Figure mortgage refinance provides you with fixed-rate home equity lines of credit (HELOCs) with periods of five, ten, fifteen, or thirty years, ranging from $20,000 to $400,000.

In contrast to most other HELOCs. As a result, the rates for various draws vary; nevertheless, the rate you lock in for each draw will remain constant throughout the payback period.

You can get the first draw amount as little as five days after acceptance. You may take subsequent draws from $500 up to 100% of the first draw amount.

Plus, there is the origination fee as you repay the first draw amount. But it all depends on your repayment period. This Figure mortgage refinance review will help you learn more about it.

Figure Mortgage Refinance Fees

Figure mortgage refinance review Reddit charges you an origination fee of up to 4.98 percent of your first draw amount, depending on where you live.

Moreover, recording fees may also be your responsibility. But the best thing is that there are no appraisal fees, yearly fees, late fees, or prepayment penalties to be concerned about.

Suppose you're looking for strategies to reduce your monthly costs. You can sign up for autopay for a 0.25 percent discount. Additionally, you can receive a 0.25 percent discount by becoming a credit union member.

Figure Mortgages Terms and Requirements

You will need a clean credit history, no recent or prominent late payments, and proof of income to be eligible for a refinance or a home equity loan.

In addition, you must use a suitable property as your principal residence, such as a condo, townhome, or single-family house.

The available home equity, terms, interest rate, and loan amount are all based on your creditworthiness.

In the industry, Figure's terms are competitive overall. Other than an origination cost for HELOCs, there are few fees available.

How to Qualify For a HELOC with Figure

To qualify for a HELOC from Figure, if you're connecting the line of credit to an investment property or second home, your credit score must be at least 650 or 680. You can get a more prominent line if your credit score is higher.

The total loan-to-value ratio (CLTV) caps for a first or second-lien HELOC on a primary, owner-occupied house vary based on your FICO credit score:

• A credit score of 640–659: up to 75% of the equity in your house
• Credit score range 660–699: Up to 85% of the equity in your home
• Credit score range of 700–850: Up to 90% of house equity

The maximum CLTV ratio for third liens on principal residences is 70% for borrowers with FICO scores between 640 and 850.

It won't affect your credit score if you need clarification on whether you meet the criteria. There is no need to worry because Figure can qualify you.

How to Apply for Figure Mortgage Refinance

The entire figure loan process is done online, from the first application to obtaining the necessary notarization and signatures. First, click "Find my rate" on Figure's home page to get started. You'll have to submit specific standard details, such as:

• Complete name
• Address
• Social Security number
• Status of citizenship
• Date of birth
• Income per year (estimated)
• Details of contact (e.g., email)
• Type of property and occupancy
• Reasons for borrowing
• Proof of insurance (when refinancing)

After receiving the required data, Figure will start a mild credit inquiry. However, you don't need to worry because, in this entire process, our credit score doesn't change, but you can view a rate offer.

It entails allowing Figure to confirm your salary and linking a bank account to your application. You can apply if everything is in order.

Figure Mortgage Refinance Pros & Cons

Below is a list of some of the benefits and drawbacks of Figure home equity loans.

Benefits

• The best thing about this platform is that it won't charge you any appraisal costs, yearly fees, late fees, or prepayment penalties. But you must pay an origination fee of up to 4.99 percent on your first draw.
• With Figure, you can receive your money in as little as five days after being authorized for a HELOC.

Drawbacks

• You must take out the entire loan amount when you get your HELOC, but you can draw more money as you pay off the principal.
• Most other HELOC lenders allow you to take out as much or as little as you require at any given time, thus lowering interest expenses.
• The figure offers a lower HELOC ceiling of $400,000 compared to other lenders.

Want To Know Essential Facts About the Figure Mortgage Refinance? Explore These Points!

• Mortgages without closing costs are offered: By choosing this option, you can avoid paying the closing costs upfront by including them in the new loan.
• 2.5% is the origination cost: This is on the lower end when it comes to lenders who impose an origination fee. However, some lenders do not charge an origination fee.
• Preapprovals online are instantaneous: Find out the interest rate and the maximum amount you can borrow.
• Focuses on single-family residences: Offers mortgages exclusively for single-family homes; multi-family or prefabricated residences are not eligible.
• Forms of standard interest rates: Only fixed-rate mortgages are available from Figure Mortgage Refinance.
• Both primary and secondary residences are taken into account: Rental and other investment properties are not eligible for refinancing; however, they provide refinancing for primary and secondary homes, like holiday houses.
• Quick procedure: Refinance your mortgage loan in as little as four business days.
• Highest LTV: The maximum loan-to-value ratio for a figure mortgage refinance is 75%.
• Accepted credit is fair. For Figure Mortgage Refinance, borrowers may be eligible with a credit score as low as 630.
• The DTI ratio is the maximum: When refinancing a mortgage, the maximum debt-to-income ratio is 45%. By dividing your monthly income by the total amount of debt you have, including your anticipated mortgage payment, and multiplying the result by 100, you may find your DTI.

Conclusion

That is all you need to know about the figure mortgage refinance review. The application process is straightforward. If your credit is high enough to get a personal loan, it will enable you to get a loan with affordable interest rates.

You can use this loan for any purpose, as there are no limitations. Not only this, but a discount is available for autopay monthly instalments. So, consider the figure loan login now because it provides everlasting benefits.