Get Cash 6x Faster with a Figure HELOC vs. a Traditional Refi
Don’t sacrifice your low mortgage rate—tap your home’s equity with a Figure HELOC instead!
- Apply with our 100% online application in minutes with funding in as few as 5 days.2navigates to numbered disclaimer
- Get your rate as of April 29, 2025.
- Faster than a bank loan, cheaper than a personal loan.
- 5 minute approval. No impact to your credit score.3navigates to numbered disclaimer
- Get the funds you need now to start that home improvement project or consolidate your debt.
Checking your rate will not impact your credit.3navigates to numbered disclaimer
The #1 non-bank home equity line
of credit in the U.S.*
Featured in
HELOC vs. Cash-Out Refi:
What’s the difference?
A cash-out refinance restarts your mortgage, but a HELOC gives you more flexibility to borrow
against your home’s equity:
Lower Costs
HELOCs often have lower upfront costs and fees compared to a cash-out refinance.*
Flexible Repayment
During the HELOC’s draw period, you can borrow multiple times up to your limit and only pay interest on what you’ve actually borrowed.
Borrowing Flexibility
A Figure HELOC lets you draw multiple times (up to your credit limit). Once you repay the principal, you can borrow again—and you only pay interest on what you actually use. A cash-out refi doesn’t allow redraws like a HELOC.
Keep Your Current Mortgage
A HELOC doesn’t replace your existing mortgage, so if you already have a low interest rate, you can keep it while using the HELOC alongside it.
Figure’s pre-qualification process is free, 100% online and it only takes a few minutes.
*nerdwallet.com/article/mortgages/home-equity-loan-vs-cash-out-refinance
How much can you borrow with a HELOC?
The amount you can borrow with a HELOC will vary based on certain factors such as the appraised value of your home and what percentage of that value the lender will allow you to borrow.
To determine how much you can borrow with a HELOC, you need to first calculate the maximum amount of equity that could be borrowed. Figure’s loan amounts range from a minimum of $15,000 to a maximum of $400,000.5navigates to numbered disclaimer
How does Figure HELOC compare against other options
Explore your options and see why our straightforward online application, quick funding, and competitive rates make us the smart choice for your financial needs.
Compare how much you could save with a HELOC versus a Cash-out Refi here!
| Figure HELOC4navigates to numbered disclaimer | Traditional Bank HELOC* | Cash-Out Refi | |
|---|---|---|---|
| Application | 100% Online, see your rate instantly | Varies by lender. May require in-person processes | Requires full mortgage application |
| Tax deductible | For home improvement (be sure to consult a tax professional) | For home improvement (be sure to consult a tax professional) | For home improvement (be sure to consult a tax professional) |
| Funding Speed | Funding in as few as 5 days2navigates to numbered disclaimer | Could be weeks | Varies, often 30–60 days** |
| Average APR | Competitive, fixed rates1navigates to numbered disclaimer | Variable rates, potentially higher | Generally aligned with current mortgage rates; closing costs apply |
- * lendingtree.com/home/home-equity/the-fastest-way-to-tap-your-home-equity/
- ** bankrate.com/mortgages/cash-out-refinance-pros-cons/#steps
What can you use a HELOC for?
We surveyed over 800 customers, and the majority used their Figure HELOC to consolidate debt, fund home improvements, or tackle backyard renovations (using your funds for certain home improvements may qualify you for tax deductions—consult your tax advisor).
Home improvement
47.2%
Debt consolidation
34.6%
Backyard renovations
14.3%
For homeowners with a paid-off home or a low mortgage balance, a HELOC can be a simpler and cheaper way to consolidate debts compared to a full refinance.
Other popular uses included business expenses, investment properties, medical bills, college tuition, emergency funds, and even big projects like roof repairs, HVAC upgrades, or pool installations.
Have more questions?
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.
Yes, you can. Figure offers Home Equity Lines of Credit (HELOCs) even if your home is fully paid off.
Have your ID ready. You will also need login credentials to your online bank accounts for both income verification and setting up your disbursement account.
Everyone I encountered were nice & very helpful
Trying to decide what I wanted to do for a home improvement loan was made easy by Figure. To refi my home for home improvement, I would have to get a loan to pay for all repairs for an appraisal to meet refi standards and then repay the loan. I found the cheapest, easiest and quickest way to get my loan was with Figure with a HELOC.
Written by customer— Janice B.
The application process was relatively easy
Customer service was readily available to answer my many questions. I learned a few new things through the notary process, technologically advanced approach to closing...Overall it's been an interesting an innovative way to access the equity in my home without going through a Refi.
Written by customer— Ms. Murphy
Outstanding value
Outstanding value compared to the hidden cost of cash out refi. They wanted me to increase my mortgage balance by 110k to pull out 70k. 40k in fees??? Figure.com was fast, straight to the point, and fair for the HELOC. Thank you!
Written by customer— David D.
3039 Excellent Reviews on trust pilot
Trustpilot reviews Opens in a new window.