Mortgage Refinance review

Figure review

Name: Figure review
Item: Figure
Rating: 7.8
Author: ChoosyOwl

Best HELOC-style alternative

Online home equity line it markets as a faster alternative to a traditional cash-out refinance. Homeowners with a low first-mortgage rate who want to tap equity or consolidate debt online without replacing that mortgage. We rank it #8 of 8 in our mortgage refinance comparison, with an editorial score of 7.8 out of 10.

Updated November 14, 2026By the ChoosyOwl editorial teamHow we rank

7.8/10

Our editorial score

Figure scores well on Quote experience because it checks your rate with a soft credit pull and runs a hard pull only if you submit an application, and on Support and servicing for a fully online process with eNotary in most locations. It scores lower on Refinance product range because its product marketed as a cash-out refinance is a home equity line of credit, not a traditional first-mortgage refinance, and it does not offer FHA or VA refinances.

How we score mortgage refinance

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Mortgage disclosure.

We are not a lender, a mortgage broker or a loan officer, and we do not make credit decisions or take loan applications. Rates, APRs, points, fees and loan terms are set by each lender and depend on your credit profile, income, home equity, loan amount, property type and state. Not every product is available in every state, and approval is never guaranteed.

Many lenders and comparison services let you see a rate quote or estimate with a soft credit inquiry, which does not affect your credit score. Submitting a full mortgage application typically triggers a hard credit inquiry, which may affect your credit score. Check each lender's disclosure to see which kind of inquiry it uses at each step.

Refinancing has closing costs, which can include origination charges, points, appraisal, title and recording fees. Some lenders let you roll costs into the loan or take a higher rate in exchange for lender credits, which means you pay them over time instead of upfront. Refinancing may increase the total finance charges you pay over the life of the loan. Compare the APR and the closing costs on each Loan Estimate, not just the interest rate.

Mortgage lenders and brokers must be licensed and are listed in the Nationwide Multistate Licensing System (NMLS). You can look up any company's NMLS ID and state licenses at nmlsconsumeraccess.org before you apply.

A mortgage, home equity loan or home equity line of credit is secured by your home. If you do not make the payments, you could lose your home to foreclosure.

Quick facts

Our rank#8 of 8

Best forBest HELOC-style alternative

Company typeDirect lender (home equity line)

Refinance optionsHome equity line used to consolidate debt or pay off a junior lien; no rate-and-term, FHA or VA refinance

Rate quoteSoft credit pull to check rate; hard pull on application

Loan amounts (as published)$15,000-$750,000

Fees (as published)One-time origination fee (varies by state and credit profile)

Facts checkedNovember 14, 2026

Details are general and can change. Check current plans, prices and terms on the Figure site. See the Figure company profile in our brand directory.

Overview

Figure is an online lender best known for its home equity line of credit. The product on its Cash-Out Refinance page is a Figure home equity line, an open-end line of credit that is fully drawn at origination (minus the origination fee), with the option to redraw as you repay. Figure says it can be used to pay off your most junior lien and consolidate other debts, and that you can keep your current first mortgage rate. It is not a rate-and-term or government-backed refinance of your first mortgage.

As published on Figure's site in November 2026, its home equity line ranges from $15,000 to $750,000 with a one-time origination fee; rates change, so check your rate on the lender's site. Figure checks your rate with a soft credit pull and runs a hard pull if you submit an application. Loans above a certain amount need an appraisal, and its disclosures list states where some products are not available.

Figure Lending LLC lists NMLS ID 1717824 on its site.

Pros and cons

Pros

Lets you keep a low-rate first mortgage while tapping equity
Soft-pull rate check before a hard inquiry
Fully online process

Cons

Not a traditional refinance of your first mortgage
Origination fee applies, and variable-rate draws can change
Not available in every state; no FHA or VA refinance

Key features

Home equity line marketed as a cash-out refinance alternative
Soft credit pull to check your rate
Fully online application with eNotary in most locations
Redraws available during the draw period
Fixed and variable rate line options

Who Figure is for

A good fit if

Homeowners with a low first-mortgage rate who want to tap equity or consolidate debt online without replacing that mortgage.

Look elsewhere if

Anyone who wants to lower the rate on their first mortgage or use an FHA or VA streamline refinance.

How we scored Figure

Our mortgage refinance score weighs refinance product range (25%), rate and cost transparency (25%), quote experience (20%), licensing and disclosure clarity (15%), support and servicing (15%). See the methodology.

Figure alternatives

#1
Rocket Mortgage
Best overall
Large online mortgage lender with published sample refinance rates, VA IRRRL and cash-out options.
- Rate-and-term and cash-out refinances
- VA streamline (IRRRL) and VA cash-out refinances
- FHA and jumbo refinance options
- Refinance estimate the site says has zero credit impact
9.2/10
Editorial score
Visit site (Rocket Mortgage, opens in a new tab) Read review Compare
#2
Better Mortgage
Best online experience
Online-first lender with a no-credit-impact refinance quote and published rate pages.
- Personalized refinance quote online with no credit impact (per site)
- Rate-and-term and cash-out refinances
- VA loans and home equity options
- Published refinance and cash-out rate pages
8.9/10
Editorial score
Visit site (Better Mortgage, opens in a new tab) Read review Compare
#3
New American Funding
Best for loan variety
Direct lender with FHA streamline, VA IRRRL, cash-out and non-QM options.
- FHA streamline refinance
- VA IRRRL and VA cash-out refinance
- Cash-out refinance and HELOC
- Non-QM and reverse mortgage options
8.8/10
Editorial score
Visit site (New American Funding, opens in a new tab) Read review Compare

See all 8 mortgage refinance lenders compared

Figure FAQ

Is Figure's cash-out refinance a real refinance?

Not in the traditional sense. Figure's product is a home equity line of credit that can pay off your most junior lien and consolidate debts. It does not replace your first mortgage with a new first mortgage the way a standard cash-out refinance does.

Does checking my rate with Figure affect my credit?

Figure says it uses a soft credit pull to show the rates and terms you qualify for. If you continue and submit an application, it requests your full credit report, which is a hard pull.

Does Figure charge fees?

Figure discloses a one-time origination fee that depends on your state and credit profile, plus possible recording fees and taxes. Check the current fee on Figure's site.

Sources and fact check

We checked the facts on this page against Figure's own website on November 14, 2026. Published ranges are quoted as shown on the provider's site on November 14, 2026; they change, so check the current figures before you apply.