Figure: 2026 Home Equity Review

How Bankrate scored Figure

Affordability: 5 stars

• APR: If you have excellent credit, Figure’s APR range will be very appealing: The company offers rates as low as 6.25%,lower than national average HELOC rates at the time of this writing. However, if you have less-than-perfect credit, be mindful of the company’s higher APRs, which stretch up to more than 15%.
• Fees: Figure’s origination fee can be as high as 4.99%, to a maximum of $12,000. On a $200,000 HELOC, for example, that adds up to $9,980. Since some other home equity lenders promise zero closing costs, Figure falls a bit short in this category. However, the company’s ability to use an automated valuation model for calculating property values makes up for it: Most borrowers won’t need to pay an appraisal fee.
• Discounts: Figure offers the ability to save 0.25% on your rate for enrolling in auto pay and another 0.15% discount for members of certain credit unions. The credit unions that currently qualify for additional savings include Quorum Federal Credit Union, Teachers Federal Credit Union, Valley Strong Credit Union and All In Credit Union.

Because of Figure’s low rates and its rate discount offers, the company receives a perfect score for affordability.

Availability: 4.7 stars

• Licensing: Figure is licensed to offer its HELOCs throughout most of the U.S. 
• Credit score: Figure requires a minimum credit score of 600 for most borrowers. Your credit score must be at least 680 if you’re tying the line of credit to an investment property or second home. Most property types are eligible, although you won’t be able to take out a HELOC against some types of properties, including co-ops, multifamily buildings of five or more units or manufactured homes.
  If you’re unsure about your eligibility, Figure can prequalify you without impacting your credit score.
• Loan minimum: In most locations, Figure will approve a loan as small as $15,000, which is lower than many other home equity lenders. Minimums are higher in Alaska and Texas.
• Draw requirement: While Figure labels its product a HELOC, the company requires borrowers to draw the full amount upfront. That’s a major downside since Figure bases its origination fee on that initial sum of money.

Because Figure is available in most of the country, accepts credit scores below 700 and originates loans as small as $15,000, the company received a 4.7 for availability.

Borrower experience: 3.9 stars

• Rate transparency: Figure buries its APR range in the fine print of its website, and you can also get a personalized quote by sharing your information and agreeing to a soft credit pull (which will not lower your credit score). The company isn’t quite as transparent when it comes to spelling out that you’ll need to draw the full amount of your credit line when you originate the loan (and pay interest on it).
• Convenience: Figure’s online experience is built for digitally-savvy users. You’ll be able to prequalify in five minutes, and if you’re located in a county that allows for e-signatures, you’ll likely be able to get your funds in just five business days.
• Customer service: You can only apply for a HELOC with Figure online. Home equity application support is available by calling 888-819-6388, Monday through Friday from 6 a.m. to 9 p.m. PT, and Saturday and Sunday from 6 a.m. and 5 p.m. PT, except on major national holidays. You can also email the company at loans@figure.com.

Figure offers a fast online prequalification process, but the lack of transparency for fees and rates, along with the lack of physical branches, knocks the company down to a 3.9 for its borrower experience.

Figure reputation

Figure boasts an impressive 4.8 out of 5 stars based on almost 4,000 Trustpilot reviews. It also is accredited by the Better Business Bureau, and receives an A+ rating. 

What Bankrate users say about Figure

“Efficient, quick and easy,” sums up most positive comments about getting a loan from Figure, especially given the “experienced and knowledgeable officers to guide you through the process.” A few did grouse about lack of follow-up and “way too many convoluted hoops to jump through.” Another commented they were able to access less in funding compared with other lenders. 

• Methodology

  To determine a home equity lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability: Annual percentage rate (APR) - 80%; introductory APR - 20%
  • Availability: Licensing - 50%; credit score - 20%; loan minimum - 10%; draw requirement - 10%; loan products - 10% 
  • Borrower experience: Rate transparency - 35%; convenience - 35%; customer service - 20%; fixed-rate options - 10%

  Learn more about our methodology.