Figure HELOC Review 2025
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Our Take
4.0
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 five years to keep borrowing from the line.
Pros
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Fast closing.
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Repayment terms up to 30 years.
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Offers rate discounts for enrolling in autopay.
Cons
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Full line amount must be drawn at closing.
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Origination fee up to 4.99%.
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HELOC rates are not shoppable online.
Lender | Max. loan amount | Max LTV | Min. credit score | |
|---|---|---|---|---|
 4.0 Visit Lenderat Figure at Figure | $750,000 | 85% | 600 | Visit Lenderat Figure at Figure |
 4.5 Visit Lenderat Achieve at Achieve | $300,000 | 85% | 600 | Visit Lenderat Achieve at Achieve |
 4.0 Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC | $250,000 | 95% | 600 | Visit Lenderat Upstart Mortgage LLC at Upstart Mortgage LLC |
 Visit Lenderat New American Funding at New American Funding | $750,000 | 90% | 620 | Visit Lenderat New American Funding at New American Funding |
 Visit Lenderat NBKC at NBKC | $250,000 | 85% | 720 | Visit Lenderat NBKC at NBKC |
Full Review
💲 Figure HELOC Rates
HELOC rates are determined by two things. The first is the prime rate, which is what banks pay to borrow from one another. 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 | Prime rate last week | Prime rate in the past year — low | Prime rate in the past year — high |
|---|---|---|---|
7% | 7% | 7% | 8% |
Figure does not post sample HELOC rates online.
👍 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, the repayment period (up to 30 years) is longer than what you’ll find at many lenders. 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 just 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 New American Funding, which offers closing in as few as five to seven 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
NerdWallet’s HELOC star ratings are independently researched and developed by the editorial team based on the following factors: HELOC lending volume, maximum combined loan-to-value ratio, whether a fixed-rate option is available, initial draw requirements, flexibility of draw and repayment terms, average time to close, interest rate transparency, length of any introductory term below the prime rate, lender fees, availability for second homes, application availability and customer support options. Lenders can receive bonus points for offering options for HELOC rate discounts. A recent regulatory action against a lender may affect its HELOC star rating.
