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Figure Mortgage: Review

  1,497 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   1,497 Reviews

trustpilot-stars

SARAH HANVIRIYAPUNT

22 hours ago

trustpilot-stars

So fast and easy! Highly recommended

Easiest loan application I have ever been through! We had our funds in 1 business day.


KELLY DAO

23 hours ago

trustpilot-stars

The best

The best ! I’ll recommend all my friends. Thank you Figure.


CMOUDY

18 October, 2021

trustpilot-stars

I can’t believe how easy this loan was

I can’t believe how easy this loan was! My higher interest credit card bills are paid off now and I have one lower interest payment! I am a very happy customer! Thank you so much Figure👍


LANE BLUNDELL

18 October, 2021

trustpilot-stars

Smooth, simple experience.

Automated and quick application process. Quick funding. Good rate.


ADRIENNE ADAMSON

14 October, 2021

trustpilot-stars

Figure is the best for all your financial needs!

I was shocked at the speed and ease of obtaining a loan. I have never received such fast, professional service from any lending institution. It is usually a long, drawn out process but not Figure. I'm a customer for life and will tell others about my experience. Thank you so much.


LAURA

13 October, 2021

trustpilot-stars

Figure was fast and easy for this 76…

Figure was fast and easy for this 76 year old! They do answer the phone, but most of what I needed was online. I was pleasantly surprised.


D. ESKRIDGE

13 October, 2021

trustpilot-stars

Good to have someone that helps get…

Good to have someone that helps get finances back in order, due to curves that life may throw at you. I appreciate the Figure team for a seamless process.


DENNIS JOHNSON

13 October, 2021

trustpilot-stars

Shaniqua, From North Carolina, Was Superb!

The representatives who help you on the telephone are exceptional! They are helpful, very professional, and patient. Especially, Shaniqua! It was a great experience overall. Much better than my experience with other personal loan companies. I would not hesitate to use their services in the future.


ROGER TROST

11 October, 2021

trustpilot-stars

Incredibly easy to secure the loan!

Incredibly easy to secure the loan! VERY professional!! Everyone I spoke to/interacted with was VERY professional/knowledgeable/helpful! VERY pleased with the entire process! I will recommend Figure to any an all!!


LYNNE PRYOR

11 October, 2021

trustpilot-stars

Figure is now my go-to kender

As a small business owner who periodically needs capital, I am so happy I found Figure. This is now my go-to source for funding. I’ve borrowed from them twice. They are fast, friendly and efficient — and their rates have been amazing. Buh-bye, hard money lenders.


TRACY LEVINE

10 October, 2021

trustpilot-stars

I had stopped trying because NOTHING WORKED

It was to the point my boyfriend told me to stop trying to get a loan. For almost a month I'd spent several hours several days of the week getting denied. Either flat out or after being jerked around for a day or two. Just when I'd given in I got all of these pre-qualifications on several different amounts from Figure. SOME 4 TIMES MORE THAN THE ONES I WAS DENIED FOR! It took MAYBE a half hour from start to finish. Everyone was very polite, in no rush to end the call, and made me feel like I was the only client they were dealing with. I had such a great experience with them never ever will I go anywhere else. It went from a dreadful task to quite fun, informative, and quick. I would recommend them to ANY AND EVERYONE. And I'm pretty sure I will be a repeat client. Thank you for making a horrible life experiences a lot easier to get thru. Tracy Levine


MARIO MOORE

10 October, 2021

trustpilot-stars

The best people you'll want on your side helping you

Everybody there is great they went above and beyond to help me through the whole process answer all my questions was always nice courteous and friendly the best group of people I've met and the customer service is outstanding thanks again 😀


DARRIN STUMPF

09 October, 2021

trustpilot-stars

Easy to work with and the process is…

Easy to work with and the process is very simple.


KERRI VERSLUYS

08 October, 2021

trustpilot-stars

I'm happy

I'm a happy camper


KENNETH

08 October, 2021

trustpilot-stars

The entire Figure staff has been efficient & very helpful!

The entire Figure staff has been extremely helpful throughout the entire process. And the website was very efficient and easy to navigate. 5 Stars to Figure!


NANCY WALDREP

07 October, 2021

trustpilot-stars

I had trouble uploading my Photo ID and…

I had trouble uploading my Photo ID and navigating the completion of the application, but I called customer service. Mari answered my distress call and walked me through the entire technical process. I am so appreciative of customer service personel, like Mari, who are knowledgeable, kind and patient and helped me complete the loan application. She was a blessing, and thanks to her, I will be receiving my loan within a 3 day period which will be deposited electronically, directly into my bank account. I have auto pay which is a real convenience for me as well. All of this thanks to Mari! Thanks,


DORIS CABEZAS

07 October, 2021

trustpilot-stars

The process for applying was user…

The process for applying was user friendly professional and quick. Thank you


CARLOS ALVAREZ

07 October, 2021

trustpilot-stars

Very profesional

Very profesional, I would like to do more business with this institution in the near future.


SCOTT CURTO

07 October, 2021

trustpilot-stars

Great from start to finish!!!!

Great from start to finish!!!!


DEBBRA CULBREATH

05 October, 2021

trustpilot-stars

Your process was quick

Your process was quick, simple, and reasonable. You meet my needs to consolidate and save monthly at the same time.


EMANUEL CRUZ

05 October, 2021

trustpilot-stars

The online process was Excellent and…

The online process was Excellent and simple highly recommended!!!!


JORDY WALLACE

04 October, 2021

trustpilot-stars

Easy to use website! Great customer Service!!!

Easy to use website! Was a simple process & everything was setup to make applying & getting a loan a easy process. Will use it future again!!!


JOE

04 October, 2021

trustpilot-stars

highly recommended for people trying to get out of debt

The online process was good and simple. I paid off all of my credit cards to one monthly payment with Figure. I highly recommend them. My credit score also went up a bunch (from high 600 to high 700) after consolidating my loans. The monthly payment would also be cheaper than what I paid the debt accounts individually. This is considered a personal loan not a consolidation loan, so looks good on your credit report. I am very pleased and happy that I could trash my high interest credit card debts that were never getting paid off. Five years I should be debt free with Figure! The only thing I would like to see is that we can make bi-weekly payments instead of one. If we pay early they still will take out the total amount on the due date. I get paid every two weeks and this would be a good suggestion.


ALAN KIMS

03 October, 2021

trustpilot-stars

Some mishaps took paces

Some mishaps took paces - pages did not come up accordingly after clicks


STEVEN MOSS

03 October, 2021

trustpilot-stars

One of the easiest companies to do…

One of the easiest companies to do business with!


BERTA

03 October, 2021

trustpilot-stars

Great Experience with Figure

My experience with Figure was great! They processed my application in good time and were very courteous and professional. I have already recommended them to two people. I definitely will keep them in mind if I ever need them again! Thanks everyone!


CHAPMAN

02 October, 2021

trustpilot-stars

I am glad

I am glad that this company was recommended to me. Really profitable


SUSIE

02 October, 2021

trustpilot-stars

Fast

Fast, easy, and convenient!


RYON J. SHARETTE

02 October, 2021

trustpilot-stars

No way to account for crypto assets.

I got screwed out of 15,000 because I counted my staked crypto earnings as part of my income and there was no way to verify that. I sent “feedback to the CEO” that read - “You claim to be powered by Blockchain, but your company doesn’t allow crypto currencies to count as assets when verifying income for a loan. Seems like a conflict of ideals. I was approved for a $40,000 loan based on an income of 106k. Then I’m asked to verify income. Attaching my checking auto verified 98k. The rest of my income comes from blockchain staking where I have ~ $100k worth, depending on market. You can attach stock assets through standard banks, but there’s no way of claiming income through crypto assets? To a bank “powered by blockchain”? Moreover, instead of my approved loan of 40k falling proportionately, say down to $36000, my loan falls all the way to $25k. It feels like I’m being punished disproportionately just for thinking as future-mindedly as this company pretends to be. I get that crypto is volatile, but it should count for SOMETHING.” I got a curt form letter back saying “Figure provides applicants numerous options for income verification and allows multiple sources to be linked. Linkage of tax returns or Payroll Provider, and Financial Institution is required to verify your stated income.” Notice that was something I already knew and doesn’t address my problem at all. Some of my income isn’t in US dollars. If they won’t recognize my crypto assets, they should at least honor a loan for 98k worth of assets. My verified income was less than a 10% difference from the income I originally claimed and the income they found. But my approved loan offer dropped by 40%!


ALAN MARGOLIES

01 October, 2021

trustpilot-stars

Fantastic experience

Fantastic experience. It was very quick and the support people were very nice and helpful Thank you


BRADFORD SMITH

01 October, 2021

trustpilot-stars

Good experience!

Good experience!


CHRISTOPHER WRIGHT

01 October, 2021

trustpilot-stars

I am extremely grateful for Figure

I am extremely grateful for Figure. The loan process was seamless, strait forward and simple. Their staff is extremely bright, professional, and a delight to work with. The loan amount was generous and the repayment terms optimal compared to other lenders. I will be using them again in the future and have already referred them to a friend.


DAVID SMITH

30 September, 2021

trustpilot-stars

Extremely quick and easy

Extremely quick and easy Fantastic results


BONNIE SONNENBURG

30 September, 2021

trustpilot-stars

Everyone has been friendly

Everyone has been friendly, kind and spoke to me like I was important. Thank you


VISHNU GANGARAM

30 September, 2021

trustpilot-stars

Super quick service

Super quick service , this is my first time application for personal loan and I was a bit scared with all the questions and information I have to disperse of . But figure customer service was extremely prompt and very helpful every time I called , I highly recommended them … thanks again everyone


DC

30 September, 2021

trustpilot-stars

Awesome experience

Best experience ever!! The whole process from start to finish was very efficient and fast. You won't be disappointed.


LELLITA MORSE

30 September, 2021

trustpilot-stars

I applied for a loan yesterday…

I applied for a loan yesterday (9/28/21), today the 29th, money was already in my bank acct. Now, that is what I called faster service! Thank you fir the quick service. I would definitely recommend to my friends , relatives, neighbors how wonderful your company is! Thank you very much!


MARY

29 September, 2021

trustpilot-stars

Not so satisfied

It started off really promising however after several attempts to get the loan funded and wanting to make my first payment it was a nightmare. Their app was down and they would not take a payment over the phone all I wanted to do was make a payment and it was like an act of Congress to get it done. At this point I would not recommend.


MICHAEL MOORE

29 September, 2021

trustpilot-stars

My experience at Figure has been a…Pleasant Surprise!

My experience at Figure has been a pleasant surprise. Yes the process is waaaay faster and cleaner than other lenders, but what surprised me was the caring of each employee I’ve worked with so far. This team is the best!


KENNETH BITNER

28 September, 2021

trustpilot-stars

You all screwed me over by putting the…

You all screwed me over by putting the wrong land on the loan but I just found out you all put my land that has nothing to do with my house as collateral and put my house and land on it as well. That's sorry as hell and very unacceptable. Caused me to have to pay the loan off instead of getting my money for my property. Don't ask me to tell anyone about you all cause you damn sure won't like what I tell people. Yes I'm freaking pissed off and your sorry people lie like no other. 2 people was supposed to call me back but evidently they decided not too that's sorry as hell also.


RALPH L

28 September, 2021

trustpilot-stars

Exceptional experience in all aspects.

Exceptional experience in all aspects.


DANNY REESE

28 September, 2021

trustpilot-stars

Good experience

Other than the lengthy waiting period to have my loan finalized, everything has been a good experience. A good rate on my loan too. Good work Figure!!


NM

28 September, 2021

trustpilot-stars

Figure’s model is first Class Service

Figure’s model is first class service. I started my online application on Sunday and got to a point on application thinking the company is closed and I will finish up Monday. A helpful employee responded to my application less then 20 minutes on Sunday and that helped me continue my application for approval. The figure process by far has been the easiest loan process I have personally ever experienced. Thank You.


JUANA LOPEZ

28 September, 2021

trustpilot-stars

Wow I can’t because how easy and fast…

Wow I can’t because how easy and fast the whole process was. I was skeptical at first.The bank had turned me down even though I had a lot of equity on my property. U guys are great. Now I can start a new chapter in my life, and start doing my home improvements and feel comfortable, happy in my home.


WILLIAM DOWNING

28 September, 2021

trustpilot-stars

The total process from application to…

The total process from application to being funded was three business days.Very simple process.Everyone I had contact with was a 10, very knowledgable and polite.Will recommend Figure for a personal loan.


GUILLERMO TERRAZAS

27 September, 2021

trustpilot-stars

I Hebe not problems at all when I was…

I Hebe not problems at all when I was applying for my loan application, and I think this is an awesome company to do everything online, plus you can get all the help by phone also in case if you’re experiencing an issue with your paperwork, I’ll recommend to any person in need financial services. Thanks G Terrazas.


DAMEN BOATNER

25 September, 2021

trustpilot-stars

Very Easy to work website Figure is…

Very Easy to work website Figure is using. They are the real deal! I shopped around for the right loan after being denied and I am more than glad I decided to try Figure. I recommend them to anyone looking for a loan.


KENNETH PATTON

25 September, 2021

trustpilot-stars

Easy to work it!

I would highly recommend to do business with figure as they are easy to work with and they are straight forward and you do not have to jump through a bunch of hoops to get funded. Very friendly and patient customer service and professional as well !


B SARMIENTO

24 September, 2021

trustpilot-stars

This was the easiest process I have…

This was the easiest process I have ever been through for this type of loan. They are also extremely communicative. I appreciate this kind of service more than anything and I would recommend them highly.


ARTURO

24 September, 2021

trustpilot-stars

Easy process

Easy process. Excellent team!

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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 Good Credit Score, Single Family House, Primary Residence, in the state of FL, with an anticipated mortgage balance of $540,000, property value of $1,000,000 and an estimated monthly payment of $3,413 as of 08/16/2021. Monthly payment does not include taxes or insurance. ID: 380108943

Assurance IQ, LLC (“Assurance IQ”), NMLS #1912050 (nmlsconsumeraccess.org) is a lead generator only and is not acting as a mortgage broker except in the following states: AZ, CA, CO, CT, FL, OH, OR, PA; See our current state licenses below and online 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.

State broker licenses: Arizona - Mortgage Broker License: #1010424 4949 Pioneer Ln, Lakeside, AZ 85929. California – Licensed by the DBO under the California Residential Mortgage Lending Act #60DBO-115120. Colorado – Assurance IQ, LLC, 206-413-6771, Regulated by the Division of Real Estate, Mortgage Company Registration #1912050. Connecticut – Mortgage Broker License #MB-1912050. Florida - Mortgage Broker License #MBR3633, 920 5th Avenue, Suite 3600, Seattle, WA 98104. Ohio – RMLA Registration #RM.804628.000, Oregon – Assurance IQ, LLC, Mortgage Lending License #1912050. Pennsylvania - Mortgage Broker License #78592.

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