Before You Apply

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Will checking my rate affect my credit score?

To generate a pre-qualified rate we pull a soft inquiry, which does not affect your credit score. You may see this soft inquiry on your credit report, but it’s only visible to you and 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 is a pre-qualification letter?

A prequalification generally means that a lender collects some basic financial information from you to estimate how much “house” you can afford. These often rely on self-reported information, instead of information based on credit pull or review of financial documents. A pre-qualification is a ballpark estimate, and less reliable than a pre-approval letter.

What is a pre-approval letter?

A mortgage pre-approval is an official document that details how much a lender is willing to let you borrow. Some sellers require a mortgage pre-approval before accepting your offer to buy a house. In this case, a lender has looked at your finances—your income, debt, assets, and credit history—and determined how much money you can borrow, how much you could pay per month, and what your interest rate will be.

What is a purchase agreement?

In order to complete the purchase of your new home, you’ll need to sign a purchase agreement. This is a document outlining the agreement of a purchase price and other conditions associated with the transfer of title.

Can I write the interest off on my taxes?

There may be some tax benefits for deducting mortgage interest depending on your circumstances. Please consult a tax professional for specific information related to your taxes or the deductibility of interest and charges associated with your mortgage.

Is my personal information secure?

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

What types of properties and property use are eligible?

Figure offers loans on single family homes and townhouses/rowhouses. The following property types are not eligible: co-ops, commercially zoned real estate, properties zoned for agricultural purposes, multifamily (2+) real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, or mixed use properties.

The property must be the applicant’s primary residence. Second homes and investment properties are not supported at this time.

What types of home ownership are eligible?

We lend to individual or joint borrowers. LLC, Trusts, and other ownership types are not currently supported.

Do you offer mortgages for investment properties and second/vacation homes?

No, at this time we do not lend to investment properties and second/vacation homes.

Do I need to have insurance coverage?

Yes, you will be required to obtain a policy before your loan heads into closing. Figure will run a flood determination on your property and will also require you to obtain flood insurance if your property is located in flood zone A or V.

Do you use the purchase price or the appraisal amount to calculate my total loan amount?

Figure will use the stated purchase price until we receive your appraisal. Then we will take the lower of the two values.

Is a mortgage tax deductible?

There may be some tax benefits for deducting mortgage interest depending on your circumstances. Please consult a tax professional for specific information related to your taxes or the deductibility of interest and charges associated with your mortgage.

What if my credit is locked or frozen?

To complete your mortgage application, we’ll need to pull your credit report. If your credit report is locked or frozen., you can contact Experian, Equifax or TransUnion to have it unlocked. Once you have unlocked your credit report, you’ll need to contact Figure’s customer service center before you’ll be able to move forward with your application.

Experian Call (866) 617-1894  Opens a new window. or visit Experian  Opens a new window..

Equifax Call (888) 298-0045  Opens a new window. or visit Equifax  Opens a new window..

TransUnion Call (888) 909-8872  Opens a new window. or visit TransUnion  Opens a new window..

What is a conforming loan?

A conforming loan is a mortgage that is equal to or less than the dollar amount established by the limit set by the Federal Housing Finance Agency (FHFA) and meets the funding criteria of Freddie Mac and Fannie Mae. Conforming loan limits can be found here: FHFA Conforming Loan Limits  Opens a new window..

What is a jumbo loan?

A jumbo loan, or jumbo mortgage, is a home loan for an amount that exceeds the "conforming loan limit" set for mortgages eligible for purchase by Fannie Mae and Freddie Mac, the government-sponsored enterprises (GSEs) that ultimately buy and administer most single-family-home mortgages in the U.S. The maximum amount for a conforming loan is currently $548,250 in most counties, as determined by the Federal Housing Finance Agency (FHFA). Loans that exceed the local conforming loan limit are considered a jumbo loan.

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?

The first of every month.

Where can I find my periodic billing statement?

Your dashboard has all your Figure billing statements. Simply log in to your account to see your dashboard.

Who will service my loan?

You'll be serviced by Figure or servicers that we contract with. In the event that servicing rights are sold, you will be notified at least 15 days prior to any servicing transfer.

What if I have a change of address?

To change your account information, please contact us at  Opens a new window. or 1-888-819-6388   Opens a new window.(Not for use by New York borrowers).

Where can I view my loan documents?

You can view all of your documents on your dashboard. Just log in to your account to see it.


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How is my payment applied to my loan?
  1. Accrued interest
  2. Principal balance
  3. Escrow
  4. Fees
  5. Remaining unpaid principal balance
What if I have additional questions?

We are happy to work with you and answer any additional questions you may have. Give us a call us at 1-888-819-6388  Opens a new window..

Will these preliminary terms change?

Your loan estimate may change if the terms of your loan change or your eligibility. This could occur when you select a different offer or any changes that may occur as a result of your income, credit, or property verification processes.

Who will come to do my appraisal?

Once your application is approved, Figure will order your appraisal. You'll be contacted to arrange a date and time for the appraisal by a third party company we work with. If you have any questions, please contact us.

How do I schedule the closing and where will it take place?

For purchases, the settlement/closing agent will coordinate scheduling the closing date, time, and place of appointment.

How many borrowers can apply?

Figure currently only allows two borrowers.

What income types qualify?

Traditional wages paid by an employer, rental income, retirement income, child support/alimony, interests and dividends, and social security and disability qualify. We do accept self-employment income. Be sure you can show your income in checking, savings, retirement, and/or investment accounts. We are happy to work with you and answer any additional questions you may have. Give us a call at 1-888-819-6388  Opens a new window..

What accounts are qualified?

For verification of assets, Figure accepts 401k, IRA, Keogh, Roth, Savings, Brokerage, Money Market, checking and CD accounts.

How do you verify employment?

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. We are happy to work with you if you’re self-employed. We verify self employment with the most recent two years personal and business (if applicable) tax returns and K-1s.

What is an appraisal waiver?

An appraisal waiver is offered for certain eligible transactions where an appraisal is not required. Instead of an appraisal, a valuation supporting the loan amount is performed using analytics and property data. The waiver means you don’t have to pay the appraisal charges, and it can also reduce the loan processing time substantially.

How does an appraisal waiver work?

Figure will determine the value of your home using an online database from Fannie Mae rather than hiring a local appraiser to personally inspect your home.

Can the appraisal waiver be withdrawn?

Yes. It is important to know that the appraisal waiver is not guaranteed and may be revoked at any time prior to closing based on Fannie Mae’s eligibility requirements. If the loan is later found to be ineligible for the appraisal waiver, an appraisal would be required and you would be responsible for the cost of the appraisal.

Rate and Cost

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What are the costs associated with the loan?

The costs include charges that are normally associated with a mortgage application, such as the appraisal fee, title, settlement and recording fees as well as discount points, that can cost up to 2% of your total loan amount.

Can I pay back my loan early without penalty?

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

Can I opt out of escrow?

Escrow is required for all conforming and high-balance conforming loans but is optional for jumbo loans.

What is included in escrow?

Property taxes and insurance are included. HOA dues are not included and are the responsibility of the borrower.

What are your rates?

Mortgage rates can change daily. Start your application today to find out what rate you qualify for.

Why is my APR different from my rate?

The interest rate is the cost you will pay each year to borrow the money, expressed as a percentage rate. It does not reflect fees or any other charges you may have to pay for the loan. An annual percentage rate (APR) is a broader measure of the cost to you of borrowing money, also expressed as a percentage rate. In general, the APR reflects not only the interest rate but also any points, mortgage broker fees, and certain other charges that you pay to get the loan. For that reason, your APR is usually higher than your interest rate.

How do I schedule my closing and what are my final steps for closing?

Leading up to your closing Figure will be working with your Settlement Agent to finalize the details of the purchase transaction between you and the seller. Your settlement agent will take care of the details regarding your scheduled closing as well as assist you with everything you will need to prepare to bring to the closing.


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What if I choose to back out of the loan?

You are not obligated until you have signed your final loan documents. However, you may be charged for fees incurred during the processing of your loan, such as appraisal fees or credit report fees.

What happens if my verified income is less than my stated income?

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.