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Figure Mortgage: Review

  1,583 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   1,583 Reviews

trustpilot-stars

MICHAEL JOHNSON

19 hours ago

trustpilot-stars

They were not kidding about 5 days!

I have been in the mortgage business for over 10 years, I am blown away by the speed and accuracy of Figure.com. I applied on Sunday night, by Wednesday morning at 9am everything was completed. That’s only because my county requires an in-person notary which ended up being super simple to schedule, showed up Wednesday morning. Funds in my account the following Tuesday morning. That is 5 total business days as Thursday was Thanksgiving! My appraisal was very accurate in my opinion and gave me exactly what I asked for nothing changed from initial offer. I am confident my relationship with them with continue to be well after this process. Thanks Figure!! -Mike in Ohio


CARLOS B

30 November, 2021

trustpilot-stars

Quick and Easy process.

Quick and Easy process.


ELAYNA

30 November, 2021

trustpilot-stars

Best experience ever with loan application

I have applied for very few loans. I have always dreaded sitting in a loan office for hours only to get calls for the next 2 weeks about the different papers they need to verify your information that they never told you they needed. It has always been so stressful. The process with Figure just set the standard for loan application, review, and approval a lot higher. I applied for and recieved approval in one day. The process was in my hands. Every step had the option to call and complete that part of the process expedited. If you don't have time, you can wait for it to be approved through the normal process or call at a later time. Everything is done virtually and the whole process from start to approval can take as little as 1-2 hours. Highly recommend!


TRAVIS CONNELLY

28 November, 2021

trustpilot-stars

They saved my realestate deal!

Was denied a conventional mortgage with 50% down due to issues with tax return. Turned to a personal loan to close on property and figure had me approved and funds sent within 10 minutes. Filled out application, gave login to my HR portal to verify income, and had a quick video call to talk to loan officer and was given a 50k loan.


PAUL W.

27 November, 2021

trustpilot-stars

They did what they said

They did what they said. They gave me the amount I requested, a low APR and it was NO hassle. Figure Loan is great. By consolidating my Credit Card debt, I save $1500.00 a month and raised my credit score from 620 to 772 in a month


REUVEN ANAFSHALOM

27 November, 2021

trustpilot-stars

Working with Figure was a breeze

Working with Figure was a breeze. Best loan experience I've had (and I've had many!)


TERRY

27 November, 2021

trustpilot-stars

Easy and efficient!

Literally the easiest most efficient loan process I have ever experienced. All the rates and terms were clearly listed. I liked that I could enter different loan amounts and see how the monthly payments change. The documentation was simple and took only a few minutes. The loan approval took only a few minutes more. I live in a county where a notary witnessing the signing of loan documentation must be done in person or that could have been done online also. The notary showed up at my residence at the agreed time and a few days later the money was in my checking account. How easy was that! I have been through the usual torture of applying for loans many times in my life. This was the most (dare I say) pleasant way to borrow money that I’ve experienced.


MAXIM DELBECQ

26 November, 2021

trustpilot-stars

Overall, positive experience

Overall, had a positive experience. First time using Figure and didn't really know what to expect. Overall, the process was pretty straight forward and quick. Compared to traditional bank options, it appears the overall costs are a bit higher, but for the flexibility and ease of procuring funds quickly, I appreciate Figure's platform as the banks are a lot more difficult. Definitely recommend you check it out as a HELOC option.


THOMAS YOUNG

25 November, 2021

trustpilot-stars

This loan was very simple and funded…

This loan was very simple and funded within about a week or less. Signed the contract on Thursday evening and money was in my account by the next Wednesday.


STEPHANIE

25 November, 2021

trustpilot-stars

Very easy and customer service is very…

Very easy and customer service is very helpful


KEITH FLAMER

25 November, 2021

trustpilot-stars

Figure was extremely professional

Figure was extremely professional, helpful and understanding. They are fantastic!


NICK POTHETES

24 November, 2021

trustpilot-stars

In accurate home appraisals no one to help :(

I was so excited to get a HELOC with figure and love the blockchain idea! Sadly when we applied we were quickly denied despite having fantastic income and a great amount of equity in our home. When I reviewed their documents about why we were denied it said that our home wasn’t valued enough. I then referenced the home valuation report they used to access our home and the information was complexity WRONG. We gave a 3 bed 2 bath two story home that is 1300 square feet and the report obviously referenced the house before it was flipped. It recorded us as a 2 bedroom, 1 bath single story at 900 square feet. The report even gave a confidence rating of the data explaining that most homes received a 60-80 meaning they had a high level of accuracy in their report. Our listed rating was 0!! A completely useless report and no one from figure even reached out to explain or try to figure out an actual appraisal of our property to gain our business. Sadly we are about to embark are a massive reno and I don’t think we’ll decide to go with Figure because of the lack of finesse in their appraisals. I would recommend Renofi as they hire an appraiser to go to your home and investigate comps in your area and they offer loans based on post reno values! Can anyone at Figure help me figure this out?


BG

24 November, 2021

trustpilot-stars

Extremely easy process

Extremely easy process! I had one issue trying to link my bank account, but I called and within minutes it was fixed. I would definitely recommend Figure for a personal loan!


MOHAMMED

23 November, 2021

trustpilot-stars

Figure is by far the best to work with…

Figure is by far the best to work with for a personal loan. They are helpful and listen to your needs. I am most appreciative of how easy the loan process was and the funding! Thank you Figure!


RONALD JENKINS

22 November, 2021

trustpilot-stars

The service was extraordinary

The service was extraordinary! Muriya was who I was talking to and she expeditiously remedied the situation and was extremely nice about doing it. She even went above and beyond her duties by contacting the upper management and by her doing so, allowed me to get my problem fixed on the spot. I believe that the ceo of figure should give this wonderful woman, Muriya, a promotion or bonus or something special. I'll even chip in! Make sure that you let her know that I definitely appreciate her service and I won't be forgetting about that! Thanks


MARK ROCHESTER

21 November, 2021

trustpilot-stars

they use a FLAWED, ERROR RIDDEN automated approach which they cannot fix errors in the data carryover

they use an automated approach, which is beyond flawed. linked my savings account, checking account with 10 years direct deposits twice monthly- and it calculated my income as $1 and savings as 41. it wouldn't even allow me to link my investment or IRA accounts as assets, also accounts with proven 5 year history, saying they aren't checking accounts. of course they're not - they are investment accounts. Calling customer service, they had no suggestions to fix it, as there is no underwriter to manually do. ok then figure out how to get your system to work properly and reflect all the stated assets and funds i have - but they can't do that. FLAWED SYSTEM AND METHOD OF APPROVAL. WASTE OF 2 HOURS DOING APPLICATION. don't claim its based off assets, income and proven accounting for these - its not. if it were I would be beyond this holdup. its just that you are at the whim of their system, which apparently they cannot answer why it errors or fix those errors.


RENO CONLON

20 November, 2021

trustpilot-stars

Excellent service easy process

Excellent service easy process


JAY AKLILU

20 November, 2021

trustpilot-stars

Excellent service

Excellent service. Simple and fast.


LINDSAY CREASY

20 November, 2021

trustpilot-stars

Smooth transaction

I have never had such ease when applying for a loan. From start to finish it has been straight forward and hassle free! Thanks to Credit Karma for another fantastic find!


LADONNA

20 November, 2021

trustpilot-stars

Application and loan process was easy…

Application and loan process was easy to complete. Overall process was outstanding


JOHN B

19 November, 2021

trustpilot-stars

A consummate and unique loan process…

A consummate and unique loan process experience.


BLAINE BAUGHMAN

19 November, 2021

trustpilot-stars

The application process was great

The application process was great, feedback to help was outstanding. Thorough, but very good process. They were very helpful in helping me finish the application and get approved. Somewhat easier than most lenders. Thank you Figure for the help and good rates.


REED HUVAL

18 November, 2021

trustpilot-stars

Excellent customer service

Excellent customer service


NEAL MCDONALD

18 November, 2021

trustpilot-stars

Figure CSA verification.

The process for submitting a loan request is very thorough until we ran into the final step of talking to CSA. Figure web page uses Google Chrome which I do not use. After loading and updating Chrome, the process was still not completed because it could not connect. We then tried Firefox with the same results. After working with another tech and downloading any new Chowne software and about three hours later, we are able to connect to the CSA representative and was able to verify my identification and completed the application. I would like to thank all reps that assisted me with the loan request, problem is the last techs I can remember were Mike and Chelsea I believe.


JAMES E. CLEVELAND

18 November, 2021

trustpilot-stars

Wonderful experience!

Quick, easy and efficient! Figure has clearly embraced technology to make the application and funding process easy without many phone calls from call centers. All done online in easy steps. They had the best interest rate and loan amounts. All other options offered 15%-20%, Figure came in at 10%.


ROBERT ANDERSON

18 November, 2021

trustpilot-stars

Beautifully Simple application process...

Simple application process. Very Fast processing. Competitive Rates & Fees. On Customer Service: Actual HUMANS answer real phones & sound like local American Citizens, with full command of the English language. They are understanding, cooperative and quickly resolve any questions / concerns quickly and accurately. I've never seen a better company, and I'm a retired Real Estate Broker! (Exit Infinity Realty, Las Vegas, NV.)


ERIC

18 November, 2021

trustpilot-stars

An amazing experience

An amazing experience. A process that is efficient, with customer service keeping you updated on status, and funding within 24 hours. I cannot understate how impressed I am with the process!


PAULINE BAILEY

17 November, 2021

trustpilot-stars

Does anyone have a physical address for…

Does anyone have a physical address for this company? The loan I applied for had the wrong address. The loan officer said he was going to cancel my application (which was fine with me as I got a personal loan through my bank) But I open my bank account 2 days ago and FIGURE deposited $47795 into my account! They want me to pay $1050 a month for the next 5 years! I can't afford this. I don't recall signing anything or agreeing to this loan. They even charged me $1600 in 'closing cost'. I want to send this money back (minus the $1600 bogus charge taken out of a $49,000+ loan)! They have not responded to my numerous emails. Any help would be appreciated.


MICROPRICEACTIONTRADER

16 November, 2021

trustpilot-stars

HELOC Perfection

Simple process. Outstanding speed. Results as promised. Satisfied customer!


JAMES OCONNELL

16 November, 2021

trustpilot-stars

So far my experience with Figure has…

So far my experience with Figure has been a pleasant one, and I would recommend the service to any one who asked for my opinion.


JOHN BULLINGER

16 November, 2021

trustpilot-stars

Loan process was easy

Loan process was easy, but website has problems, difficulty setting up auto pay and can't pay my first payment. Costumer service is no help, I get the run around. 5 attempts at re-adding my bank account with no success.


ROBERT

16 November, 2021

trustpilot-stars

Don’t trust this company.

This company has hidden costs! You will pay way too much for this, this is a modern day loanshark masked as a trusted financial company! I am getting rid of this loan. They also sold my loan to another bank I have never heard of.


EBONY NICOLE

16 November, 2021

trustpilot-stars

Great company

Great company, fast and easy service, highly recommended


BIGBEAR VO

16 November, 2021

trustpilot-stars

Good service and it fast

Good service and it fast


MARK OSBORN

16 November, 2021

trustpilot-stars

Quickest hastle free loan I've ever…

Quickest hastle free loan I've ever gotten.


MILTON SANTANA

15 November, 2021

trustpilot-stars

Fast and simple process!

Fast and simple process!


DONALD FOSTER

13 November, 2021

trustpilot-stars

If you are looking for a HELOC then…

If you are looking for a HELOC then look no further. I got funded in just a few days and was very satisfied with the whole process. Called customer service a couple of times to have questions answered and service was exceptional.


RETO WITSCHI

11 November, 2021

trustpilot-stars

Great experience

Great experience. Fast and very professional


JACKIE RAMSEY

11 November, 2021

trustpilot-stars

Everything from figure went well except…

Everything from figure went well except some of the mistakes I made and they were fixed immediately. Very good process and nice people to work with. Enjoyed every moment.


GARY

10 November, 2021

trustpilot-stars

Professional

Professional, responsive, caring.


ROBERT ANDERSON

10 November, 2021

trustpilot-stars

This was a very well-thought-out…

This was a fairly well-thought-out process. Almost seamless. Some minor tech issues regarding pop-up-blockers and other security trivia. Beyond that from start of the application to approval & signing, took only 3 business days, and I never had to leave the comfort of my own home. The software allowed me to fiddle with all the varaibles, like the rate and term, ubtil I was comfortable with the terms. Their customer service is very HUMAN FRIENDLY. I enjoyed the process.!!!


ABDUL BANKS

10 November, 2021

trustpilot-stars

I have never experienced this level of…

I have never experienced this level of customer satisfaction in regards to securing a loan. The entire process, by far, has been the absolute best. I will be contacting Figure for my future needs. Salute!


LYDIA PAGAN

10 November, 2021

trustpilot-stars

Great company

Great company, hassle free and very professional. Always there to meet your needs.


GREGORY S

10 November, 2021

trustpilot-stars

My wife and I have had numerous loans…

My wife and I have had numerous loans in our 45 years of marriage and Figure has been the best experience and process ever. All employees were knowledgeable, friendly, polite and helpful. The process was as easy as they advertise. We would recommend them to anyone.


D GIBSON

09 November, 2021

trustpilot-stars

The process was so quick and simple

The process was so quick and simple. Information was verified as it was submitted, Notification was immediate each step of the way. I will definitely be back and will refer you to everyone I know (that would be a good customer). Thank You


NANCY RUIZ MONTOYA

09 November, 2021

trustpilot-stars

It was the easiest process ever

It was the easiest process ever! We just had to see a notary in person to sign the final paperwork. 5 starts for Figure. 100% Recommended.


BRIDGET JOHNSON

09 November, 2021

trustpilot-stars

Quick, smooth and seamless process

Applying for a Home equity loan was a very easy, quick and seamless process. I would recommend Figure to anyone. I am recommending them to friends and family and coworkers who are looking to do the same thing. Thank you Figure for a smooth and non stressful process.❤️


STEPHEN SNOWDEN

09 November, 2021

trustpilot-stars

Figure was extraordinarily easy to work…

Figure was extraordinarily easy to work with and the terms of my loan were very favorable. I applied on Friday evening and my loan was funded the following Monday. It doesn’t get any better than that.


KYM BELL

09 November, 2021

trustpilot-stars

Quick and Easy!

The process was quick and seamless. I got an answer and paperwork completed in just a couple of hours. Amazing!


KIMA

08 November, 2021

trustpilot-stars

Figure Loans A Great New Startup - Technology Sells

I was in need of a loan for 15K. I’ve never taken a personal loan before so I did some research. I had heard of a local credit union advertising on the radio and tv of how exceptional they were. I looked them up online and the unsecured loan amount was for only up to 10K. ThenI had on my credit karma profile preapproval for Marcus Loan by Goldman Sachs for 16K I researched their website it came with many restrictions such as I could take out the loan only to consolidate debt so in other words they weren’t giving me new credit to use on my as I needed but how they saw fit. So I took to lending tree where I filled in my information soft pull of my credit it doesn’t affect your credit score to see what lenders had to offer. Figure was one that stood out for the interest rate. So I took to their website where I read it from top to bottom and I am a computer engineer and know block chain technology they mentioned. They took my info from their online process presented loan options that I could choose from they verify my income through my checking that I had to allow them access for quick verification the whole process took less than 15 minutes with an approval to use the 48K I was approved to use for what I needed not what they were directing me to do like Goldman’s! I also love that you can take out more than one loan with them up to your maximum amount as long as you meet the debt to income ratio and wait 90 days. So I was able to select a loan that was comfortable for my budget for the time being. I plan to pay the loan off in two years not the five I financed for to establish a great relationship with Figure where I plan to continue to do business with! It was the easiest process I’ve ever had applying for credit! I highly recommend them! I wanted to be sure it was that simple so I called customer to ensure I didn’t need to do anything else where I was welcomed by a friendly customer service representative who assured me my funds would arrive to the checking account I allowed them access to within 5 business days!

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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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