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Figure Home Equity Line

in Home Equity Lines of Credit from Figure Lending LLC

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Figure Home Equity Line

Unaffiliated

in Home Equity Lines of Credit from Figure Lending LLC

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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% - 13.74%
Maximum LTV 95%

Figure Home Equity Line Review

Where does Figure Home Equity Line do business?

Figure Lending LLC is based in San Francisco, CA. The company was founded in 2018 and offers home equity lines of credit (HELOCs) to borrowers 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 4.99% and up to 13.74%.

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.

FIGURE HOME EQUITY LINE Disclosure: 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. 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
  •   650 California St
    Suite 2700
    San Francisco, CA 94108
  •   Visit Site

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.

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

About Figure Home Equity Line

Availability

Alaska Alabama Arkansas Arizona California Colorado Connecticut Washington, D.C. Delaware Florida Georgia Hawaii Iowa Idaho Illinois Indiana Kansas Kentucky Louisiana Massachusetts Maryland Maine Michigan Minnesota Missouri Mississippi Montana North Carolina North Dakota Nebraska New Hampshire New Jersey New Mexico Nevada New York Ohio Oklahoma Oregon Pennsylvania Rhode Island South Carolina South Dakota Tennessee Texas Utah Virginia Vermont Washington Wisconsin West Virginia Wyoming
  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 1% - 4.99%
Minimum Age 18
Credit Score Range 600 - 850
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Maximum LTV 95%
Military Status
  • Active Duty Military
  • Military Dependent
  • Non-Military
  • Veterans
Supported Income Types
  • 1099 Misc. Income
  • Cash
  • Direct Deposit (W2, SSA, SSDI)
  • Payroll Check or Prepaid Card
  • Tax Returns
Joint Loan Applications Accepted
  • Co-borrower
  • Cosigner
  • Individual Applications
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)
Minimum Draw $500
Funding Time Range (in days) 4 - 7
Draw Period 5
Repayment Period 25
Loan Amount $15K - $150K
Loan Term 5 - 30 years
APR (Fixed APR) 4.99% - 13.74%

Figure Home Equity Line Community Reviews

 

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