The listings featured on this site are from companies from which this site receives compensation. This influences where, how and in what order such listings appear on this site.
Advertising Disclosure is a free online resource that strives to offer helpful content and comparison features to our visitors. We accept advertising compensation from companies that appear on the site, which impacts the location and order in which brands (and/or their products) are presented, and also impacts the score that is assigned to it. Company listings on this page DO NOT imply endorsement. We do not feature all providers on the market. Except as expressly set forth in our Terms of Use, all representations and warranties regarding the information presented on this page are disclaimed. The information, including pricing, which appears on this site is subject to change at any time.
Figure Review
Last Updated: July 2018
Figure Review
Last Updated: July 2018
September 29, 2022 / Nadav Shemer
Figure Review
Last Updated: July 2018
September 29, 2022 / Nadav Shemer
Specializes in HELOCs
Visit Site >

Figure is a blockchain-powered fintech company offering home equity lines of credit (HELOCs) and mortgage refinancing. Through blockchain, the same technology that powers cryptocurrencies like Bitcoin and Ethereum, Figure is able to approve and close your new loan almost immediately. With HELOCs, the funds arrive in your account within 5 days – much quicker than with a traditional lender.


  • Easy, online application process
  • Quick approval and closing
  • No need to wait for an in-person appraisal

How it Works

The most noticeable thing about Figure’s automated online platform is that it’s quick… really quick. Applicants need only fill out the bare basics to get an offer, including name; contact details, property address for financing, property type, financing purpose (e.g. debt consolidation, home improvement, major purchase, or other), and a few other minor details.

Next, Figure will run a soft credit check and verify your identity and income. All you need to do is give authorization to connect all your accounts in which you receive or maintain your income. Figure’s AI/blockchain-powered technology then scans quickly through your records to assess and approve you. The whole process of connecting your accounts takes only 5-10 minutes and all your personal data is protected by bank-level security. Additionally, Figure partners with an independent third party to verify your employment. You should let your employer know that you are applying for a mortgage loan and to expect an email and/or phone call to verify your employment.

Toward the end of the process, Figure will show you your pre-qualified rates with columns for term, APR, and monthly payment. With the HELOC, Figure offers a choice of 5, 10, 15, or 30 years, with lower APRs for shorter terms and higher APRs for longer terms. With refinancing, it offers a 30-year fixed term. If you see an option you like, select it to complete the application.

At the end, you’ll be asked to verify your identity by taking a photo or uploading your ID. Next, you’ll be asked to enter details of the bank account where you’d like Figure to transfer your funds. Finally, you’ll be redirected to a video chat with an e-notary, where you’ll e-sign your loan documents and finalize your HELOC or refinancing.


  • Final approval within minutes
  • Competitive rates
  • No need for extensive paperwork


  • Not yet available in all states
  • Minimum credit score of 620

Figure’s AI-powered platform makes it easier and quicker than ever before to get approved for a home equity line of credit or mortgage refinance. By cutting down on overheads like physical branches and manual assessment of each and every application, Figure is able to pass on the savings to the customer – and it does so with very competitive rates and APRs.

Given it was only founded in 2018, Figure is still in the process of obtaining state licenses. As of May 2020, it was offering HELOCs in 38 states (plus DC) and refinancing in 32 states (excluding DC). Figure is constantly growing, so it looks like it’ll only be a matter of time before Figure starts servicing all 50 states with a wider selection of mortgages and loans.

Loan Features

Figure offers two products: home equity lines of credit (referred to as a Figure Home Equity Line) and mortgage refinancing (including cash-out refinance option).

These are the main features of the HELOC product:

  • Rates as low as 5.14% APR**
  • Lines of credit from $20,000 to $250,000 with a one-time origination fee***
  • Minimum credit score of 640 (except in Oklahoma, where it’s 720)
  • Combined loan-to-value caps vary from 70% to 95% according to your FICO Score and Figure's Lien Position.
  • Loan terms are for 5,10, and 30 Years.
  • Can be used to pay for debt consolidation, home improvement or renovation, major purchases, or other significant expenses
  • No ongoing fees, appraisal fees, late fees, or pre-payment penalties
  • Origination fee of up to 4.99% of the initial draw amount, depending which state your property is located

And these are the main features of the mortgage refinance product:

  • Single family homes and townhouses used as a primary residence qualify for a refinance. (Second homes and investment properties are not supported)
  • Maximum loan amount is $1.5 million
  • Maximum jumbo loans on cash-out refinances is $1 million
  • Minimum credit score of 640
  • Loan term is a 30-year fixed rate term
  • One-time origination fee of 2% of the loan amount
  • Cash-out option (max $500,000). Funds can be used for any purpose, including home improvement or debt consolidation

Rates and Terms

APRs are as low as 5.14% (as of September 2022) plus origination fee (The advertised rate of 5.14% APR includes a combined 0.75% discount for opting into a Credit Union Membership (0.50%) and enrolling in AutoPay (0.25%). This rate also includes the payment of a 4.99% origination fee in exchange for a reduced APR, which is not available to all applicants or in all states).

Contact Figure Lending

Applicants can get in touch with Figure via any of the following channels. Operating hours are Monday – Saturday, 6am – 6pm Pacific time.

  • Phone: 888-819-6388
  • Email:
  • address: Figure Lending LLC dba Figure 15720 Brixham Hill Ave, Suite 300 Charlotte, NC 28277


Figure presents us with a window into the future of lending and mortgages. For most of American history, the only way a person could get a mortgage or loan was through the banks or traditional lenders in what was often a tiresome and expensive application process. Recently, Fintech lenders from Silicon Valley have disrupted the industry, cutting out most of the overheads of the traditional lenders and passing on most of the savings to consumers. By leveraging technologies like AI and blockchain, Figure further streamlines the lending process, resulting in significantly reduced APRs, fees, and waiting times – and benefiting borrowers.

*For the Figure Home Equity line, approval may be granted in five minutes but is ultimately subject to verification of income and employment. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.

**The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.

*** You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying recording fees, which vary by county, as well as a subordination fee if you ever ask Figure to voluntarily change lien position.

Get started now, visit Figure
By Nadav Shemer
Nadav Shemer specializes in business, tech, and energy, with a background in financial journalism, hi-tech and startups. Nadav writes for He enjoys writing about the latest innovations in financial services and products.
Best Mortgage Loans Companies
Rocket Mortgage
Read More
Visit Site >