Application to funded
How it works — the whole picture
No mystery, no fine print discovered at closing. Here's the process, the product mechanics, and the tradeoffs — in that order.
Check your rate ~5 minutes
Answer a few questions about you and your home, entirely online. This step uses a soft credit pull, so checking never touches your score. If you continue to a full application, that triggers a hard pull — you'll know exactly when.
Verification, without the circus days, not weeks
Income and identity verification happen digitally. For most homes under $400,000, an automated valuation model stands in for the traditional appraisal — nobody schedules a stranger to walk through your house. Larger loans may still require an appraisal.
Close online remote notary
In eligible counties you sign with a remote online notary from your couch. Some counties still require in-person closings or add waiting periods — that's the main thing that stretches the timeline.
Funded as few as 5 business days*
Your full approved line, minus the origination fee, lands in your account at a fixed rate. *The 5-day timeline assumes a remote online notary closing and no appraisal requirement; it varies by county, state, and loan amount.
The mechanics
What makes this HELOC different
Fixed rate, locked per draw
Most HELOCs carry variable rates that ride the market. Here, the rate on your initial draw is fixed the day you close — and if you redraw later, that new draw locks its own fixed rate at that day's pricing. Predictable payments, draw by draw. (Available rate structures vary by state.)
100% draw at origination
You take the full approved line (minus the origination fee) at closing — it works more like a home equity loan up front. Interest accrues on the whole amount from day one, which is efficient if you'll deploy the money and worth pausing on if you only might need it.
Redraw as you repay
During the draw period, principal you pay back becomes available to borrow again — up to 100% of what you've repaid. That's the "line of credit" part: renovation phase two doesn't need a new application.
The fee structure, plainly
An origination fee of 0–4.99% of the initial draw, depending on state and credit profile. No application fee, no maintenance fee, no prepayment penalty. Some counties add recording fees or taxes; a valuation fee applies only if an automated valuation isn't available for your property.
Program parameters reflect the Figure home equity platform as publicly documented, vary by state and credit profile, and are subject to change. Program availability, terms, and rate structure vary by state.
The question behind the question
HELOC or cash-out refinance?
If your first mortgage carries a rate from the 2020–2021 era, a cash-out refinance replaces that entire loan at today's rates just to reach your equity. A HELOC leaves the first mortgage untouched and prices only the new money. If your current rate is high anyway, the math can flip — which is exactly the conversation to have with a human before you commit either way.
Five minutes to a real answer.
Check your rate with a soft pull, or text Ashland the scenario first — either way, you'll know where you stand today.