score of 620. However, having a FICO score above 740 will significantly increase your chances of approval.

Figure's HELOCs have flexible loan terms, ranging from 5 to 30 years, and loan amounts of $15,000 to $250,000. You can borrow funds on-demand, using your equity as collateral.

Here are the key features of Figure's HELOC:

Figure's HELOCs are designed to help you handle large expenses quickly, such as home renovations, or consolidate smaller debts. You can apply within five minutes and be approved and funded within five days, which is significantly faster than most other lenders.

Figure's Home Equity Line of Credit (HELOC) offers loan amounts ranging from $15,000 to $250,000.

The loan terms are flexible, with options for 5, 10, 15, or 30 years. This means you can choose a repayment period that suits your financial situation.

Figure's HELOCs have a relatively low debt-to-income ratio requirement, with a maximum of 50% (or 45% in select cases). This is a more manageable ratio compared to some other lenders.

Here are some key details about Figure's HELOCs:

Figure also offers fast funding times, with approval and funding possible within five days, compared to up to 45 days with other lenders.

Figure Technologies Inc. is a financial company that uses blockchain technology and AI to provide home lending solutions to individuals.

It's started by SoFi co-founder Mike Cagney and his wife June Ou, who aimed to make home lending more efficient, secure, and less costly by cutting out the middleman.

Figure primarily offers home equity lines of credit and mortgage refinancing loans, with a strong focus on home equity lines of credit.

People can use a home equity line to borrow against their home equity for flexible access to cash.

Borrowers can use mortgage refinancing loans for two main purposes: to replace an old mortgage with a new one at a lower rate, or to convert some home equity into cash.

Figure will service your loan, or one of its approved sub-servicers will do so.

You can borrow against your home equity with a home equity line of credit, which provides flexible access to cash.

Figure.com offers fixed-rate open-end loans with terms from 5-30 years.

To qualify for a home equity line of credit with Figure, you'll need a valid passport, state I.D. or U.S. driver's license, and an active bank account.

The minimum credit score required is 620, but having a FICO score above 740 will significantly increase your chances of approval.

You'll also need access to a smartphone or computer with a camera for the live meeting with an eNotary.

To ensure your home qualifies, it must be owned by you, either solely or jointly, and have both hazard and flood insurance.

Figure allows you to apply independently if one of the property owners doesn't meet the criteria.

Here's a summary of the loan details:

The origination fee may be up to 4.99% of the loan amount, and there are no prepayment or check processing fees.

Figure's Home Equity Line offers loan amounts ranging from $15,000 to $250,000.

The loan terms for Figure's Home Equity Line are flexible, allowing you to choose from 5, 10, 15, or 30 years.

To qualify for a Home Equity Line, you'll need a debt-to-income ratio under 50%, or under 45% in select cases.

A minimum credit score of 620 is required to apply for a Home Equity Line.

The origination fee for a Home Equity Line can be as high as 4.99%.

Automated valuations are used for appraisals, saving you time and hassle.

Here are the key features of Figure's Home Equity Line:

You can apply for a Home Equity Line within five minutes and be approved and funded within five days, making it a fast and convenient option.