Pre-qualify in minutes
Soft-credit pre-qualification with no impact to your score. Gives you a personalized rate, term options, and max line size in about 5 minutes. We run this with you so you know what to expect before formally applying.
Home Equity Line of Credit · Florida & Georgia
Fixed-rate HELOC. Funded in 5 days. 100% online.
True Blue Lending is an approved Figure broker. Tap your home equity without resetting your first mortgage — at a fixed rate you lock in once, with funding wired in about a week instead of a month. $25,000 to $750,000.
Pre-qualification uses a soft credit pull — no impact to your score. Currently offered for property in Florida and Georgia.
What it is
A second-position loan against your home equity — at a fixed rate.
A home equity line of credit (HELOC) lets you borrow against the equity you have built in your home without disturbing your existing first mortgage. The Figure HELOC differs from a traditional bank HELOC in two important ways.
It is fixed-rate. Traditional HELOCs charge a variable rate tied to the Prime rate, which has climbed over 500 basis points in the last three years. Figure locks the rate at origination for the full term — your monthly payment never changes regardless of what the Fed does.
It funds in 5 business days. The application is 100% online and the property valuation usually clears via automated valuation model (AVM), eliminating the 2–3 week appraisal step that slows traditional HELOCs. From full application to wired funds is typically a week.
Because the HELOC sits behind your first mortgage, your existing rate, balance, and monthly payment on that first mortgage stay exactly the same. This is the right product for homeowners who locked in a low rate in 2020–2022 and want to tap equity without giving that rate back.
Product specs
The Figure HELOC at a glance.
How it stacks up
Figure HELOC vs traditional bank HELOC vs cash-out refi.
| Feature | Figure HELOC | Traditional bank HELOC | Cash-out refinance |
|---|---|---|---|
| Rate type | Fixed for the full term | Variable (Prime + margin) | Fixed for the full term |
| Funding speed | 5 business days typical | 30–45 days typical | 30–45 days typical |
| Application fee | None | $0–$500 | $0–$500 |
| Origination fee | 1.99%–2.99% wholesale, state-dependent | $0–$1,000 flat | 0.5%–1.5% of loan amount |
| Resets first-mortgage rate? | No — keeps your existing first | No — keeps your existing first | Yes — refinances your first |
| Closing format | 100% remote, e-sign | In-person or remote | In-person or remote |
| Best for | Speed + fixed rate + keeping a low first | Long-term variable line + bank relationship | Need to also refi the first mortgage |
Process
How it works — four steps to funding.
Submit the application
Full application takes 10–15 minutes online. SSN, income verification (most files use bank-statement OCR or paystub upload), and consent to a hard credit pull. Property valuation runs automatically via AVM on most addresses.
E-sign the loan documents
Approval typically comes back within 1–3 business days. Loan documents are reviewed and e-signed online — no in-person closing required. Florida and Georgia both permit fully remote HELOC closings.
Funds wire to your account
After the 3-day federal rescission period, funds wire directly to your bank account. Total elapsed time from application to funding: 5 business days on a clean file.
Common uses
What people use a HELOC for.
Consolidate high-interest debt
Credit cards at 22%+ APR replaced with fixed-rate HELOC funds. Often saves $300–$1,500/month on debt service while keeping the principal in your home rather than written off.
Renovate or improve your home
Kitchen, bath, addition, pool, roof, HVAC. HELOC interest may be tax-deductible when funds are used for home improvement (consult your tax advisor). Faster and lower-fee than a cash-out refinance.
Major one-time purchase
College tuition, medical expense, business capital, RV or boat. Fixed-rate predictability means you know the monthly payment before signing.
Bridge cash for the next home
Down payment on your next purchase before the current home sells. Pay off the HELOC when the existing home closes. Avoids a contingent offer.
Investment opportunity
Time-sensitive real estate, business buy-in, equipment purchase. Liquidity from existing home equity without a full cash-out refi.
Build an emergency reserve
Open the line and only draw what you use. Available cash without disturbing investments or 401(k). Interest only on the drawn balance, not the full line.
Availability
Florida and Georgia property — funded by Figure, brokered by us.
We currently offer Figure HELOCs to clients with property in Florida and Georgia. Both states permit fully remote HELOC closings, which is why the 5-day funding timeline holds in both jurisdictions.
If your property is outside FL or GA: we still have you covered. True Blue Lending works with 130+ wholesale lenders nationwide and can source a HELOC, closed-end second, or cash-out refinance from one of them. Call us and we will quote the right product against your state and credit profile.
Investment property? Figure HELOC is for owner-occupied primary residences. For HELOCs on investment property, see our second-mortgage products page — several of our wholesale lenders offer investment- property HELOCs and closed-end seconds.
FAQ
Common questions about the Figure HELOC.
What is a Figure HELOC and how is it different from a traditional bank HELOC?
A Figure HELOC is a fixed-rate home equity line of credit originated entirely online. Unlike a traditional bank HELOC, which usually carries a variable rate tied to the Prime rate, the Figure HELOC locks in a single fixed rate for the full term — so your monthly payment never changes. The application is 100% digital, funding is typically 5 business days vs the 30–45 days a bank usually takes, and there is no application fee.
Which states does Figure currently lend in for HELOCs?
True Blue Lending is offering Figure HELOCs to clients in Florida and Georgia. Figure itself lends in additional states; we are expanding the footprint over time. If you own property outside FL or GA and want a HELOC, call us — we will source the right wholesale product from one of our other 130+ lenders.
How much can I borrow?
Loan amounts run from $25,000 up to $750,000 per borrower on standard Figure programs. Your maximum is set by your combined loan-to-value (CLTV) cap, debt-to-income ratio, and credit score. CLTV reaches 85% on most owner-occupied files but is lower for non-owner-occupied (70-80%), Florida condominiums (70%), Texas and New York (80%), and HELOCs over $400,000 (75%, with a 760 FICO requirement and full appraisal). We will tell you the exact max during pre-qualification — it takes about 5 minutes and uses a soft credit pull with no impact to your score.
How fast does funding actually happen?
On a clean file (no income documentation hiccups, AVM accepts the property, no title surprises), the timeline from full application to wired funds is typically 5 business days. About 1–3 business days for underwriting and approval, then a 3-day federal rescission period (required by Regulation Z) before funds release. Files with manual income verification or appraisal requirements run longer.
What fees should I expect?
No application fee. No continuing fees. No prepayment penalty in normal use — you can pay off any time. One caveat: if you pay back 90% or more of the loan within 16 weeks of origination, a compensation clawback applies. The main cost is the origination fee, which runs 1.99%–2.99% through our wholesale path with Figure, depending on your state, credit, and loan amount, and is rolled into the loan (financed). Property valuation is usually free via AVM. If a Broker Price Opinion (BPO) is required because the address is not AVM-eligible, a $180 fee is financed into the loan (not paid out-of-pocket). Loans over $400,000 require a full appraisal.
Will this affect my existing first mortgage?
No. A HELOC sits in second-lien position behind your existing first mortgage. Your current rate, balance, and monthly payment on the first mortgage stay exactly the same. This is one of the biggest advantages of a HELOC over a cash-out refinance — homeowners who locked in a low rate in 2020–2022 can tap equity without resetting that rate.
Is HELOC interest still tax-deductible?
Under current IRS rules, HELOC interest may be tax-deductible when the funds are used to buy, build, or substantially improve the home that secures the loan. Interest on HELOC funds used for other purposes (debt consolidation, tuition, business capital) is generally not deductible. Consult your tax advisor — the rules changed under the 2017 Tax Cuts and Jobs Act and we are not tax professionals.
What credit score do I need?
Figure has two main credit tiers. Prime HELOC starts at 640 FICO; Near Prime HELOC accepts 600–639 with restrictions (max $125,000 loan, 70% CLTV cap, owner-occupied only, max 45% DTI). Secondary-property HELOCs require 680+ FICO. Borrowers with 720+ get the best origination fees and rates. If your score is below 600, we have non-Figure HELOC alternatives from other wholesale lenders — call us to discuss.
Ready to see your number?
Pre-qualification takes about 5 minutes with a soft credit pull — no impact to your score. You will see your personalized rate, term options, and the maximum line size you qualify for before any hard inquiry.
HELOC products originated by Figure Lending LLC, NMLS #1717824, brokered by True Blue Lending Corporation, NMLS #2380218. Loan officer: Jesse Gonzalez, NMLS #278103. Subject to credit approval. Rates and terms subject to change. Equal Housing Opportunity.