Figure is a financial technology company based in San Francisco, California. Figure leverages blockchain, AI, and analytics in its two products: Home Equity Line and Home Lease Back. Figure’s home-based financial solutions embrace the benefits of home equity for debt consolidation, home improvement, major purchases, and other financial needs.

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The Good

  • Consumer Education
  • Home Equity Line of Credit
  • Home Lease Back

Consumer Education

For prospective borrowers new to the concept of a home equity line of credit, Figure offers a wealth of financial literacy information on its website covering home equity and other financial planning topics. Figure also has an easy-to-use debt consolidation calculator and a loan comparison calculator available for use as consumers consider the benefits of utilizing home equity.

Home Equity Line of Credit

Figure’s home equity line of credit offers the following benefits:

  • Get a rate as low as 4.99% APR*
  • Use for purposes like debt consolidation, home improvement, and major purchases
  • Loan amounts range from $15,000 to $150,000
  • Same-day approval
  • Funding in as little as 5 days*
  • Potentially tax deductible*
  • No ongoing fees, just an origination fee upfront
  • Fixed monthly payments

To qualify, you need a minimum credit score of 600 and a maximum combined loan-to-value ratio of 95 percent.

Home Lease BackTM

Figure’s Figure Home Lease BackTM allows you to sell your house but keep living in your home. With Home Lease Back, Figure buys your home, then gives you a lease to stay at your home indefinitely (the lease renews annually), giving you flexibility as you decide on your next financial and physical move. To qualify, the minimum credit score is 620 and you must have little mortgage debt (0%-30%).

This product is similar to a reverse mortgage, but Figure claims to offer more cash and no fees compared to a traditional reverse mortgage. The company also takes care of ensuring that property taxes, homeowners insurance, and ongoing maintenance are paid, eliminating the hassle of some aspects of homeownership. Note that Home Lease BackTM is not a loan or loan product.

The Bad

  • No Conventional Loans
  • Not In All U.S. States

No Conventional Loans

Figure offers home equity line of credit and a lease back program at this time, but you cannot secure a traditional mortgage product like a conventional loan or any other purchase loans.

Not In All U.S. States

The lender works in most U.S. states, but not all. Figure is live in 35 states: AL, AR, AZ, CA, CO, CT, DC, FL, GA, 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, WA, WI, and WY.

The Bottom Line

Figure is a good company to consider if you’re looking for a financial solution that doesn’t require you to leave your home. You can access your home equity while staying in your home by opening a home equity line of credit or lessening financial hardship by selling your home to Figure and leasing it back.

If you’re in a situation where you can benefit from Figure’s programs, you have nothing to lose by finding your rate through getting prequalified — it won’t affect your credit score.

*Figure's APRs start at 4.99% for the most qualified applicants and are higher for other applicants. For example, for a borrower with a CLTV of 45% and a credit score of 800, a five-year Figure Home Equity Line with an initial draw amount of $50,000 would have a fixed annual percentage rate (APR) of 4.99% and a 3.00% origination fee. Your total loan amount would be $51,500. Origination fees range from 0-4.99% of your initial draw depending on your credit score and the state in which your property is located. The advertised rate is available only to borrowers using primary residences as collateral. Your actual rate will depend on many factors such as your credit, combined loan to value ratio, loan term and occupancy status. The advertised APR includes an autopay discount of 0.75%. APRs start at 5.74% for customers that do not opt in to autopay.

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