Overall
Despite being a newer company, Figure is already a fantastic choice for homeowner's considering a home equity line of credit product. They do particularly well when it comes to customer service and convenience of product -- customers love how simple and fast their application process is.
Closing Costs
Figure does charge an origination fee with each loan, which can be up to 4.99 percent of your initial draw. Besides that, however, they do not charge other fees typical for most lenders, including appraisal fees, late fees, or prepayment penalties. Overall, this is an affordable lending option.
Loan Variety
Figure's home equity line of credit product can be paid off in 5 to 30 year terms. Keep in mind that their product is unique in that homeowners must take out the entirety of their loan in the first draw, and they can go on to draw more as they pay that loan off. By drawing more, your interest rates and payment schedule are subject to change.
Borrowing Limits
Homeowners can borrow between $15,000 and $400,000 with Figure, which is a fairly wide range to work with.
Customer Service
Customer service is an area in which Figure really shines, provided you are a customer interested in a fast, no-frills loan process. Their applications are entirely online, and homeowners can expect an initial response within five minutes of applying. Overall, customers are pleased with the service the lender provides.
Fair Credit Score Suitability
Minimum Credit Score: 640
To qualify, you'll need a minimum of a 640 credit score. Homeowners with higher credit scores will be eligible to borrow higher amounts.
Higher Credit Score Suitability
The higher your credit score, the more you will be able to borrow from your home equity with Figure. With a high borrowing limit, low closing costs, and fast service, giving Figure a try is an easy choice if you have a high credit score.
