SuperMoney 

Figure

in Home Equity Loans

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Figure

Claimed

in Home Equity Loans

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Overview

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 30 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 5.49% 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.
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Contact

  • Headquarters
  •   650 California St
    Suite 2700
    San Fransisco, CA 94108 USA
  •   Visit Site

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.

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 30 states
  • Alabama
  • Arizona
  • Arkansas
  • California
  • Colorado
  • Florida
  • Idaho
  • Illinois
  • Indiana
  • Kansas
  • Maine
  • Maryland
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • Nebraska
  • New Hampshire
  • New Jersey
  • North Dakota
  • Ohio
  • Oklahoma
  • Oregon
  • Rhode Island
  • South Dakota
  • Tennessee
  • Washington
  • Wisconsin
  • Wyoming

Feature Breakdown

No Prepayment Fee  
Origination Fee 1% - 3%
Minimum Age 18
Credit Score Range 680 - 850
850 300 680
Immigration Status Considered
  • U.S. Citizen
  • U.S. Permanent Resident
Employment Statuses Considered
  • Employed Full-Time
  • Employed Part-Time
  • Other
  • Retired
  • Self-Employed
Intended Use
  • Investment
  • Primary Home
  • Secondary Home
Maximum LTV 80%
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
  • 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
Approval Speed (Hours) 24
Loan Amount $15K - $100K
Loan Term (Years) 5 - 15
APR (Fixed APR) 5.49% - 11.25%

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