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Figure Mortgage: Review

  1,196 Reviews on Trustpilot

Figure 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

Best For
Anyone wanting to renovate or make a large purchase

Marketplace or Direct Lender
Direct lender

Loan Types
Home Refinance, Home Purchase

Loan Features
Home Equity, jumbo, HELOC

Repayment Terms
5, 10, 15, 30 years (varies by loan type)

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

How does Figure offer pre-qualifications so quickly?
Figure Mortgages uses advanced algorithms to assess borrowers’ applications quickly and accurately.
How can you check your APR rates?
After completing a short form, including your personal information, property details, and email address, Figure will send you a custom APR.
How high does your credit rating need to be to secure a loan with Figure?
Figure has a minimum credit score requirement of 640. However, the higher your credit rating is, the more you can borrow. Plus, you’ll likely be offered much better terms the higher your score is.

Figure Customer Testimonials

Excellent   1,196 Reviews

trustpilot-stars

ROBERT SMITH

09 May, 2021

trustpilot-stars

Thoroughly impressed

Thoroughly impressed. I was considering a HELOC and had received a mailer from Figure. I decided to include them as a financial institution to consider. After discussing the terms with other banks/lenders, I decided to apply with Figure to see what they could offer. I was surprised how easy and detailed the entire process was. And amazed how everything could be done online in a short period of time. Including identity verification and income verification. Honestly didn't know this possible. I was able to get a great rate on a $35K HELOC for debt consolidation, and complete the entire process in a couple of hours on a Saturday afternoon. I know this sounds like a fake testimonial, but it's legit. I'm impressed and would recommend Figure to a friend or family member.


MICHAEL MARR

08 May, 2021

trustpilot-stars

What an absolute horrible platform

What an absolute horrible platform. They state they figure income off 1 checking account, so if you're married and have separate accounts you're screwed there. Here's the worst part though....after you get past their identity screen there's no button to move you forward. None, so you're stuck. Also, I asked if I could email in our retirement savings. Nope, you can't do that either. I tried speaking with customer service and here's what they said "In order to build a fully automated system we require levels of security that does not work with anybody". Their platform was built by monkees.


SH

08 May, 2021

trustpilot-stars

Excellent!

Great job! It was a very easy process. I was surprised at how quickly it was funded. I highly recommend FIGURE!


HERMAN

08 May, 2021

trustpilot-stars

great job thanks

great job thanks


IVAN SANCHEZ

08 May, 2021

trustpilot-stars

Quick process

Quick process. Took me couple of days and the money was in my account. And the best thing everything was done thru my phone.


JCB-LIVERMORE CA

08 May, 2021

trustpilot-stars

Good to work with.

Purely online process. Did make me a little uneasy at first as you have to give authorization to your accounts. Once notary was done and the waiting period for you to rescind is over, it was funded the next day. I did appreciate the live support via phone and if using the chat, they email you with a synopsis of the conversation. I called after using the chat and actually talked to the same person I chatted with. That was very nice to know they staff the chat and support from within. So far, I'm very satisfied with Figure and would recommend them to a friend:)


DAVID KING

07 May, 2021

trustpilot-stars

Courteous

Courteous, professional & efficient customer service. The entire process was seamless.


TERRY GOODSON

07 May, 2021

trustpilot-stars

Professional Service

Quick and easy process. Great customer service


JULES

06 May, 2021

trustpilot-stars

EXCELLENT customer service

EXCELLENT customer service. Everyone is very prompt in responding to your questions. They don’t rush you. They make sure you understand everything. Every single person I interacted with from start to finish were truly amazing, kind, and courteous people. I highly recommend Figure.


DAN

06 May, 2021

trustpilot-stars

Simple and easy process

Simple and easy process. Decent rates.


SHERYL R

06 May, 2021

trustpilot-stars

Feeling thankful and blessed

Figure is helping my family to meet our financial goals. The application process was seamless, precise and super simple. Everyone I worked with was helpful and and have no idea how much of a blessing they have been to my family and I. All I can say is to God be all the glory and Thank you Figure.


JACQUELINE R

05 May, 2021

trustpilot-stars

I must say

I must say, Figure really helped me out when I needed them. I needed to get repairs done to my house, property taxes paid, and they took all the pressure off of me. They approved me for a loan in a few days, money was in my account. I will be recommending them to my family and friends. Thanks again Figure!!!


ANTHONY B

05 May, 2021

trustpilot-stars

This was the most seamless process I…

This was the most seamless process I have ever experienced through online lending. Decision and funding within days. Great support staff walked me through to the end. I will never go anywhere else. Figure is the place.


H.S.

03 May, 2021

trustpilot-stars

Easiest, most favorable online loan process I've ever experienced!

The loan process with Figure was seamless, guys. Seamless! From the very first pre-qualification review, to the application process and submittal of required information, this was by far the easiest loan I've ever applied for. The approval process was quick, easy and everyone I dealt with was really nice. They seemed happy to be doing their jobs which came through in their emails and also on the video call. I'm pleased with Figure's platform, use of technology and quick approval process. The loan terms are favorable given and I couldn't be happier with the process. Please give Figure a shot, you won't be disappointed!


JEROME

01 May, 2021

trustpilot-stars

This has been the best real estate…

This has been the best real estate financial process I have ever experienced! Fast and straight to the point. Prior to this, I was pursuing a cash out refinance with multiple institutions but it never went through due to the exorbitant scrutiny of my financial well-being. Figure was able to streamline the process and I was funded within a matter of days! I'll NEVER seek another company to finance my real estate endeavors! Figure is the BEST out there!


PAT ZABALA

30 April, 2021

trustpilot-stars

Legit company, A+

What can I say, I applied for a HELOC loan, got approved and funded in less than a week! The process was straightforward and simple to follow. Once I logged in to their web app it is so easy to navigate and the task list is helpful. All of the documents can be viewed in the website, statements, disclosures etc. Making a payment is easy too. The customer service is superb, I get a quick response from the chat window with a real person. Overall I recommend their service if you want fast funding! They are LEGIT!


LISA SHAW

30 April, 2021

trustpilot-stars

My experience was quick friendly and…

My experience was quick friendly and very easy. This is a great aspect, especially since I am not computer savvy. I would definitely recommend you to my friends and family if they should have the need.


KIM T

29 April, 2021

trustpilot-stars

Can't say enough good things about the…

Can't say enough good things about the Figure employees and program. This was the most efficient and easy financial transaction Ive ever done.


MICHAEL

28 April, 2021

trustpilot-stars

Very quick and easy

Very quick and easy! Thx!


NICOLE

28 April, 2021

trustpilot-stars

Quick

Quick, easy application and approval process. We would use them again


MARYANN HROMY

28 April, 2021

trustpilot-stars

Excellent Experience

My experience with Figure was exceptional. Taylor C helped me so much with my application. He was professional and courteous. I was very satisfied with the experience and would recommend Figure to others.


JOSEPH PARISE

27 April, 2021

trustpilot-stars

Figure made the home equity loan…

Figure made the home equity loan extremely easy. I have never had as good of an experience with any other financial institutions. I would recommend Figure in a heartbeat!


JENNIFER MORA

27 April, 2021

trustpilot-stars

Simple

Simple, clear process. Answered questions promptly and accurately.


JUNELLEN

27 April, 2021

trustpilot-stars

Application process was quick and easy

Application process was quick and easy, rates are competitive and customer service impeccable. I feel very secure in their online seamless processing. I did have a problem with scheduling of the notary appointment however that in no way reflects back to Figure. They in fact resolved the issue immediately. Processing time was unbelievably fast.


BERNADETTE O

24 April, 2021

trustpilot-stars

Excellent experience start to finish

Excellent experience start to finish. Very efficient, very professional, and funds were made available with no delays. We would not hesitate to re-use or recommend to family and friends.


FRANK HERNANDEZ MUNOZ

24 April, 2021

trustpilot-stars

Spectrum Center

Spectrum Center


CHARLES S.

23 April, 2021

trustpilot-stars

All I can say is wow!

All I can say is wow!! 5 days from approval to cash in bank. Two key things to remember-take a real picture of your ID and email to yourself, scans do not work, even if converted. As soon as you get approval (no more than 5 minutes after application completed, call the number on dashboard and get E-notary completed. This is a 100% automated process and if you are trying to do it through mail this is not the company. The rate was exact rate my credit union offered and would have taken 3-4 weeks to complete process. The customer service was beyond reproach. Great job!


ROBERT PARFET

23 April, 2021

trustpilot-stars

We saw the ad when I checked my credit…

We saw the ad when I checked my credit rating, so since we had quite a lot of credit card debt, decided to see if we qualified. A few days later we decided to apply, which took very little time. Some computer/iPad knowledge helped, but 4 days later we had money in our bank account! Just remarkable when can be done from your own living room. The few times I had questions, I used the chat feature and waited no longer than 60 seconds to get a response. I recommend this service to anyone who needs some $ assistance.


KEN FORSYTHE

23 April, 2021

trustpilot-stars

made it easy very good with info and…

made it easy very good with info and communication! thats the key. I am new computer user and it was easy for me. thank you Figure$$$


AZROACH

23 April, 2021

trustpilot-stars

Easy and clear process

Easy and clear process. I will highly recommend Figure as a solution to your financial needs.


JOSETTE BOWLES

23 April, 2021

trustpilot-stars

Wave of the future is grand.

Figure made this process sooo easy compared to the old way of doing business. Online is the best way and not as cumbersome as the old way (which usually took 30 days and 50+ sheets of paper). Thanks again to the most helpful staff at Figure.


DAVE

23 April, 2021

trustpilot-stars

Relatively simple

Relatively simple, straightforward process. All documents are easily accessible.


MAGAT, C

23 April, 2021

trustpilot-stars

Received my funds within 5 working days…

Received my funds within 5 working days just like the company promised. No hassle, very smooth transition.


RONALD RIDGE

22 April, 2021

trustpilot-stars

Thank you for accepting and approving…

Thank you for accepting and approving my loan application. The process was efficient, and was clear as to what documents were needed. You patiently allowed time for the those items to be sent, received, and processed. Once everything was approved, and notarized, the funds were deposited into my account, all was done on line, awesome!!! Can't thank you all enough 🙏 I have financial security now, and can move forward in this journey to live a comfortable, peaceful, stressless life. Thank, and God bless you and as you have blessed me, Peace


SUSAN

20 April, 2021

trustpilot-stars

I was stunned at how fast I had the…

I was stunned at how fast I had the funds in my bank account and at how efficient and easy the process is. The help line was there through the process to answer any questions and assist when necessary. They were knowledgeable, polite and answered the phone promptly every time I called, I strongly recommend this company!


MARCELLINE ZILSKE

20 April, 2021

trustpilot-stars

Very fast and easy

Very fast and easy no problems at all,very friendly customer service people.


BOOBOO MCBEE

20 April, 2021

trustpilot-stars

Easy process to get the loan (low…

Easy process to get the loan (low pressure, too). And the payment scheduling and setting up auto-pay were easy. And the reports are clear and straightforward. I hope to not need a loan again, but if I did, I wouldn't hesitate to call Figure.


THOMAS

18 April, 2021

trustpilot-stars

Quck and seamless process

Quck and seamless process. 6days from start to finish - Highly recommend Figure HELOC


J.W.

18 April, 2021

trustpilot-stars

These folks have this down

These folks have this down! It was such a streamlined, quick, no agony process. And lady I interviewed with was so pleasant! Great operation


POLLY JAMES

17 April, 2021

trustpilot-stars

We recently got a HELOC with Figure

We recently got a HELOC with Figure. The process required a lot less documentation and effort in our part than other loans I have had over the years and moved much faster than other HELOCs are currently moving (about two weeks for us because they couldn’t get our deed online and we live in a county that requires in-person notary). The rate is also higher than others, but is better than credit cards and has no prepayment penalties. They are very quick to respond by chat and reasonably fast by phone if you have questions.


JANE CLOUTIER

17 April, 2021

trustpilot-stars

So fast and simple

So fast and simple


CARLA HAMLETT

16 April, 2021

trustpilot-stars

We are very happy with the process and…

We are very happy with the process and would recommend to anyone out there


JOEY RAHIMI

16 April, 2021

trustpilot-stars

Does not allow you to upload tax…

Does not allow you to upload tax returns, only through login to the IRS, which never works. You guys need to be more flexible and innovative and not reply on other company websites. I'll stick with the traditional way of securing a home renovation loan.


VSN

15 April, 2021

trustpilot-stars

Blew my mind how fast and easy

Blew my mind how fast and easy. Employees are to be commended. Friendly, fast customer service, Like I promise you haven’t had in years. Definitely, highly recommend


WILLIAM LACY

15 April, 2021

trustpilot-stars

This process has been ridiculous!

This process has been ridiculous!! If I hadn’t told the other company’s that I was going with you, I wouldn’t have finished this process. I tried to write the CEO from the web site, and just like everything else it didn’t work. Your “team” as they called it, was never on the same page. I was told one thing by one person, then another by a supervisor. I was called back by someone different to tell me what the supervisor said was wrong and that I needed to start the process over. Then called back and told no it will work, only to be called back the next day and told that I needed to start over. After talking to about 6 different people I just started over. Once I started over I made it to the video call, of course it wasn’t done correctly and I had to call back and do it over because whoever did it didn’t do it right. Had to talk to some condescending ass named Lane. I don’t want or expect response to this review! You need my money and I need yours. That’s all this is.


FIKRETA DZEBIC

15 April, 2021

trustpilot-stars

FIGURE is worse lending I ever deal…

FIGURE is worse lending I ever deal with. They are good since they lock your rate and collect all information. After they check your credit history and make you an inquiry, they're asking again for provision to do again. Theirs customer services are discussing and ridiculous. Since they waste over 30 days of your time, they are asking for $17,000 assets, and if you don't have that, they will cancel your application. They SCAM me, they will scam you for sure. Be careful.


ISAK CSARGO

15 April, 2021

trustpilot-stars

Undervalued Newer Home, Won't work with you on an accurate appraisal

They appeared to have the best rates around, so I had hoped to use them. I have excellent credit and loan to value was not an issue for the amount I wanted to apply for based on an appraisal that was 3 months old that I had done during a refinancing loan. I was denied because Figure underestimated my home value by 25%. I purchased land and had a house built on it 3 years earlier. I had put a significant amount of money down on the land and to the general contractor, so when I refinanced after the house was built a few years ago, it was not for the full amount of the property and home value. Seems Figure based their estimate on that value. They have no means for a true appraisal and refused to work with me further.


JOHN RIVERA

14 April, 2021

trustpilot-stars

Very easy process and very helpful…

Very easy process and very helpful people. Started on a Wednesday and got the funds in my account the following Tuesday. Very fast!


DIANNE NEWMAN

13 April, 2021

trustpilot-stars

No trust in this company

A little over a year ago, I took out a home equity loan with Figure lending. The process was pretty easy to get through and I was very satisfied with the experience. When I decided to refinance my principle mortgage and consolidate my debt, Figure seemed like the natural choice. I was refinancing to lower my monthly payment amount so I could prepare for retirement in 10 years. When I initially started the loan process, I had options to pay to reduce the interest rate, but the rate and payment they offered was in the range that I wanted so I opted not to pay to reduce my rate. I started the process and locked in my rate. Once I was locked in, the process became complicated. Instead of a check list letting me know everything I would need to prepare, it was one thing at a time and it seemed like I was dealing with Columbo..."Just one more thing." I suppose for people who have their own scanners and save everything electronically, the process might be easer, but for me it was a nightmare. For every "one more thing" I had to find the information they were looking for, leave my house to use a scanner, send it to my e-mail, then go home to load it in on the Figure website. By the time, we got to the appraisal phase, a lot of time had been wasted on all those back and forth trips. Unfortunately, there was an issue that came up during the appraisal that had to be corrected before the loan could go through. I had the work completed as quickly as I could but due to issues I could not control, it took several weeks. When the work was done, I got a generic e-mail stating I was approved for the loan at almost a full percentage point higher than what I had originally "locked in." The payment was almost $200 more than the original terms and out of the range that I wanted for retirement. I understand that circumstances might have changed during the loan process, but nothing about the rate increase was communicated to me by my loan officer...just a generic e-mail. Also, I was upset that Figure could change the terms but I did not have an option to do so. I could have reduced the loan amount request as I had already paid off almost $7000 in debt while the loan process was going on. I could have opted to pay the points and reduce the interest if I had been given an opportunity, but I was not. When I read the e-mail, I felt like Figure was a company that would make sure their best interests were met, but had no concern for me. I no longer trusted the company and turned the loan down.


STEVE JONES

12 April, 2021

trustpilot-stars

Bad Faith during Pandemic

I was an unfortunate victim of COVID. In a matter of weeks, the company I founded and grew 10 years ago was put out of Business. Until conditions improve, I cannot start back up (Nightclubs). I have a home equity loan with Figure. I have loans with several other banks on other properties. I placed all RE related mortgages under temp forbearance. I am not looking for a handout. These loans will all be paid with interest added to the back end of the loan. Recently, new legislation has been introduced requiring Federal Banks to extend Forbearance programs to 18 months for people who are still having hardship. EVERY OTHER LENDER I CONTACTED EXTENDED MY FORBEARANCE EXCEPT FIGURE. I have has several discussions with them and they have flat out said they are a private lender so the rules don't apply to them and their "investors". They have suggested that I not pay the mortgage and after 60 days they will contact me about other options for satisfying the loan. Of course by then my credit will be ruined. And this is a relatively small loan -under $75,000. I always pay my bills and I am not looking for any special help. Other lenders have gladly extended repayment terms due to the ongoing pandemic and I am only asking for an additional 3-6months Tops! Why they they wish to ruin my credit before talking with me seems arbitrary and somewhat mean-spirited. I am disappointed in what has happened in my industry but even more disappointed in this leanders attitude towards working with their clients

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Rate of 1.75%, Annual Percentage Rate (APR) of 1.808% and $0 fees are for a 15 year fixed refinance loan available through Better Mortgage Corporation (NMLS#330511) based on Excellent Credit Score, Single Family Home, Primary Residence, in the state of CO, with an anticipated mortgage balance of $540,000, and property value of $600,000 as of 04/23/2021.

Assurance IQ, LLC (“Assurance IQ”), NMLS #1912050 (nmlsconsumeraccess.org) is a lead generator only and is not acting as a mortgage broker except in Florida and Colorado; see our current state licenses here. Assurance IQ is also not acting in the capacity of a mortgage loan originator, mortgage correspondent lender or mortgage lender. Information received will be shared with one or more third parties in connection with your residential mortgage loan inquiry. The lenders determine whether you will be approved and the rate you will be offered. There is no guarantee that you will be approved for credit or that you will qualify for the advertised rates, fees or terms shown. The lenders’ credit decisions may vary based upon your loan request, your particular financial situation and other criteria determined by the lenders. All rates, fees and terms are not guaranteed and may change.

The operator of this website, Assurance IQ, LLC, is a wholly owned subsidiary of Prudential Financial, Inc.

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