Homeownership is a significant milestone for many individuals, but it also comes with financial responsibilities. One of these responsibilities is managing your home equity, which can be a valuable asset. If you find yourself in need of funds for various purposes, such as home renovations or debt consolidation, Figure Lending may be the solution you’re looking for. In this comprehensive guide, we will explore the different types of mortgage loans offered by Figure, how their process works, the terms, fees, and conditions associated with their loans, as well as their eligibility requirements and customer service.

Types of Mortgage Loans Offered by Figure Lending

Figure offers two primary types of mortgage loans: home equity lines of credit (HELOCs) and a unique option to use cryptocurrency for a mortgage. HELOCs allow homeowners to tap into the equity of their homes and borrow against it. The minimum amount you can borrow with a HELOC from Figure is $15,000, or $25,001 in Alaska, while the maximum is $400,000. Borrowers have the flexibility to choose loan terms of five, 10, 15, or 30 years. It’s important to note that the initial amount funded at origination is based on a fixed rate, but subsequent draws may have different rates.

It’s worth mentioning that Figure temporarily stopped accepting new mortgage applications in March 2022. However, they continue to offer their existing services to eligible customers.

How Figure Lending Works

The first step in the Figure Lending process is to prequalify online. This step allows you to find out your estimated rate without impacting your credit score, as Figure performs a soft pull. During prequalification, Figure will require basic information, including details about your income. Based on this information, Figure will provide you with an interest rate offer for your loan.

If you decide to proceed with your application, Figure will then conduct a hard credit pull, which may have a minor impact on your credit score. Once approved, the funds for your HELOC may arrive in as little as five days after signing. However, it’s important to note that the timeline may vary, especially if you live in an area that requires in-person closing rather than an online process.

Terms, Fees, and Conditions

When considering a mortgage loan from Figure, it’s essential to understand the associated terms, fees, and conditions. Figure charges an origination fee for their home equity lines of credit, but they do not have account opening, maintenance, or prepayment fees. The origination fee ranges from 0% to 4.99% of your initial draw. It’s worth noting that you have the option to pay a higher origination fee in exchange for a reduced annual percentage rate (APR).

Additionally, you may be responsible for recording fees, depending on your location. If you request Figure to change its lien position, a subordination fee may apply. It’s also a requirement to have property insurance throughout the duration of the loan. If your home is in a flood zone, flood insurance may also be necessary.

Discounts Offered by Figure Lending

Figure offers attractive discounts to borrowers. By enrolling in autopay, you can benefit from a 0.25 percentage point reduction in your interest rate. Additionally, Figure provides a 0.5-point discount for opting into a membership with one of their credit union partners. By taking advantage of both discounts, you can enjoy a combined reduction of 0.75 percentage points on your interest rate.

Qualification Criteria for Figure Lending

To be eligible for a HELOC from Figure, you must own or jointly own a qualifying property. Figure accepts single-family residences, townhouses, planned urban developments, and most condos as eligible properties. Your property can serve as either your primary or secondary residence.

However, there are some property types that do not qualify for Figure’s mortgage loans. These include co-ops, commercially zoned real estate, multifamily real estate, manufactured housing, earth or dome homes, timeshares, log homes, houseboats, mixed-use properties, and properties purchased within the last 90 days.

In terms of employment, all applicants must be employed, self-employed, or retired. The figure may verify your employment during the application process.

Credit Score Requirements for Figure Lending

The figure has specific credit score requirements for mortgage loans. To qualify for a home equity line of credit, you need to have a minimum FICO credit score of 640. However, if you’re applying for a mortgage loan for an investment property, the minimum credit score requirement increases to 680.

Figure’s Availability

While Figure does business in nearly every state, they are not yet available nationwide. It’s important to check if Figure operates in your state before proceeding with your application.

The reputation of Figure Lending

When considering a mortgage lender, it’s crucial to assess their reputation. While Figure is not accredited by the Better Business Bureau (BBB) and holds an F rating, they have received positive feedback on Trustpilot. Trustpilot rated Figure with an “excellent” score of 4.6 out of five stars based on more than 1,900 reviews. It’s important to consider both sources when evaluating the lender’s reputation.

The Consumer Financial Protection Bureau (CFPB) received only one complaint related to HELOCs from Figure Technologies, the holding company of Figure, in 2021. The company responded to the complaint promptly and provided an explanation, ultimately closing the case.

Customer Service at Figure Lending

Figure Lending provides multiple channels for customer support. You can contact their customer service team via phone, email, or chat. For HELOC support, you can reach their live phone support at 888-819-6388 from 6 a.m. to 6 p.m. Pacific Time daily. If you have questions about active loans, you can contact them at 888-527-1950 from 6 a.m. to 6 p.m. Pacific Time, Monday through Friday.

For general support inquiries, you can send an email to help@figure.com. If you require support for active loans, contact myaccount@figure.com. If you have specific questions about HELOCs, reach out to loans@figure.com. Live chat support is also available daily from 6 a.m. to 6 p.m. Pacific Time, except for major U.S. holidays.

Online Features of Figure Lending

Figure Lending distinguishes itself by offering a completely digital loan application and approval process. You can apply for their loans online, and the approval process can be as quick as five minutes. Once approved, funding can occur in as little as five days. To ensure a smooth and timely closing, Figure provides iOS and Android apps that allow you to apply for and manage loans directly from your mobile device. Additionally, they offer a remote online notary feature, which is essential for closing your loan and receiving funding within the five-day window.


If you’re a homeowner seeking to leverage the equity in your property, Figure Lending offers home equity lines of credit with flexible terms and competitive rates. While they temporarily stopped accepting new mortgage applications in March 2022, their existing services continue to cater to eligible customers. By prequalifying online, you can explore your estimated rate without impacting your credit score. Figure’s origination fees are reasonable, and they offer discounts for enrolling in autopay and joining one of their credit union partners. Remember to meet their eligibility criteria, including property type and credit score requirements. When considering Figure Lending, it’s crucial to evaluate its reputation, considering both the BBB rating and customer reviews on Trustpilot. If you value an entirely digital loan application process, Figure’s online features and mobile apps provide a convenient experience. Take advantage of their remote online notary feature for a smooth and efficient closing process. Explore Figure Lending as a potential option for your home equity needs.

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