Figure Mortgage Review

Figure mortgage rates

ProductInterest RateAPR
30-year fixed rateN/A; lender only offers refinance loansN/A
15-year fixed rateN/AN/A

Figure, a small, relatively new lender, offers mortgage loans to homeowners who are looking to refinance their mortgages. Though it’s only been operational for two years, Figure has built fully digital offerings to create a streamlined refinance process. The downside is that this lender, while a great option for refinances, does not offer loans to buyers looking to purchase their homes. 

In total, Figure offers two different home loan products: home equity lines of credit (HELOC), a mortgage refinance or cash-out refinances. The main benefit of refinancing your home with Figure is quickly getting access to the money for a cash-out refinance. With Figure, you can access the cash you’ve built up in your equity within days — rather than waiting weeks or months like you would with other lenders. 

Thanks to the fully digital loan process — which is powered by blockchain — you can complete the application process online within minutes without having to submit physical copies of your paperwork. Overall, Figure is a great option for quick cash and ease of use. 

Why it might pique your interest

Figure sets itself apart from other lenders by using blockchain technology as part of its lending process. Rather than requiring multiple administrators to verify paperwork, everything becomes one permanent, secure record on the blockchain that all parties have access to. 

Using blockchain is what allows Figure to speed up the time to accessing cash. When you apply with Figure, all your data is recorded and stored automatically. Compared to larger institutions that can spend weeks tracking down paperwork, Figure’s process eliminates human error. 

Figure offers cash-out, refi and HELOC loan products in most states, and you can choose a loan term of 5, 10, 15 or 30 years depending on the product. Figure requires a minimum credit score ranging from 640 to 740 — but it will depend on the product. 

Figure overview 

Loan options:

  • Home equity line of credit (HELOC) — Figure’s HELOCs are available for single-family residences and townhouses. Anyone is eligible for a Figure HELOC as long as you’re the recorded owner of the property. Figure also partners with Quorom Federal Credit Union to promote checking and savings accounts, and as a Quorum member, you can enjoy a .5% discount from Figure as well as APRs as low as 3.49%. 
  • Cash-out refinance — Figure can lend up to 80% of your home’s value as part of your refinance loan, so if you have built more than 20% equity in your home, this lender could be an option. In some cases, this lender might require a formal appraisal before closing. 

If you’re looking for a cash-out refi, Figure can offer loans up to $500,000 on cash-out refis. Figure’s current refinance mortgage rates are as low as 3.44% APR. 

Figure only offers a 30-year fixed term for mortgage refinances, but they don’t have a penalty if you pay off your loan early. 

Pros and cons


  • The completely digital application process takes just minutes to complete.
  • Blockchain technology ensures your information is secure and isn’t subject to human error.
  • Approved customers can access a HELOC in as little as five days.
  • HELOC loan terms range from 5 to 30 years to meet your needs.
  • HELOC APR starts relatively low at 3.49%
  • Figure doesn’t tack on closing costs or additional fees. Customers don’t have to worry about a prepayment penalty, late fees and more
  • Depending on your credit, origination fees from your initial HELOC draw can be as low as 0% or 3% and no greater than 4.99%
  • Customers who opt into Autopay receive a 0.25% discount
  • Quorum Federal Credit Union members enjoy a .50% APR rate reduction


  • Figure offers small HELOC and loan amounts compared to other lenders. 
  • With additional HELOC draws after the initial draw, you’re limited to amounts that are at least $500 but no greater than 20% of the total loan.
  • Figure doesn’t offer HELOCs for properties outside of single-family homes and townhomes. You won’t be able to qualify for a loan if you own multi-family real estate, a houseboat, manufactured housing or other types of properties.
  • Mortgage refinancing is only available as a 30-year fixed term, which may not meet all needs.

The final word

Figure’s home equity and cash-out mortgage refinance options are a wise way to access your equity in a quick, hassle-free manner. Compared to other lenders, Figure’s blockchain system is more secure and efficient to help streamline the refi process. 

The downside is that Figure doesn’t offer as many options or financial products as other lenders. Though it does have a strong HELOC offering, its refinance terms are limited to a 30-year fixed-rate loan. If you are looking for a HELOC, APRs are as low as 3.49% and can be approved in as little as five days.

Figure FAQs 

Is Figure a good loan company?

Though Figure is a relatively young loan company, it’s established itself as a credible source for HELOCs and cash-out mortgage refinancing. If you have good to excellent credit, you can access these types of equity-based loans within days rather than waiting on approval for months. Figure receives excellent reviews from customers online, who say they’ve enjoyed fast and friendly service. Figure might not be a good choice for customers who are looking for larger HELOCs or extensive mortgage refinance options, though. 

Does Figure pay closing costs?

Figure does not pay for any closing costs — they’re rolled into your refinance amount instead. The only HELOC fees that customers have to pay are origination fees, which are variable depending on what you choose in the application process. Your origination fees can be 0%, 3% or 4.99%. If you’re looking for a mortgage refinance, you’ll have to pay for your mortgage application, title, settlement and recording fees. These costs usually add up to about 2% of your total loan amount. 

How do I pay my Figure mortgage? 

To make payments on your Figure HELOC or cash-out loan, the best method is to set up autopay. Autopay customers receive the benefit of a 0.25% discount. If you don’t want to set up autopay, you can also pay through linking a checking account or through the Figure website. 

Claire Bough

Personal Finance Contributor

Claire Bough is a personal finance writer and content strategist. She currently lives in Nashville, TN where she loves trying the multitude of new restaurants and traveling throughout the South. For more about Claire, visit her LinkedIn at