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Figure: 2024 Home Equity Review

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At a glance

NMLS: 1717824

Bankrate Score
Rating: 4.3 stars out of 5
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Bankrate Score

Customer Rating
Rating: 2.6 stars out of 5

5 ratings


Loan amount


Credit Good

Min. credit score required

640 (680 if on a second home)


Repayment terms

5 years to 30 years

Funds available in

5 days


  • You can apply for a HELOC entirely online, get approved in as few as five minutes, and receive your money in as little as five days.
  • No in-person appraisal is required and there are no annual fees, account opening fees, late fees or prepayment penalties. (However, Figure does charge an origination fee of up to 4.99 percent of your initial draw.)


  • When you receive your HELOC, you’ll be required to draw the entire loan amount, and you can make additional draws as you pay off the initial amount. (Most other HELOC lenders allow you to draw only what you need, when you need it, potentially reducing interest costs.)
  • Figure’s HELOC is capped at $400,000, which is lower compared to some other lenders.

Home equity loan products offered

Figure offers fixed-rate home equity lines of credit (HELOCs) between $15,000 and $400,000 with repayment terms of five, 10, 15 or 30 years. They’re available to qualified borrowers in the majority of U.S. states.

Unlike most other HELOCs, Figure offers fixed rates, meaning each draw has a fixed interest rate based on the prime rate at the time of the draw. Because of this, different draws have different rates, but the rate you lock in with each draw will not change over the repayment period.

Once approved, you’ll receive the initial draw amount in as little as five days. As you repay the initial draw amount, you can make additional draws from $500 up to 100 percent of the initial draw amount plus the origination fee. You can make these additional draws for two years to five years after you open the line of credit, depending on the length of your repayment term.

Types of fees charged

Figure charges an origination fee that can cost up to 4.99 percent of your initial draw amount, depending on your location. You might also be responsible for recording fees. However, you don’t need to worry about appraisal fees, annual fees, late fees or a prepayment penalty.

If you’re looking for ways to lower your monthly payment, you can sign up for autopay for a 0.25 percent rate discount. You can also opt into a credit union membership for an additional 0.30 percent discount. Figure currently has partnerships with Quorum Federal Credit Union, Teachers Federal Credit Union and Valley Strong Credit Union.

How to qualify for a HELOC with Figure

You need a credit score of at least 640 to be eligible for a HELOC from Figure (or at least 680 if you’re tying the line of credit to an investment property or second home). If you have a higher credit score, you’ll have access to a larger line.

For a first or second lien HELOC on a primary, owner-occupied home, the CLTV ratio (combined loan-to-value ratio) caps range depending on your FICO credit score:

  • 640-659 credit score: Up to 75 percent of home equity
  • 660-699 credit score: Up to 85 percent of home equity
  • 700-850 credit score: Up to 90 percent of home equity

For third liens on a primary residence, the CLTV ratio cap is 70 percent for those with FICO scores between 640 and 850.

If you’re unsure if you qualify, Figure can prequalify you without impacting your credit score.

How to apply with Figure

You can apply for a HELOC with Figure online or by phone at 888-819-6388. Home equity application support is available Monday through Sunday from 9 a.m. to 8 p.m. ET, except on major national holidays. You can also email the company at

Figure Home Equity FHE Visuals

Images courtesy of Figure Lending as of 1/24/2024.

How Bankrate scored Figure

Affordability 9.6/10
Availability 8.6/10
Borrower experience 7.3/10

Figure customer ratings and reviews


NMLS: 1717824


Rating: 2.6 stars out of 5

5 ratings


This lender has 5 recent reviews.

Rating: 2.6 stars out of 5
Level of service
Rating: 2.6 stars out of 5
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Rating: 2.6 stars out of 5
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40% of customers would recommend this lender.

of 5 reviews

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