Approval in ~5 minutes. Funded in ~5 business days. The fastest home equity product available.
The Figure HELOC is a fixed-rate home equity product from Figure Lending LLC built for one thing above everything else: speed. Where every other home equity product on this list takes 30–60 days to close, the Figure HELOC closes in approximately 5 business days from application. No appraiser visits your home. No stacks of paper. A fully digital process that uses automated underwriting and an AVM (Automated Valuation Model) to process your application at a fraction of the time of traditional options.
Despite being called a HELOC, it's important to understand what it is and what it isn't. A traditional HELOC is a revolving line of credit with a draw period, you borrow as needed, repay, and borrow again. The Figure HELOC requires a 100% draw at closing. You borrow the full approved amount on day one, and you begin making principal-and-interest payments from the first month. It functions structurally like a home equity loan with a fixed rate and term, the "HELOC" label reflects the account structure, not the traditional revolving draw feature.
The Figure HELOC requires 100% draw at closing and principal-and-interest payments from day one. The origination fee can be up to 4.99% of the loan, on $200,000, that's up to $9,980. This fee and the full-draw requirement are what make the 5-day closing possible. If you don't need the money immediately or have time for a traditional process, the other products on this page may have lower total costs.
You complete the application on Figure's platform. Income is verified digitally (bank account connection or document upload). Credit is pulled. An AVM estimates your home's value. Approval, including the approved loan amount, rate, and terms, is returned in approximately 5 minutes in most cases.
Figure uses a proprietary digital title and closing process. In some states, a notary-facilitated remote online notarization (RON) is used for signing. In others, a brief in-person or mail-away signing is required. No in-office closing appointment at a title company is typically needed.
At closing, the full approved amount is disbursed to you, minus the origination fee (up to 4.99%). Funds are typically available within 3 business days after the right of rescission period (for primary residences, a mandatory 3-day waiting period applies after signing).
The Figure HELOC requires full principal-and-interest payments beginning with your first monthly statement. Terms range from 5 to 30 years. Your payment is fixed and predictable for the full term, no rate adjustments, no payment shock, no repayment period transition. It functions like a standard fixed-rate loan.
Yes, the Figure HELOC is consistently the fastest home equity product available, with most applications completing approval in minutes and funding within 5 business days. The key caveat is the mandatory 3-business-day right of rescission period for primary residences (required by federal law after signing), so the absolute minimum realistic timeline from application to funds is approximately 5 business days for primary residences. Investment property transactions don't have the right of rescission requirement and can fund faster.
The origination fee is the cost of the speed and convenience. Figure Lending's fully digital process, no appraiser, no traditional title company, no in-person signing, requires significant technology infrastructure and carries different risk pricing than a traditional closing. The fee compensates Figure for underwriting a product that closes in 5 days instead of 45. Whether this trade-off is worth it depends entirely on how urgently you need the funds: for a time-sensitive situation (medical expense, time-sensitive investment, home repair), the cost may be reasonable. For non-urgent access to equity, other products will cost less.
If you have an existing first mortgage, the Figure HELOC records as a second lien behind it. Your first mortgage is unaffected, same rate, same payment, same servicer. If you own free and clear, the Figure HELOC would be in first-lien position. In either case, you continue managing your existing mortgage independently of the Figure HELOC.
AVM-based underwriting works best for properties in markets with good comparable sales data, single-family homes in established neighborhoods, condos in well-documented developments. Unusual properties (rural acreage, unique architecture, non-standard construction, certain manufactured homes) may not AVM reliably, in which case Figure may not be able to proceed. In these cases, products that use licensed appraisals (HomeSafe Second, HELOC for Seniors, EquitySelect) may be more appropriate.
Yes. The Figure HELOC has no prepayment penalty. You can pay off the balance in full at any time, whether you sell the home, refinance, or simply pay it down faster than the scheduled amortization. Early payoff reduces the total interest paid over the life of the loan, which is especially relevant given the fixed-rate, fully-amortizing structure.
No, there is no draw period in the traditional HELOC sense. Because you take the full draw at closing, you begin making principal-and-interest payments from the first month, just like a home equity loan. Your payment is calculated on your full balance at the fixed rate for your chosen term (5–30 years). The payment stays the same for the life of the loan. There is no "draw period to repayment period" transition, and therefore no payment shock.
Yes. Figure Lending LLC is a well-funded fintech lender that has originated billions of dollars in home equity products since launching in 2018. They are licensed in most states and regulated as a mortgage lender. Their products are structured as standard mortgage instruments recorded against your property title, with the same legal protections as any other home equity loan. The AVM-based, digital-first process is non-traditional but legally compliant. David Rider works with Figure as one of five senior home equity products in the SRM portfolio.
Figure Lending offers the Figure HELOC on primary residences, second homes, and investment properties, though terms and rate structures may differ. Investment properties do not have the 3-day right of rescission period, which means they can fund even faster. The AVM-based underwriting is used across property types where sufficient comparable data exists.
No monthly payment. Lump sum. Age 55+. Up to $4M. Non-recourse. 30–60 day closing. Better if payment obligation matters more than speed.
Learn about the HomeSafe Second →Interest-only for life. Revolving line of credit. Age 62+. Up to $400K. Better if you want draw flexibility and lower payment.
Learn about the HELOC for Seniors →Flexible payments (min/interest-only/more). Age 40+. Up to $3M. DTI 50%. Better for self-employed or non-W2 income.
Learn about the EquitySelect →All five products side-by-side across 19 dimensions, payment, speed, age, equity, costs, and risk.
See the full comparison →If timing matters, home repair, time-sensitive opportunity, medical expense, the Figure HELOC is the product to start with. A 20-minute call will confirm whether you qualify and what the numbers look like versus slower options.
Disclaimer: The Figure HELOC is a product of Figure Lending LLC and is subject to their underwriting guidelines, rates, and state availability, which may change without notice. Approval time and funding timelines are representative and may vary. The right of rescission for primary residences requires a mandatory 3-business-day waiting period after signing before funds are disbursed. The origination fee of up to 4.99% is deducted from loan proceeds at closing. This is not a commitment to lend. Not all borrowers will qualify. David Rider, NMLS #200787. Senior Resources Mortgage operates through NEXA Lending. Equal Housing Lender. Page revised: June 2026.