Figure Mortgage: Review
1,146 Reviews on TrustpilotFigure Mortgage Snapshot
Figure is an online lender founded in 2018 in San Francisco, California.
Figure Mortgage is a direct lending company offering two unique products: Figure Mortgage Refinance and Figure Home Equity Line.
The company also offers student loan refinancing. The platform is powered by advanced technology to streamline the loan application process. The entire process is 100% online.
The company prides itself on quick pre-qualification and closing times through efficient technology.
Figure Mortgage Spotlight
Summary
Figure Mortgage is unique in that it has a speedy, completely digital online loan approval process. They’re also known for their dedication to transparency. Borrowers rave about their zero fee policy (besides the origination fee). Plus, they allow borrowers to make additional draws on loans.
In terms of refinancing, Figure allows customers to refinance their mortgage in order to grab hold of low interest rates. Plus, they can use these to cash-out, enabling them to refinance their home for better rates.
Loan Types
Figure offers a variety of loan types and loan features including:
- Approval within 5 minutes
- Funding in as little as 5 days
- HELOC and Mortgage Refinance Loans
- Eligibility on single-family residences and townhouses
Figure lets you borrow anywhere from $15,000 to $250,000 with a single origination fee. You can also get refinancing up to $500,000, although your maximum loan amount will vary based on your credit score and the value of your home.
With HELOC loans, Figure will get you the full value of your loan in a single lump sum once you’re approved for the loan (with the origination fee subtracted). Plus, once you’ve started paying off your loan, you’re able to make additional draws.
The additional draws can’t exceed 20% of your total loan amount. It must be at least $500 and made within 2-5 years of the loan term origination date.
Mortgage Loan Rates & Terms
Figure stands out from other mortgage lenders for their low fees. THey only charge a one time origination fee which can range from 0% to 4.99% of the initial amount drawn. There aren’t any other prepayment fees or hidden fees.
The fee structure is comparable to other lenders like Quicken Loans and Freedom Mortgage.
In terms of repayment, Figure Mortgage only offers fixed-rate loans. You can choose between terms of 5, 10, 15, or 30 year loans. They don’t offer variable rate loans.
Figure Mortgage Pros
- Fully transparent lender
- No prepayment fees
- Fast and completely digital application
- Excellent rating on TrustPilot
Figure Mortgage Cons
- Only available in 42 states (32 for refinancing)
- Making additional draws can only be down within 2-5 years
- Application process can be a bit confusing
- No variable rate loans
Figure Mortgage Application Process
Figure’s loan application and approval process can be done completely online. It generally takes about 5 minutes to complete the whole application. Plus, most applicants are pre-approved immediately. Then, it can take as little as five days to secure funding.
Here are the application steps:
1. Complete an initial online application for pre-qualification. You’ll be asked for your:
- Name, email, address, date of birth
- Address and type of property
- Purpose of your loan
- Household income (annual or monthly)
2. Figure will then run a soft-credit check
Your property value will be assessed using Figure’s advanced algorithm. You’ll then receive an email almost immediately to tell you if you’ve been pre-approved. They will also tell you how much you can borrow and estimated rates and terms.
3. Finish the full application process.
You’ll then be asked for:
- Valid photo ID
- Bank account information
- Proof of income
4. Then, you’ll need to attend an online video session with Figure’s unique eNotary service.
You’ll be asked identity-verifying questions to complete your loan contract.
5. Then you’ll receive your funds in your bank account a few days later.
Customer Support
Figure offers a number of support options for borrowers and prospective borrowers.
You can get in touch with their support team by email at help@figure.com or loans@figure.com.
You can also access their Notary service and telephone support Monday to Saturday from 6 AM to 6 PM PT.
Final Thoughts on Figure Mortgage
So, should you use Figure Mortgage to access a home mortgage loan?
Overall, Figure is set apart for its fast, and completely digital online approval process. They’re also known for their customer support and dedication to transparency.
Since they charge zero fees (apart from a potential origination fee), it’s one of the best options for those looking to get an affordable mortgage loan.
While they offer a number of loans and features, they don’t offer variable rate mortgages, which is a downside for some.
However, they do offer great refinancing loans with low interest rates. This makes Figure a great option for those looking to refinance their mortgage. It’s also a great option for homeowners who want to access their equity as cash in a lump sum to pay for a large purchase, renovation, or even college fees.
FAQ
Figure Customer Testimonials
Excellent 1,146 Reviews
ROBERT HANSON
09 April, 2021
This was the easiest experience I have…
This was the easiest experience I have ever had going through the loan process.
RAMY HANNA
09 April, 2021
I truly enjoyed their service.
I truly enjoyed their service.
JESSICA ALTER
08 April, 2021
Insufficient collateral
My application was declined b/c of insufficient collateral. My collateral was my home, valued at $580K, completely paid off. I just could not believe this. Now Figure has all my information (including my SSN) and I feel I've been duped. Then I went to Rocket Mortgage and got a loan right away. Thank goodness there are alternatives.
NORCALGAL
06 April, 2021
Easy Peasy!
We just put in a pool and spa. We needed some re-landscaping which we had budgeted for. However, our bid came in $20,000 over our cushion so we decided to try Figure and take out a HELOC. We were approved immediately and it was about 6 days (including the weekend) total until funds were deposited into our account. Every step was easy peasy. Even the signing - 3 signature pages total. Awesome rates as well! I have been a Realtor for 20 years so obviously have a stable of financial professionals. Nothing compares to this. I am really impressed and don’t have a single complaint. Will definitely revisit if there is a need in the future. Thank you Figure for making this such a positive, easy experience.
SANTIAGO BOLIVAR
06 April, 2021
Been dealing with bank for three weeks
Been dealing with bank for three weeks. Tried this out, got it done in 3 hours. Took about 4 days to get funded. I’m cancelling the bank process. Awesome service
JEN
06 April, 2021
Figure is the most streamlined home process
Figure is the most streamlined home equity loan process we have ever experienced. It was all on-line, yet it also felt very secure and reliable. Everything is explained in language that is clear and easy to understand. The verification process took less than a day and we knew we were funded the next day. From beginning to end they were responsive to our inquiries without delay, the process was professional, efficient, and stress-free!
TIFFANY
05 April, 2021
The process for a HELOC through Figure…
The process for a HELOC through Figure was incredibly easy and so fast! Whenever I had a question I was able to reach a friendly, helpful representative who gave me the information I needed. Would highly recommend!
LANCE
02 April, 2021
Figure was awesome
Figure was awesome. Within a day or 2 I was approved and even did the final notary online on a saturday evening! They work weekends til 8pm central time, which is unheard of. My money was funded within 5 days. Good work.
ANN LITTLE
02 April, 2021
The process for obtaining a home equity loan
The process for obtaining a home equity loan was very easy and fast. Highly knowledgeable and pleasant staff.
CATHY COPAS
02 April, 2021
They were excellent and very patient…
They were excellent and very patient with me
LARRY AUST
02 April, 2021
I can’t believe how easy the process…
I can’t believe how easy the process was. Customer service and the e-notary were excellent. Thank you
SATPAL PARMAR
02 April, 2021
Great company
Great company, easy to work with. Fast funding. Very simple application. Staff very helpful. Very good experience. Love it, try this company first, the best
J. L. NANTAIS
01 April, 2021
First Time Home Equity Loan Applicant
This is my first time doing a Home Equity Loan and I will firstly say that from my first gaze on the FIGURE website, it was clear to me that this company knew what they were doing. It is in simple language for the consume like me that knows nothing about loans to understand. Even the chat box , I had professional and friendly team members explain the process and what was needed for applying. When it got to the notary part of the process, Tim was so helpful and made sure my Notary person was in their system for date and time of in person signing, and within 10 days I got my loan .I would highly recommend FIGURE to anyone that is in need of FIGURE's services. Truly James
KEIKO KONDO
31 March, 2021
Very professional and efficient work
Very professional and efficient work. I had a pleasant experience with Figure.
LILIA P
31 March, 2021
You’re truly unbelievable
You’re truly unbelievable. Since I started applying for loans I’ve never had experience like this. The application was simple, super fast as well as funding. First I was hesitant to apply for home equity loan from this company because I was not really sure if they can really do my loan so fast as advertised. I got funded in just like a week after my application was completed. It took only few minutes to complete my application. Thanks again to all their staff for being professional. So far I consider “Figure “ to be the best financing institution. It’s so modern.
SABRINA
30 March, 2021
Amazing how easy and fast
Amazing how easy and fast. Every step was user friendly and simple.
MARY ANN HAZEL
27 March, 2021
The best process I've ever had in…
The best process I've ever had in obtaining a loan!
CHRISTOPHER SMITH
26 March, 2021
Excellent Service
Quick, straightforward, good heloc rates, all online
FRED WEIN
26 March, 2021
I've been wanting to comment on FIGURE
I've been wanting to comment on FIGURE, because I so appreciate the courteous people with whom in this process I have spoken. Everyone has been supportive and the process was extremely easy to follow and complete. When I started with your company, I came across some negative reviews, but I decided I would see what your company was like, anyway, and I can tell you I have no idea why anyone would ever write a negative review - based on the experience I've had with your company. We had a death in our family and were not able to complete our application process. Your company graciously gave me more time to complete the application when I had run out of time to do so. FIGURE people, thank you so much for helping us with this loan. I cannot be more complimentary of your excellent company. Thank you...God bless...
DM
23 March, 2021
Simple fast service
Simple, courteous and fast service. Best I have ever dealt with and I work at one of the top mortgage banks. Banks can’t compete with Figure.
FRED GRAESSLE
20 March, 2021
Improve your life
Figure played an important role in improving my financial picture by allowing me to swap high interest debt with low interest debt. In a matter of just a few hours, my debt payments dropped by $4K per month. Figure made this so easy and I really appreciate their people and their process.
SCOTT
19 March, 2021
Simple
Simple, and quick I am impressed at how easy the process was Figure is a game changer
SANDRA
18 March, 2021
Simple/Easy Process
I have to say the customer service team is over the top Stellar!! Before I applied for a loan I called to ask questions. I wish I knew the young ladies name, because she took the time to explain exactly how the process works and gave me a little history on the company. To get a loan within 5 days just did Not seem realistic, however it is. Everyone I spoke with was super friendly and knowledgeable. There is one young lady in particular Sadie. Who was so patient, courteous and kind. I am not good with computers and she took the time to help me set up my camera and microphone on my computer, so I could do the e-notary. I am so shocked she did not get irritated with me as I was clueless and she walked me through it and maintained a calm demeanor. I got it done and then did my last step. I waited my 3 day period in case I wanted to change my mind. Next day my loan was deposited into my account. I do believe banks could take a lesson from Figure on how to get the job done.
MICHAEL WOODS
18 March, 2021
Perfect from beginning to finish made…
Perfect from beginning to finish made each step easy and always had timely answers on everything Thank you you were a pleasure to work with Thanks Michael Woods
DANIEL
18 March, 2021
Rip Off
I still can't imagine how this company is operating as a serious financial institution in the US. 8 months ago I got a loan of $100K, received only $96K (minus fees etc). My monthly payment was about $760 or $6,000 in 8 months. Today I paid off the loan. Guess how much?? $99,300. Hence, I received $96K and paid back $105K after 8 months... looks like rip off in my opinion
FIKRETA DZEBIC
17 March, 2021
FIGURE lock my rate
FIGURE lock my rate, everything was okay before they get all info. After that they just start to changing the numbers. In my opinion this is worse financing company. Who need inquiries on their credit report, just go with FIGURE, they will do everything to destroy you. I can show a proof what they do to me.
THOMAS KILCULLEN
17 March, 2021
Absolutely THE Best lending…
Absolutely THE Best lending institution, in my opinion. The process was quick and easy and every customer service rep that I spoke with was helpful and accommodating.
CHARLES HUDSON
17 March, 2021
Great customer service
Great customer service. Had a bit of trouble with internet service on notary but they were great. Over all things went smooth.
M NELSON
17 March, 2021
Very satisfied. Quick, Easy, Painless.
This was the easiest process of any loan I have ever applied for. It was an hour and a half from the beginning to being approved. Even the notary was online. Money is already in my account just a few days later. VERY SATISFIED and recommend them highly. Life changing for me. I am thrilled. My house is now working for me! Got rid of high interest credit cards and will be able to stay out of debt.
JQ
16 March, 2021
very easy fast process
very easy fast process
WAYNE BRYANT
14 March, 2021
Easy pleasant experience
Easy pleasant experience. Great rates and customer service!!
LARRY GOODWIN
13 March, 2021
Great HELOC Experience !!
If you are looking for a home equity line of credit I would highly recommend Figure Lending. The application process was fast and simple. Everything was completed on line. I uploaded a few documents and with the help of Figures customer service staff I was approved and funded very quickly.It was an absolute pleasure working with every one. It was truly the easiest loan process I have ever gone through. Thank you Figure Lending and all the wonderful people working for you. LG
BRINA ABITZ
12 March, 2021
This was a great process
This was a great process! The online application process was very easy and fast. The communication through email throughout was great. After we completed the eNotary session, we got our money deposited into our account just four days later!
RAJENDRA JOHAR
12 March, 2021
Excellent customer service
Excellent customer service. Very positive attitude of representatives.
KLAUS BRANDL
12 March, 2021
The customer service provided is AAA+
The customer service provided by your associates was top notch. I was pleasantly surprised and much appreciated their patience as they walked me thru some issues I had on my computer. All in all the process was not as cumbersome as mtge and heloc applications that I have experienced years ago.
STEVEN WILSON
11 March, 2021
Is this a joke? Are these reviews even real?
I literally only tried Figure due to all the great reviews/ ratings here. Well, within 45 seconds of using their website, and “after careful consideration” (those exact words), my application was declined due to “insufficient collateral” because, according to their phone agent, “the system couldn’t find the address” of my home. Therefore, a mortgage-free entirely paid-off $340K condo is “insufficient collateral.” And there is absolutely no way around this system; there is no way to manually apply with ample available documentation that the home does indeed exist. So now Figure has my name, SS#, address, phone number, and date of birth, and they did exactly ZERO for me except waste my time and energy reading all these blatantly (fake?) BS reviews in the first place. This is a scam. BEWARE. **Edited to respond to company’s reply: I did call Figure, as my review states. So now you want me to call back to give you more confidential information, in order to receive the same “details” about how this so-called “revolutionary” automated system cannot be manually bypassed? From your reply, I gather situations like mine happen often enough to “cause frustration,” so why are you collecting so much sensitive information in the first place when all you need initially is an address? Particularly since the automated system is so blatantly faulty, if not downright fraudulent/ predatory. I have since searched the history of Figure and have found enough information to warrant plenty of concern about Figure harvesting such data, and my warning stands.
JOHN CAMPBELL
11 March, 2021
Fast and efficient
Fast and efficient! Which is what everyone wants when getting a loan or line of credit.
ALVA THOMPSON
11 March, 2021
Excellent customer service and…
Excellent customer service and execution. The only minor difficulty was connecting my wife as a separate co-signer.
THOMAS BONNER
10 March, 2021
Great service so far
Great service so far. We haven't gotten the deposit yet but so far so good. Very simple process.
STEVE GUERBER
09 March, 2021
Was skeptical about the speed and ease…
Was skeptical about the speed and ease of obtaining a HELOC but Figure was both fast and easy. Everything was done on line with minimum requirements for verification or additional information from me. Very impressive lending process.
DONALD T.
09 March, 2021
Figure was there for me when I needed…
Figure was there for me when I needed them. The process was simple, easy, and fast. The rates were reasonable and competitive and the communication was excellent. I would recommend this organization to any and everyone. Thanks Figure!
CHAD STAMPS
09 March, 2021
Excellent experience.
Everyone I dealt with was efficient, professional, and pleasant. The entire process was much faster and easier than I expected.
JAZZY STAVROU
08 March, 2021
I'm very impressed with how easy and…
I'm very impressed with how easy and convenient the process is and the amazing customer service at each touch point. I'm one happy customer!
MIKE
08 March, 2021
three notary appointments later
I had a notary come to my house on 2-14-21. After I signed my paper a week later, I was notified that my notary didn't send everything that I needed for my loan. I received a email from figure saying that they booked another notary appointment but I didn't need it, and it was to extend the date on my loan paperwork. The next week, I was notified that I would need another notary appointment. After my third notary appointment my loan was finally processed. I ended up missing my deadline with the contractor I hired to perform the home improvements on my property, because I had no funds. The contractor was booked up for the rest of the month and I'm still awaiting a contractor. I was told after speaking with a figure representative, that they would send me a amazon gift card for my experience with their company. I plan on using Figure again in the future. I just didn't understand why my loan took so long.
SANDY
08 March, 2021
This was the fastest and easiest…
This was the fastest and easiest process that I have ever done. The process was very simple to follow and the customer service is excellent.
N.AUDI
07 March, 2021
The process was very easy and seamless
The process was very easy and seamless
TED A
06 March, 2021
Rate advertised isn’t what is applied
Rate advertised isn’t what is applied. I was not able to withdraw entire amount. Closing account.
DUKESD
05 March, 2021
Use Figure if you need to tap your home equity.
Figure provide a hassle-free way to tap into your home equity. The process was quick and painless and funding happened in 6 calendar days. Good explanation of what you're getting into the whole way and excellent options on how you want to repay your loan and competitive rates.
JAMES MURPHY
05 March, 2021
One of the easiest loan processes I…
One of the easiest loan processes I have ever done. Every one all the way down to doing the signing with Travis went exceptional. I would and will refer Figure over all my social media platforms as well as word of mouth.. Appreciate the help with getting my loan completed in such a professional manner.
ROBERT CLARK
04 March, 2021
Process was super easy and fast
Process was super easy and fast. Got the mailing and came in handy to fix up my home. People were great and very helpful.
1
2
3
4
5