Figure HELOC: A Faster Bank Loan Alternative
- Enjoy a seamless, paperless application process.
- Get rapid funding and forget the long bank timelines.* With Figure, you can apply in 5 minutes with funding in as few as 5 days.2navigates to numbered disclaimer
- Make the most of your property's value by tapping into your home equity for up to $400,0005navigates to numbered disclaimer
- Say goodbye to unpredictable payments and lock in a competitive, fixed rate.1navigates to numbered disclaimer
Checking your rate won't impact your credit.3navigates to numbered disclaimer
*experian.com/blogs/ask-experian/how-long-to-get-heloc
The #1 non-bank home equity line
of credit in the U.S.*
Featured in
Figure’s HELOC vs. The Average Bank Loan
Compare our HELOC and the average traditional bank loan side-by-side to help you make an informed decision about tapping into your home's equity.
| Figure HELOC | Traditional Bank HELOC*navigates to table disclaimer | |
|---|---|---|
| Rate | Fixed1navigates to numbered disclaimer | Variable |
| Approval Timelines | Fast | Slow |
| Prepayment Penalty | Never | Possible, varies by lender |
| Fund Disbursement | Funding in as few as 5 days2navigates to numbered disclaimer | 2-6 Weeks |
| Application | 100% Online, see your rate instantly | Varies by lender. May require in-person appraisal |
| Bank Relationship Required | No, anyone can apply! | Possible |
Why Figure’s HELOC is a Better Choice than a Traditional Bank Loan:
100% Online Application
Say goodbye to the endless paperwork processes of traditional banks. Get approved in 5 minutes.
Competitive, Fixed Rates1navigates to numbered disclaimer
Our HELOC rates are fixed so you always know how much your payment is!
Funding in as few as 5 days2navigates to numbered disclaimer
Traditional banks and credit unions can take 2-6 weeks to process a loan.
Online video notary and customer support
Easy online notary services with expert support. We've got you covered.
Faster Than a Traditional Bank - Unlock Your Equity Online in Just 1-2-3 with a Figure HELOC
- 1
Complete our 100% online
applicationNo in-person appraisal needed and prequalification won’t
affect your credit score.3navigates to numbered disclaimer You’ll immediately see your
HELOC options. - 2
Get approved in 5 minutes,
funding in 5 days2navigates to numbered disclaimerBorrow from $15,000 to $400,0005navigates to numbered disclaimer with one-time
origination fee.6navigates to numbered disclaimer Easy online notary services in most locations
with expert support. - 3
Option to redraw up to 100%
Take advantage of the option to take additional draws
as needed.
Excellent experience from the start
Everything was simple and I received money within 5 days. Much better than working with Rocket Mortgage!! This company is very efficient.
Written by customer— Stephanie F.
I am completely happy with all my dealings with FIGURE!
I like it when Figure notifies me about a pending auto payment and how Figure notifies me when a payment has been successfully made. I chose to have my payments made on the 5th of each month and that is working great for me. The process of applying for the loan was better than all other loan companies.
Written by customer— Andrew K.
Choosing a HELOC was a much better option for me at this time than a cash-out refinance.
Everything was done virtually and the support team at Figure was available by phone or email when I needed them. Everyone was knowledgeable, courteous, and friendly. The time from submitting my application to receipt of funds was under 3 weeks and likely would have been sooner if I had taken longer on a couple of things they needed.
Written by customer— Julie Y.
Figure Best for Home Equity Financing
If you decide to get a home equity loan I highly recommend FIGURE. It's easy, the communication from the company is EXCELLENT. And the interest rates FIGURE provides are better than anyone else out there. I highly recommend that you go straight to FIGURE for any home equity financing needs.
Written by customer— Joseph P
2899 Excellent Reviews on trust pilot
Trustpilot reviews Opens in a new window.What can I use a home equity line of credit for?
A HELOC can be used for many different purposes such as:
Frequently asked questions
A home equity line of credit, or HELOC, is a revolving line of credit. Instead of receiving a one-time loan amount as you do with a traditional loan, a HELOC gives you a borrowing limit (or credit limit). As you repay the balance, you can withdraw money from the credit line as you would with a credit card when you need it.
There are lenders that offer both variable rate and fixed interest rate home equity lines of credit. Figure’s HELOC is a fixed-rate1navigates to numbered disclaimer line of credit. A fixed-interest rate HELOC can provide payment predictability and peace of mind for borrowers.
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.
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.
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.
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.