Mortgage

Determine evaluation for 2020

overview

Figure was only founded in 2018. It is currently a specialized company providing mortgage refinancing (including payouts) and home equity lines of credit.

So if you are buying a home, Figure is not for you. However, if you are looking to refinance or need access to cash with your home, this company might be worth a look.

The company has a sophisticated, fully digital application process that enables customers to get money quickly. And it has won a lot of customers in a short time.

To see what kind of rates and fees Figure can offer you, contact the company for a quote.

Unlike many lenders, you can get a "soft" credit offer so that your score is not affected.

* Minimum credit requirements and completion times vary by state and credit product. See below for details.

Pay prices, requirements and costs

We typically use public records to report the average lender mortgage rate and average borrowing cost over the previous year. This is how we can compare apple to apple interest rates and fees.

However, Figure is too new a lender
its statistics for these items in the public domain.

And definitely the refinancing and the home of Figure
Stock specialization can skew results as interest rates vary depending on the type of loan.

To find out what Figure can offer you, you will
need to get in touch with the company.

Prequalify without compromising your creditworthiness

The good news is you don't have to wonder what
Your rate and fees will be for a long time.

Figure gives you a quote based on a "soft" loan request. This does not affect your creditworthiness.

However, if you choose to go ahead with the company and file a full application, Figure will request a full credit report, which may have a small impact on your score. The same goes for any mortgage lender.

Check the prices of
Illustration today September 29, 2020

Illustration credit score requirements

Minimum credit score of the figure
The requirements vary depending on the type of loan you are applying for and where you are located
Life.

Compliant mortgage refinancing – min. 620Jumbo / non-compliant mortgage refinancing – min. 700 Home Equity Credit Line – min. 620 *

* In Oklahoma, the minimum score for a
HELOC from figure is 720

To refinance with Figure you need one
Lending ratio of 80% or less. That means you can borrow up to 80%
the estimated market value of your home.

For jumbo refinancing loans, the loan-to-value
Ratio is 75% or lower.

It's also important to note that you can only borrow against your primary residence for mortgage refinancing – no second homes or investment properties allowed.

Illustration of closing costs

In an email, Figure said of The Mortgage Reports:

“(Closing) costs include fees that are
usually associated with a mortgage application such as B. the evaluation fee,
Title, billing and admission fees as well as discount points that may cost
up to 2% of your total loan amount. "

Note that this lender will require you to set up an escrow account and, if necessary, prepay part of your annual property taxes and homeowner insurance premiums.

Figure charges an origination fee of up to
4.99%.

Numbers review for 2020

Obviously, Figure currently addresses a limited number
Market: those who want to refinance existing mortgages into fixed-rate loans – or
Get home equity lines of credit.

However, the figure has achieved
The success in the refinancing and HELOC markets suggests so quickly that this is doing well
Job in this niche.

This is to a large extent a technology-driven company. And
may make his groundbreaking use of blockchain in the financial services industry
The credit experience is more convenient for borrowers.

Blockchain technology helps improve the financial situation
Transactions behind the scenes to make them more efficient, safer and more secure
cheaper.

And you can get an initial offer from it
Lenders Without Affecting Your Credit Score. So there is no downside to finding out
yourself how good you could be for business.

Check the prices from picture today October 28, 2020

Working with illustration

As you would expect from such technology
Innovator, applications are fully completed online.

Figure's website states that you can usually be done
an application "in minutes". However, you have the option to call for help if you can
Do you have any questions or need an extra hand on the way.

The company's call center is open on Mondays
until Saturday between 6pm and 6pm (PT). And Figure says: “Ours
The average response time is less than 45 seconds. "

The website also says it "takes weeks (not months) to close". Uncomplicated HELOC loans can even be closed in just 5 days

Presumably customers with unique applications
which are more difficult to evaluate take longer. And no matter how easy
If you are getting mortgage refinancing, you will likely need an assessment.

However, Figure's technology can enable very quick closings.

If your state or local laws permit, you may be able to complete a HELOC transaction from the convenience (and security) of your home.
This may require a video conference with a remote notary.

Figure customer service ratings

An impressive 4.8 out of 5 points are achieved on Trustpilot.

Of nearly 900 reviews at the time of writing,
91% rated Figure as "excellent" and another 4% as "great"
compares nicely with many other lenders.

For other metrics we usually consider –
including the number of loans taken out and the results of the J.D. Power survey – illustration
is either too new or too small to include.

Companies
Mortgage origins 2019
CFPB complaints 2019
Complaints per 1,000 mortgages
2019 JD nominal power
number

N / A
3
N / A
N / A

Wells Fargo

1,026,800
342
0.33
837/1000

Accelerate Loans

774,900
187
0.24
880/1000

chase

527,600
188
0.36
850/1000

The elephant in this room is poor
Better rating from the Business Bureau. It gets an F – the same as Wells Fargo.

But the more you look at this, the less of one
It seems to be a problem.

The BBB admits that is a big reason for that
low score is the company that is so young. And the other element is this figure
did not respond to two (yes, only two) customer complaints.

Mortgage loan products in illustration

Figure has very limited
List of mortgage offers. Currently Figure customers can choose from:

A 30-Year Fixed Rate Conventional RefinanceConventional Disbursement RefinanceHome Equity Line of Credit (HELOC)

Customers with Government Supported Loans
(including FHA, VA and USDA) can still be refinanced with Figure. But they will
need to refinance their current mortgage into a conventional mortgage
Loan.

That makes sense to some – like the FHA mortgage
Owners Hoping to Get Rid of Mortgage
Insurance of
Refinancing.

But homeowners who want to take advantage of a streamlined refinancing that has less paperwork
and usually lower cost, Figure can't use it.

Still, if you want the type of mortgage this is
Lender offers that figure can be quite a wise choice.

Disbursement refinancing with illustration

For homeowners seeking conventional withdrawal refinancing, note that Figure offers withdrawal amounts between a minimum of $ 2,000 and a maximum of $ 500,000.

The amount of cash
You can take it out at the time of taking it out depending on your home value and equity
Application and whether you qualify

Where can I get a loan from Figure?

Figure availability depends on where you live
and what kind of loan you want to get.

Illustration offers mortgage
Refinancing in the following countries:

Refinancing: AK, AL, AZ, CA, DE, FL, GA, IA, ID, IN, KS, LA, MA, MI, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, PA, SD, TN, WA, WI and WV

For those who are looking for a home
Equity line of credit, image is available in:

HELOC: AK, AL, AR, AZ, CA, CO, CT, DC, FL, GA, IA, ID, IL, IN, KS, LA, MA, ME, MI, MN, MO, MS, MT, NC, ND, NE, NH, NJ, NM, NV, OH, OK, OR, PA, RI, SD, TN, VA, VT, WA, WI and WY

Note that Figure is actively working to offer something
Refinancing and HELOCs in more countries.

So, if you're interested in working with Figure but don't see your status listed above, check the company's website to see if it's been added since this review was posted.

Is Figure the Best Lender For You?

For many, the company just doesn't offer anything
they need what it takes out of the running.

But if you want a conventional refinance
Borrowing or accessing cash with a HELOC, illustration could be for you.

Many customers love the online convenience and
Speed ​​that this company offers.

And you can get an initial quote without it
Affect Your Credit Score.

Even if Figure's average rates are not like that
published, you can see your personal rate with no penalty.

1 The five business day funding schedule assumes the loan is completed with Figure's remote online notary. Funding deadlines for loans that are backed by real estate in counties that do not allow the recording of electronic signatures or that otherwise require in-person closing may be longer.

A full list of Figure's state licenses can be found here.

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