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Figure Mortgage: Review

  1,668 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   1,668 Reviews

trustpilot-stars

PROFITABLE INVESTMENTS

22 hours ago

trustpilot-stars

Figure Provides Cutting Edge Technology With A Personal Touch!

I just wanted to take a moment to applaud the outstanding courtesy, knowledge and professionalism displayed by the representatives at Figure that assisted me today! My phone call started with Parker who was knowledgeable and patient in answering my questions concerning the HELOC product. And rather than guessing when I also requested information on the refinance option, he then forwarded my call to Bryce Brumley on the Mortgage Sales Team who was also very knowledgeable and extremely patient with me because I had questions not only regarding the refinance product but also the investment options with Figure. He was also very familiar with that and is the first person to logically explain what is involved with the concept of "the blockchain" and how it functions in the Figure platform so that even a guy like me from the "old school" could understand! I am fairly certain that once the loan refinance product is available in Illinois for investment properties that we will be applying for it - especially since Bryce agreed to notify me once this happens! In the meantime, we will be applying for the HELOC and perhaps even investing with Figure now that I understand better what is involved! Although both Bryce and Parker expressed that it was a pleasure to assist me when I gave each of them kudos on their professionalism, I was already convinced of that fact from my own positive experience, since I could tell that they both enjoy and are fully engaged in addressing the questions and concerns of potential clients of Figure like me! Keep up the good work, guys!


BRADY JOHNSON

21 January, 2022

trustpilot-stars

The quickest and easiest loan I have…

The quickest and easiest loan I have ever applied for. Applied at 9am and closed by 4pm same day. Couldnt be happier. Everyone you talk to is super friendly and very knowledgable.


ROB R

20 January, 2022

trustpilot-stars

Figure is THE definition of simple and honest lending

We chose Figure for a HELOC product to help us fund our home renovation. We have used HELOC products from other banks in the past and none of them were as straightforward as our business with Figure. The entire Figure application, approval and funding process was completely transparent and very simple. Their technology-rooted approach to the loan approval process seems to make a world of difference when it comes to simplicity for the applicant and the timeliness of loan funding. The total time from when we submitted our application to funds available in our chosen account was an astonishing 5 business days. We definitely will recommend Figure to others and would use their products again in the future.


DANIEL BRADY

19 January, 2022

trustpilot-stars

THE WHOLE PROCESS FROM START TO FUNDING…

THE WHOLE PROCESS FROM START TO FUNDING WAS 5 DAYS. EXTREMELY HAPPY


RAY MORROW

19 January, 2022

trustpilot-stars

Figure provided me with outstanding…

Figure provided me with outstanding service, that I have not experienced before regarding obtaining a consolidation loan. The application process was simple, effective and efficient. The repayment process is effortless


PAUL A

19 January, 2022

trustpilot-stars

FIGURE HAS VERY KNOWLEDGEABLE…

FIGURE HAS VERY KNOWLEDGEABLE PROFESSIONAL CUSTOMER SERVICE REPS .


JOEL STETTLER

19 January, 2022

trustpilot-stars

Above avg

Above avg in customer service


EC

19 January, 2022

trustpilot-stars

The easiest decision I’ve ever made

The easiest decision I’ve ever made. Algorithm and data means cutting down approval time by weeks! Rates are competitive and staff was extremely helpful. 10/10 recommend Figure!


BOB MURPHY

15 January, 2022

trustpilot-stars

This company runs an excellent service.

This company runs an excellent service. The process was easy, uncomplicated and quick. I found their people professional, helpful and consistent. I would highly recommend doing business with them.


JIMMY RITTIRON

15 January, 2022

trustpilot-stars

This new on line process is so much…

This new on line process is so much better and so faster. Start to finish was less than a week!


DELLAS

14 January, 2022

trustpilot-stars

`Revolutionary Lending

Simplest, efficient, and painless process on an equity loan. Every step done from the comfort of your laptop. Will definitely recommend to others!


PATRICK W

14 January, 2022

trustpilot-stars

Fast, easy and stress free!

I rarely leave reviews but working with Figure for my HELOC was unbelievable. The process was so fast and easy I knew there had to be some kind of catch. There were no catches! From application to funding in just a week!! Rate was about the same as quoted by my credit union.


SHAUN

14 January, 2022

trustpilot-stars

Extremely straight forward

Extremely straight forward and the interactions I had with humans were pleasant. There wasn't much as I went from applying to approved and closed in less than 24 hours. I don't know if that's normal but Figure made it extremely easy to tap in to my equity.


JANICE BROWN

13 January, 2022

trustpilot-stars

Everyone I encountered were nice and…

Everyone I encountered were nice and very helpful despite having to make a few calls during my application Trying to decide what I wanted to do for a simple home improvement loan was made easy by Figure. To refi my home for home improvement, I would have to get a loan to pay for all repairs for an appraisal to meet refi standards and then repay the loan. I looked at other options and found the cheapest, easiest and quickest way to get my loan was with Figure with a HELOC. Thank you!


GREG K.

13 January, 2022

trustpilot-stars

I am very impressed with the overall…

I am very impressed with the overall experience at Figure, especially their automated tool set. Based on my positive experience, I don’t know of any other lender who can evaluate and fund your HELOC (into your bank account) faster than Figure.


VLADIMIR-REALTY SUPPLY PRO

13 January, 2022

trustpilot-stars

The app appeared to be broken as it…

The app appeared to be broken as it would not let me proceed to the next step. 2 calls to their support team and they still could not resolve the issue. No follow up from them either. It turned out to be a big waste of time and unnecessary credit inquiry.


CHRISTOPHER JOHNSON

12 January, 2022

trustpilot-stars

Unbelievably fast and easy process!

Unbelievably fast and easy process! I mean, really, blow your mind fast. In addition to the efficiency, every single person I came in contact with along the way was very helpful as well as friendly. I’m so glad I reached out for a HELOC!


JEFF

11 January, 2022

trustpilot-stars

Figure advertises 3% APR and then…

Figure advertises 3% APR and then offers you 8% APR after you fill out the form. Their rates are extremely high. Also, they say it is a HELOC, but it's not a line of credit. It is a home equity loan, with a set withdrawal amount that needs to be take all at once. Deceptive advertising.


DOMINIC GAGLIARDO

11 January, 2022

trustpilot-stars

Figure is simply a model for how to…

Figure is simply a model for how to relate to customers and fund loans in the modern age - You cant deal with a bank that has this streamlined process, ease of access to customer support on a digital platform, and reasonable interest rates given the market they compete in - I continue to be very glad I am using Fgure


BRETT

11 January, 2022

trustpilot-stars

I was able to be approved in a day and…

I was able to be approved in a day and the money was in my account 5 days later! There was no need for me to leave my home, the entire process was easy.


BRIAN FARIA

11 January, 2022

trustpilot-stars

Figure’s HELOC … That fast, that easy!

I would rate Figure a sixth star if I could! We received our funding today, just seven days after first applying for our HELOC. I have to say I was a bit hesitant when I first heard about Figure and how quick and seamless their process was, but my experience speaks for itself. I first applied online last Monday and was pre-approved and locked into a fixed rate, and as soon as I linked my income and property information the approval was final. That fast, that easy…. I followed up with a wonderful customer service representive, Grace, who went over all the closing docs with me, and because I live in a state that requires in person notary, she set up an appointment for me and I literally had a notary at my front door by Wed morning with my closing docs in hand. I then began my 72 hour rescission period and received funding today. This process could not of went any smoother or faster. Thank you to everyone at Figure for delivering on your word!


CHRISTOPHER PELLICCIO

08 January, 2022

trustpilot-stars

A great company to work with

A great company to work with! Experienced and very helpful!


JOHN K

08 January, 2022

trustpilot-stars

Amazingly fast

Amazingly fast. I received a heloc on my home in about a weeks time! I would definitely recommend this company to other people.


PITZI

07 January, 2022

trustpilot-stars

Wonderful Experience in Obtaining a Personal Loan

After speaking with a FIGURE Rep, applying for a loan I was approved within days. I'm still a little in shock that it was so seamless and quick. The customer service from my inquiry through the final step for approval was wonderful. They are amazing and I recommend them wholeheartedly.


ERIC LINNEMAN

07 January, 2022

trustpilot-stars

Don't mess with your bank for a HELOC

We tried starting a HELOC with US Bank, but their process and timeline are more 18th century than we were able to live with. Figure had no issue with my wife's self-employment, their process and document collection were smooth, fast and easy to understand. We were funded in 10 days from application. Very highly recommended. Could not be happier with the rate, process and customer interaction.


TERRY GOSS

07 January, 2022

trustpilot-stars

From the moment the third postcard…

From the moment the third postcard arrived in the mail, and I started to wonder if this company was real, I allowed myself the luxury of finding out. Every person I spoke to was polite, efficient and knowledgeable; so much so that within 7days I went to sleep with my HELOC safely in my bank account, knowing my plans to upgrade my home to senior assisted conveniences was secure. Oh, and we were able to upgrade my Medicare Drug Plan to cover Insulin. One of the best things? I never had to leave my home and no strangers came to my door, and yet FIGURE handled everything smoothly.


RAHUL KUMAR

07 January, 2022

trustpilot-stars

Rahul kumar u

Rahul kumar Without a aur win account assist set


MARJORIE GLENN

06 January, 2022

trustpilot-stars

Dan was knowledgeable

Dan was knowledgeable, patient and helpful with my application for Figure loan.


JOHN GRABOI

06 January, 2022

trustpilot-stars

Kathryn Was Wonderful!

Kathryn was very professional, polite and quick in response to my questions. This is just another example of the stark differences between you guys and Bank of America. Keep up the excellent service!


ANGELA RIVES

05 January, 2022

trustpilot-stars

Good mortgage broker

In the past I thought that I would never face the situation when I would need to take out a mortgage, however i was mistaken. Basically, I faced this situation couple of months ago but I tried to do everything in order not to take out a mortgage because in my opinion, mortgage and debts at all always are about something bad. However, I faced this company, my friend adviced it to me, and they politely explained me all the conditions. It seemed to me not so bad and I took out a mortgage here. This company really knows how to run business and I'm sure that everything will be okay.


MB

05 January, 2022

trustpilot-stars

From beginning to funding

From beginning to funding, the process was exactly as described. Eight days including a weekend and during the holidays- from the time I submitted my app to money available in my account; beyond impressed!! I called in to the customer service line starting to think it was too good to be true, but was able to speak with a very friendly and helpful agent. I have read some of the negative reviews, but I have a clean title and everything I reported on my application was accurate so I had no issues. Best process and incredible rates!!


ERIC W.

04 January, 2022

trustpilot-stars

Walked me through

They literally walked me through each step. Nice easy process. Thanks for taking the stress out of this.


FERRANDO BOYS

31 December, 2021

trustpilot-stars

Harin bay

Fladu i leve my raft


TOM DAVIS

31 December, 2021

trustpilot-stars

You cannot find a simpler…HELOC financing method…

You cannot find a simpler, more complete method to obtain HELOC financing. Top to bottom, Figure Lending is customer service oriented and operates in the most professional manor. The review of my needs and financials was quick and efficient. I received the requested funds rapidly once all “paperwork” was completed. I highly recommend them to anyone who wants to use their home’s equity as a “working financial tool.” Figure is an “A+” institution to work with!


JOHN GILL

31 December, 2021

trustpilot-stars

The Figure Electronic loan process was…

The Figure Electronic loan process was seamless...very intuitive...no problems. The "zoom" call to get notarized was coordinated by a very friendly customer service representative. Five stars!


LEARNER LIMBACH

30 December, 2021

trustpilot-stars

Quick and easy process, good company

I love how quick and easy it is to apply for a Figure loan. I also appreciate all the info and resources that Figure provides which help me as the borrower to understand the process. I like that the loan is through a credit Union.


FREDDIE MILLIGAN

30 December, 2021

trustpilot-stars

Fast and easy process to work with and…

Fast and easy process to work with and you cant beat the way that they do home evaluations the right way! Also I would like to add to make it this simple for people to whom have home's and want to use some value with them this is the best source to get things done quickly and as efficient as possible with limited documentation. Definitely would use them again for any future areas.


MATT G.

30 December, 2021

trustpilot-stars

Great experience.

I have to say from start to finish this has been the best banking experience I have ever had in my life. My loan was done in days as promised even going through the Christmas holiday. I want to thank everyone at Figure for quick and professional customer service. This is truly a well-run company.


MELISSA VEGA

30 December, 2021

trustpilot-stars

On the fence? Hop on over

I’ve always been taught that if something seems too good to be true, it probably is. So after the easiest application process with IMMEDIATE answers to my questions with their live chat, quick assessment of the value of my home with only my address, automatic upload of my income for verification, and live web cam notary…..I kept waiting for the catch, the hidden fees, the “shoot they got me” moment. There was nothing of the sort. The funds were deposited into my account within 6 days of approval (an extra day than advertised because of Christmas which I was advised of ahead of time). Their no prepayment penalties was a big deal to me as I plan to pay quickly. If you’re on the fence, just know that I was too but I am so happy I went with Figure.


EMRAN SIDDIQUI

30 December, 2021

trustpilot-stars

Loan process is easy and smooth

Loan process is easy and smooth. With in 1 week the process is completed. Plus the processing fee they charge is lower than other institutions.


CALVIN WEAVER

30 December, 2021

trustpilot-stars

Best experience!!

Everything was quick, fast and a great experience!!


ANTHONY

30 December, 2021

trustpilot-stars

Outstanding company you made the loan…

Outstanding company you made the loan process a pleasure, thank you!!


CARRIE TAYLOR

30 December, 2021

trustpilot-stars

Your processing of my application was…

Your processing of my application was speedy and everything was on time until the end. I will suggest that in sending the notary that you will send her id to your customer before the notary contracts the customer for our protection. I thank you for introducing me to your program and I will gladly recommend it if opportunity presents itself.


DALE

28 December, 2021

trustpilot-stars

Fast and easy with great rates.

Fast and easy with great rates.


DAVID STOKES

28 December, 2021

trustpilot-stars

8 months ago

8 months ago, I made a loan with Figure. I have made a lot of loans in my life and have never been so pleased with anyone like I was with Figure. I stated what I wanted and within 3 days it was done. Money in 5 days. If you don't think this is excellent for a house loan?


JOSHUA

28 December, 2021

trustpilot-stars

It is so good I be able to find the…

It is so good I be able to find the good deals. Thanks to Figure.


FRANK DILLINGER

28 December, 2021

trustpilot-stars

Great application process

Was able to apply, submit documents, get approved and complete entire application process in less than 3 hours. Very pleased with process and interaction with customer service reps. Will definitely use Figure again in the future, if in need of another personal loan.


TINA S

28 December, 2021

trustpilot-stars

Easy application process

Easy application process. Loved the no hassle income verification. Reasonable interest rates. Loan was approved, funded, and money deposited all within 2 days. So impressed and would highly recommend.


STEVEN CHESSLER

27 December, 2021

trustpilot-stars

HELOC does not seem to be HELOC, poor service

I went online for a rate quote on a HELOC. Was given an initial draw amount + loan terms and rates to choose between. I called the company's help number to ask if my initial draw could be 0--like with every other HELOC I have ever had--and how I would access the line and how what I was being offered was different than a standard home equity loan. Person who answered seemed not to know what a HELOC is and put me on hold, presumably to get an answer. Was kept on hold for a while and then line disconnected. Very odd interaction overall. I will avoid this firm in the future.


CHRISTOPHER JACKSON

27 December, 2021

trustpilot-stars

Figure has made this process very easy.

Figure has made this process very easy.

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Assurance IQ, LLC (“Assurance IQ”), NMLS #1912050 (nmlsconsumeraccess.org) is a lead generator. See our current state licenses below and online here. Assurance IQ is not acting in the capacity of a mortgage broker, loan originator, correspondent lender or 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. 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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