Figure home equity loan reviews frequently highlight the company’s tech-forward approach, streamlined application process, and fast access to funding. As a result, the company earns a solid ranking in our overview of the best home equity loan providers.
The Consumer Financial Protection Bureau states that Americans have over $35 trillion in home equity wealth. However, it’s not easy to access without making a significant financial commitment.
Figure offers a refreshing alternative to traditional bank borrowing, using automation and AI-backed verification to speed up qualifying decisions and provide funding faster than most of its competitors.
Whether you’re planning a renovation, consolidating debt, or simply looking to access as much of your available home equity as possible without refinancing, Figure’s home equity line of credit (HELOC) offers a flexible, fixed-rate option worth exploring.
Pros
Fast online approval process with funding in as little as five business days
Fixed-rate options are available for initial draw and additional draws
No in-person appraisal required in most cases
Transparent rates and terms disclosed up front
No hidden additional fees
Cons
Only offers HELOCs, not traditional home equity loans
Not available in Hawaii, New York, Utah, or West Virginia
Requires a minimum draw amount on initial disbursement equal to your borrowing limit
Limited loan term flexibility compared to some banks
Figure Home Equity Loan Features and Benefits
Figure offers a single home equity borrowing product that features a fixed-rate home equity line of credit that behaves like a hybrid between a HELOC and a home equity loan. Borrowers receive an initial lump-sum disbursement, then can make additional draws during the draw period, each with its own fixed rate and term.
The entire application process takes place online, and most customers report fast approvals and simplified documentation. With a maximum loan-to-value ratio (LTV) of 85% and term lengths up to 30 years, Figure is best for homeowners seeking speed and convenience without sacrificing borrowing power.
- Fully online application, signing, and document submission
- Fixed-rate advances on both initial and additional draws
- No in-person appraisal required
- Pre-qualify with a soft credit check
- Funds available in as few as five business days
- Loan terms available up to 30 years
- Borrow up to 85% of your home’s available equity
- Available in 46 states and D.C.
- Transparent fee structure
Figure Home Equity Loan Reviews: Editorial Rating
Trusted Company Reviews Rating Score for Figure: 8.5 / 10
We awarded Figure an 8.5 rating for its speed, easy online use, transparency, and fixed-rate HELOC availability. Figure’s tech-based approach simplifies what is traditionally a paperwork-heavy and potentially slow-moving process. Its streamlined application process and fast funding make it a solid choice for borrowers who prioritize convenience.
However, we deducted points for its lack of a traditional home equity loan product and limited customization options. Availability gaps in a few states and the absence of physical branches may also turn off customers who prefer face-to-face interaction or broader servicing options.
| Loan Amount Range | Minimum Credit Score | Term Lengths |
| $15,000 to $400,000 | 640 | 5, 10, 15, or 30 years |
What We Like
Figure delivers one of the most efficient digital borrowing experiences in the home equity industry. For homeowners looking for speed, fixed-rate predictability, and online convenience, Figure is one of the best providers.
- Pre-qualification with soft pull and no impact on credit
- Speedy application-to-funding timeline
- Allows additional draws with new fixed-rate terms
What We Don’t Like
While Figure offers an impressive HELOC product, its lack of a standard home equity loan and limited physical presence could be dealbreakers for some borrowers.
- Not available in all 50 states
- No option for in-person service
- Draws after the initial amount may have a higher APR
Author Notes – Personal Experience with Figure HELOC
Recently, before writing this article, I used Figure to obtain a home equity line of credit on a newly purchased property. With excellent credit, I qualified for the full 85% of the equity in the property.
Figure’s application and funding process were as advertised. I was able to obtain an online home appraisal, prequalify, fill out the formal application, submit documents, and even sign them using the company’s online notary service without leaving my house.
Overall, the process required me to sign on to the company’s website no more than three times. I received funding, deposited directly into my personal bank account, within five days, as advertised.
While my origination fee was well below 5%, and my initial interest rate was acceptable, I felt it was a little high for my credit history. However, it was a decent trade-off for the convenience and funding speed. I accepted the loan offer.
The only downside is that if I choose to take additional draws in the future, my interest rate on the drawn amount will be nearly double my initial rate.
About Figure Home Equity Loan
Figure Technologies, Inc. was launched in 2018 and quickly became one of the leading fintech companies offering online lending solutions. Its home equity line of credit is its flagship product and combines simplicity, transparency, and speed.
Rather than functioning like a bank, Figure uses technology to reduce paperwork, eliminate redundant documentation, and automate verifications. This provides a faster and more accessible borrowing experience for homeowners with good credit who want to tap into their home equity.
Figure Home Equity Loan Terms and Conditions
Figure’s HELOC is a fixed-rate product. Borrowers receive an initial draw at a fixed rate and can take additional draws during the draw period. Subsequent draws will each have their own rate and term.
Loan amounts range from $15,000 to $400,000, depending on location, credit, and equity. The maximum loan-to-value ratio, or amount you can borrow, is 85% of your home’s equity.
.
Loan terms are available in 5-, 10-, 15-, and 30-year options. There are no application or early repayment fees. However, an origination fee will likely apply. Most applicants won’t need a physical home appraisal, and everything is handled online. The initial draw must meet a minimum threshold, which varies by state.
Figure Home Equity Loan Requirements
To qualify for a Figure home equity line, borrowers must own a single-family primary residence in an eligible state and have at least 15% equity in their home. The minimum credit score requirement is 640.
Figure also considers debt-to-income ratio and existing mortgage obligations when evaluating applicants. You must provide documentation, usually submitted online, to verify identity, income, and homeownership. The process includes a soft credit check for pre-qualification and a hard pull when you submit a formal application.
How to Apply for a Home Equity Loan From Figure
Applying for a Figure HELOC is simple and entirely online. Start by visiting Figure’s website to check your eligibility and get pre-qualified. The soft credit check won’t affect your credit score. Once pre-qualified, you’ll formally apply, upload supporting documents like proof of income and home insurance, and digitally sign disclosures and agreements.
Figure’s automated platform verifies your information, sometimes using alternative data sources instead of an in-person appraisal. Once you’re approved, you can finalize your loan and receive funds in as few as five business days.
Figure Home Equity Loans Reviews From Consumers
Figure home equity loan reviews from consumers are generally positive. Many customers cite the fast application process, helpful customer service, and user-friendly digital interface as the reasons behind awarding high marks. Borrowers appreciate being able to complete everything online without needing to schedule appraisals or bank appointments.
Some negative reviews mention state availability restrictions and confusion about the required initial draw amounts. However, these issues are typically tied to individual expectations rather than widespread flaws. Overall, borrowers seeking speed and convenience tend to rate Figure highly.
Figure vs Rocket Mortgage Home Equity Loan
Our Rocket Mortgage Review highlights an online lender offering a slightly more traditional lending experience. The provider is currently more widely recognized than Figure. In direct comparison, Rocket Mortgage has broader loan product offerings. It provides both home equity loans and HELOCs, including options for borrowers with slightly lower credit scores. However, Rocket Mortgage’s process can be more document-intensive and slower to fund.
Figure focuses on borrowing simplicity. If you want fast access to your funds and minimal paperwork, Figure wins. But if you need a lump-sum home equity loan or prefer a hybrid online and offline approach, Rocket Mortgage may be a better fit.
| Figure | Rocket Mortgage | |
| Online Application? | Yes | Yes |
| Home Equity Loans (HELOCs) | Yes | Yes |
| Minimum Credit Score | 640 | 640 |
| Physical Branches? | No | No |
| Maximum Equity Amount | $400,000 | $500,000 |
Figure Home Equity Loan Alternatives
If Figure’s HELOC isn’t quite right for your needs, several excellent alternatives are available. Whether you’re looking for a traditional home equity loan, an online-only experience, or broader loan term flexibility, the following companies, all found in our review of the best home equity loan providers, offer strong lending solutions with different strengths to meet your needs:
Frequently Asked Questions
How much is the monthly payment on a $50000 home equity line of credit?
Does having a home equity loan hurt your credit?
Source
Logo image source: figure.com
Deane Biermeier is a certified financial educator through the University of Minnesota and a respected authority in financial research, writing, and editing, renowned for his in-depth analyses and expert advice. With a distinguished career that previously spanned home improvement, real estate, and finance topics, Deane's role at Trusted Company Reviews focuses exclusively on finance.
Deane has contributed to leading publications such as Forbes Home, US News and World Report, Newsweek Vault, and others.
Since joining TrustedCompanyReviews.com in 2023, he has solidified his reputation as a crucial resource for clear, factual financial guidance.
Deane Biermeier
Last Updated: July 15, 2025
Editorial Reviews
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