Figure HELOC: Home Equity Line of Credit Rates, Terms & Limits

How the Figure HELOC works

The HELOC uses the same equity-based structure as a traditional home equity line of credit — you borrow against the value of your home — but with three structural differences that define the product:

1. Fixed interest rate at origination. Most HELOCs reset monthly against the prime rate. The HELOC locks the rate at closing for the full repayment term, giving you a predictable monthly payment that never changes. Figure also offers variable-rate options on some offers; your offer states which applies.
2. Full draw required upfront. Unlike a traditional HELOC that lets you draw funds over a multi-year window, this HELOC disburses the entire approved loan amount at closing. Repaid principal becomes re-available during the five-year redraw period.
3. 100% digital workflow. Application, verification, closing, and funding happen online through the applicant portal, with eNotary closings in supported states.

Figure HELOC rates and APR structure

The APRs are published in a range of approximately 6.55% to 15.54%. The exact rate depends on:

• Credit score (600 minimum; higher scores earn better rates)
• Combined loan-to-value ratio (up to 85% maximum)
• Loan amount (larger loans sometimes see lower rates)
• Repayment term (5, 10, 15, or 30 years)
• Property state (regulatory variations apply)
• Discount eligibility (0.25% autopay, 0.25% credit union member)

Figure HELOC terms explained

Figure HELOC origination fee

The HELOC charges an origination fee of up to 4.99% of the approved loan amount. This fee is deducted from the funding proceeds — so a $100,000 Figure HELOC with a 4.99% origination fee would disburse approximately $95,010 to your bank account.

The origination fee is already baked into the APR disclosed at application, which is why the APR often appears higher than a pure interest rate quote.

Is the fee worth paying for a fixed rate? Our fee vs. rate analysis models the trade-off against a no-fee variable HELOC across different rate paths.

Figure HELOC property eligibility

The product accepts the following property types as collateral:

• Single-family residences (primary, secondary, or investment)
• Townhouses
• Planned Urban Developments (PUDs)
• Most condominiums

The it does not accept these property types:

• Multi-family properties (2+ units)
• Cooperative (co-op) housing
• Manufactured or mobile homes
• Commercial or mixed-use properties
• Properties located in Hawaii

Figure HELOC draw and redraw period

Although this HELOC requires a full draw at origination, it does include a redraw feature. During the first five years of the repayment period, principal that you have paid down becomes available to redraw up to the original line amount. This mirrors the behavior of a traditional HELOC in the second half of its life — just not during the opening draw window.

Figure HELOC pros

• A fixed-rate option eliminates the HELOC rate-shock risk that variable HELOCs carry
• Funding in as few as 5 business days from a complete application
• 100% online application, no branch visit required
• No in-person appraisal for most HELOC applicants under $400,000
• No prepayment penalty — pay off this HELOC early at any time
• Credit score minimum of 600 — more accessible than many bank HELOCs

Figure HELOC cons

• Full draw at origination means interest accrues on the entire balance immediately
• Origination fee of up to 4.99% is higher than many bank HELOCs
• Not available to Hawaii residents
• No in-branch service option
• Redraw period is only five years, shorter than many traditional HELOCs

Figure HELOC vs. traditional home equity loan

Because the HELOC requires a full draw at closing with a fixed rate and set term, it functionally resembles a home equity loan more than a traditional HELOC. The key practical differences:

Not sure a HELOC is the right tool? Compare it with a Figure cash-out refinance, which replaces your first mortgage, or a crypto-backed loan if you hold Bitcoin or Ethereum. Current pricing is tracked on our Figure HELOC rates page.

Is the Figure HELOC right for you?

The HELOC is a strong fit when:

• You know exactly how much you need and want to borrow it all now
• You value predictable payments over flexibility
• Speed matters — you need funds within a week
• You prefer a digital-only lending experience

Consider alternatives when:

• You want to draw funds periodically over several years as needs arise
• You want a lower origination fee than Figure's up-to-4.99%
• You prefer in-person loan officer support
• You are a Hawaii resident