Frequently asked questions
We want to ensure you have the info you need. We’ve answered the most common questions about Figure here, but please reach out if we can help.
Will checking my rate impact my credit?
Checking your pre-qualified offers from Figure won’t impact your credit score. It generates what is called a soft inquiry. You may see a soft inquiry on your credit report, but it’s only visible to you, not to other creditors or users of your credit report. However, submitting your application will result in a hard inquiry and may affect your credit score.
What if I don’t have a camera on my device?
You are required to have a camera in order to complete the video session with a Figure eNotary. If you do not have a camera on your desktop or laptop computer, you may need to use your mobile device to complete the loan process.
I entered in my information incorrectly. Can I change it?
Why do I pay a higher interest rate if I do not sign up for AutoPay?
AutoPay allows your monthly payment to be automatically deducted from your payment account. We give a discount to customers that opt in to AutoPay.
Why do I have to connect my accounts?
We use connected accounts to verify your income and set up your loan for disbursement. At minimum, you need to connect at least one checking account. If you opt in to AutoPay, the same account will be used for your monthly payment.
What accounts do I need to connect?
You should connect all accounts in which you receive or maintain your income. Once you connect your first account, you will be given the option to add additional institutions.
How long will it take to connect my accounts?
Connecting an account may take up to a minute. We will alert you once it is complete.
What are qualified assets?
Figure accepts Retirement, 401k, IRA, Roth, Savings, Brokerage, Money Market and CD accounts.
How do you verify my income?
We analyze inflow in your connected accounts to verify your stated income. We can perform this analysis through connected bank accounts, qualified asset accounts, tax returns and/or paystubs. All sources must be connected during the application process.
What happens if my verified income is less than my stated income?
If we identify a variance in your stated income compared to verified income, we will let you know. You will have the option to connect to additional accounts, provide additional information (e.g. pay stubs and tax returns), or select a lower loan amount based on your verified income. In some cases, we will decline your application if your verified income does not qualify for a loan.
What do I do if my ID is expired?
In order to complete your application, you are required to have an unexpired ID. We accept US Driver’s License, US State IDs and US Passports.
What is an additional signer?
An additional signer is anyone, such as a spouse in certain states, additional person on title, or additional trustee, whose signature is required on the mortgage or deed of trust.
If there is more than one person on the title of my home, does everyone on the title need to be on the loan?
Figure only allows one owner to apply and sign for the loan; however, additional owners on title will be required to sign the mortgage document.
How long do I have to wait to get a loan?
Most applicants can complete the application in 5 minutes. Once the full loan process is complete, the loan is typically funded within 5 days.
How long does it take to get approved for a loan?
Most applicants can complete the application in 5 minutes and will receive approval immediately.
How long do I have to complete the loan process?
All steps in our loan process must be completed in 14 days. Otherwise, you will be required to restart your application.
How can I cancel my application?
Why was my application declined?
Figure evaluates your application based on a number of factors, including credit and property data. If you are declined, you did not meet one or more of our requirements. For the specific decline reasons, please refer to your Adverse Action Notice.
Why was I declined after receiving an offer in the mail?
When you apply after receiving an offer in the mail, we request updated credit and property information. Figure will use this information to evaluate your application based on our criteria. If new data is available, you may not qualify for the same offer you received in the mail.
Can I apply again after a decline?
Yes, your credit history and property value may change over time. If you were declined, you are welcome to apply again.
If I was declined because my property was ineligible, can I try another property that I own?
Yes, we evaluate each application based on the applicant and property selected for financing. You are welcome to reapply with an eligible property type.
If my property was eligible, but I was declined because of my credit, can another owner of the property apply?
Yes, we evaluate each application based on the applicant and property selected for financing. Another owner of your property is welcome to apply.