Get Cash 6x Faster with a Figure HELOC vs. a Traditional Refi
Don’t risk swapping your low mortgage rate for a costly refinance. A Figure Home Equity Line of Credit (HELOC) could be a better way to get cash from your house so you can finance renovations, consolidate debt, or cover big expenses without sacrificing your low-rate benefits.
Checking your rate will not impact your credit.3navigates to numbered disclaimer
$13B
in equity unlocked with Figure’s platform
160K+
households served with Figure's platform
100%
online application process
What Is a Cash-Out Refinance?
A cash-out refinance lets you replace your current mortgage with a larger one and take the difference in cash.
- You can use the money for renovations, debt consolidation, or other expenses.
- It’s essentially starting a new 15- or 30-year mortgage to access your home equity in one lump sum.
What is a Home Equity Line of Credit?
- 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).
- With Figure’s HELOC, you get the full amount upfront at a fixed interest rate1navigates to numbered disclaimer, and like a traditional HELOC, you can redraw once you’ve repaid part of the principal.
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.
2899 Excellent Reviews on trust pilot
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