Figure Home Equity Line review: how does it work and is it good?
If you're looking to borrow against the equity in your home, our Figure Home Equity Line review is just what you need. Enjoy fast funding! Read on!
Figure Home Equity Line: Get up to $400k
If you’re looking for a Home Equity Line of Credit to tap into your equity, don’t miss this Figure Home Equity Line review.
To determine if Figure Home Equity Line fits your needs, we will look in-depth at its features and how it works. Keep reading to get more information!
- APR: See terms;
- Loan Purpose: Debt consolidation, home repairs, large purchases, and more;
- Loan Amounts: $15,000 to $400,000;
- Credit Needed: At least 640;
- Origination Fee: See terms;
- Late Fee: No late fees;
- Early Payoff Penalty: No payoff penalties.
What is the Figure Home Equity Line of Credit?
This Figure Home Equity Line review concerns this fixed-rate loan option offering $15,000- $400,000 in equity from your home.
The loan terms are 5, 10, 15, or 30 years and the process is fast and easy. So you won’t need to worry about complicated processes!
To qualify for the loan, an automated valuation model is used to appraise your home, eliminating any fees associated with traditional appraisals.
Once approved, you can receive funds within five days and get approval within five minutes.
In addition, Figure can pre-qualify you without impacting your credit score.
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Figure charges an origination. In addition, depending on where you live, certain recording fees may be associated with obtaining this HELOC.
However, Figure Home Equity Line does not come with annual, late, or prepayment penalty fees.
Setting an autopay for discount
You can also lower your monthly payments by setting up autopay for a 0.25 rate discount.
Also, you can join one of their partner credit unions, such as Quorum Federal Credit Union or Teachers Federal Credit Union, for another 0.25% rate discount.
Primary or secondary residences are accepted
Numerous lenders mandate that you must occupy the property as your primary residence.
However, Figure grants more flexibility by permitting a HELOC for secondary properties.
Is the Figure Home Equity Line of Credit good?
If you are searching for a lender that offers low fees, attractive rates, and the promise of fast approval, Figure Home Equity Line is what you’re looking for.
Further, take a closer look at its advantages and drawbacks to determine if this is the right financial institution for you!
- Fast funding;
- Fixed interest rates;
- Online application;
- First and secondary properties qualify.
- Origination fee;
- Low loan amount.
Does Figure check credit scores?
Figure Home Equity Line performs a gentle credit examination. So, here are the possible amounts you’ll get depending on your credit score.
- 640 to 679: $125,00;
- 680 to 699: $200,000;
- 700 to 739: $250,000;
- 740 to 759: $275,000;
- 760 or higher: $400,000.
Want to apply for Figure HELOC? We will help you!
Are you interested in taking advantage of Figure Home Equity Loan incredible offerings? If so, read on, and we’ll show you how to apply!
About the author / Suzana Brito
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