Expert Figure Review 2019

Overview

Figure offers home equity loans, allowing homeowners to tap into their home equity and use it to consolidate debt, finance home improvement, or fund any other goals. They rely on advanced technology that leverages AI, analytics, and blockchain to create a smooth and easy financial product. The entire process can be completed online in about 5 minutes, though some users have had trouble with part of the application, as it may not be initially clear what documents you require. 

Overall, Figure is a great option for homeowners with plenty of equity, looking to access between $15,000 to $100,000 in one lump sum.

Eligibility & Process

Figure's initial application process takes an average of 5 minutes and most users receive approval immediately. In this first stage of the application process, you'll need to provide basic information such as name, address, type of property, purpose of loan, and household income.

After you have completed this initial application, Figure will run a soft credit check and asses the details you have provided. Within 5 minutes you should receive an email back stating whether or not you were approved and how much you can borrow. 

The next step is to fill out a larger application which some users find confusing and which requires more financial information from your bank. In this stage, Figure will also complete an assessment of the value of your home to determine how much your equity is worth.

Finally, the last stage of the application process is an online video session with Figure's eNotary service where they will review and confirm the loan details with you. Using this notary service also allows you to officially notarize and approve the contract. The actual funds will arrive in your account within 5 business days. 

Fees & Rates

Though it can be difficult to find rate examples on their website, Figure does give a sample fixed rate of 5.99% APR for borrowers with a credit score of 760. They claim that the average APR is anywhere between 5.99% and 10.5%, but your exact APR will depend on a variety of conditions such as credit score and amount of equity.

One of Figure's most helpful feature is their incredibly simple calculator, located at the bottom of each page. The calculator asks you to input your home's estimated value and the remaining balance on your mortgage. In an instant, Figure will give you an estimate of the maximum home equity loan you will qualify for.

Payment Terms

Home equity loans with Figure are all fixed-rate and borrowers can choose the length of the term, with options of 5, 7, 10, or 15 years. Aside from the APR interest and a small origination fee, Figure does not charge account opening fees or maintenance fees.

Customer Support

Getting in touch with a Figure representative is extremely easy as their customer support and eNotary services are reachable from 6am-6pm PT, Monday to Saturday. Figure also offers phone and email support, with quick response times.

Additionally, their FAQ section is very thorough and covers everything from applying to eligibility to reporting any issue you may have.

Joe Schwartz | Mortgage Loans Editor

Our chief content editor, Joe manages a diverse team of content writers. He holds a degree in online communications and his writing has been featured in a wide range of online publications.

Top 5
1
9.9
2
8.7
3
8.5
4
8.0
5
7.9
Pros
  • Fixed rate loans
  • Fast qualification
  • Direct lender
Cons
  • Charges origination fee
  • Confusing application
Bottom Line
Home equity loans for up to $100,000.

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