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Figure HELOC Review 2026
Last updated on May 6, 2026
Written by
Lead Writer & Content StrategistCo-written by
Contributing EditorWritten by
Lead Writer & Content StrategistCo-written by
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Our Take
4.5
HELOCs
NerdWallet rating
The Nerdy headline:
Online lender Figure is one of the top HELOC lenders in the nation by loan volume. The main appeal is its fast closing (funding may be available in as few as five days), but you’ll need to draw 100% of the line amount at closing and only have between three and five years, depending on your loan term, to keep borrowing from the line.
Jump to:Full Review
Max LTV
85%
Min. credit score
600
National / regional
National
Loan types and products
Home Equity
Pros
- Fast closing.
- Repayment terms up to 30 years.
- Offers rate discounts for enrolling in autopay.
Cons
- Full line amount must be drawn at closing.
- Origination fee up to 4.99% of the loan amount.
- HELOC rates are not customizable online.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
4.5 Visit Lenderat Figure at Figure | $750,000 | 85% | 600 | Visit Lenderat Figure at Figure |
 Visit Lenderat Achieve at Achieve | $500,000 | 85% | 600 | Visit Lenderat Achieve at Achieve |
 Visit Lenderat New American Funding at New American Funding | $750,000 | 90% | 600 | Visit Lenderat New American Funding at New American Funding |
 Visit Lenderat NBKC at NBKC | $250,000 | 85% | 720 | Visit Lenderat NBKC at NBKC |
 Visit Lenderat Better at Better | $750,000 | 90% | 620 | Visit Lenderat Better at Better |
Full Review
💲 Figure HELOC Rates
HELOC rates are determined by two things. The first is the prime rate, a benchmark interest rate that banks set to determine the lowest rate offered to their most creditworthy customers. The prime rate is generally set around 3% above the federal funds rate.
The second part is a margin, which the lender calculates based on your financial qualifications (including your credit score, existing debts and income). The prime rate plus your margin equals your HELOC rate offer.
Current prime rate — last changed Dec. 2025 | Prime rate last week | Prime rate in the past year — low | Prime rate in the past year — high | Projected median prime rate for 2026 |
|---|---|---|---|---|
6.75% | 6.75% | 6.75% | 7.5% | 6.4% |
Figure posts sample HELOC rates online, though you’ll have to start an application to get customized rates.
👍 Reasons to get a Figure HELOC
Figure will most likely appeal to borrowers looking for fast closing, since funding may be available in as few as five days. Despite the shorter-than-typical draw period, Figure offers a standard 30-year repayment period. Borrowers have their choice of a variable or fixed interest rate, and there are no annual fees.
Figure is a major HELOC lender by origination volume; in 2024, it was the fourth-largest HELOC lender in the country. HELOCs are available for second homes.
Borrowers can get a rate discount by enrolling in autopay, as well as for being a member of a partner credit union.
» MORE: Best HELOC lenders
🤔 Reasons why Figure’s HELOC gives us pause
Figure borrowers will need to be prepared to draw the full line amount at closing, with only three to five years to redraw. Receiving the full amount of the loan at closing is typical of a home equity loan, but is not standard for home equity lines of credit. Figure charges origination fees up to 4.99%.
📎 Ways to apply for a Figure HELOC
How to Apply | Availability |
|---|---|
Online 🧑💻 | ✅ |
Over the phone 📞 | ✅ |
Mobile app 📶 | 🚫 |
In person 🏦 | 🚫 |
You can contact Figure customer service over the phone.
🛒 Alternatives to a Figure HELOC
Wondering if another lender or product might be a better fit? It’s worth it to shop around to learn more about your options.
Borrowers looking for fast closing can look to Better, which offers closing in as few as three days. Similarly, Citizens Bank offers closing in as few as seven days.
If you’re turned off by Figure’s short draw period, PNC Bank has a standard 10-year draw period with no initial draw requirements and repayment terms up to 30 years.
A HELOC isn’t your only option
You can also explore products outside of HELOCs. Alternatives to home equity lines of credit include a home equity loan, which offers a lump sum with a fixed rate, or a cash-out refinance, which replaces your existing mortgage with a larger loan.
In addition to HELOCs, Figure offers cash-out refinancing.
Borrow from your home’s equity
Methodology
NerdWallet rates home equity line of credit lenders based on what matters most to borrowers: HELOC rates and fees, how much of a lender’s business is dedicated to home equity lines of credit, HELOC market share, product accessibility, borrowing flexibility and features, customer experience and rate transparency.
We review more than 40 lenders and score HELOC lenders using a weighted system that prioritizes affordability, flexibility and a smooth borrowing experience. Lenders earn higher scores for offering lower borrowing costs, higher combined loan-to-value (CLTV) limits, flexible draw and repayment terms, fixed-rate options, faster closing times and clear, accessible rate information, along with strong customer support throughout the process.
We use a mix of lender-provided information, publicly available data and our own analysis to evaluate each lender. Recent regulatory actions may affect a lender’s score.