Figure Financing Review

Figure is an online financing platform that offers lending products like home equity lines of credit (HELOCs), cash-out mortgage refinancing, and personal loans. One of Figure’s value propositions is a quick, online application which, if approved, buyers can receive their cash in as little as 5 days. For individuals looking to use Figure’s cash-out mortgage refinance or home equity line of credit, it is worth noting that borrowers must have established equity in their home. If approved however, both of these options allow for direct access to cash which can be used to finance the construction of an ADU. Figure allows individuals to borrow using their mortgage refinancing or HELOC on both primary, secondary, and investment properties, though the status of your property, your established equity, income, and credit score will all affect how much money you are eligible to borrow.

Figure’s lending products all have different structures, each with different maximum loan amounts, term limits, rate structures, and requirements. For example, their personal loan allows for individuals to access up to $50,000 in cash, with multiple term limits, a minimum credit score of 680 and a debt-to-income ratio of less than 40%. Figure’s HELOC allows individuals to borrow up to $250,000; with 5, 10, and 30 year terms, with a minimum credit score of 620. Finally, Figure’s cash-out mortgage refinance allows individuals with sufficient equity in their property to access up to $500,000 in financing with a minimum credit score of 620 (700 on jumbo loans), and either 15 or 30 year terms. It is important to note that Figure does not charge a prepayment fee however, buyers are subject to pay an origination fee ranging from 0% - 5% of their loan amount.

Lender	Figure
Website	https://www.figure.com/
Lending Area	Mortgage Refinance - AK, AL, AR, AZ, CA, DE, FL, GA, IA, ID, IN, KS, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, SD, TN, WA, WI, WV Home Equity Line - AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, VA, VT, WA, WI, WY Personal Loan - AK, AL, AR, AZ, CA, CO, CT, DC, DE, FL, GA, HI, IA, ID, IL, IN, KS, KY, LA, MA, MD, ME, MI, MN, MO, MT, NC, ND, NE, NH, NJ, NM, NV, NY, OH, OK, OR, PA, RI, SC, SD, TN, TX, UT, VA, VT, WA, WI, WV, WY
Maximum Loan Size	Figure’s Cash-out Mortgage Refinance offers loan amounts up to $1,500,000 with a maximum cash-out amount of $500,000 On their Home Equity Line of Credit, the maximum loan amount is $250,00. And their maximum lending amount on their personal loan is $50,000
Term	Figure offers both 15 and 30 year term mortgage refinances and home equity lines of credit with either 5, 10, or 30 year terms
Offer Land Financing?	No