Figure is a financial technology company that leverages home equity in an unconventional way. Its unique focus on digital technology creates affordable mortgage refinancing products in comparison to traditional brick and mortar lenders.
The most unique aspect of Figure’s mortgage refinance program is that it allows you to get up to $500,000 in cash*. The whole application process is 100 percent digital with an emphasis on user-friendliness, security, and efficiency to make the loan process seamless.
To see what others are saying about their experience, check out the Figure refinance reviews below.
Figure offers cash-out refinancing options for both traditional and jumbo loans, enabling you to get the cash you need all at a potentially lower rate.
Through Figure’s conventional cash-out refinance program you can access up to $500,000 in cash* with a max loan-to-value ratio of 80 percent for both rate and term refinancing. Not all lenders have a cash-out option that allows you to collect such a large amount of cash.
In regards to Figure’s jumbo refinance loans, you can borrow up to 75 percent of your home’s value (max $1,000,000) for a cash-out refinance. For a rate refinance, you can borrow up to 80 percent of your home’s value (max $1,500,000.) These are standard borrowing amounts relative to the rest of the mortgage industry.
Figure makes the mortgage refinance process more affordable by eliminating prepayment fees, origination fees, and other lender fees.
Elimination of these common fees can save you thousands of dollars. For example, mortgage lenders with prepayment penalties charge between 1–2 percent of the outstanding principal balance. Origination fees typically cost between 0.5–1 percent of the home loan. Eliminating these common fees can save you a substantial amount of money if you are looking to refinance.
The majority of Figure's services are digital. Because of this you can expect to have every step of your mortgage refinance application process streamlined, while also being secure.
When applying for a refinance mortgage, Figure takes security of your personal information seriously. It provides services that make it easy to securely access your personal information, such as your bank account and other necessary information in a snap.
After Figure has gathered the necessary information, Figure will automatically show you your offer and rate without doing a hard credit pull. This allows you to see the details of your potential offer before having to commit. Those that value the efficiency of an online lender will appreciate what Figure has to offer.
For prospective borrowers new to the concept of a mortgage refinance, Figure offers a wealth of financial literacy information on its website covering refinancing and other financial topics.
Figure also provides a series of articles to help educate you on what makes Figure stand apart from the competition. Since Figure approaches the personal financing space differently, its library of resources do a great job of familiarizing you with their brand. If you have never heard of Figure before, this will answer a majority of the questions that you may have.
In comparison to other lenders, Figure does not offer as many home loan products. Figure only offers home equity line of credit and mortgage refinancing products at this time. The mortgage refinancing options available include conventional and jumbo refinance loans.
It does not offer any purchase loans, this includes non-conventional and government loan products. If you are in the market to buy your first home, Figure will not be able to provide financing options for you at this time.
Figure's services are only available in the following 33 states:
David Swenson Denver, CO
9 months ago
Victor Tate Chelsea, MA
1 year ago