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Figure Home Loan Review [2025]: Refinance Online in Just Minutes

If you're looking for a quick, streamlined approach to borrowing money in the form of a mortgage refinance or HELOC, Figure might be worth considering.

By Matt Miczulski

Edited by Becca Borawski Jenkins

Updated Sept. 11, 2025

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Figure

OUR VIEW

Figure is a legitimate, San Francisco-based financial technology startup that provides home equity lines of credit (HELOCs) in 48 states and Washington, D.C., as well as mortgage refinancing options in 32 states.¹ Figure Lending LLC is an equal opportunity lender. NMLS #1717824 The company provides consumers with an alternative way to access funds aside from getting a traditional loan from a bank.

When you choose a Figure Home Equity Line, you get a handful of benefits you might not receive with other lenders. This includes a fully online, streamlined loan application process, fixed rates that can be lower than you might find with other companies, fast approval and funding, and no hidden fees. There are very few fees at all, actually. Aside from the origination fee, there are no application, appraisal, or ongoing maintenance fees. There may be other less-common fees that are dependent on your location and situation.

Whether you're just beginning your search or narrowing things down, this Figure loan review will help you as you compare your borrowing options as a homeowner.

Pros

Fast application and approval

Funding in as little as five days²

HELOCs up to $750,000

No appraisal fees

Cons

Higher loan-to-value ratios with other companies

Origination fees up to 4.99%

Several types of properties are ineligible for HELOCs

Figure background

Founded in 2018 by the former CEO of the financial services company SoFi®, Figure uses blockchain technology and artificial intelligence to offer a fully digital process that can get you money in as little as five days. This is significantly less than the four to six weeks it usually takes with many traditional lenders, although we'll note that applying for loans online has become commonplace.

Figure Home Equity Line is the company's flagship product, but Figure also provides mortgage refinancing options.

Types of Figure loans

Figure offers two different loan types: Figure Home Equity Line (HELOC) and Figure Mortgage Refinance. We'll look at them each in more detail.

Home Equity Line (HELOC) at Figure

Borrow up to $750k to finance your next real estate project

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Figure Benefits

Incredibly fast way to turn home equity into cash
Borrow up to $750K; Redraw up to 100%
Apply 100% online, approval in 5 minutes, funding in 5 days³ Figure Lending LLC dba Figure | Equal Opportunity Lender. NMLS #1717824 - For licensing information, go to www.nmlsconsumeraccess.orgFigure Home Equity Line is available in AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY.1 Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. 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, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.2 To check the rates and terms you qualify for, Figure will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, Figure will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.3 FICO min is 640 (720 for OK); 680 for investment properties

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Apply now

Loan amount	$15,000- $750,000⁴ <p>Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX,the minimum loan amountis $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal.</p>
Loan term	5, 10, 15, and 30 years
APR	6.65% - 14.60% (as of Aug. 15, 2025) APR⁵ <p>*Available APRs range from 6.65% - 14.60% (as of Aug. 15, 2025) which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select five year loan terms; APRs will be higher for other applicants and those who select longer loan terms. 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 a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. APRs for home equity lines of credit do not include costs other than interest. 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 the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn't permit eNotary ($350), and recording fees ($0 - $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). 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.</p>
Credit needed	Minimum credit score of 640 (720 for Oklahoma)

A HELOC is a popular way for many people to fund home improvement projects by using the value of their home itself. The company's flagship product, Figure Home Equity Line, delivers consumers a faster and simpler way to tap into their home's value with a fully digital application and funding process. This takes a process that is normally paperwork-intensive and often drawn out for weeks and transforms it into one that delivers an approval in just five minutes, with funding following in as little as five days.² Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary, and where loan amounts are under $400,000 which would not require an appraisal. 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, or that require a waiting period prior to closing, or where loan amounts exceed $400,000.

Borrowers can get a fixed-rate HELOC between $15,000 and $750,000 with a maximum combined loan-to-value ratio (CLTV) of up to 85% for qualified applicants.⁴ Our loan amounts range from a minimum of $15,000 to a maximum of $750,000. For properties located in AK, the minimum loan amount is $25,001 and for properties located in TX,the minimum loan amountis $35,000. Your maximum loan amount may be lower than $750,000, and will ultimately depend on your home value, lien position, credit profile, verified income amount, and equity available at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models or appraisal. Loan amounts above $400,000 are subject to appraisal. Interest rates with Figure range from 6.65% - 14.60% (as of Aug. 15, 2025) APR if you use autopay, with repayment terms of 5, 10, 15, and 30 years.⁵ *Available APRs range from 6.65% - 14.60% (as of Aug. 15, 2025) which includes the payment of a higher origination fee in exchange for a reduced interest rate, which is not available to all applicants or in all states. The lowest APRs are only available to the most qualified applicants, depending on credit profile and the state where the property is located, and those who also select five year loan terms; APRs will be higher for other applicants and those who select longer loan terms. 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 a higher origination fee in exchange for a lower rate. Rates change frequently so your exact APR will depend on the date you apply. APRs for home equity lines of credit do not include costs other than interest. 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 the costs of valuation if an AVM is not available for your property ($180), or an appraisal if your loan amount exceeds $400,000 ($500-$2,000, depending on property type, property value, and state), manual notarization if your county doesn't permit eNotary ($350), and recording fees ($0 - $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed). 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. Besides the one-time origination fee (which will be between 1.50% and 4.99% of the loan value depending on where you live), there are no application or on-going maintenance fees.

How Figure HELOCs work

The CLTV is the ratio of all secured loans on a property compared to the value of a property. The secured loans could include the original loan amount of the first mortgage, the drawn portion of other HELOCs, the unpaid balance of a second mortgage, etc. The CLTV ratio is used by lenders to determine a homeowner's risk of default. Most lenders set this CLTV limit at 80%, so a maximum CLTV of 85% gives you more borrowing flexibility as it doesn't require your home to have as much value. In other words, if you want a loan of $200,000, the value of your home has to be $235,294 to be within 85%. A CLTV of 80% would require your property to be valued at $250,000.

To appraise the value of your home, Figure uses an automated system, which means there are no appraisal fees either.

Depending on your loan term, you can make additional requests for money (known as draws) on your home's equity as you repay the initial borrowed amount for up to two to five years from the date your HELOC was originated. These draws can be up to 20% of your total credit limit. Eligible properties include single-family residences, townhouses, and condominiums. You can't qualify for a HELOC on co-ops, commercially zoned real estate, multifamily real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed-use properties.

Figure also allows you to check your interest rate before committing with a quick pre-qualification. Figure does a soft credit check for this, and it won't have any effect on your credit score.⁶ To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.

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Mortgage Refinance at Figure

Loan amount	Up to 80% of your home's value, up to $2,000,000
Loan term	15 and 30 years
APR	Fixed-rate, depending on credit score⁷ <p>The advertised variable APR includes an autopay discount of 0.25%. As of 04/03/2020, variable APRs start at 3.74% for customers that do not opt in to autopay. These rates are for the most qualified applicants and are higher for other applicants. To be eligible for the advertised rate, an applicant must have more than $5,500 in monthly discretionary income and a credit score of 800 or higher. Figure calculates monthly discretionary income by reducing monthly income by a state income tax factor, and then subtracting estimated housing expenses, transportation expenses, and other expenses listed in your credit report. The advertised rate is only available for applicants who select 5 year loan terms; longer terms have higher rates. Because the rate is variable, it could move lower or higher based upon the LIBOR Rate (as published in the Wall Street Journal). Rates change frequently so your exact interest rate will depend on the date you apply. Loan terms and fees are also subject to change.</p>
Credit needed	Minimum credit score of 620 (or 660 for jumbo loans)
Cash-out amount	Up to 75% of your home's value, up to $500,000

Figure's Mortgage Refinance process, like the company's HELOC, is fully online, so no trips to the bank or title company are needed. It takes just minutes to apply and a minimum of 10 days to close.

Figure provides an option to cash out as well. This allows you to replace your existing mortgage with a new one for an amount that's greater than what you currently owe. The difference between the new, higher mortgage and the amount you currently owe is then made available to you in cash. By converting home equity into cash, you can put the difference toward things like paying off high-interest debt or fixing up your home.

You can receive a quote online without any effect on your credit score so you can compare Figure with other mortgage refinancing options to ensure you're getting the best rate. You can borrow up to 80% of your home's value, up to $2,000,000. If you opt for a cash-out, you can borrow up to 75% of your home's value, up to $500,000, but this will depend on your situation. Eligible properties include single-family homes.

What Figure customers are saying

While Figure isn't accredited by the BBB, there are a handful of reviews for the company on the BBB website. Many of the negative reviews have to do with the company's marketing campaigns, and the fact Figure requires you to link your bank account to transfer funds, with many feeling uneasy about turning over this sort of information. On the other hand, the positive reviews on the site applaud the company's simple online process.

If you look elsewhere, Figure is consistently rated very highly. Reviews on Trustpilot, for instance, give Figure a 4.7-star rating, with 90% of reviews giving the company an "Excellent" rating (as of July 18, 2021). Customers are impressed by the quick turnaround time for receiving funds, how streamlined the entire process is, and how professional Figure employees are. If you look at the negative reviews, most complaints are from those who have been denied. This, of course, has much to do with an applicant's personal financial situation and the reasons for denial can vary from person to person.

How to apply for a Figure loan

If you want to apply for a Figure HELOC, you'll be happy to hear that Figure's application process is 100% online, so there's usually no need for visiting banks or title companies in person. Figure uses an eNotary to verify your identity and you will also be able to sign your documents with an e-signature. Depending on where you live, though, you may need to have your documents signed by an in-person notary, as some counties don't accept an eNotary.

If you are ready to apply for a Figure loan, make sure you have your personal information on hand. This includes your driver's license and date of birth. Figure will also ask you to connect any accounts you want used to calculate and verify your income. These accounts can include retirement and brokerage accounts. The calculation of your debt-to-income ratio is a normal part of just about any loan application.

FAQs

How long does it take to get approved for a Figure loan?

Most applicants can complete the application in 5 minutes and will receive approval immediately. All steps must be completed in 14 days, or you'll have to restart your application.

Can I pay back a Figure loan early without penalty?

Yes, you may pay back a Figure mortgage refinance loan at any time without incurring any prepayment penalties.

What's the difference between a home equity loan and a HELOC?

A home equity loan and a home equity line of credit are two different financial products that allow you to borrow against the value of your home. Although home equity loans allow you to borrow a large sum all at once, HELOCs work more like credit cards, making it easy to borrow only what you need.

Both types of credit will have some sort of monthly payment, but a home equity loan will have a fixed payment, whereas a HELOC's monthly payment will depend on your spending.

What kind of properties are eligible for a Figure loan?

Figure Lending currently only deals in single-family residences, townhouses, duplexes, planned urban developments, and most condos. Secondary residences are eligible. Co-ops, commercially zoned real estate, timeshares, and other specific types of properties are not eligible. Check out their website for a complete list. In addition, only individuals, joint borrowers, or homeownership through revocable trusts will be considered. LLCs and other ownership types are not currently eligible for Figure loans.

Bottom line

Figure provides consumers a new, streamlined alternative for HELOCs and mortgage refinancing, with more products likely on the way. While the company is new, it's generally highly rated. Ultimately, Figure gives consumers more financial options, and more options means a better chance of finding the best fit for you.

Despite all of this, Figure might not be for everyone. In that case, there are still plenty of loan products to consider that could work for you. At the end of the day, you have to choose what is best for you and your personal finance situation.