Figure Home Equity Line Review

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

How much can you borrow with a HELOC?

Home equity lines of credit are lines of credit -- similar to a credit card -- that are secured by your home. Once you get approved for a certain amount, you can borrow as much as you need by writing a check or a credit card attached to the account.

Figure 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 95% for qualified borrowers. That means the total debt secured by the property cannot exceed 95% 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 $75k.

What are the terms for a HELOC via Figure Home Equity Line?

HELOCs have a draw and a repayment period. During the draw period you can borrow as much as you need up to your credit limit. After the draw period, you are responsible for repaying the loan. 

Figure 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 Home Equity Line offer?

Figure Home Equity Line offers APRs starting at 4.75% and up to 14.25%.

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.

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

Figure Home Equity Line will typically fund home equity lines of credit within 4 and 7 days of approval.

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

Figure Home Equity Line may charge a loan origination fee of 1% to 4.99% of the loan amount.

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

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

• Primary home
• Secondary homes and vacation properties