Loans (US)

Figure Home Equity Line full review: Up to $400,000!

Do you need a home equity line to help you out with good rates? If so, you can read our Figure Home Equity Line review to learn more!

Figure Home Equity Line: Pre-qualify with no credit score impact!

See how the Figure Home Equity Line works. Source: The Mister Finance.
See how the Figure Home Equity Line works. Source: The Mister Finance.

Are you looking for a simple and fast way to get a home equity line of credit that fits your budget? Our Figure Home Equity Line review might just be the answer. So, read on!

Figure Home Equity Line

How to apply for the Figure Home Equity Line?

Looking for a HELOC with quick funding and fixed rates? If so, read our post to learn how to apply for a Figure Home Equity Line!

APR*6.10% to 14.74%.

*Terms apply.
Loan PurposeHome equity lines for various purposes, such as home improvements, major purchases, or debt consolidation.
Loan Amounts*$15,000 up to $400,000.

*Terms apply.
Credit NeededA minimum credit score of 680 for investment properties and other types.
Terms5, 10, 15, and 30 years.
Origination FeeIt will be a fixed rate that determines how much of the loan may be financed at the time of origination.
Late FeeN/A.
Early Payoff PenaltyNone.

Also, with no credit score impact when applying, they’re able to provide pre-qualification in less than minutes.

Plus, with their competitive rates on everything from fixed rate options to no closing costs or appraisals required, it’s easier than ever to find the perfect solution for your needs.

Therefore, keep reading our Figure Home Equity Line review for insider tips and more information about this convenient option!

How does the Figure Home Equity Line work?

The whole amount of the Figure Home Equity Line loan (minus the origination fee) will be available for use at the moment of the issue because it is an open-end product.

However, although there is no flexibility in the product’s draw function, the quantity of financing available at product creation is set.

Figure Home Equity Line benefits

Get your line of credit with Figure. Source: The Mister Finance.
Get your line of credit with Figure. Source: The Mister Finance.

As mentioned, you can find many perks when getting your home equity line through Figure HELOC. Moreover, there are no annual fees or prepayment penalties.

However, there are also some downsides, as with any other lender. Therefore, read our pros and cons list below to learn more and see if this is your best choice!

Pros

  • You can borrow up to $400,000;
  • There is a chance to get your funds in as little as five days after approval;
  • You’ll be able to redraw up to 100% of the original amount you have;
  • There is a chance to pre-qualify with no credit score harm.

Cons

  • You probably won’t be able to qualify for a home equity line if you have a not-so-good credit score;
  • Other lenders have higher loan caps for you to borrow.

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How good does your credit score need to be?

You probably won’t be able to qualify for a home equity line through Figure if you have a not-so-good credit score. Moreover, you’ll need to have at least a 680 score to have more chances to qualify.

However, you can have the option to prequalify. So, Figure pre-qualification offers have no effect on credit scores when viewed. Soft inquiring is what this causes.

How to apply for the Figure Home Equity Line?

There is a very simple and quick way to apply for the Figure Home Equity Line. Also, you’ll only need to provide the personal information required during the pre-qualification.

In addition, if you prequalify, you can complete the application even faster!

Figure Home Equity Line

How to apply for the Figure Home Equity Line?

Looking for a HELOC with quick funding and fixed rates? If so, read our post to learn how to apply for a Figure Home Equity Line!

About the author  /  Victória Lourenço

Victória Lourenço is part of the finance writer team for The Mister Finance website. She is a translator and copywriter, having worked on finance topics for over four years. She has a goal to keep studying finances to help people learn more about how to use their credit cards, make loans, and use other money-related products in a way that they can find a more meaningful and healthy financial life!

Reviewed by  /  Aline Barbosa

Senior Editor

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