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Where does Figure do business?
Figure is a direct lender based in San Fransisco, CA. The company was founded in 2018 and offers home equity loans to borrowers in 31 states across the USA.
How much can you borrow with a Figure home equity loan?
A home equity loan allows homeowners to borrow money using their home as collateral (similar to a mortgage). Loan amounts vary depending on the value of the home minus the balance of any mortgages or liens on the property.
Figure allows borrowers to apply for home equity loans of up to $100,000. The actual maximum loan amount will vary depending on the value of the property, how much you owe on it, and your creditworthiness.
What are the home equity loan requirements of Figure
This lender's maximum loan to value rate is 80%. 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 good credit, you may qualify for a line of credit of up to $60k.
What home equity loan rates does Figure offer?Figure offers home equity loans with a fixed APR that ranges from 4.99% up to 11.25%
Remember the APRs of home equity loans do not include points and financing charges, just the interest rate.
What is the estimated funding time for a home loan via Figure?Figure will typically approve (or deny) a home equity loan application within 24 hours and fund home equity loans within 4 and 7 days of approval.
What fees does Figure charge for a home equity loan?Figure may charge a loan origination fee of 1% to 3% of the loan amount.
What types of property can you use as security for a home equity loan with Figure?
Lenders often have restrictions on the type of properties they will accept as security for a home equity loan. Figure will consider loans secured by the following property types:
- Primary home.
- Secondary homes and vacation properties.
- Investment properties and house flipping projects.
650 California St
San Fransisco, CA 94108 USA
- Visit Site
Message from Figure
- New Hampshire
- New Jersey
- New Mexico
- North Dakota
- Rhode Island
- South Dakota
|No Prepayment Fee|
|Origination Fee||1% - 3%|
|Credit Score Range||
680 - 850
850 300 680
|Immigration Status Considered||
|Employment Statuses Considered||
|Supported Income Types||
|Joint Loan Applications Accepted||
|Verification Documents Required||
|Funding Time Range (in days)||4 - 7|
|Approval Speed (Hours)||24|
|Loan Amount||$15K - $100K|
|Loan Term (Years)||5 - 15|
|APR (Fixed APR)||4.99% - 11.25%|