On this page
- What the fee is and how it is charged
- What it costs at different loan sizes
- How much to borrow to net a specific amount
- Where the fee shows up in your loan documents
- A full cost example
- How Figure HELOC fees compare with other home equity options
- Fee vs. interest rate: compare APR
- Ways to keep the fee down
- FAQs
What the fee is and how it is charged
An origination fee is a one-time charge for processing and underwriting your loan. Figure Lending discloses a fee of up to 4.99% of the loan amount. It is not paid out of pocket. Instead, it is subtracted from the money deposited to your account, and it is included in the APR shown on your offer. The exact percentage depends on your credit profile, loan amount, and state.
What it costs at different loan sizes
| Loan amount | Fee at 4.99% (maximum) | Cash you receive |
|---|---|---|
| $25,000 | $1,248 | $23,752 |
| $50,000 | $2,495 | $47,505 |
| $100,000 | $4,990 | $95,010 |
| $200,000 | $9,980 | $190,020 |
| $400,000 | $19,960 | $380,040 |
How much to borrow to net a specific amount
If you need an exact sum in hand, for example to pay off $100,000 of credit card debt, divide the amount by one minus the fee rate.
| Origination fee | Loan needed to receive $100,000 |
|---|---|
| 1.99% | $102,030 |
| 2.99% | $103,082 |
| 4.99% | $105,252 |
Remember that interest is charged on the full loan amount, including the portion that went to the fee.
Where the fee shows up in your loan documents
You will see the Figure HELOC origination fee in three places. Your initial offer shows the estimated fee and the APR that includes it. Your closing documents list it as a dollar amount deducted at funding. Your funding confirmation shows the net amount deposited. If the dollar figure at closing differs from your offer, ask the lender why before you sign.
A full cost example
Consider a $100,000 Figure HELOC on a 10-year term at a 9.00% fixed rate with the maximum 4.99% fee. The homeowner receives about $95,010, pays about $1,267 per month, and repays about $152,000 over the full term, including roughly $52,000 of interest on the full $100,000. The $4,990 fee is a one-time cost on top of that interest. If the same homeowner repaid the line after three years, the fee would represent a much larger share of the total borrowing cost, because it is not refunded.
How Figure HELOC fees compare with other home equity options
Traditional bank HELOCs often charge little or nothing upfront but may add annual fees, appraisal costs, or early-closure fees. Home equity loans from some lenders advertise no origination fee at all. A cash-out refinance carries full mortgage closing costs, commonly 2% to 6% of the loan. The Figure HELOC sits at the higher end for upfront fees in exchange for speed, a fixed rate, and no in-person appraisal on most loans. Compare offers in our alternatives guide.
Fee vs. interest rate: compare APR
A low rate with a high fee can cost more than a slightly higher rate with no fee, especially if you repay early. APR combines both into one number for the full term, which makes it the fairest single comparison between offers of the same amount and term. If you expect to pay off the loan within a few years, the upfront fee matters even more, because it is not refunded when you pay early.
Ways to keep the fee down
- Borrow less. The fee is a percentage of the full draw. See why the full draw matters.
- Improve your credit first. Pricing typically improves at higher score tiers. Review the requirements.
- Ask about discounts. The lender has published 0.25% rate discounts for autopay and for credit union members.
- Compare no-fee lenders. Some home equity lenders charge no origination fee. See our alternatives.
FAQs
Is the origination fee refundable if I pay off early?
Will everyone pay 4.99%?
Our team researches home equity products using lender disclosures, NMLS records, CFPB data, and independent reviews. Every figure is fact-checked before publishing and pages are re-reviewed regularly. Our editorial standards · Report an error