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Figure's Home Equity Line

in Home Equity Lines of Credit from Figure Lending LLC · NMLS ID #1717824

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Figure's Home Equity Line

Unaffiliated

in Home Equity Lines of Credit from Figure Lending LLC · NMLS ID #1717824

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Highlights
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Community Rating

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Loan Amount $15,000 - $150,000
APR  (Fixed APR) 4.99% - 12.5%
Maximum LTV 80%

Figure's Home Equity Line Review

Figure's Home Equity Line is offered by Figure Lending LLC (NMLS #1717824), a direct lender founded in 2018 and based in Reno, NV. Figure's Home Equity Line is available in 38 states (and Washington, DC).

How much can you borrow with a HELOC?

HELOCs are lines of credit that are secured by your home. Figure Lending LLC requires you to take the full draw at the time of origination. As the loan is paid off, a percentage of the original loan amount can be again available to the borrower.

Figure's Home Equity Line allows borrowers to apply for lines of credit of up to $150,000. Note that the maximum loan amount you can borrow will vary depending on the value of the property, how much you owe on it, and your creditworthiness.

This lender's maximum loan to value rate is 80% for qualified borrowers. That means the total debt secured by the property cannot exceed 80% of its value. Let's say you own a property with a current market value of $100k, but you still owe $20k on your mortgage. Your equity would be $80k. In this scenario, if you have excellent credit, you may qualify for a line of credit of up to $60k.

What are the terms for a Figure's Home Equity Line?

Unlike many HELOCs, Figure's Home Equity Line requires borrowers to take the full amount upfront. The borrower can then take additional draws once a certain amount has been repaid.

Figure's Home Equity Line offers home equity loans with terms ranging from 5 to 30 years.

Is there a minimum draw requirement?

Yes, the initial draw is required to be the entire loan amount, minus the origination fee. Additional draws have a minimum draw requirement of $500.

What range of rates does Figure's Home Equity Line offer?

Figure's Home Equity Line offers APRs starting at 4.99% and up to 12.5%.

Remember the APRs of HELOCs do not include points and financing charges, just the interest rate. Most home equity lines of credit have a variable interest rate. Fixed interest rates -- if available -- typically have higher APRs, but your monthly payments don't change over the life of the line of credit.

Rate is quoted with autopay discount*.

What is the estimated funding time for a home loan via Figure's Home Equity Line?

Figure's Home Equity Line will typically fund home equity lines of credit within 5 and 7 days of approval.

What fees does Figure's Home Equity Line charge for a HELOC?

Figure's Home Equity Line may charge a loan origination fee of up to 4.99% of the loan amount.

What types of property can you use as security for a HELOC with Figure's Home Equity Line?

Lenders often have restrictions on the type of properties they will accept as security for a HELOC. Figure's Home Equity Line will consider lines of credit secured by the following property types:

  • Primary homes.

FIGURE'S HOME EQUITY LINE Disclosure: 1Figure’s APRs start at 4.99% for the most qualified applicants and are higher for other applicants. For example, for a borrower with a CLTV of 45% and a credit score of 800, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 4.99% and a 4.99% origination fee.The total loan amount would be $52,495. 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. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. The advertised rate of 4.99% includes a combined discount of .75% for opting into a Quorum Membership (.50%) and enrolling in autopay (.25%). APRs start at 5.74% for customers that do not opt in to autopay or apply to become a Quorum member. 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. 2. The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw. 3. Five-day funding timeline assumes closing the loan with our remote online notary. 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 if the 5-day period includes a weekend or holiday. Funding in 5 days is not available for first lien loans secured by owner-occupied properties in Vermont.
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Contact

  • Headquarters
  •   100 West Liberty Street
    Suite 600
    Reno, NV 89501
  •   Visit Site

Hours of Operation

  • Sunday Closed
  • Monday 6:00am - 6:00pm
  • Tuesday 6:00am - 6:00pm
  • Wednesday 6:00am - 6:00pm
  • Thursday 6:00am - 6:00pm
  • Friday 6:00am - 6:00pm
  • Saturday 6:00am - 6:00pm

Other Services by Figure Lending LLC

Message From Figure Lending LLC

At Figure, we’re transforming home equity by creating a faster, simpler and more transparent way to meet your financial goals. Learn how to use the equity in your home to consolidate debt, pay for home improvement, or fund your goals. The process is easy, secure, and faster than ever before.

Availability

  Available in 38 states and Washington, D.C.
  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Louisiana
  • Maine
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • Nevada
  • New Hampshire
  • New Jersey
  • New Mexico
  • North Carolina
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Pennsylvania
  • Rhode Island
  • South Dakota
  • Tennessee
  • Virginia
  • Washington
  • Wisconsin
  • Wyoming

Feature Breakdown

Origination Fee (%) Up to 4.99%
Credit Score Range 640 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • Investment
  • Primary Home
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Minimum Age 18
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Verification Documents Required
  • Government Issued Photo ID
  • Proof of Identity
  • Proof of Income
  • Proof of Insurance
  • Proof of Residence
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
Maximum LTV 80%
Minimum Draw $500
Draw Period 5 years
Funding Time Range 5 - 7 days
Repayment Period 25 years
Loan Term 5 - 30 years
Loan Amount $15,000 - $150,000
APR (Fixed APR) 4.99% - 12.5%

Figure's Home Equity Line Community Reviews

 

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SUPERMONEY NET RECOMMENDATION SCORE

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Recommendation score measures the loyalty between a provider and a consumer. It's at 100% if everybody recommends the provider, and at -100% when no one recommends.

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