V.P. 1 review | September 1, 2022
General Review
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Figure Review
Get fast access to your home equity
Apply in five minutes and get funding in 5 days
Fixed rates from 3.24% APR
HELOC up to $400,000
Summary
What Is Figure?
Figure is a fintech company co-founded in 2018 by Alana Ackerson, Cynthia Chen, June Ou, Michael Cagney, and Sara Priola.
With over $2 billion funded for their members, Figure leverages blockchain, AI, and advanced analytics to unlock new access points for consumer credit products that can transform their customers’ financial lives.
They specialize in providing home equity release solutions, infcluding home equity lines of credit, home improvement loans, and home buy-lease back offerings for retirement and personal loans.
They offer innovative financial solutions to homeowners, giving their members a more straightforward way to optimize their lending opportunities.
Products Offered
Figure offers the following:
- Home equity lines of credit (HELOC)
- Mortgages
- Personal loans
- Crypto-backed loans
As a private financial technology company, Figure.com is relatively new to the consumer home finance industry.
Figure.com offers HELOCs of up to $400,000 with repayment terms of up to 30 years. Personal loans are available up to $50,000 as well as mortgage refinance with the option to cash out.
Once approved, funds will be paid to your account in as little as five days.
Unlike other HELOC lenders, Figure works on a fixed-rate model and this means that with every draw, the interest rate is fixed based on the prime rate at the time.
Depending on your repayment term length, you can make additional draws for a period of up to five years after your original HELOC was granted.
Figure mortgages also come with a 100% online application process with multiple term options ranging from 15 to 30 years.
Crypto-backed Loans
With a crypto-backed loan from Figure.com you can borrow up to $1M against your crypto. No credit check is required.
Rates are set at 5.99% and 7.99% APR and you don’t have to sell your crypto, so there are no taxable gains or losses.
This is a great way to fund large purchases or home improvements, or even invest in more crypto.
To borrow against your crypto, simply choose your loan amount, term, rate, and crypto type. Provide some personal details for your account, including your bank account to receive your funds.
Review and sign the lending agreement and provide your wallet address to imitate funding.
How Figure Works
Figure off a 100% online application process. It’s easy to understand and use their website, and the application process for Figure loans is very smooth.
It takes less than 10 minutes to fill out the application and they do a great job of highlighting all the products and services they offer members.
Here at Financer.com, we think there’s something to be said for simplicity, both in user experience and in site design.
The Figure site delivers on both of these while staying true to their stated mission: “Rewire the American banking system so that we can positively change the financial path for every hard-working American.”
Key Figure Features
Access to Your Money Faster. Their industry-first blockchain technology simplifies the application process so you can get funded faster.
Full Transparency with no hidden meanings or extra charges—ever. They believe in always being upfront about rates and fees so you can have complete control of your assets.
Figure provides flexible options. With multiple ways to borrow and invest, you can save and grow your money the way you want to.
Loan Requirements
To qualify for a Figure HELOC, you need:
- A minimum credit score of 620
- Be a U.S. citizen
- Have a valid checking account
Rates & Fees
Figure charges an origination fee on HELOCs of between 3% and 4.99% of the initial amount, depending on your location.
If you sign up for autopay you’ll get a 0.25% discount on your monthly payment. Get an additional 0.25% discount if you opt into their Credit Union Membership.
Repayment Terms
A Figure HELOC comes with repayment terms of 5, 10, 15, and 30 years and there is no early prepayment penalty.
There is no fee involved in the appraisal of your home as Figure uses an automated valuation process.
How To Apply for a Figure HELOC
Step 1
Complete an online application
This typically takes only a few minutes. Navigate to the Figure website and click on ‘Find my rate.” You’ll need to provide basic information such as your name, income details, date of birth, property type, and reason for borrowing.
Step 2
Verify your details
From here a hard inquiry will be done on your credit report and you’ll need to connect at least one checking account so that your income can be verified and the loan disbursement set up.
Step 3
Loan approval
Once your Figure loan is approved you’ll have a video session with a notary to confirm your identity and review and sign your loan documents. In some states you may need to work with a notary in person. Once done, the funds will be made available within five days.
Our Figure Review
Easy online application
Customer support lines are available 6 days per week
Custom options and offers
15 and 30-year fixed-term mortgage options
Live chat available
Competitive interest rates starting at 3.24%
Crypto-backed loans available
Pros
Certain properties are not eligible for a Figure HELOC, including multifamily real estate, co-ops, and manufactured housing, among others.
WIth your first Figure HELOC you have to draw the whole amount compared to other lenders where you can draw only what you need.
Cons
At Financer.com our review of Figure is that it is a cutting edge fast and affordable way to borrow money.
With low APRs and streamlined systems, we recommend considering Figure when you are looking for your next loan.
You can read more Figure.com reviews below.
Why Customers Choose Figure
Figure is a fintech company with the mission of leveraging blockchain, AI, and advanced analytics to unlock new access points for consumer credit products that can transform the financial lives of their customers.
Below we have listed just a few of the many advantages of choosing Figure for your borrowing needs:
- Access to Your Money Faster: Their industry-first blockchain technology simplifies the application process so you can get funded faster.
- Full Transparency: No hidden meanings or extra charges—ever. They believe in always being upfront about rates and fees so you can have complete control of your assets.
- Flexible Options: With multiple ways to borrow and invest, you can save and grow your money the way you want to.
Want to leave feedback? Write your Figure review below.
At Financer.com we recommend Figure.com.
It is one of the most popular home equity lenders we have reviewed. They have earned their reputation by creating a site that is streamlined and simple to use.
Figure FAQs
Can I apply for multiple loans with Figure?
Yes, as long as you meet the minimum requirements for each loan.
What if I choose to back out of the loan?
You are not obligated until you have signed your final loan documents and the three-day rescission period has expired. However, you may be charged for fees incurred during your loan processing, such as appraisal fees or credit report fees.
Where are Figure loans available?
Figure Home Equity Line is available in AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, VA, VT, WA, WI, WY.
Figure Mortgage Refinance is available in AK, AL, AR, AZ, CA, DE, FL, GA, IA, ID, IN, KS, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, PA, SD, TN, WA, WI, WV.
Figure Personal Loan is available in AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IN, KS, KY, LA, MA, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OR, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY.
More states will be added for all offerings over time.
What type of properties are eligible?
Figure loans are available for most condos, townhouses, and single family residences. The following properties are not eligible: commercially zoned real estate, co-ops, multifamily real estate, planned urban developments, earh or dome homes, manufactured housing, log homes, mixed use properties, houseboats, and timeshares.
What type of home owners are eligible?
Figure loans are available to property owners who solely or jointly holds the property with others, or by revocable trusts. To get a Figure HELOC loan your name has to be on the county records as the owner of the property.
Do I need insurance?
You need to have hazard insurance for your property and flood insurance for properties located in a flood zone. Figure may require proof of insurance when assessing your loan.
What can I do with my home equity line of credit?
You can use your home equity line of credit for home improvements, debt consolidation, or major purchase.
Where do I find my Figure login?
You can log in to your Figure account by visiting the Figure homepage and clicking on ‘Login.’
