Figure's Home Equity Line
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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

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 $20,000 - $400,000
Maximum LTV 85%
APR  (Fixed APR) 7.90% - 16.10%
(Verified 11/29/2023)

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 are available in 43 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 $400,000. 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 85% for qualified borrowers. That means the total debt secured by the property cannot exceed 85% 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 $65k.

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 as low as 7.90% and up to 16.10%. 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 in as few as 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:

Figure Lending LLC dba Figure. 15720 Brixham Hill Avenue, Suite 300, Charlotte, NC 28277. (888) 819-6388. NMLS ID 1717824. For licensing information go to

Figure Home Equity Line is available in AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, UT, VA, VT, WA, WI, WY.

This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.

†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.

1. Figure loan amounts range from a minimum of $20,000 to a maximum of $400,000. For properties located in AK, the minimum loan amount is $25,001. Your maximum loan amount may be lower than $400,000, and will ultimately depend on your home value and equity at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models.

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 recording fees and taxes, which vary by county, as well as a subordination fee if you ever ask Figure to voluntarily change lien position.

3. *Available APRs range from 8.65% to 16.80%. The advertised APR includes a 0.25% discount for enrolling in autopay as well as 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. As representative example, for a borrower with a 60% CLTV and a 740 credit score who is eligible for and chooses to pay a 4.99% origination fee in exchange for a reduced APR on a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 9.95%. The total loan amount would be $54,975. Alternatively, a borrower with the same credit profile who pays a 3.99% origination fee would have an APR of 10.25% and a total loan amount of $55,125. 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. 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.

4. 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. 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.

Figure offers loans on single-home residences, townhouses, planned urban developments (PUDs), and most condos. The following properties are not eligible: co-ops, commercially zoned real estate, multifamily (2+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed-use properties.

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Message From Figure

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 43 states and Washington, D.C.
  • Alabama
  • Alaska
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Connecticut
  • Florida
  • Georgia
  • Idaho
  • Illinois
  • Indiana
  • Iowa
  • 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 Carolina
  • South Dakota
  • Tennessee
  • Utah
  • Vermont
  • Virginia
  • Washington
  • Washington, DC
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee
(Verified 11/29/2023)
Origination Fee (%) Up to 4.99%
Credit Score Range 640 - 850
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Self-Employed
  • Retired
  • Other
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Intended Use
  • 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)
  • Payroll Check or Prepaid Card
  • Cash
  • 1099 Misc. Income
  • Tax Returns
Verification Documents Required
  • Driver License (or other photo ID)
  • Proof of Income
  • Proof of Identity
  • Proof of Residence
  • Proof of Insurance
  • Government Issued Photo ID
  • Recent Bank Statements
  • Social Security Number
Maximum LTV 85%
Minimum Draw Starting at $500
Draw Period 5 years
Funding Time Range 5 - 7 days
Repayment Period 25 years
APR Type Fixed APR
Loan Term 5 - 30 years
Loan Amount $20,000 - $400,000
APR (Fixed APR) 7.90% - 16.10%
(Verified 11/29/2023)

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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