Your home equity line of credit guide
With high home values, there's never been a better time to consider using your home equity for a home improvement, college tuition, or debt consolidation. If you're considering a Home Equity Line of Credit follow this guide to take a closer look at how HELOCs can be a great planning tool for homeowners.
Jump to a question
- How does a home equity line of credit work?
- Benefits of a HELOC
- How much can I borrow with a HELOC?
- What can I use a home equity line of credit for?
- How much could I save with a home equity line of credit?
- How does HELOC stack up against other options?
- What types of properties are eligible for a HELOC?
- What types of home ownership arrangements are eligible?
- What else makes Figure's HELOC stand out?
How does a home equity line of credit work?
With Figure, you can get a line of credit by borrowing against your home equity. Complete an application in as little as 5 minutes 100% online and you could have funding initiated in as few as 5 days.2navigates to numbered disclosure
Benefits of Figure's HELOC
Fixed rates1navigates to numbered disclosure
Redraw up to 100%
100% online application
Borrow up to $400k5navigates to numbered disclosure
5, 10, 15 & 30 year loan terms
Funding in as few as 5 days2navigates to numbered disclosure
How much could I borrow with a HELOC?
Figure offers lines of credit up to $400k5navigates to numbered disclosure
You'll need to have a good credit score, have a reliable payment history, have a low enough debt-to-income ratio (DTI), and have enough available equity in your home to qualify.
Adjust the chart below to create the custom amount that relates to you.
$800,000
Current Home Value
$550,000
Remaining Mortgage Amount
In this scenario, you could qualify to borrow up to
$90,000
Find my rate*Based on borrowing 80% of your current home value
What can I use a home equity line of credit for?
A HELOC can be used for many different purposes such as:
How much could I save with a home equity line of credit?
The total interest paid on a HELOC could be lower than other types of financing options such as personal loans, credit cards, and a cash-out mortgage refinance.4navigates to numbered disclosure According to Figure's recent survey of funded HELOC customers, 67% of them saw significant savings by choosing a HELOC over a cash-out refinance.
Estimated savings with Figure HELOC compared to a cash-out refinance, as reported by funded Figure HELOC customers during a survey conducted between August 1 - August 30, 2022.
67% of Figure HELOC customers reported saving up to 25% compared to a cash-out refinance
How does HELOC stack up against other options?
If you want a side-by-side comparison of HELOC vs. alternative options, we've done a lot of the hard work for you.
What types of properties are eligible for a HELOC?
Figure offers loans on:
- Single family residences
- Condos
- Townhouses
- The property may be the applicant's primary or secondary residence
*Certain types of properties may not be eligible.
What types of home ownership arrangements are eligible?
Properties that are owned solely, jointly, or as part of a revocable trust are eligible. The applicant's name must appear as a property owner in their county's records for the property.
What else makes Figure's Heloc stand out?
Figure's Home Equity Line of Credit has an easy to use payments portal, plus world-class customer service. 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.6navigates to numbered disclosure