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


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

Net Recommendation Score +100


This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.


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Loan Amount $15,000 - $150,000
APR  (Fixed APR) 3.49% - 12.5%
Maximum LTV 100%

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 41 states (and Washington, DC).

Figure's Home Equity Line FAQ

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 100% for qualified borrowers. That means the total debt secured by the property cannot exceed 100% 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 $80k.

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 5 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 3.49% 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 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.
  • Secondary homes and vacation properties

Figure's Home Equity Line Disclosure:

1. Figure’s APRs start at 3.49% 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 3.49% 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.

4. The 100% CLTV option has a minimum credit score of 680, a 5-year term only, and a maximum loan amount of $50,000. All other term options options have an 80% CLTV.

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Message From Figure's Home Equity Line

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.

Message From Our Editor

Figure is a San Francisco-based financial technology company led by co-founder and CEO Mike Cagney. You may recognize Cagney's name as he was the former co-founder and CEO of SoFi.

Cagney launched Figure in stealth mode at the beginning of this year, leaving many people wondering what it was up to. Well, the cat is out of the bag.

The company released a fast, easy, and transparent home equity line product. Let's take a look at the specifics.

Figure Home Equity Line

Over the past decade, the origination processes for many types of loans have undergone optimization (personal loans, business loans, auto loans, etc.).

However, home equity lines of credit have largely been left behind. They usually take about 45 days to process, are paperwork-heavy, and involve expensive fees.

Figure offers a new and better way. The company uses artificial intelligence and blockchain technology to digitize the home equity line of credit process.

How do you apply?

You can apply online by filling out a one-page form that asks for details such as property type, address, and income. It takes just a few minutes to complete.

Once you apply, Figure runs a soft credit check along with an automated property valuation. Within minutes, you can find out if you qualify and the interest rate you can get.

If you like the offer and want to take the loan, the next step is a virtual meeting with an eNotary from Figure. During the meeting, the notary will verify your identity and collect your electronic signature.

The time-to-funding is five to seven days—a huge improvement from the usual 45-day process.

This offering is currently available in 25 states but should reach the rest of the U.S. by the end of the year.

Figure Home Equity Line highlights

  • Flexible loan amounts and terms.
  • Fixed interest rates.
  • Competitive origination fees.
  • No prepayment or ongoing maintenance fees.
  • Combined loan-to-value ratio (CLTV) up to 80%.
  • Same-day approval.
  • Funding within five to seven days.
  • Discount with AutoPay.
  • ACH payments only.
  • Additional draw options available.
  • Online account management via the website and mobile app.

Who can qualify for a Figure Home Equity Line?

The basic eligibility requirements include, but are not limited to, the following.

Personal qualification requirements

  • A camera on your smartphone, desktop computer, or laptop (so you can undergo the video meeting the eNotary from Figure).
  • A valid passport, state ID, or U.S. driver's license.
  • Active bank account.
  • Good credit score (~680 and above)

Home qualification requirements 

  • Single-family residences and townhouses.
  • A private home, second home, or investment property.
  • Your name must appear on county records as the owner of the property.
  • The property can be held solely, jointly, by an LLC, or by a revocable trust.
  • Hazard insurance.
  • Flood insurance in flood zone V or A.

Eligibility requirements exist for both the homeowner and the home. If two people own the house and one doesn't qualify due to their credit, the other can apply independently. 

Figure Home Equity Line frequently asked questions

How is your home's value determined?

An Automated Valuation Model (AVM) is used to assess a property's value. It considers public data records, sales of recent properties, historical price trends in the housing market, and more.

How does the draw work?

You'll receive the full amount of your loan when you get approved. As it is paid back, you can draw from your credit limit again. Draws have to be at least $500 and no more than 10% of the loan amount (or the amount available of your credit line).

The draws are available for two years from the date of the loan origination. If the loan is paid off early, you can take an additional draw during the 12 months following the payoff.

How does Figure's eNotary work?

An eNotary from Figure will connect with you through an audio-enabled video session. You'll confirm your identity using the form of identification that you provided with your application.

You'll need to answer a set of knowledge-based authentication questions. Once you pass the security check, you'll review the mortgage document and e-sign it.

The eNotary will then notarize the document. This process takes just a few minutes. If there are multiple signers, each person will have their own session with the eNotary.

Figure Home Equity Line online application process

Now, let's take a look at the online application process.

  • Visit Figure Home Equity Line's website and click "Find my rate."
  • Enter your property address, property type, financing purpose, and legal name.
  • Provide your date of birth, annual household income, and email. Read and agree to the terms of use, privacy policy, and electronic communications policy.
  • Click the "I agree" button. You will receive a prequalified offer or a denial. Note, the process doesn't impact your credit score.

Figure typically funds the loan within five days after completing the underwriting process successfully. Further, the entire process must be completed within seven days.


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


  Available in 41 states and Washington, D.C.
  • Alaska
  • Alabama
  • Arkansas
  • Arizona
  • California
  • Colorado
  • Connecticut
  • Washington, DC
  • Florida
  • Georgia
  • Iowa
  • Idaho
  • Illinois
  • Indiana
  • 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

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
  • Secondary Home
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
Military Status
  • Active Duty Military
  • Non-Military
  • Veterans
  • Military Dependent
Minimum Age 18
Supported Income Types
  • Direct Deposit (W2, SSA, SSDI)
  • Cash
  • Payroll Check or Prepaid Card
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Proof of Insurance
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
  • Driver License (or other photo ID)
Maximum LTV 100%
Minimum Draw Starting at $500
Draw Period 5 years
Funding Time Range 5 - 7 days
Repayment Period 25 years
Loan Term 5 years
Loan Amount $15,000 - $150,000
APR (Fixed APR) 3.49% - 12.5%
Terms 5, 10, 15 and 30 years

Figure's Home Equity Line Community Reviews


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This product is strongly recommended by SuperMoney users with a score of +100, equating to 5 on a 5 point rating scale.


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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