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Figure Mortgage: Review

  1,343 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   1,343 Reviews

trustpilot-stars

ANGELA M

03 August, 2021

trustpilot-stars

Quick and efficient process

I had originally applied in January 21 for a refinance loan but did not qualify for that. I spent the next few months working hard to improve my credit (raised it by 81 points!) and learning about percentage rates, loan products, and various companies. I applied with Figure again in July, but for a HELOC, and was approved. The entire process was a breeze and completed digitally -- from income verification (which was a blessing as a self-employed contractor) to e-notarizing to automatic funding. There were a couple of technical difficulties with my account dashboard but they were resolved very quickly (in one case in a few minutes, in the second case in a few hours). The team that I chatted with online (Ian, Daniel, and Brian) and my e-notary were all very efficient and professional. From start to finish -- app to funding -- the process was about a 12 days (July 15 to July 27), but a couple of those days were on me. A very quick process. I'd do it again and would recommend it to anyone.


LONN KILSTROM

03 August, 2021

trustpilot-stars

Great process

Great process, excellent customer support. 100% recommend


GEORGE KING

03 August, 2021

trustpilot-stars

Figure has been really easy to use and…

Figure has been really easy to use and once I learned how to operate the software really great


JUSTIN MATTHEWS

03 August, 2021

trustpilot-stars

Figure is Simple, Convenient, Easy and is Highly Recommended

The entire loan process with Figure was one word: simple. As a real estate investor and home owner, I have applied for various home loans (both personal homes and investment properties) along with HELOC's in the past. Figure is hands-down the easiest funding process I've ever experienced. The entire process took less than 30 minutes or so for me, and I received the funding in less than a week. I love the fact that you can customize the home equity loan to fit your needs. I was able to choose, on a sliding scale, the loan amount and interest rates/closing costs that fit my needs. If you have basic computer skills, applying for a loan at Figure is the only way to go. I plan to use Figure for additional home loans/refinances/investment property loans in the coming years. When compared to a traditional bank, there really is no comparison. Finally, I was able to sign the loan documents with an E-Notary online. That signing process took approximately 5 minutes for both my wife and I. Thank you to the team at Figure!


ALMA XHEMALALLARI

03 August, 2021

trustpilot-stars

Great enrollment process and quick.

Great enrollment. Great service. Great rates. Easy to use website.


BRADNMARY FAGERSTROM

03 August, 2021

trustpilot-stars

Very pleased with whole process

Very pleased with whole process. Very professional and would recommend to others.


HANS WEDING

03 August, 2021

trustpilot-stars

You guys were amazing

You guys were amazing, easy to access and quick! Very impressed, once my loan is paid off I would use you again for service. Will definitely refer you to other friends and family. Thank you


DEBRA AWBREY

02 August, 2021

trustpilot-stars

Great service and very helpful.

Great service and very helpful


NOBODY

01 August, 2021

trustpilot-stars

Gave me a quote of over 7%

Gave me a quote of over 7%. Ridiculous. Clearly not a low cost option as they proclaim.


RIXIE GREER

01 August, 2021

trustpilot-stars

The Best!!!!

The Best!!!!


SUZANNE MARTINE

31 July, 2021

trustpilot-stars

Best experience ever!

Best experience ever! Fast and easy, did everything online, had the money in my account the next day! I would highly recommend this company to everyone!


GREG

30 July, 2021

trustpilot-stars

I did my homework when searching for…

I did my homework when searching for the best company to get a personal loan thru, I'd say it payed off well this time with figure loans. The application process wasn't to bad at all, I think it took 3 days, then at the end they said the funds should arrive 2 to 3 days. I received the funds the second morning. They offered the best interest rate I found thru all the loan companies I looked up, plus they have no fees other than the origination fee which wasn't bad at all. Every loan personnel involved was very friendly, professional, helpful, and knowledgeable, 110%! Don't let this discourage you from using Figure, but i did wait on hold 15 minutes both times I called for further instructions, but the friendly professionalism i received was worth the wait not to mention the low interest rate that saved me a chunk of money as well. I'll be using Figure in the future for all my loan needs that they offer! They are a great company striving to earn your business. 10 stars for Figure loans!!


REBECCA DANIELS

30 July, 2021

trustpilot-stars

It’s amazing how fast and easy it was…

It’s amazing how fast and easy it was from beginning to end I’ve never had such a seamless experience Everyone I spoke with was always so kind and helpful I’m so glad I found Figure, and will not go anywhere else in the future. I will definitely tell all of my family and friends Thank you Figure!


SOON

30 July, 2021

trustpilot-stars

I love it services and professional

I love it services and professional Staffs! It was pleasure to know Figure! I will recommend all my family's and friends to get services from figure!


FWR CONSTRUCTION AND MAINANCE

30 July, 2021

trustpilot-stars

Really fast

Really fast, love it


S W

30 July, 2021

trustpilot-stars

Self employed

Self employed, and it was refreshing to have a way to prove income through bank statements and pay stubs ! - very smooth process and straight foward.


ALEK K

29 July, 2021

trustpilot-stars

Love the speed in decision making

Love the speed in decision making, simplicity and very healthy common sense approach to lending. Happy to be a worry free customer knowing well that Figure is on my side no matter the situation. Many thanks for making borrowing a breeze and being there for me!


MALCOLM

29 July, 2021

trustpilot-stars

Very satisfied customer!

This is the easiest, most streamlined application process I’ve ever experienced. My approval was fast and I received my funds in 2 days. I was approved for much more than I requested, and I am now able to pay off 13 credit cards and save on interest. I would recommend this company to anyone in need of a personal loan.


KATHLEEN

29 July, 2021

trustpilot-stars

I am so grateful for the opportunity to…

I am so grateful for the opportunity to allow me to get in a great financial situation after all these years. This is the fastest and easiest loan to pay out I ha e ever experienced. Just a great experience and satisfied with the outcome immediately, no games!


VICKI SIMS

27 July, 2021

trustpilot-stars

Outstanding service

Outstanding service. Very fast and quick to answer any questions.


AVOIDFIGURE

27 July, 2021

trustpilot-stars

Poorly Managed Company; Plaid Technology Worthless

Figure is more than happy to pre-approve your loan then ask for endless amounts of documentation to give them an out to not process. Impossible to get someone on the phone. Both times I've been on hold for over 30 minutes, then it hangs up on me. Also, I did NOT apply for a home line of credit, but Figure decided to try to pre-qualify me for one and search for liens and other things related to my house without my consent. The Plaid technology they use to verify income is also inaccurate. After linking a bank account, it showed my entire year income was only $9k more than what I had made in the past 6 months, while my annual compensation is over $100k. Avoid this company and go through someone like Credible or Credit Karma instead if you are looking for a general personal loan.


N S

27 July, 2021

trustpilot-stars

Figure gave me a chance when others…

Figure gave me a chance when others lied , by saying I was approved , then said I wasn't. Figure advanced through the process really fast


TIMOTHY LITTEN

27 July, 2021

trustpilot-stars

no fuss

no fuss, no muss, easy loan


JESSE

27 July, 2021

trustpilot-stars

Best Loan Process. Period.

I work at Figure and it was really amazing to see how awesome of a service we’re providing to every consumer. We’re using this PL for home improvements and there’s no doubt that I’ll be encouraging everyone I know that needs some form of loan to use Figure. Not because I work here, but because it was unquestionably the easiest loan process I’ve ever been a part of.


HANY AHMED

26 July, 2021

trustpilot-stars

Stay away , worst than hard money lender

the worst place to deal with. deceiving practice and bad customer services


CAROL ATLAS

23 July, 2021

trustpilot-stars

The process was easy

The process was easy, the staff were very professional and helpful when I had questions about the paperwork. I was able to take out a line of credit to consolidate all my bills and save on my monthly income. I would recommend this company to anyone who maybe trying to consolidate and save.


VILMA REYES

23 July, 2021

trustpilot-stars

Delayed (by over a week!) Poor customer…

Delayed (by over a week!) Poor customer service.


WILLIAM KRUEGER

22 July, 2021

trustpilot-stars

The way that documents are transferred…

The way that documents are transferred could be easier. A lot of people do you use the Android system


TERRY WILLIAMS

22 July, 2021

trustpilot-stars

I had tried a couple of times to…

I had tried a couple of times to consolidate my loans with other companies and of course I was not offered enough to make it worth while to pursue. Then I was referred to Figure Loans and they actually looked over my request and offered me a little more than I had requested. I was able to consolidate my loans saving me thousands of dollars in interest and gaining over $1,600 a month in my income. I would highly recommend you check out Figure Loans as they do offer mortgage and personal loans. I went with a personal loan and was very happy I did. Their process is easy and they are very security minded.


SHARON NESS

22 July, 2021

trustpilot-stars

Applying for a Home Equity Loan with Figure

I have been most pleased with the process in applying for a home equity loan with Figure. I was able to do everything online. I had a number of questions as I went along and was able to get quick, clear answers with their online live help system. When it was time to sign documents, a Notary from Figure was sent to our home with all the applicable paperwork. She could not have been more professional. One small thing I appreciated was that Figure, prior to our appointment, sent us a picture of the Notary who would be coming to our home. In today’s world, this safety element was appreciated. Overall, the process has been most efficient and professional and I highly recommend Figure.


JOHN KNOBBE

22 July, 2021

trustpilot-stars

I am still stuned by how easy this loan…

I am still stuned by how easy this loan process was


JL

22 July, 2021

trustpilot-stars

Figure does everything they say-…

Figure does everything they say- funding turnaround is speedy, it’s a simple online application. Their live support is excellent as well.


PAUL

21 July, 2021

trustpilot-stars

Great rates

Great rates, processing was nearly immediate, closing was simple, their online access is easy to understand and use... I was totally surprised and very happy with Figure


MSF

20 July, 2021

trustpilot-stars

Fair and fast

Fair and fast! It felt like Figure took a look at my entire profile and need and proceeded accordingly. The entire process was efficient and streamline. I would highly recommend them!


BETH CORVETTE WORSHAM

19 July, 2021

trustpilot-stars

I loved working with this company

I loved working with this company. I'm recently widowed and Andrew helped me immensely in deciding how to answer some questions. The e-notary was a breeze and very pleasant. The process is streamlined and timely. I couldn't be more pleased.


DAVID

19 July, 2021

trustpilot-stars

Fast!

Easy to use. Fast turnaround. Helpful support staff.


JONATHAN TRUELOVE

18 July, 2021

trustpilot-stars

Crazy easy process and Patty was the…

Crazy easy process and Patty was the best on the phone!!!


CAROLYN DAVIS

17 July, 2021

trustpilot-stars

Awesome Experience ! Thanks for another chance to get it right!

Thank you !!!!!!!


DAUD AZARIAH

16 July, 2021

trustpilot-stars

Easiest and best

Figure is the best loan service. everything was done online in just few minutes and I received the money the very next day.


STEPHEN S

16 July, 2021

trustpilot-stars

Quick and easy process

Quick and easy process. Would definitely recommend and will be using them again whenever I need some quick and easy cash flow.


SZ

16 July, 2021

trustpilot-stars

Great Lender

To anyone who reads this review I looked at several options for the past few months. I have income that is unsteady and having cash reserves keeps me and my family in the right places so that I can grow my business. I spoke to many lenders both from a business perspective and from a personal perspective. I can tell you that if you have a credit score above 650 don't think about using anyone else. It litterally took me about an hour start to finish before i was approved. Two days later my loan was funded. The only thing that gave me pause was giving the approval process access to my bank accounts to verify my income but afterwards i simply changed the password. I also wanted to say that I spoke to Anthony after i completed the paperwork and he was professional, well informed and reassured me that i made the right decision. Good luck to anyone that reads this


DIAMOND BROWN

16 July, 2021

trustpilot-stars

Best Lender By Far

Great and friendly staff. Process was fast and simple. Funds available same day as approval.


SHARENE NERI

15 July, 2021

trustpilot-stars

Very easy process.

Very easy process. Frequent up dates. Easy to contact.


CHERYL HEINLEN

13 July, 2021

trustpilot-stars

Very happy with their procedures

Very happy with their procedures. Very fast.


FERNANDO

13 July, 2021

trustpilot-stars

Very easy process and professional

Very easy process and professional


STEVE

13 July, 2021

trustpilot-stars

Awesome

Awesome and fastest heloc I’ve ever gotten


JAMES

10 July, 2021

trustpilot-stars

Would definitely recommend them I was a…

Would definitely recommend them I was a little nervous at first cause the process was so easy I would definitely use them again for loan purposes .


MARCOS TORRES

10 July, 2021

trustpilot-stars

HELOC With Figure

Unbelievably fast and easy. Just about everything done online. Constant updates by email. I highly recommend this company.


DAVID NIXON

10 July, 2021

trustpilot-stars

The Best Experience Ever!!!

Hands down the best experience I've ever had with any mortgage lending company over the past 3 decades. The process was seamless, flawless and fast from A-Z. Approved in the space of a few hours and signed papers (via e-Notary who came to my house) a 3 days later. Figure has set the benchmark for all other mortgage lending companies.


JJ

10 July, 2021

trustpilot-stars

Stress-Free process

The application process, contacting customer service along the way, everything has been easy, stress -free, and such a positive experience.

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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 Corporation (NMLS#330511) based on Excellent Credit Score, Single Family Home, Primary Residence, in the state of OH, with an anticipated mortgage balance of $500,000, and property value of $850,000 as of 06/15/2021.

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

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