Figure HELOC review: an online home equity line
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Our take
Figure offers a fully online HELOC with fixed- and variable-rate options. The full line is drawn at closing, and Figure publishes an itemized list of possible fees, which makes it easier than most to understand total costs up front.
May fit you if
- Homeowners comfortable applying and signing online
- People who want the full amount at closing (for example, for a roof or debt payoff)
- Borrowers who want fee details published before they apply
Look elsewhere if
- You own a home in New York (Figure says it can't take applications there)
- You want to draw small amounts over time instead of taking the full line at closing
- You'd rather meet a loan officer in person
We don't give star ratings yet. We'll publish our rating method first.
Key facts
Figure Lending LLC (dba Figure) · NMLS #1717824 · Look up licensing
- Products
- HELOC with fixed or variable rate options Source
- Loan amounts
- $15,000 to $750,000 (higher minimums in AK and TX); an appraisal is required above $400,000 Source
- Terms
- 10, 15, 20 or 30 years, with the option to redraw up to 100% Source
- Draws
- 100% drawn at closing, minus the origination fee; later draws priced at WSJ Prime plus a fixed margin Source
- Property use
- Primary, second homes and investment properties; can be held in a revocable trust or LLC Source
- Availability
- Most states; Figure says it can't take New York applications, and the variable-rate option isn't offered in 14 states and DC Source
- Rate check
- Soft credit pull to check rates; hard pull only if you submit an application Source
How it works
You apply online and check your rate with a soft credit pull. Approval depends on verifying your income and employment and a property condition report.
For lines under $400,000, Figure uses an automated valuation instead of an in-person appraisal. Closing is done with a remote online notary where available.
The full line is funded at closing. As you repay, you can draw again, with new draws priced off the prime rate plus a fixed margin.
Costs and fees
- Origination fee
- Up to 4.99% of the initial draw Source
- Valuation
- $180 automated valuation if needed; $500 to $2,000 appraisal for lines over $400,000 Source
- Notary and recording
- $350 manual notary if eNotary isn't available; recording fees $0 to $315 plus recording taxes Source
- Prepayment
- No prepayment penalty Source
We don't list rates because they change daily. Your rate and costs depend on your credit, home value, location and the amount you borrow.
What Figure says
These are the company's own claims. We haven't verified them.
- Speed
- Pre-approval in about 5 minutes and funding in as few as 5 days for loans under $400,000 Source
Things to check before you apply
- Because the whole line is drawn at closing, you pay interest on the full amount from day one.
- An origination fee of up to 4.99% is taken from your draw, so compare it with lenders that charge less upfront.
- Fast funding depends on online notarization; some counties require in-person closing.
Sources and method
Every fact on this page comes from Figure's own published pages, checked on October 19, 2026. Terms change, so confirm them with the company. Licensing can be checked on NMLS Consumer Access. Spot an error? Tell us. See our editorial standards.