HELOCs at a Glance

  • Fixed rate or variable
  • How do I withdraw funds? Unknown
  • Origination Fee: Up To 4.99% of the initial draw (depending upon your credit and state)
  • Loan to-value ratio: up to 95%
  • Funding time: Within five days

Figure is an online lender offering home equity lines of credit (or HELOCs) with competitive rates and flexible loan terms.

Figure’s HELOC is different than other HELOCs you may have come across. Figure will require you to take out the entire amount of your credit line in order to receive a fixed rate.

As you repay your credit line, you can borrow more money later on. However, you will be charged an additional interest rate for each new amount.

This can be a positive if you plan a major renovation. However, it can be a problem if your goal is to borrow smaller amounts at once.


  • Online application for approval with the potential to be very fast
  • No in-person appraisal required
  • Soft credit inquiry allows you to assess the potential rate
  • HELOCs available for primary and second residences


  • Higher interest rates are associated with longer loan terms
  • Credit score can affect the maximum loan amount.
  • In some states, not available

5 Things You Need to Know About a Figure HELOC

These are some important features of Figure’s HELOC.

1. Requires a 100% initial draw

The typical HELOC allows for you to tap into your equity and withdraw funds as needed. The Figure HELOC, however, is very similar to a cash-out refinance or home equity loan. You will need to withdraw 100% of the approved amount at first.

This could prove to be a problem for some borrowers as you will owe interest even if the amount is not needed immediately.

2. New rates locked in by new draws

Figure’s HELOC has a fixed rate. Your rate is locked in when you make your first draw.

You can also take out additional draws as your equity line is being paid down. Every draw will lock you in to a new rate. Your new rate may be different depending on market conditions.

3. Flexible terms and competitive rates allow you to borrow up to $400,000

Figure shows HELOCs available from $20,000 to $400,000. The minimum and maximum amounts of HELOCs available depend on many factors such as the location of the property, your FICO score and the type of property.

Figure offers terms up to five, ten, fifteen and thirty years. Figure’s APRs were competitive with comparable HELOC lenders as of November 2022.

4. Available for investment, primary and secondary properties

Figure’s HELOC can be used to borrow against equity in a primary or second residence, or investment property. According to the company, HELOCs are available for single-family homes and townhouses as well as most condos and planned urban development (PUDs).

The home may be owned by you alone, with others, or through an irrevocable trust. Figure will verify ownership of the home by looking at county records before approving a HELOC request.

5. You can check your rate potential without affecting credit score

You can quickly determine if you are eligible and what rate you might receive by filling out an online form. This soft credit inquiry does not impact your credit scores.

However, submitting a loan application will require a credit inquiry. This may temporarily affect your credit score.

Does Figure need an appraisal to be eligible for a HELOC loan?

For HELOCs, the figure doesn’t need to be appraised in person. Instead, the lender uses an Automated Value Model to assess the property’s value. This involves looking at historical trends in prices, public data records, and recent sales of similar properties.

You can also use the e-notary to electronically close your HELOC. It’s not available in every state.

Figure may not be able to verify that your property has an “average” condition. A “desktop appraisal”, which could extend the time required to get funding, might be necessary.

What is a Figure HELOC good at?

Figure’s HELOC is a loan that requires a 100% first draw. This can make it a viable option for homeowners who intend to use the majority of their approved amount within a short period. This may be an alternative to a loan for home improvements.

Many HELOCs offer adjustable rates. Figure’s fixed rates are more appealing to those who want to make a fixed monthly payment for the loan’s life.

How to Apply for a Figure HELOC

Figure’s online application process is completely seamless. The website boasts a video notary as well as quick online support. You can also call Figure 1-800 if you have any questions regarding the application or lending requirements.

Each state has its own minimum qualification requirements. You will need to have a minimum credit score (640 for investment properties) and you must be employed, selfemployed, or retired.

You will need to submit the following information in order to apply

  • Contact information, such as your name and date of birth, can be used to identify you personally.
  • The property address
  • Information about identity, income, and employment

Are you unsure if Figure is the right fit for you? These are some alternatives.

  • Bank of America This national lender offers greater credit lines and has no application fees, closing costs, or annual fees.
  • Aven This innovative option combines the features of a HELOC with a credit card. It allows you to access your home equity and earn cash back.