If you’re looking to increase your financial stability, home equity might be a great option for you. Figure Home Equity provides personal loans, lines of credit, and loan refinancing services. I have personally used their services and can attest to the quality of their products. The following review will be a detailed recount of my experience.
What is Figure Home Equity?
Figure Home Equity is a lending platform that provides home equity financing options to qualified homeowners. They offer outstanding opportunities to review and compare home equity loan options and rates. No matter what type of loan you’re looking for, Figure Home Equity can help you find the best loan according to your personal needs.
Figure Home Equity has a unique streamlined process that helps borrowers review market-leading offers from their pre-screened network of lenders. The process is designed to get instantly qualified borrowers pre-qualified offers within seconds, so you can be sure to get the best terms for your individual needs with minimal time invested.
Overall, Figure Home Equity provides a simple and secure way for borrowers to acquire capital in times of financial need. Through their website, you are able to access multiple loan products including fixed rate loans and HELOCs (Home Equity Line of Credit). They also provide educational resources on topics such as homeownership if you ever feel like learning more about your potential loans or applications. It’s a great choice when trying to look into home equity financing options!
Why I Chose Figure Home Equity
When I decided to review Figure Home Equity, I had three criteria in mind:
- A strong commitment to customer service
- Competitive rates and flexible loan terms
- An easy-to-use application process with transparency and the ability to begin and end the entire process online
Figure Home Equity rose to the top based on my research of several other home equity companies. As someone who has worked remotely with clients all over the world for more than 20 years, digital trust matters! When it comes time to make major financial decisions such as a home equity loan, especially during these times where physical distancing is necessary due to Covid-19, it is important for me that finance technology is available for consumers like me – and trust us when loaning us money.
Figure Home Equity’s reputation among its customers spoke volumes about the level of service they provide; their rates were competitive; the loan terms were incredibly flexible; and most importantly – their proprietary ‘figure app’ provided a seamless experience from start to finish. In addition, Figure Home Equity not only provides a loan platform but affordable HELOCs (Home Equity Line Of Credit) as well!
Applying for a home equity loan with Figure is a straightforward process that can be done online. You will first create a personalised loan request and provide information about your credit score and the type of loan you’re looking for. After submitting your application, Figure will review it and transmit it to its underwriters.
Once your loan is approved, you will be notified and will have the option to move forward with the loan.
How to Apply
Applying for a home equity loan with Figure is easy. You can start the process online in minutes, or you can call 1 (855) 379-Figure to get started. Here’s what you need to do:
- Gather the necessary information: Before you apply, make sure that you have all the documents and information required by Figure. This includes proof of income, bank statements from your current and previous lenders, and taxes for the last two years.
- Complete your application: Go to figure.com/loans/home-equity-loans or call 1 (855) 379-Figure to get started with your application for a home equity loan from Figure Home Equity Loans. You’ll need to provide personal financial details such as your income, employment history, bank account information and credit score when completing the application form. Figure has partnered with Credit Karma to provide its customers with free credit scores based on their TransUnion reports so that they can get an estimate of their creditworthiness before applying for a loan.
- Wait for an appraisal: After submitting your application and other associated documents online, Figure will assign you an appraiser who will contact you directly in order to come out and inspect your property in order to determine its value and assess eligibility requirements before issuing a final loan offer.
- Get approved: After reviewing all pertinent information related to the appraisal report, Figure’s underwriting team may determine that additional inspections are necessary or request additional documentation before approving your loan application – this process could take anywhere from one business day after receipt of all required materials to several weeks depending on various factors such as the current level of activity in the real estate market and availability of appropriate inspections related personnel or services needed by underwriters prior to making a final decision approving or denying your application due diligence is run by each lender separately during this process.
- Get funded: Once approved and accepted by both parties in writing electronically via secure document signing software provided through Docusign Inc., money is remitted using Wire Transfer format utilizing either ACH routing no., if located within US banking system particularities) EFT System (required if not located within US banking system particularities) typically within 72 hours following authorized registerations verified through email confirmation sent directly to applicant’s email address / correspondence address(s). Funds are typically deposited into customer’s identified bank account on record upon verification verification might take up 24-48 hours).
The application process for obtaining a home equity loan may vary depending on the lender, but there are certain documents you can expect to be asked for. All lenders will require applicants to fill out an application form and provide proof of income, such as recent pay stubs or tax forms. Lenders will also ask for identification such as a driverâ€™s license, Social Security card, or passport to verify your identity.
In addition to the general documents, most lenders will require additional documentation, such as bank statements and recent mortgage statements. Some lenders may also require credit reports and/or appraisals of the property in order to assess its value when giving out your loan.
If you have a current loan on your home, you should bring any related paperwork that might help prove that your situation is stable enough to suggest that you can comfortably take out a home equity loan. For instance, if you have recently refinanced and taken out a new mortgage amount at an agreeable rate or term length, such details could work in your favor when assessing your potential riskiness as a borrower.
Timeline of the Application Process
The application process for a Figure Home Equity loan is three steps. It’s important to keep in mind that this process may vary from person to person and may take several days depending on one’s individual circumstances. Here is my personal experience of the application timeline with Figure Home Equity:
- Application – The first step of the application process was emailing in my documents—including a driver’s license, social security card, paystubs and bank statements. After I completed this step, I received an email confirmation and within 48 hours I heard back with instructions to complete an online form.
- Documentation Verification – The next step was vetting my given documents through the online form. This involved providing additional verification such as current address information and authorization to pull credit reports. Responses were expected within 24 hours, but it took a few days for me to get a response due to the Thanksgiving holiday falling during that same time period.
- Approval & Closing – After all of my information was reviewed and approved, it took another few days for closing paperwork to be sent over via email from Figure Home Equity. My closing documents contained upfront fees such as origination fees and taxes due at closing (this is usually sent after approval). Once I completed this paperwork and returned it via e-signatures, the loan was funded shortly thereafter (usually within 1 business day).
Currently, Figure Home Equity offers loan terms of 5-30 years. This means that you can choose to pay off your loan in as little as five years or spread it out over the course of thirty years. This is great if you want to keep your monthly payments lower, but you should take into account the total amount of interest you will pay over the life of the loan since it will be more with a longer loan term.
Now let’s look into the details of the loan terms that Figure Home Equity offers:
The interest rate on your home equity loan or line of credit (also referred to as an HELOC or Home Equity Line of Credit) will be determined by several factors, including your credit score and the amount you are borrowing. Generally, the higher the amount being borrowed and the lower your credit score, the higher interest rate you can expect. It’s helpful to work with a lending institution you trust who can provide competitive rates and favorable loan terms.
Your Interest Rate may also depend on fixed or variable-rate options. A fixed-rate HELOC has an interest rate that remains constant for a specified term, usually one to five years. After this period is complete, it will roll over again at a variable-rate which increases whenever market interests rise. With this option comes more stability in payments because they’re predetermined, but they may be higher than variable-rate options initially and during renewal periods.
A variable-rate HELOC carries an adjustable rate in accordance with changes in market conditions and was designed so that payments get lower and stay lower if market rates drop during the life of your home equity loan. This type of loan remains in effect until all funds have been repaid unless otherwise stipulated in their agreement with your lender, but since it’s linked directly to evolutions within the economic markets, it can increase unpredictably as well so budget accordingly!
Loan Amount is the sum of money given to the borrower by the lending institution in a loan transaction. Generally, this amount is set either as a fixed sum or as a variable sum depending on the loan’s specific terms and conditions.
The Loan Amount typically affects other factors in loan transactions, such as interest rate and repayment terms. It can also be impacted by your creditworthiness, debt-to-income ratio, and even whether you opt for any extra features with the loan.
Depending on what type of loan you are taking out, lenders set different minimum and maximum amounts that they are willing to lend. For example, with Figure Home Equity line of credit (HELOC) loans, they have a minimum Loan Amount of $10,000 and no maximum limit stated in their application requirements. On the other hand, you may be required to borrow at least $35k for certain mortgage products offered through Figure Home Equity.
In some unsecured loans such as personal loans or student loans, lenders limit Loan Amounts according to your credit score; if your score is below their required threshold – even if it meets their internal criteria – you may not qualify for the maximum Loan Amount offered for those particular products. However, it’s important to note that if your credit score is higher than what the lender expects then you may be eligible for larger Loans Amounts with better terms than those proposed initially.
When it comes to loans, multiple repayment terms are available depending on your loan provider. Different loans may have different terms and it’s important to understand the implications of each. Generally, typical repayment terms can range from one month up to 30 years depending on the type of loan you take out. Some lenders may even have shorter or longer options available.
- One-month payment: This is a short-term loan with payments over a one-month period. These loans should be repaid as soon as possible and usually come without any interest associated with them since they are meant to cover emergency expenses only.
- Three-, six-, and twelve-month payment: These loans typically have slightly higher interest rates than one-month repaying plans since they allow you to spread your payments over longer periods of time. Payments can be required monthly, biweekly, or weekly depending on the lender’s preferences.
- Thirty-year payment plans: These generally offer the lowest interest rates available since the payments are spread out over a long period of time giving borrowers more flexibility with their budgeting needs.
When it comes to customer service, Figure Home Equity offers outstanding service. I had some questions about the process and the customer service team was able to walk me through it patiently and with clarity. They were always available to answer my questions, whether through email, chat, or phone. They were also able to provide helpful resources and tips so that I could better understand the process.
Availability of Support
Figure Home Equity provides customer service to assist customers with their requirements regarding the home equity services provided by the company. The customer service team is available 24 hours a day, seven days a week to answer any questions related to loan products and services as well as helping guide customers through the online application process.
Customers can reach Figure Home Equity’s support team by phone, email or live chat. The customer service team strives to answer all queries in a timely manner and is committed to providing the highest level of customer satisfaction possible. Customers can also leave their queries via an online contact form and expect a response within one business day.
Additionally, Figure Home Equity’s website features extensive resources in its Knowledge Base with all important information regarding loan products such as eligibility, documents required, interest rates, repayment terms and more detailed instructions on how to apply for home loans as well as access account information.
Moreover, if you need additional help resolving an issue or just want additional guidance during the process of applying for a home loan or accessing your accounts online, you can join the company’s virtual assistant program which provides personalized 1-on-1 assistance from experienced staff members throughout the entire process. With this program, customers are guaranteed quick and personalized responses.
Quality of Support
I have had both positive and negative experiences with Figure Home Equity customer service.
On the positive side, what I noticed is that their customer service agents are knowledgeable, helpful, friendly and responsive. They seem genuinely concerned about each customer’s problem and take the time to explain everything carefully. Furthermore, they don’t hesitate to look into any additional info in order to answer my questions more thoroughly.
On the negative side, I have experienced some delays in response times, with certain requests taking several days before being addressed or resolved. Additionally, I found that the phone support team can be a bit slow at times in providing clear solutions or instructions on how to proceed with certain tasks or requests. In other cases they even appeared confused by my enquiries and couldn’t offer any definitive answers to my questions.
Figure Home Equity is an incredible option if you’re looking to access home equity through a cash-out refinance. It offers a much more streamlined process than going through a traditional lender and I really enjoyed the customer support experience. Ultimately, I have only good things to say about my experience with Figure Home Equity.
In this closing section, I will provide some of my final thoughts on the process:
Pros and Cons
Overall, my experience with Figure Home Equity was positive. The loan terms were competitive, the application process was easy to navigate, and the customer service representatives were friendly and helpful throughout the duration of our loan journey. However, there are still some aspects that could be improved upon in order to provide a better overall experience for customers.
- Competitive loan terms.
- Easy online application process.
- Friendly customer service representatives.
- Rapid preapproval process.
- Several different options to pay off the loan early or adjust payments down the road if needed.
- Limited options to shop around for other providers before choosing a lender with Figure Home Equity.
- The website is not well suited for comparison shopping or answering detailed questions about specific products and services offered by competitors or within Figure Home Equityâ€™s own portfolio of offerings.
- The loan origination fee is higher than many other providers in this space, making this option more expensive overall than some competitors offering similar products and services in the same market space.
My Overall Experience
My overall experience with Figure Home Equity was very positive. Customer service was great and all of the representatives I spoke with were friendly and helpful, and were willing to go above and beyond to answer any questions I had. The application process was very straightforward, and I am happy that Figure Home Equity provided me with a loan agreement that is tailored to meet my needs. My interaction with the team at Figure Home Equity has made me confident in their ability to deliver secure and safe home equity loan solutions. They have provided me excellent service and care, making sure that my expectations are met every step of the way.
I would definitely recommend Figure Home Equity for anyone looking to finance a large project or upgrade their home without taking out a large loan from a bank or lender. With competitive rates, excellent customer service, convenience, flexibility, and efficient online tools for managing payments, I can confidently say that Figure Home Equity exceeded my expectations in terms of obtaining funding for my project.