Figure Mortgage Review 2024: Low-Cost Lender With Quick Preapprovals

Wendy Wilson

Figure is an online lender that has streamlined mortgage refinancing. With its 100% online loan application, the lender has reduced processing and funding time. You can pre-qualify without hurting your credit score as the lender will give you a quote using a soft credit pull. The minimum credit score requirements and closing times may vary depending on the state you live in and the loan type.

Overall rating


Summary: If you’re looking for a low cost lender and not interested in paying closing costs upfront, Figure has you covered when refinancing or cashing out with their no closing cost mortgage option.

Figure Mortgage

figure logo
NMLS #1717824


Min. Credit Score


Min. Down Payment



Mortgage Application


Mortgage Products


Mortgage Fees & Rates


Customer Service


Safe & Secure


  • Pre-qualification without affecting credit score
  • Fast online loan application
  • User-friendly mobile app
  • Primary and secondary homes are considered


  • Not all properties are eligible
  • Not available in every state

Best For

  • Minimal fees
  • No closing cost mortgage option
  • Competitive rates and terms


HQSan Francisco, California
Min. Loan Amount$100,000
Max. Loan Amount$1,500,000
Cash-Out Limit$500,000
Min. Credit Score620+
Min. Down PaymentN/A
Min. Yearly IncomeVaries
Fixed-Rate Terms15, 30 years
Adjustable-Rate TermsN/A
Loan TypesRate and Term Refinance, Cash-out Refinance
State RestrictionsNot available in CO, CT, DC, HI, IL, KY, ME, MD, MN, NY, RI, SC, TX, UT, VT, VA, WY

In depth review on Figure Mortgage

Founded in 2018, Figure uses blockchain technology and artificial intelligence to facilitate its online application and funding process. It lends to individuals or joint borrowers. However, it does not support LLCs, Trusts, and other ownership types.

Refinancing with Figure has relatively lower costs than most lenders. The closing costs include appraisal fees, recording fees, and settlement fees, which can add up to about 2% of your total loan amount.

This lender requires clients to set up escrow accounts and make an upfront payment of a proportion of their annual property taxes and homeowner insurance premiums where applicable. It is important to note that Figure requires all properties to have hazard insurance and those located in a flood zone to have flood insurance. Proof of insurance may be required after the loan is closed.

Figure Mortgage is best for

  • Minimal fees: Figure does not charge any origination fees, prepayment penalties, late payment fees, or returned check fees.
  • No closing cost mortgage option: You can include the closing costs into the new loan, so you won’t have to pay up front.
  • Competitive rates and terms: Figure offers highly competitive rates and terms across the board if you have a good or excellent credit score.

Figure Mortgage benefits

  • Pre-qualification without affecting credit score: Figure will do a soft credit check and provide a rate based on the information you entered in your application. The soft credit check won’t affect your credit score.
  • Fast online loan application: Figure offers a complete digital experience, which you can apply through their website or mobile app and get your loan approved at the comfort of your home, saving you time.
  • User-friendly mobile app: You can easily access and download from Google Play or Apple App store.
  • Primary and secondary homes are considered: Investment homes, such as rental properties, do not qualify for refinancing, but primary and secondary homes (vacation homes) will fit Figure’s criteria.

Figure Mortgage drawbacks

  • Not all properties are eligible: Figure only offers mortgage refinancing for single-family homes and townhouses. It does not currently support second homes and investment properties.
  • Not available in every state: Though this lender is currently working on expanding, its mortgage refinancing option is not available in every state yet.

Factors contributing to the overall rating

Mortgage application


You can easily apply for a Figure mortgage through its website or by using the mobile app. On the website, click on ‘Find my rate’ and provide the required information, including your name, date of birth, address, income, and reason for borrowing.

After submitting information, the lender will run a soft credit check to provide you with a quote. Once you make an official application, the lender will make a hard pull on your credit report. Figure requires you to link your financial accounts to verify your income and to set up the loan disbursement during this process.

The lender will also need proof of employment and tax returns from the past two years. Once the loan is approved, an e-notary will verify your identity through an online video notary. You need to provide a government-issued ID, driver’s license, or passport. This will allow you to review and sign the loan documents electronically and notarize your loan. Some states, however, may require the notarization to be undertaken in person.

To be eligible for Figure mortgage refinancing, you need:

  • A minimum credit score of 620 and 700 for jumbo loans
  • Minimum of 2 years’ credit history
  • No delinquencies on your current mortgage for the past 24 months
  • Maximum 80% combined loan-to-value (LTV) ratio and 75% for jumbo loans
  • Maximum 59% debt-to-income (DTI) and 43% for jumbo loans
  • No foreclosure in the last five years
  • No collection or undischarged bankruptcies or no bankruptcy in 7 years
  • Only single-family homes and townhouses are eligible for mortgage refinancing

Mortgage products


Figure offers the following loans:

Rate and term refinancingIf you’re looking to secure a better rate, Figure has you covered for up to $1,500,000 in refinancing.
Cash-out refinancingWhether you’re looking to consolidate debt, secure a better rate or access equity in your home for another reason, you’ll be able to cash out up to $500,000.

Mortgage fees and rates 


Customer’s don’t have to worry about prepayment penalties, late charge fees, NSF, or returned check fee. There is no origination fee, but there are charges that are normally associated with a mortgage application of up to 2% of your total loan amount. These costs include appraisal fee, title, settlement or other third parties during the mortgage process. However, Figure has a no closing cost mortgage option where you can add the closing costs into the loan instead of paying up front.

You can easily get a rate for your mortgage by visiting Figure’s website for a quick quote, which will take a few minutes.

Customer service


Figure customer service is available Monday through Sunday, 6 am – 6 pm PT. They can easily be reached through phone 888-819-6388, the chat box on their website, through the mobile app, or via email at

Safe and secure


To keep your data safe and private, Figure uses a range of security and encryption techniques, including blockchain technology, to ensure your information is safe and secure.

Is Figure Mortgage right for you?

Figure is an excellent choice for anyone who wants to avoid the tedious paper process when applying for mortgage refinancing. Its online applications are fast and straightforward, with easy access to customer service, allowing you to quickly refinance.

Figure Lending LLC dba Figure. 15720 Brixham Hill Avenue, Suite 300, Charlotte, NC 28277. (888) 819-6388. NMLS ID 1717824. For licensing information go to Equal Housing Opportunity. Licensed in Alabama 22533, Alaska AK1717824, Arizona 0948458, Arkansas 114692, California: Loans are made and arranged pursuant to a Finance Lenders Law License, Licensed by the California Department of Financial Protection and Innovation under the California Finance Lenders Law (License 60DBO81967), Delaware 026994, Florida MLD1636, Georgia Residential Mortgage Licensee 61229, Idaho MBL-9625, Indiana 39933, Iowa 88893478 and 2018-0048, Kansas MC.0025537 and SL.0026703, Louisiana 1717824, Massachusetts Mortgage Lender License ML1717824, Michigan FL0021494, Mississippi 1717824, Missouri 19-2421, Montana 1717824, Nebraska 1717824, Nevada 4823, New Hampshire 22423-MB, Licensed by the N.J. Department of Banking and Insurance, New Mexico 1717824, North Carolina L-180811, North Dakota MB103310, Ohio RM.804317.000, Oklahoma ML011894, Oregon ML-5698, Pennsylvania 66882, South Dakota ML.05202, Tennessee 151185, Washington CL-1717824, West Virginia ML-36248, Wisconsin 1717824BA

*For a 15-year conforming loan, your refinance loan range is $100,000 to $822,375 subject to county limits and including the option to cash out. For a 30-year conforming loan, your refinance loan range is $100,000 to $822,375 subject to countly limits and including the option to cash out. For a 30-year jumbo loan, you can borrow up to 75% of your home’s value (max $1,000,000) for a cash-out refinance and up to 80% of your home’s value (max $1,500,000) on a rate refinance. Figure does not currently offer 15-year jumbo loans at this time.