Home Equity Line of Credit
After you provide your basic information, we run a soft credit check and use machine learning to estimate your property value. Offers are calculated to allow you to buy-down your rate in exchange for an origination fee. You can review offers with no impact to your credit score.
A hard credit check is ran only after you have selected an offer and decided to move forward with the HELOC.
You can get a line of credit by borrowing against your home equity. Complete an application in as little as 5 minutes 100% online and you could have funding initiated in as few as 5 days
The total interest paid on a HELOC could be lower than other types of financing options such as personal loans, credit cards, and a cash-out mortgage refinance. According to Figure’s recent survey of funded HELOC customers, 67% of them saw significant savings by choosing a HELOC over a cash-out refinance.
- Single family residences
- Condos
- Townhouses
- Primary residence, secondary residence, or investment property
*Certain types of properties may not be eligible.
Properties that are owned solely, jointly, or as part of a revocable trust are eligible. The applicant’s name must appear as a property owner in their county’s records for the property.
Submit your basic information to see your HELOC offers with no impact to your credit score
Ben Miller | NMLS # 974522 | https://www.benmillerloans.com/ | (423) 494-8894 | 404 S Roan Street, Johnson City, TN 37601 | Barrett Financial Group, L.L.C. | https://www.barrettfinancial.com/ | NMLS #181106 | 275 E Rivulon Blvd, Suite 200, Gilbert, AZ 85297 | GA 181106 | TN 204577 | VA MC-7357 & MC-7357 | Equal Housing Opportunity | This is not a commitment to lend. All loans are subject to credit approval. | nmlsconsumeraccess.org/EntityDetails.aspx/COMPANY/181106
Figure Lending LLC dba Figure. 650 S. Tryon Street, 8th Floor, Charlotte, NC 28202. (888) 819-6388. NMLS ID 1717824. For licensing information go to www.nmlsconsumeraccess.org Equal Opportunity Lender.
Figure Home Equity Line is available in AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, MD, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WY with more states to come.
This site is not authorized by the New York State Department of Financial Services. No mortgage solicitation activity or loan applications for properties located in the State of New York can be facilitated through this site.
1. The Figure Home Equity Line is an open-end product where the full loan amount (minus the origination fee) will be 100% drawn at the time of origination. The initial amount funded at origination will be based on a fixed rate; however, this product contains an additional draw feature. As the borrower repays the balance on the line, the borrower may make additional draws during the draw period. If the borrower elects to make an additional draw, the interest rate for that draw will be set as of the date of the draw and will be based on an Index, which is the Prime Rate published in the Wall Street Journal for the calendar month preceding the date of the additional draw, plus a fixed margin. Accordingly, the fixed rate for any additional draw may be higher than the fixed rate for the initial draw.
2. Approval may be granted in five minutes but is ultimately subject to verification of income and employment, as well as verification that your property is in at least average condition with a property condition report. Five business day funding timeline assumes closing the loan with our remote online notary. Funding timelines may be longer for loans secured by properties located in counties that do not permit recording of e-signatures or that otherwise require an in-person closing.
3. To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
4. A Figure HELOC is secured with your home as collateral, whereas personal loans and credit cards are not.
5. Our loan amounts range from a minimum of $20,000 to a maximum of $400,000. For properties located in AK, the minimum loan amount is $25,001. Your maximum loan amount may be lower than $400,000, and will ultimately depend on your home value and equity at the time of application. We determine home value and resulting equity through independent data sources and automated valuation models.
6. You will be responsible for an origination fee of up to 4.99% of your initial draw, depending on the state in which your property is located and your credit profile. You may also be responsible for paying recording fees and taxes, which vary by county, as well as a subordination fee if you ever ask Figure to voluntarily change lien position.
7. Estimated savings with Figure HELOC compared to a cash-out refinance, as reported by funded Figure HELOC customers during a survey conducted between August 1 - August 30, 2022.
8. Figure's HELOC requires you to pledge your home as collateral, and you could lose your home if you fail to repay.
All savings calculations are estimates. Savings totals are calculated using the average mortgage balance, average interest rates, and average HELOC amount applied for, and subtracting the difference paid over the life of the estimated loan terms. Actual savings will depend on several factors determined at the time of application and may be less than estimated.
