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Side-by-side comparison
| Feature | Figure HELOC | Rocket Mortgage home equity loan |
|---|---|---|
| Product type | HELOC with full draw at closing and 5-year redraw | Fixed-rate home equity loan (lump sum, no redraw) |
| Minimum credit score | 600 | 680 |
| Debt-to-income limit | Under 50% | Under 50% |
| Maximum LTV | 85% | Depends on credit; for example, 85% with a 700 score |
| Loan size | $15,000 to $400,000 on most offers, up to $750,000 for some borrowers | Minimum $45,000, per LendingTree |
| Terms | 5, 10, 15, or 30 years | 10 or 20 years, per LendingTree |
| Appraisal | Automated valuation for most loans under $400,000 | In-person appraisal |
| Funding | As few as 5 business days | Longer, typical of a full mortgage process |
What this means for you
Both products give you a lump sum at a fixed rate, so the monthly payment is predictable. The practical differences are access and speed. Figure accepts a lower credit score, uses an automated valuation on most loans, and adds a five-year redraw feature that a standard home equity loan does not have. Rocket's minimum loan of about $45,000 also rules it out for smaller needs.
Rocket's advantages are brand familiarity and a large servicing operation with phone, email, and chat support. If you already have your first mortgage with Rocket, ask whether that relationship changes your terms.
Who should choose Figure
- Your credit score is between 600 and 680.
- You need less than $45,000.
- You want to avoid an in-person appraisal and close in about a week.
- You want the option to redraw repaid principal. See how the redraw works.
Who should choose Rocket Mortgage
- Your score is 680 or higher and you want a large fixed loan.
- You value a major national lender with multiple support channels.
- You do not need redraw access.
FAQs
Does Rocket Mortgage offer a HELOC?
Is a home equity loan better than the Figure HELOC?
Sources: LendEDU Rocket Mortgage home equity loan review (April 2026), LendingTree Rocket Mortgage review (2026), Figure Lending published disclosures.
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