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Figure Refinance Review
ConsumersAdvocate.org Rating: 4.4 / 5 (Excellent)
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Founded in 2018, Figure Lending, LLC is a finance and technology company that offers homeowners cash-out and traditional rate-and-term refinancing of home mortgages, home equity lines of credit, personal loans, and more. The company is owned by Figure Technologies, Inc. and is headquartered in San Francisco, California.
How is Figure rated?
Breakdown
4.5/5
Loan Variety
4.0/5
Ease of Process
4.8/5
Customer Service and Reputation
4.5/5
Discounts and fees
Overall Rating: 4.4 / 5 (Excellent)
Figure stands out for its refinancing application process, jumbo loan refinancing, and cash-out options. Figure’s application can be completed in as few as 20 minutes. You can get pre-qualified within minutes to see what Figure can offer you and decide if it's right for you. Figure also offers jumbo rate-and-term refinances and cash-out loans, which may be especially important for homeowners who live in expensive urban locations.
Loan Options
| Lender Type | Lender |
| Loans Offered | Cash-out |
| Loan Programs | Conventional |
| Maximum Loan Size | 1,500,000 |
Loan Variety - 4.5 / 5
Figure offers cash-out and traditional rate-and-term mortgage refinancing, as well as home equity lines of credit. The company is noteworthy for its jumbo loans. Homeowners with excellent credit (700+) can borrow up to $1,500,000 with no cash out. They can also borrow up to $1,000,000 with up to $500,000 cash-out to pay for large expenses like college tuition. With Figure, can quickly get an estimate of what kind of offers you can expect. Simply answer a few questions online and you can get pre-qualified. Getting pre-qualified by Figure will not affect your credit score.
Figure only refinances single-family primary residences. Townhouses are eligible for Figure loans. However, condominiums, vacation homes, multi-unit residences, and investment properties are not eligible.
Application Process
| Closing Time | 10 days |
Ease of Process - 4 / 5
In the FAQ section of its website, Figure provides some information on its credit, loan-to-value, and other lending requirements, which is helpful when you're just beginning to research your refinancing options. Not all lenders readily provide this information. We appreciate this effort on Figure’s part to streamline the shopping process and get you the answers you need as quickly as possible.
Applying for a loan from Figure is a 100% online experience. You can get pre-qualified online within minutes by filling out Figure’s “Find My Rate” form.
Figure Reputation
Memberships & Regulatory Info.
| Nationwide Mortgage Licensing System ID | 1717824 |
| Nationwide Mortgage Regulatory Actions | 0 |
| NMLS Collection Date | 2019-10-25 |
| CFPB Total Mortgage Complaints | 8 |
| CFPB Collection Date | 2019-10-25 |
Online Reviews
| Trustpilot Trustscore | 4.8 |
| BBB Rating | F |
| BBB Positive Reviews | 2 |
| BBB Negative Reviews | 6 |
| BBB Neutral Reviews | 0 |
| Date Collected | 2019-10-25 |
Customer Service and Reputation - 4.8 / 5
Figure has received mixed customer reviews to date. It doesn't have any regulatory actions filed against it with the Nationwide Mortgage Licensing System. Figure earns an impressive 4.7 out of 5 from Trustpilot based on over a thousand customer reviews. It doesn’t fare as well with the Better Business Bureau, where it receives an F rating. A few customers have filed mortgage-related complaints against the company through the Consumer Financial Protection Bureau (CFPB) but the number of complaints registered is quite tiny when compared with the number of loans Figure writes. Chances are you will not experience issues with the company, but it is something to be mindful of when comparing your refinancing options.
Contact & Additional Information
| Homepage URL | |
| Headquarters Address | 15720 Brixham Hill Ave, Suite 300, Charlotte, NC, 28277 |
Disclosure
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 www.nmlsconsumeraccess.org. 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
Rates and terms are subject to change without notice. State and county maximum loan amount restrictions may apply. Loan products may not be available in all states. Some restrictions may apply.
To check the rates and terms you qualify for, we will conduct a soft credit pull that will not affect your credit score. However, if you continue and submit an application, we will request your full credit report from one or more consumer reporting agencies, which is considered a hard credit pull and may affect your credit.
Our 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’s value and equity at the time of application, and your ability to qualify. State and county maximum loan amount restrictions may apply.
Our 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’s value and equity at the time of application, and your ability to qualify. State and county maximum loan amount restrictions may apply.
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