Home Equity Line FAQs
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Learn moreFigure offers loans on single family residences, townhouses, planned urban developments (PUDs), most condos, and duplexes (with a minimum credit score of 680 and a maximum DTI of 45%). The following properties are not eligible: co-ops, commercially zoned real estate, multifamily (3+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed-use properties.
The property may be the applicant's primary or secondary residence.
Properties with title changes in the preceding 90 days or those that are determined to be in less than average condition are not eligible for a Figure HELOC.
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.
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.
To qualify for a HELOC, you must have sufficient equity in your home, meaning the amount you owe must be less than the home's current value. Lenders typically allow borrowing up to 85% of the home's value minus what you owe. Besides equity, lenders consider factors like credit score, credit history, employment, income, debt payments, and debt-to-income ratio to determine approval, credit line amount, and interest rate. The qualification process is similar to applying for a mortgage, so it's important to research and ensure you meet specific lender requirements before applying.
All applicants must be employed, self-employed, or retired and are subject to verification of employment if applicable. We do not lend to unemployed borrowers at this time.
No, Figure doesn’t require a traditional appraisal for a Home Equity Line of Credit (HELOC). Instead, we use Automated Valuation Models (AVMs) to determine your home's value. AVMs provide a quick and accurate assessment of your property, streamlining the process and eliminating the need for a physical appraisal. This approach saves you time and helps you access your funds faster, without the hassle or cost typically associated with traditional appraisals.
With Figure, a home equity line of credit can be used for debt consolidation, home improvement, small business expenses, medical expenses, rainy day funds, covering education costs, family planning expenses, retirement costs, or other major purchases.
A home equity line of credit is attractive because it offers flexibility and lower interest rates compared to credit cards or personal loans. You can borrow as needed, paying interest only on what you use. This makes it ideal for managing ongoing expenses like home renovations. Additionally, some HELOCs, like Figure's, provide fixed interest rates and the ability to re-borrow funds after repaying a portion of the principal, combining stability with flexibility.
A home equity loan provides a lump sum with fixed payments and interest, usually over 5 to 20 years, and is often used for major home repairs or debt consolidation. In contrast, a traditional HELOC offers a flexible credit line for ongoing expenses, allowing you to borrow as needed over a set period. Figure's HELOC gives you the full amount upfront with a fixed interest rate, but like a traditional HELOC, you can borrow again once part of the principal is repaid.
Yes, you can. Figure offers Home Equity Lines of Credit (HELOCs) even if your home is fully paid off. Whether you don't have an existing mortgage or have already paid off your mortgage in full, you can still qualify for a Figure HELOC. We offer both first liens and subordinate (second) liens, allowing you to leverage your home’s equity to access funds for your financial needs.
If you decide you no longer want to be a credit union member, it's important to know that maintaining membership is required for the duration of your HELOC with us. However, there is no cost to maintain membership, as your savings account will be funded with the minimum value required. You'll receive specific details of terms and conditions in your welcome letter, including how to manage or end your membership if necessary.
We recommend waiting 30-45 days after your refinance documents have been successfully recorded with your county before applying for additional financing with Figure. This is to ensure your liens are correctly reporting on both your credit profile, as well as our property data vendors which we use to calculate various details of your qualified offers.
The property may be the applicant's primary or secondary residence. The minimum required credit score is 680 for investment properties.
After you purchase your home, there’s a 90 day wait period before you can apply for a HELOC with us. This allows time for the purchase to be fully processed and for you to establish ownership.
CLTV stands for Combined Loan-to-Value. This is the ratio of the loans on the property to the value of the property, including the loan you are applying for. If your mortgage is $200,000, your home value is $400,000, and you are trying to get a HELOC for $50,000, your CLTV would be 62.50%.
DTI stands for debt-to-income ratio. Specifically, it looks at your income and your monthly debt payments, including your mortgage. You should aim to keep your DTI below 50%.
Yes. However, the aggregate amount of the loans is subject to a limit of $400,000 per borrower and $400,000 per property depending on your credit score.5navigates to numbered disclaimer (The minimum required credit score is 640 in most states) Please contact us at 1-888-819-6388 or loans@figure.com Opens in a new window. (loans@newyork.figure.com Opens in a new window. for NY customers) if you have any questions regarding required CLTV or property criteria.
Figure does not accept applications using Power of Attorneys.
Yes, you can apply if your property is held in a trust, but Figure will need to review the full Certificate of Trust. We will only accept a Certificate of Trust for review purposes, so we are limited to these states: AR, AZ, CA, CO, CT, DE, DC, FL, GA, IA, ID, IL, KS, MA, ME, MI, MS, MN, NH, NM, NV, OR, SC, SD, TN, UT, VA WA, WY.
No, P.O. boxes are not eligible to be used for primary addresses, unless you are currently active duty military.
Our fully automated application process is paper free. In most cases, all we require is a copy of your valid state-issued ID and potentially proof of homeowners insurance. If your home falls under a trust for ownership type we would also require a copy of your trust certificate.
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. If for some reason an AVM is not available for your property, we’ll request a Broker Price Opinion (BPO) or a comparable method of valuation, where allowed by law.
Equity is calculated by subtracting the total outstanding debts secured by your home from its current market value.
Identity and income verification must be completed within 14 days. After a credit report is pulled, your expiration date will be extended by 29 days.
Most applicants can complete the application in 5 minutes and you'll receive the results of your prequalification request immediately. However, final approval is subject to verification of income and employment, as well as the condition of the property.
An adverse action notice is a legally required document sent to applicants when they are denied for a loan. Because our loan applications expire, adverse action notices will also be issued after expiration. If you have questions about the contents of your adverse action notice, please contact our customer service team at help@figure.com Opens in a new window..
In most states, you must use a Figure-approved notary. Figure offers convenient online notary services available in most areas. While many counties accept eNotary and electronically signed mortgage documents, some may still require in-person notarization. If this is the case for your county, a team member will notify you to schedule an appointment with an in-person notary. Customers in South Carolina have the right to choose the attorney who will conduct the loan closing.
Our Figure eNotary will connect with you via an audio enabled video session. The eNotary will confirm your identity via the ID you provided during the application process and ask you a set of knowledge based authentication questions. Once you have authenticated, you will be able to review your mortgage document and electronically sign the document during the session. Once you sign, the eNotary will electronically notarize your document.
We designed a simple and efficient process for you to complete our eNotary session. The entire session can be completed in minutes.
You should be at home, in front of your computer screen, so that our eNotary can clearly see you and communicate with you. You should not be driving or otherwise distracted; if you are, we will end the session.
Our eNotaries are available Monday-Saturday from 7am - 5pm Pacific Time. If you apply after hours, you can resume your session during business hours.
You will enter information about your additional signers during the loan process. They will each be sent an email with details on how to log in to complete their own eNotary session.
Signing mortgage documents with an eNotary is new to the lending industry. Although many counties accept eNotary and electronically signed mortgage documents, some counties may still require documents to be signed with an in-person Notary. You will be alerted by one of our team members if you need to schedule an appointment for an in-person Notary session.
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.
Intellidebt by Figure uses your HELOC funds to pay off your selected debts directly to the lenders.
During the application process, you specify which debts you want to be paid. Once the loan is funded, those debts are paid off, and any remaining balance is deposited into your bank account.
We're simplifying the process of using a HELOC to pay off debts by managing the debt payoff within the HELOC origination process, eliminating the need for customers to handle it separately.
This adds convenience and improves customers' credit profile by lowering their debt-to-income (DTI) ratio. With Intellidebt, we can extend credit to more customers by confirming debt payoff during the application process, helping them reduce debt and achieve better financial stability.
Figure can directly pay off your personal loans and credit card debt, making the process quicker and easier for you.
Figure offers lines of credit up to $400,000. To qualify, you'll need a strong credit score, a reliable payment history, a low debt-to-income ratio (DTI), and sufficient equity in your home.
A HELOC is backed by the homeowner’s property, which typically results in lower interest rates compared to personal loans. Additionally, HELOCs often provide larger loan amounts and extended repayment terms, which can lead to lower monthly payments.
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 pay stubs. All sources must be connected during the application process.
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.
No, Figure does not allow the use of business bank accounts or consider business income as applicant income when applying for a HELOC. You must use personal income and a personal bank account for the application.
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.
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 additional accounts, provide additional information (e.g. pay stubs and tax returns), or select a lower line amount based on your verified income.
Connecting an account may take up to a minute. We will alert you once it is complete.
Figure accepts Retirement, 401k, IRA, Roth, Savings, Brokerage, Money Market, and CD accounts.
An additional signer is anyone, such as a spouse in certain states or an additional person/trustee on the property’s title, whose signature is required on the mortgage or deed of trust.
Figure only allows one owner to apply and sign for the loan; however, any and all additional owners on the property’s title will be required to sign the mortgage document.
You will need to add an additional signer if your property is located in a community property or homestead state. Rest assured, the additional signer’s credit will not be pulled and they are not financially responsible for the line of credit.
Figure services most of its loans but some are transferred to a third-party servicer. If Figure is the servicer of your loan, you can contact us at myaccount@figure.com Opens in a new window. or 1-888-527-1950 for servicing-related questions (Not for use by New York customers).
Click here to view Figure's Servicing Fee Schedule.
You can log in to your Figure account directly from the “Log in” option on the top right of the Figure website. Primary applicants will log in using their email address, and additional signers will use the “Have an access code” feature from the same login 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.
For a copy of our Privacy Policy, please visit https://www.figure.com/privacy/.
Keeping your data safe and private is our top priority. We use a range of security and encryption techniques to keep your data secure. For more details on what we do with your information, please visit https://www.figure.com/privacy/.
Figure provides you a magic link via email to access your account. To log in to your dashboard, enter your email address when prompted at www.figure.com. You’ll receive an email with a link to authenticate. Once authenticated, return to the browser or application you logged in from to access your account.
To change your account information, please contact us at myaccount@figure.com Opens in a new window. or 1-888-527-1950 (Not for use by New York borrowers).
Figure HELOC disburses the full amount of your line of credit upfront at the time of funding via ACH. The funds can be disbursed as soon as 5 business days, which includes a mandatory 3-business day rescission period for primary residences.
Most applicants can complete the application in as little as 5 minutes. Once the loan process is fully complete, the loan is typically funded within 5 business days.2navigates to numbered disclaimer
You can log in to your Figure account on our website to update your account information and set up a new account for Autopay.
At the time of funding, your initial draw will be equal to your credit limit, minus the origination fee. As you repay the initial draw, you can make additional draws up to 100% of your total loan amount, or credit limit. Additional draws must be at least $500 and may be up to 100% of the total loan amount or the available capacity on your line.
If you received a loan from us before September 21, 2020, your additional draw limit will likely be less than the full 100%. Please review the terms of your HELOC Agreement signed at the time of closing for the exact amount of your additional draw limit.
The term for additional draws will be from the date of the additional draw to the end of your original term.
Additional draws will be available for 2-5 years from your origination date depending on your loan term.
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 referring to your periodic statement. If you have additional questions, please contact us at myaccount@figure.com Opens in a new window. or 1-888-527-1950 (Not for use by New York customers).
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. We do not accept cash payments, checks, or credit cards.
When you make a payment on your Figure HELOC, it's applied in a specific order:
- 1 - Periodic Finance Charge: First, your payment covers any outstanding finance charges. These are the interest costs that have accrued since your last payment.
- 2 - Over-the-Limit Amount: If your balance exceeds your credit limit, the payment will next be applied to reduce this excess amount.
- 3 - Other Charges: Any fees or charges other than draws or finance charges (such as late fees) will be paid off next.
- 4 - Principal Balance: Finally, the remaining payment is applied to the principal balance of your loan, starting with the principal on your oldest draws and the origination fee.
This payment structure is standard for HELOCs, and while it may seem like your principal balance isn’t decreasing as quickly as you'd expect, it’s because your payment is first applied to interest and fees. Over time, as the interest portion decreases, more of your payment will go toward reducing your principal. If you're looking to pay down your principal faster, consider making additional payments beyond your minimum amount due.
With Figure, you have the flexibility to choose your repayment term—5, 10, 15, or 30 years. Once you select your term, you have that entire period to pay off your HELOC, with no separate draw and repayment phases. This means you can draw funds and repay principal and interest throughout the loan term. Plus, there are no prepayment penalties, so you can pay off your HELOC faster if you choose, potentially reducing your overall interest costs.
Yes, you may pay back your loan at any time. There are no prepayment fees.
For payment-related questions, please contact our Servicing Dept. at myaccount@figure.com Opens in a new window. or 1-888-527-1950 (Not for use by New York customers).
Your dashboard has all of your periodic statements. Simply log in to your account to see your dashboard.
If you are signed up for Autopay, your payment will show up on your account on the payment due date after 10 AM PT. If you made a one-time payment on a business day before 9PM PT through your Figure account, you should see the payment immediately. If your one-time payment was made after 9PM PT or on a holiday then you should see your payment at 10AM PT on the next business day. For payment-related questions, please contact us at myaccount@figure.com Opens in a new window. or 1-888-527-1950 (Not for use by New York borrowers).
Yes, you can make additional principal payments. Paying down the principal during the draw period can reduce the amount you owe and lower future interest costs. This flexibility allows you to manage your debt more effectively and potentially save on interest over the life of the loan.
Autopay allows your monthly payment to be automatically deducted from your payment account. We give a discount of 0.25% to customers who opt in to Autopay.
You will receive your first periodic statement 15 days after initial funding, with subsequent statements available monthly in your Online Account. Email alerts will notify you when new documents, including statements, are available. Additionally, payment reminder emails are sent two days before your payment is due, and a confirmation email will follow after your payment is posted.
Yes, the HELOC must be repaid before the new buyer takes ownership. You can either settle the balance with your own funds prior to the sale or pay it off using the proceeds from the sale at closing. There are no penalties for either option.
Yes. We recognize that financial hardships can arise from income loss or unexpected expenses. To support our customers during these times, we provide a range of repayment assistance options. Please feel free to contact Figure to discuss your circumstances preemptively. We're here to help!
We offer three types of repayment assistance:
- Forbearance: Available for HELOC, Mortgage Refinance, and Personal Loan customers.
- Short-Term Repayment Plan: Available for HELOC and Personal Loan customers.
- Skip-a-Pay: Available for Personal Loan customers.
Forbearance allows you to defer monthly payments for a specified period:
- HELOC and Mortgage Refinance Customers: Up to 12 months over the life of the loan.
- Personal Loan Customers: Up to 6 months over the life of the loan.
Yes, if your hardship persists at the end of the initial forbearance period, you may be eligible to extend the forbearance period up to the maximum number of months allowed based on your loan type.
During the forbearance period, you are not required to make payments unless you choose to do so. However, you will need to resume payments and repay the deferred amounts once the forbearance period ends.
For Home Equity Line customers, additional draws on the line of credit will be suspended during the forbearance period.
Review the available options and select the one that best fits your financial situation. Each option has specific terms and requirements, so consider your ability to meet the repayment terms and any impact on your overall loan.
We freeze your credit reporting status to reflect the same status it was in when you entered into your forbearance agreement. Because your account was brought current at the time you entered in your forbearance agreement, we will continue to report as such to the credit agencies during the forbearance period.
Your rate is calculated based on your unique circumstances, including factors like your credit score, debt-to-income ratio, lien position, whether the property is your primary residence and its property value. These elements also influence the maximum line of credit and CLTV that can be offered.
Figure offers 5, 10, 15, 30-year loan terms.
For most states, Figure offers lines of credit starting at $15,000 up to $400,0005navigates to numbered disclaimer. If your property is located in Alaska, the minimum loan amount is $25,001.00 and if the property is located in Texas, the minimum loan amount is $35,000.00 (The minimum required credit score is 640 in most states, 680 for investment properties). Please contact us at 1-888-819-6388 or loans@figure.com Opens in a new window. (loans@newyork.figure.com Opens in a new window. for NY customers) if you have any questions regarding required CLTV or property criteria.
Figure offers fixed rate loans1navigates to numbered disclaimer. In other words, the rate that applies to each draw is fixed at the time of the draw and won’t change over time.
Figure does not charge account opening fees, maintenance fees, or prepayment penalties. Figure only charges an origination fee, which is the cost for us to provide you with a loan. The fee ranges from 0-4.99% of your initial draw, depending on your credit profile and the state where the property is located and is amortized (included) in the loan payment schedule. You may also be responsible for paying the costs (i.e., the amounts a third party charges us) of valuation if an AVM is not available for your property ($180), manual notarization if your county doesn’t permit eNotary ($380), and recording fees ($0 - $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed).
An origination fee is a cost for us to provide you with a loan. It will range from 0-4.99% of your initial draw amount, depending on your credit profile and the state where the property is located. The fee is amortized (included) in the loan payment schedule and is deducted from the original loan amount. Some members will have the opportunity to choose their origination fee and may be able to reduce their fixed APR, and monthly payment offers by choosing a higher origination fee. However, other members will not be eligible to choose their origination fee due to fee caps imposed by state law. If you live in a state with a capped origination fee, you will be responsible for the fee up to the amount allowed by state law.
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.
We offer a 0.25% APR rate reduction to customers who opt in to Autopay, which allows your monthly payment to be automatically deducted from your payment account. We also offer a Credit Union Discount of 0.25% APR.
Checking your rate 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.
In addition to the origination fee, you will be responsible for paying the costs of valuation if an AVM is not available for your property ($180), manual notarization if your county doesn’t permit eNotary ($380), and recording fees ($0 - $315) and recording taxes, which vary by state and county ($0-$1,400 per one hundred thousand dollars borrowed).
If you believe Figure has provided inaccurate information to consumer reporting agencies, please complete our Credit Reporting Dispute Form Opens in a new window. and email or mail it to the following address:
myaccount@figure.com Opens in a new window. or
Figure Lending LLCAttn: Credit Disputes
PO Box 40534
Reno, NV 84504
Figure will generally respond to your credit bureau within 30 calendar days. The dispute process may be delayed if the information received is insufficient to identify your account or the information being disputed.
If we review the dispute but ultimately determine that the information furnished to the consumer reporting agencies is accurate, the decision is considered final. However, you may resubmit the dispute to the address below and provide any missing and/or new documentation that wasn’t submitted at the time of the original dispute.
Attn: Credit Disputes
PO Box 40534
Reno, NV 84504
Your resubmitted dispute will be processed using the same process as your original dispute.
While we’re working on a solution to make this process easier, we can cancel your current application. You can then log in, select "Find My Rate," and re-apply with the correct details to choose your desired offer. For further assistance, please contact us at 1-888-819-6388 or loans@figure.com Opens in a new window. (loans@newyork.figure.com Opens in a new window. for NY customers).
If we identify a variance in your verified income compared to the stated income, a Figure team member will reach out to let you know. If you are not self-employed, you will have the option to provide additional documentation (e.g. pay stubs and tax returns. You may also select a lower loan amount based on your verified income. In some cases, we may decline your application if your verified income does not qualify for the loan.
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.
If you want to cancel your loan application, please contact us at 1-888-819-6388 or loans@figure.com Opens in a new window. (loans@newyork.figure.com Opens in a new window. for NY customers) as soon as possible.
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.
Figure mails pre-screened advertisements based on the limited information that is accessible from credit bureaus and public property records at the time of mailing. Final approval is ultimately dependent on more detailed information that is not available to us at the time of mailing, such as property value, CLTV, outstanding debt, full credit history, and income. Please note that while the inquiry may show on the credit report, it was only a soft credit pull and should not impact credit rating.
Yes, your credit history and property value may change over time. If you were declined, you are welcome to apply again. We recommend you review the adverse action letter sent to you to understand the reason for the decision.
Yes, we evaluate each application based on the applicant and property selected for financing. You are welcome to reapply with an eligible property type.
Yes, we evaluate each application based on the applicant and property selected for financing. Another owner of your property is welcome to apply.