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LAST UPDATED: June 7th, 2022

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.

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The Good

  • Unique Refinancing Options
  • Limited Fees
  • 100% Digital Application
  • Consumer Education

Unique Refinancing Options

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.

Limited Fees

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.

100% Digital Application 

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.

Consumer Education

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.


The Bad

  • Limited Home Loan Products
  • Not in All U.S. States 

Limited Home Loan Products

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.

Not in All U.S. States 

Figure's services are only available in the following 33 states:

  • Alabama
  • Arizona
  • Arkansas
  • California
  • Delaware
  • Florida
  • Georgia 
  • Iowa
  • Idaho
  • Indiana
  • Kansas
  • Louisiana
  • Massachusetts
  • Michigan
  • Missouri
  • Mississippi
  • Montana
  • North Carolina
  • North Dakota
  • Nebraska
  • New Hampshire
  • New Jersey
  • New Mexico
  • Nevada
  • Ohio
  • Oklahoma
  • Pennsylvania
  • South Dakota
  • Tennessee
  • Washington
  • Wisconsin
  • West Virginia

The Bottom Line

Figure is a great company to consider if you’re looking for a cash-out refinance mortgage loan. The integration of advanced technology throughout every step of the refinancing process makes for a streamlined experience.

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

To see what others are saying about their experience, check out the Figure refinance reviews below.

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Figure Lending LLC dba Figure. 15720 Brixham Hill Avenue, Suite 300, Charlotte, NC 28277. (888) 819-6388. NMLS ID 1717824. For licensing information go to Equal Housing Opportunity. Licensed in Alabama 22533, Alaska AK1717824, Arizona 0948458, Arkansas 114692, California: Loans are made and arranged pursuant to a Finance Lenders Law License, Licensed by the California Department of Financial Protection and Innovation under the California Finance Lenders Law (License 60DBO81967), Delaware 026994, Florida MLD1636, Georgia Residential Mortgage Licensee 61229, Idaho MBL-9625, Indiana 39933, Iowa 88893478 and 2018-0048, Kansas MC.0025537 and SL.0026703, Louisiana 1717824, Massachusetts Mortgage Lender License ML1717824, Michigan FL0021494, Mississippi 1717824, Missouri 19-2421, Montana 1717824, Nebraska 1717824, Nevada 4823, New Hampshire 22423-MB, Licensed by the N.J. Department of Banking and Insurance, New Mexico 1717824, North Carolina L-180811, North Dakota MB103310, Ohio RM.804317.000, Oklahoma ML011894, Pennsylvania 66882, South Dakota ML.05202, Tennessee 151185, Washington CL-1717824, West Virginia ML-36248, Wisconsin 1717824BA

*For Figure Mortgage Refinance, cash-out amounts range from a minimum of $2,000 to a maximum of $500,000. Your maximum cash-out amount may be lower than $500,000, and will ultimately depend on your home value and equity at the time of application, Fannie Mae's maximum loan limits by region, and your ability to qualify.

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Victor Tate Chelsea, MA

They only review from one credit report company and based on on that they make a decision and poor customer service when you call to find out they just give you the phone number to the credit report company. They should get zero stars

3 years ago


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David Swenson Denver, CO

Figure has contacted me with a handful of competitive rates. I appreciate the simplicity and straightforwardness of their process. I recommend trying them out for a quote!

2 years ago