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Figure Mortgage: Review

  1,437 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   1,437 Reviews

trustpilot-stars

DAVID CANALES

4 hours ago

trustpilot-stars

Absolutely the best

Absolutely the best! Figure went beyond my expectations. Professional through and through. I did not think they were gonna make it happen but they come through when I needed them the must. I highly recommend Figure to anyone looking for a new and exciting way to get a personal loan. You won't be disappointed. 5 stars hands down! Thank you to the entire team at Figure. You guys rock!!!!


ROBERT SALITA

13 hours ago

trustpilot-stars

Unlocked Equity in Investment Property

Previously it was not possible to secure a home equity loan because my home is rented out, an investment property. Every few years I looked for some solution to this issue. This time I stumbled across figure.com. Just like the 1000s of other reviewers, my account was funded within 48 hours. It would have been faster but figure.com needed to be prompted on how to verify deeds for properties in Cook County Illinois (hint: Cook County Clerk's Office).


JERRY GALLO

19 September, 2021

trustpilot-stars

Wow that was easy

Wow that was easy! Easy to understand, easy to apply, easy to qualify, just easy to do business. Amazing! Funded my loan. Time to upgrade my fleet vehicle. Thank you!!! Look forward to doing business with you guys.


OSMANY HOYOS

18 September, 2021

trustpilot-stars

Professional services

The entire process passed very effectively and you provided me with all the necessary information and tools to obtain this loan.


FRANKLIN

18 September, 2021

trustpilot-stars

Personal Loan from Figure

The loan process was simple and quick. Thank you Figure !


SANTA TA

16 September, 2021

trustpilot-stars

Easy to apply

Easy to apply, great team, fast approval


DENISE MONACO

16 September, 2021

trustpilot-stars

Exceptional service

I have been in the mortgage industry for 35 years and this was the easiest, quickest transaction I have ever experienced and it was so easy, painless and the people very friendly! If I could give more than 5 stars I would!


SCHAKERRA STARKS

16 September, 2021

trustpilot-stars

Omg I love Figure they are fast and…

Omg I love Figure they are fast and customer friendly , omg I applied on a Monday , approved on a Tuesday and funds initiated on Wednesday, all thumbs up I would surely recommend them to anybody. I’m


ANTHONY MALDONADO

16 September, 2021

trustpilot-stars

Excellent Service

Quick, fair and easy. Love the service and love the speed of the service that they give to the customer. Would definitely recommend to anyone in need of a loan. I’m definitely satisfied!


JON JAMES

15 September, 2021

trustpilot-stars

Definitely an A+ experience

Definitely an A+ experience, myself and my wife were feeling overwhelmed with credit card debt and needed to consolidate with a heloc loan on our 2nd property and figure stepped up and made it happen with ease and very pleasurable experience! Great job team!


S ROSS

14 September, 2021

trustpilot-stars

I researched a lot of HELOC companies…

I researched a lot of HELOC companies and after discussing the options and about 2 months of research... we went with Figure. We even discussed them with our favorite mortgage lender who said ... "this deal sounds great. You should grab it!" The process was easy! Very fast and everyone has been fantastic so far.


R. MARSHALL

14 September, 2021

trustpilot-stars

The process was easy

The process was easy, the agent I spoke with professional and accommodating. Excellent experience.


RICK HERNANDEZ

14 September, 2021

trustpilot-stars

The application process was pretty cool…

The application process was pretty cool tech wise, easy, seamless. The way they can connect to your other financial institutions was really cool too. I got called the following day to finalize a pending issue with my ID, Brian was very professional and helpful, he was able to send me right to the funding process. Awesome. OH and the interest rate was fantastic! I highly recommend using and doing business with FIGURE.


IAN PRESTON

14 September, 2021

trustpilot-stars

I cannot say enough about Figure…

I cannot say enough about how easy the loan process was to complete as well as the professional and friendly customer service I received. I received amazing support with issues I was having inputting information into the website. I would recommend Figure to anyone looking for a loan.


S.F

14 September, 2021

trustpilot-stars

Outstanding

Great customer service easy to apply for.


SHAWN

14 September, 2021

trustpilot-stars

Fastest, smoothest and most efficient loan process ever!

We chose Figure for our HELOC since the entire process was 100% online. This was the easiest and smoothest transaction we have ever done. Bank verification, income verification etc was also streamlined. The entire application process was less than 15 minutes. We were approved for our loan in less than 18 hours from the time we applied (that includes the time we spend on the notary process). Funding took place after a mandatory 3 day cooling off period. This process is amazing. We contacted the online chat team a couple of times with questions, which were answered in minutes. Highly recommend!!!!


DOUG LARSEN

12 September, 2021

trustpilot-stars

Everyone and everything went extremely…

Everyone and everything went extremely smoothly Very professional


NANCY ROSENGREN

11 September, 2021

trustpilot-stars

Thank you for getting us through the…

Thank you for getting us through the process for a HELOC. So thankful for your assistance. Your chat feature is helpful in finding out where we were in the process. Thanks again!


REX UMNEY

09 September, 2021

trustpilot-stars

I am an existing Figure customer and…

I am an existing Figure customer and I'm shocked at how poorly I'm being treated trying to respond to one of their many offers to re-finance with special emphasis on Figure "helping small business" but honestly this company does not like self employed people! In the past I was denied even the oppertunity to apply for the SOLE REASON that I was self employed! Then once again for having "more than two loans" on my property! One of the liens was Figure, so go Figure! Anyway logging onto the website is a PITA, always having to wait a long time for an email confirmation that never comes promptly. What makes matters worse is the site is always hanging up in some part of the application process requiring you to contact Figure directly! I am a current customer of Figure with a HELOC, I have NEVER missed a payment or been late. I had the same issues as mentioned above when trying to apply for my HELOC as I am having with my re-finance right now, but it just feels like they make this big deal out of helping the Self Employed Small Business Owners re-finance but honestly it does not feel that way. I have almost 700 credit score, have 13+ years of flawless payment history and detailed tax records of my income, so really it shouldnt have to be this hard to get credit from a company that claims they specialize in financing small business owners. I guess you could say I'm a little disappointed.


IRAQIVET33

09 September, 2021

trustpilot-stars

Simply THE Best

The easiest, most modern way of lending I have ever experienced!! Figure is definitely THE future of lending, especially in this new virtual age. On top of that, the rates I got were really good. Highly recommended!!!


JOSETTE BOWLES

09 September, 2021

trustpilot-stars

This is BY FAR

This is BY FAR, the easiest HELOC loan we have ever applied for and received. It took less than 10 days when all others took over a month to process. It would have been less than ten days if MY OWN CREDIT UNION hadn’t been so stubborn about releasing our account status (not Figure’s fault). Great doing business with you folks at Figure Lending.


DEJUAN RANDALL

09 September, 2021

trustpilot-stars

Super awesome

Super awesome


PAULA MCDONALD

08 September, 2021

trustpilot-stars

Fast

Fast, painless and professional. Totally impressed.


JOSEPH GARCIA

08 September, 2021

trustpilot-stars

Figure was a quick and easy process

Figure was a quick and easy process, very professional associates! We went with another company but definitely will keep Figure at the top for next time.


TANYA COLTER

08 September, 2021

trustpilot-stars

Repeat Customer!!

This is was the most streamlined loan process I have ever utilized. From the start of my HELOC application to the funds being dispersed was extremely quick and blows the other lenders out of the water. Great job Figure!! You have a repeat customer.


ARMANDO RODRIGUEZ

08 September, 2021

trustpilot-stars

This was the best experience in lending.

This was the best experience in getting a loan ever. Figure has literally helped me change my finacial future for the better. Wont be going to any other lender! Thank you so much Figure!!


ERROL TC WALTERS

08 September, 2021

trustpilot-stars

Easy fast and reliable

Easy fast and reliable


RUSS PARMAN

07 September, 2021

trustpilot-stars

It would really be good if they built bank confirmation into the initial process...

It would really be good if they built bank confirmation into the initial screening process. I only found out by reading negative reviews that this was sometimes a problem after people authorized a hard credit pull, only to find out that their system would not work with their bank. Good thing I checked first because they told me that my credit union was not one of their partners. Be sure to confirm before applying if you are with a credit union or small bank. The up front experience with their website is awesome, but doesn't do any good if they can't work with your bank.


DAVID BARRY

05 September, 2021

trustpilot-stars

All services as promised and easily…

All services as promised and easily within time frame. Excellent job.


ERIC WILSON

05 September, 2021

trustpilot-stars

Easy fast friendly ....you cant go…

Easy fast friendly ....you cant go wrong


JANE MCLAURIN

03 September, 2021

trustpilot-stars

This loan was a blessing

I tried to get a loan for months. The representative that worked with me was awesome. I don't own a computer or iPhone This man was patient and explained everything twice if needed. In the end, i got so much more than I first asked for. Thank you so much.


RICK JOLLY

03 September, 2021

trustpilot-stars

Simply the easiest loan I have ever…

Simply the easiest loan I have ever completed. Their process is straight forward. The few times I had a question and had to call them, their customer service was and has been outstanding. If you need a home equity loan I highly recommend and I would imagine their other loans are just as easy and good. I literally did most of the process through my phone. So my wife and I would like to say thank you Figure.com...


JOHN SCHNELL

03 September, 2021

trustpilot-stars

How much is your time worth

How much is your time worth? It might be possible to save some APR at your banking institution, but I guarantee that the process isn't as quick and simple as Figure. I run a business, my wife is a full time educator and we're taking care of kids and parents. I literally pulled over 50K of equity out of my home and, without exaggeration, spent maybe 10 minutes in the whole process - including downloading and reading all disclosures. So for us, Figure was priceless.


WENDY

02 September, 2021

trustpilot-stars

Easy application process and…

Easy application process and employment/income verification. Quick approval and funding. Decent rates. I highly recommend!


SHANNONANDLISAB

02 September, 2021

trustpilot-stars

Hands down the absolute best customer…

Hands down the absolute best customer service I’ve ever received! Figure made our home equity loan simple and seamless. 10/10 recommend!


DEBBY K

01 September, 2021

trustpilot-stars

Watch out for the bait and switch

Watch out for the bait and switch. I paid 3 points for a low rate. All negotiations were through email. The process only took a few days. I ended up with a higher rate and didn't notice it until I got my first bill. The reply to my review from Figure is a lie.


JOHN MARONILLA

01 September, 2021

trustpilot-stars

You guys are great

You guys are great! You change my prospective from getting a personal loan so hard and complicated to so easy and fast process in closing. I got my funds less than a day.


SANKAR S

01 September, 2021

trustpilot-stars

Spectacular experience with both mortgage refinance and HELOC

Both our mortgage (jumbo loan) and HELOC are with figure, and the experience with both has been nothing but spectacular. I dont know how they do it, but the process is so fast, easy and efficient compared to other lenders . Our HELOC approval happened within a day, and within a few days of that the notary came home to sign a few documents and in the next few days, the approved amount was in our bank account. Similar experience with mortgage refinance as well. Figure's rate was atleast 0.5% less than than the next lowest and the process was blazing fast as well. During both loan processes, if we have to call their customer care, they have been very professional and responsive. So it has the right mix of fast automated processes, and good human touch. Highly highly recommended !


BEVERLY

31 August, 2021

trustpilot-stars

Completely satisfied

In the past, I had so many issues with credit unions trying to refinance my rental property. With Figure, I completed an online application and a couple of days later my checking account was funded. It went so smooth I could note hardly believe it. I truly recommend this company to take care of your loan needs. All of the customer reps are knowledgeable and kind. Including the notary. Thank you Figure for helping me meet my Financial needs. Michigan


SHAWNA

31 August, 2021

trustpilot-stars

Fast

Fast, easy and seamless experience


ROBERT MITTELSTADT

31 August, 2021

trustpilot-stars

Very direct and clear and easy to use

Very direct and clear and easy to use


NASARIO SANTOS

31 August, 2021

trustpilot-stars

Rating Figure

I really like the way Figure keeps me posted !


KIRSTIN FINK

31 August, 2021

trustpilot-stars

Highly recommend

So far so good! Very simple and doesn’t hurt your credit score 🙌🏻


AMADOU BALDE

31 August, 2021

trustpilot-stars

Courteous and professional

Courteous and professional


CHRISTY ELZIE

31 August, 2021

trustpilot-stars

This was a very simple process

This was a very simple process, they have been easy to reach when I had questions, and the people I’ve talked to have been knowledgeable and courteous


CAMIE LINNELL

30 August, 2021

trustpilot-stars

This process was simple and very…

This process was simple and very streamlined. I would recommend Figure over and over again.


MICHAEL

30 August, 2021

trustpilot-stars

Figure is the best experience ever

I am very impress with Figure. They really know how to take care of there customers. My application process was so stress-free and the time it took me to received my funds was excellent (unbelievable how fast). I would recommend Figure to any one who looking for a loan and want it hassle free. Great job Figure.


REGGY

30 August, 2021

trustpilot-stars

Incredibly impressed!

Incredibly impressed!! This company has forever changed my expectations of excellent customer service standards from mortgage companies. Figure has truly raised the bar!! It took just seven days from the time I started the application to the time the money was in my account. I have never had such an easy, fast, affordable, and flexible way to meet my financial needs. I will be recommending this company to anyone and everyone!!


THOMAS YACH

30 August, 2021

trustpilot-stars

Every person I dealt with was…

Every person I dealt with was professional, competent, and invitingly engaging. The " Welcome to Figure" theme prevailed throughout my experience. In particular I can name my initial contact Taylor, then Lindsay, then Rain, then Elise, then Marla, and then Ian. Also, I was amazed at the webcam notary process with Mike, being the first time I experienced it. As a constructive measure I would suggest to you check signing powers that be, that they all get raises. You enjoy a great professional team that you don't want to risk losing any part of!. My pleasure, thank you!


LEI

27 August, 2021

trustpilot-stars

Indeed the fastest HELOC on the planet

Recently, I plan to utilize a HELOC for some home improvement projects. I first went to a local credit union, and they told me that the timeline would be around two months. Then I found out about Figure online, which claimed that the funding can arrive in as little as 5 days! As skeptical as I was, I decided to give it a try. The application process is super easy, I did it on my phone in the public parking lot of that credit union :-) Everything is electronic and super smooth, and indeed, that funding arrived 5 days after I finished the application. It is also really fast to connect to a real person to help during the process. Would highly recommend them.

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Rate of 1.75%, Annual Percentage Rate (APR) of 1.75% and $0 fees are for a 15 year fixed refinance loan available through Better Mortgage based on Excellent Credit Score, Single Family House, Primary Residence, in the state of FL, with an anticipated mortgage balance of $500,000, property value of $950,000 and an estimated monthly payment of $3,160 as of 07/23/2021. Monthly payment does not include taxes or insurance. ID: 369585376

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.

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