18-05-2025
Figure HELOC review: Access funds in five days
Founded in 2018 by SoFi's Mike Cagney, fin-tech startup Figure is one of the largest providers of home equity lines of credit (HELOCs) in the U.S, with more than $14 billion lent to over 200,000 households.
We love Figure's speed and efficiency: Customers can get approved in as little as five minutes and get funding in as few as five days. Figure also offers virtual closings in states where it's allowed.
But some key facets differentiate it from a traditional HELOC, including its relatively short draw period and the fact that borrowers must withdraw their full line of credit at the time of origination.
Apply online for personalized rates
HELOC
5 to 30 years
670
Unlike a home equity loan, which is disbursed in a lump sum, a HELOC gives borrowers a revolving line of credit. You can make multiple withdrawals and only have to pay interest during their draw period, which is usually 10 years.
A Figure HELOC, however, shares features of both traditional HELOCs and home equity loans: It has a significantly shorter draw period and borrowers must withdraw the full line of credit upon origination. (As you repay the initial withdrawal, however, you can make more withdrawals.)
The benefits and drawbacks of a Figure HELOC
Figure offers home equity lines of credit in all states but Hawaii.
Unlike most HELOC issuers, Figure requires borrowers to take out their full line of available credit upon origination. You can make additional withdrawals if you make payments during the draw period. It also has a maximum draw period of 5 years, compared to the 10-year window most lenders offer.
Figure typically requires borrowers to have:
Unlike many lenders, who may offer a variety of mortgages and other banking services, Figure specializes almost exclusively on HELOCs.
For that reason, it has a streamlined application and approval process: Borrowers can reportedly be approved in five minutes and receive funds in as few as five days.
Customer service is available at 888-819-6388, Monday through Friday from 6:00 a.m. to 9:00 p.m. PT, and weekends from 6:00 a.m. to 5:00 p.m. PT.
Figure earned an A+ from the Better Business Bureau, the organization's highest grade, based on transparency, truthful advertising and how it responds to consumer complaints.
Here's how Figure compares to two major HELOC lenders.
While TD Bank only offers HELOCs in 15 states and Washington, D.C., Figure makes them available everywhere but Hawaii. It also offers virtual closings, a feature TD Bank lacks.
Apply online for personalized rates
Conventional, VA, FHA, jumbo, construction-to-permanent, physician loans, TD Right Step, TD Home Access, refinancing, home equity loans
Up to 30 years
Not disclosed
Options as low as 3%
Terms apply.
But TD Bank has more than 1,000 branches and will approve HELOCs up to $6 million. An online-only operation, Figure caps HELOC draws at $400,000.
Figure also has a shorter draw period and requires homeowners to take out the full amount on their first withdrawal. TD Bank makes funds available for the typical 10-year window and allows users to take only what they need.
Flagstar also has broader draw terms, with HELOCs ranging from $10,000 to $1 million.
Fixed-rate and adjustable-rate available, apply online for rates.
Conventional, FHA, VA, USDA, jumbo, renovation, Destination Home Mortgage, HomeReady, Home Possible, refinancing, ReFi Now, Refi Possible, HELOC, home equity loan
15-year and 30-year fixed-rate loans; 5-year, 7-year, 10-year intro period for adjustable-rate loans
620 for conventional, 580 for FHA, 600 for Destination Home Mortgage, 700 for jumbo loan
3% for conventional loans, 3.5% for FHA loans, 0% for VA, USDA and Destination Home Mortgage A full-service bank, Flagstar offers a 0.25% discount if you set up automatic payments from a Flagstar checking or savings account.
Where Figure comes out ahead is in the approvals process: Flagstar requires a FICO score of 700 for a HELOC, while you only need a 640 to be approved by Figure.
Figure doesn't have brick-and-mortar locations, so borrowers must visit the website and complete an online application to get preapproved.
The process will not impact your credit, but you'll need proof of identification, bank statements, tax returns and W2s from the past two years, as well as the deed to your home and proof of homeowners insurance.
Borrowers can get approved within five minutes and have their line of credit funded within five days, according to Figure, with a completely online closing process available where allowed.
A HELOC from Figure is a good option if you need money quickly and appreciate the convenience of an online application and approval process.
It's also worth considering if you have a less-than-stellar credit history, as its credit requirements are more flexible than many if you're looking for a longer draw period or larger loan limit, you may need to look elsewhere.
Founded by husband-and-wife team Mike Cagney and June Ou in 2018, Figure is a legitimate fin-tech lender that has approved more than $14 billion in home equity for over 200,000 families.
In addition, it's the No. 1 non-bank lender for HELOCs and earned an A+ rating from the Better Business Bureau.
According to Figure, borrowers can be approved within five minutes and get funding in as little as five days.
No, Figure only offers home equity lines of credit, not home equity loans or other mortgage products.
At CNBC Select, our mission is to provide our readers with high-quality service journalism and comprehensive consumer advice so they can make informed decisions with their money. Every mortgage review is based on rigorous reporting by our team of expert writers and editors with extensive knowledge of financial products. While CNBC Select earns a commission from affiliate partners on many offers and links, we create all our content without input from our commercial team or any outside third parties, and we pride ourselves on our journalistic standards and Select reviews mortgage products using a variety of criteria, including the types of loans offered, average rates, terms, availability, fees, down payment options, online experience and customer satisfaction.
In addition, we incorporate findings from independent sources, including lender scores from the J.D. Power U.S. Mortgage Origination Satisfaction Study and ratings from the Better Business Bureau.
For home equity lines of credit, we consider credit score requirements and maximum loan-to-value ratio accepted, as well as draw amount options, draw and repayment periods and if the lender requires an annual fee.
