Figure Reports Record HELOC Demand With More Than $200 Million in Volume in April

Figure Launches First of Its Kind Calculator to Help Homeowners Save Money by Comparing HELOC to a Cash-Out Refinance

Figure Lending, the largest and most tech-forward non-bank lender of home equity financing in the country, saw record demand for home equity lines of credit through April, topping $200 million in volume over the month. April was its sixth consecutive record month for HELOCs, with May already topping April's volume. 

The rise in property values across the country has led to homeowners continuing to tap into their equity to make home improvements, consolidate debt, pay for college, or make a significant purchase. A home equity loan or line of credit allows homeowners to access their equity without refinancing their mortgage. Given the recent upward trend in first mortgage interest rates, Figure's home equity line of credit, when added to a first mortgage, can maximize the amount a customer can borrow while keeping total interest payments low.

To help consumers understand the benefits of a HELOC versus a cash-out refinance, Figure launched the first-of-its-kind calculator on its website allowing a customer to input information including their outstanding mortgage principal balance and interest rate, their current home value, and desired additional loan amount. Consumers can then select the terms of the HELOC and immediately compare their estimated savings and interest rate versus a cash-out refinance and apply online, where they can get approved in minutes and funded in as little as five days. Unlike a traditional home equity line of credit, which can take months to fund, Figure's automated process allows homeowners to quickly access their home's equity with less hassle than a traditional mortgage or home equity line of credit.

"In today's higher interest rate environment, a HELOC offers customers an affordable way to borrow money, and for individuals with equity in their home can be a much less expensive option versus a personal loan, credit card or private student loan," said Daniel Wallace, GM of Figure's lending business. "Whether consumers are looking to remodel their homes or send their child off to college, Figure stands ready to provide consumers with an affordable option that best fits their financial needs." 

In April, Figure customers reported using their HELOC loans for home improvement (42.8 percent), debt consolidation (36.6 percent), or making a significant purchase (8 percent). This tracks closely to how consumers used their HELOC in the first quarter of 2022: home improvement (44.4 percent), debt consolidation (33.2 percent), or significant purchase (9.1 percent). In the months before Covid (January-March 2020), consumers reported using their HELOC for debt consolidation (54.2 percent), home improvement (29.7 percent), or a significant purchase (5 percent).

Figure Technologies, Inc. is a leader in transforming financial services through the power of blockchain. Consumers can obtain their HELOC application approval within five minutes and funding in as few as five days. For more information, please visit https://www.figure.com/home-equity-line/.

About Figure

Figure Technologies, Inc. is transforming financial services through blockchain, bringing speed and efficiency to both consumers and institutions. Figure continues to unveil a series of fintech firsts across the capital markets, investment management, and banking and payments sectors. Figure leverages Provenance Blockchain for loan origination, servicing, and financing, as well as other financial services.  The company was founded in 2018 by serial technology entrepreneur Mike Cagney, who also founded SoFi and built the company into a multi-billion-dollar business under his leadership as CEO. Learn more about https://www.figure.com/.