Figure Mortgage Refinance

Figure Mortgage Refinance Review

Figure Mortgage Refinance is offered by Figure Lending LLC (NMLS #1717824), a direct lender founded in 2018 and based in Reno, NV. Figure mortgage are available in 33 states across the USA.

Key Takeaways

• No-closing-cost mortgages available. This option allows you to include the closing costs into the new loan, so you don't pay for these expenses upfront.
• Origination fee of 2%. This is on the low end for lenders that charge an origination fee. However, some lenders don't charge an origination fee.
• Instant online preapprovals. Find out how much you can borrow and what your interest rate will be.
• Specializes in single-family homes. Only offers mortgages for single-family homes, but not for multi-family properties or manufactured homes.
• Standard interest rates types. Figure Mortgage Refinance only offers fixed-rate mortgages.
• Primary and secondary homes considered. Investment homes, such as rental properties, do not qualify for refinancing. However, Figure Mortgage Refinance does offer refinancing for primary and secondary homes (e.g. vacation properties).
• Fast process. In some cases you can refinance your mortgage loan within 4 business days.
• Maximum LTV. Figure Mortgage Refinance has a maximum loan to value ratio of 75%.
• Fair credit accepted. Borrowers with a credit score as low as 620 may qualify for Figure Mortgage Refinance.
• Maximum DTI ratio. Figure Mortgage Refinance has a maximum debt-to-income ratio of 43%. Your DTI is calculated by dividing your monthly debts (including your proposed mortgage payment) by you monthly income and multiplying by 100.

Figure Mortgage Refinance Pros & Cons

Figure Mortgage Refinance FAQ

What range of mortgage balances will Figure mortgage refinance?

Mortgage refinancing loans start at $100,000 and go up to $1,500,000

What is the maximum loan term for a mortgage refinance via Figure mortgage?

The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Figure Mortgage Refinance offers 30-year mortgage refinancing loans.

How long does Figure mortgage take to refinance?

Generally, it takes Figure mortgage around 4 day to complete a refinance. Of course, this is just an estimate. The exact time will vary depending on the lender and the market.

Does Figure mortgage charge a mortgage origination fee?

Yes, Figure Mortgage Refinance will charge a loan origination fee of 2% of the loan amount.