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.

FAQS design

Figure Home Equity Line

What type of properties are eligible?

Figure offers loans on single family residences and townhouses. The property can be a primary residence, investment property, or second home. However, co-ops, commercially zoned real estate, multifamily (5+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed use properties are not eligible.

What type of home ownerships are eligible?

Figure lends to individuals whose subject properties are held solely or jointly with others, or by revocable trusts. In order to obtain a loan from Figure, your name must appear in the county records as the owner of the property.

Do you lend to investment properties and second/vacation homes?

Yes, Figure offers loans on primary residences, second/vacation homes, and investment properties.

How do you know how much my property is worth?

Figure uses an Automated Valuation Model (AVM) to assess the value of your property. This model takes into account metrics such as recent sales of similar properties, public data records, and historical price trends in the housing market to reach an assessment of your property’s worth.

Can I apply for multiple loans with Figure?

Yes. However, the aggregate amount of the loans is subject to a limit of $150,000 per borrower and $150,000 per property depending on your credit score.

Do I need to have insurance coverage?

Figure requires hazard insurance for all properties and flood insurance for properties located in flood zone A or V. You may be required to provide proof of insurance after your loan is closed.

What can I do with a home equity line of credit?

Home equity line of credit can be used for purposes such as debt consolidation, home improvement or major purchases.

How do you calculate the equity in my home?

Equity is calculated by subtracting the total outstanding debts secured by your home from its current market value.

Is Figure Home Equity Line tax deductible?

You may be able to deduct interest paid on a home equity product if the loan is used for home improvement. You should consult a tax advisor regarding the deductibility of interest and charges.

Can I get a loan on my paid off home?

Yes, Figure offers both first and subordinate liens.

What loan amounts does Figure offer?

Figure offers loans from $15,000 up to $150,000. Minimum credit score is 6007, and the maximum Combined Loan-to-Value ratio is 95%.

What is the max amount I can borrow from Figure?

Figure’s max loan amount is $150,000; however, your max loan amount is based on your home value and credit profile.

What loan terms does Figure offer?

Figure offers loan terms of 5, 10, 15 and 30 years.

What type of interest rate does Figure offer?

Figure offers fixed rate loans. In other words, the rate that applies to each draw is fixed at the time of the draw and won’t change over time.

What are the fees?

The only account opening fee Figure charges is an origination fee. Unlike other lenders’ home equity products, Figure doesn’t charge account opening and maintenance fees.

Can I pay back my loan early without penalty?

Yes, you may pay back your loan at any time. There are no prepayment fees.

How does the draw work?

When you get approved you’ll receive the full amount of your initial draw. As you repay the initial draw, you can make additional draws up to 20% of your total loan amount, or credit limit, which is equal to the initial draw amount plus the origination fee. Additional draws must be at least $500 and cannot exceed 20% of the total loan amount or the available capacity on your line. If you received a loan from us before April 15, 2019 you can make additional draws up to 10%, in accordance with your loan agreement and terms at that time.

How long do I have to take an additional draw?

Additional draws will be available for 2-5 years from your origination date depending on your loan term.

What is the term for additional draws?

The term for additional draws will be from the date of the additional draw to the end of your original term.

How do I access my account?

You can log in to your Figure account directly from the “Log in” option on the top right of the Figure website, or through our mobile app. Primary applicants will log in using their email address, and additional signers will use the “Have an access code” feature from the same log in page. Once you log in you will be able to find details on your application and/or loan, including your documents, statements, and tax forms.

When is my payment due?

Payments and due dates vary depending on when your loan closed. You can find your next payment due date and amount by logging into your Figure account or refer to your periodic statement. If you have additional questions, please contact us at loans@figure.com or 1-888-819-6388 (Not for use by New York borrowers).

What payment options do I have?

Figure only accepts Automatic Clearing House (ACH) payments. Customers can submit one-time payments or participate in AutoPay. You can manage your payments by logging in to your Figure account on our website or through our mobile app.

Where can I find my periodic billing statement?

All your statements and notices will be available in your Figure dashboard for a period of 7 years.

What if I change bank accounts?

You can log in to your Figure account on our website or through our mobile app to update your account information and set up the new account for AutoPay.

Who will service my loan?

Figure or one of our approved sub-servicers will service your loan. For servicing related questions, please contact us at loans@figure.com or 1-888-819-6388 (Not for use by New York borrowers).

What if I miss a payment?

For payment-related questions, please contact us at loans@figure.com or 1-888-819-6388 (Not for use by New York borrowers). Additionally, you can manage your payments by logging in to your Figure account on our website or through our mobile app.

What if I have a change of address?

To change your account information, please contact us at loans@figure.com or 1-888-819-6388 (Not for use by New York borrowers).

How is my payment applied to my loan?

Payments are applied in the following order

  1. To the outstanding Periodic Finance Charge;
  2. To any amount that is in excess of your Credit Limit;
  3. To any charges you incur, other than a Draw or FINANCE CHARGE; and
  4. To the principal balance of each Draw and the origination fee.