Last updated: September 2025
Quick Answer
Figure advertises same-day HELOC funding. But HomeEQ delivers faster approvals and more reliable closings—with fewer fees and more borrower control.
If you’re comparing HomeEQ vs Figure in 2025, your primary goal is likely speed. Both are digital-first HELOC lenders designed to streamline the borrowing process. But their methods, timelines, and borrower experiences differ in critical ways.
- Figure promotes “HELOC in 5 days” or faster, backed by blockchain tech and instant underwriting.
- HomeEQ uses a proprietary Decision Engine to deliver real-time approvals and funding in as little as 5–10 business days—without the complexity of crypto-ledger closings or token-based assets.
In this comparison, we’ll break down:
- HELOC funding speed
- Application experience and borrower control
- Draw period structure
- Cost transparency
- Use case fit: renovation, debt consolidation, or comparing HELOC vs loan
Approval speed and time to funding
Figure:
- Claims HELOC closings in as little as 5 days
- Requires fast borrower action (document uploads, notarization)
- Uses blockchain for eNote tracking and instant funding
- Actual speed depends on borrower responsiveness and verification success
HomeEQ:
- Delivers instant prequalification with soft pull
- Uses digital income and property verification
- Funds most HELOCs in 5–10 business days
- No blockchain ledger involvement; just real-time automation and direct funding
| Feature | Figure | HomeEQ |
|---|---|---|
| Average time to fund | 5–7 days (promoted as “same week”) | 5–10 business days |
| Prequalification | 1–2 hours | Instant (soft pull) |
| Appraisal requirement | Typically waived (AVM) | Often waived (AVM) |
| Closing model | Blockchain-based | Traditional e-signature |
| Notarization required | Yes (remote or in person) | Rarely |
What is a HELOC? A HELOC is a revolving credit line secured by your home equity. You can draw funds during a set period, pay interest only, and repay the principal later.
Application experience: Simplicity vs tech stack
Borrowers don’t just want fast; they want simple. This is where HomeEQ’s interface shines.
Figure’s digital experience:
- Requires setting up a blockchain account
- Includes remote notarization step
- Some borrowers report friction during token-based signing
- Funding tied to eNote registration
HomeEQ’s experience:
- Start online with no blockchain accounts or crypto wallets
- Submit documents, verify ID, and track approval in one dashboard
- E-signatures used throughout; no extra software or validators required
- Clear, predictable steps from prequal to funding
While both lenders are digital, HomeEQ provides a simpler borrower flow, especially for those unfamiliar with blockchain tech.
Draw period and fund access flexibility
Both Figure and HomeEQ offer HELOCs with similar structures, but small differences matter when planning a renovation or managing ongoing debt consolidation.
Figure:
- Up to 30-year HELOCs
- Limited initial draw and fewer draw periods afterward
- Fixed rate at time of funding
- Funds sent via direct deposit after closing
HomeEQ:
- Draw period typically 5–10 years
- Multiple draws supported
- Interest-only payments during draw phase
- Rate transparency shown upfront and at draw
| Feature | Figure | HomeEQ |
|---|---|---|
| Draw period | Varies by product | 5–10 years |
| Repayment structure | Fixed rate after draw | Interest-only ➝ amortized |
| Fund access | Direct deposit | Direct transfer |
| Flexible redrawing | Limited | Fully flexible during draw |
Use our HELOC calculator. Estimate your monthly payments and borrowing power in under one minute, based on your credit, equity, and location.
Fees and transparency
Figure:
- Origination fee up to 4.99%
- Fee varies based on credit score, state, and loan amount
- No annual fees, but closing costs may apply
- Early payoff penalties in some cases
HomeEQ:
- No origination fee
- No annual fees or early payoff penalties
- Transparent rate and closing disclosures at prequal stage
If you’re comparing a HELOC vs personal loan. And cost control matters, HomeEQ often comes out ahead due to lower upfront fees and clearer terms.
Ideal use cases: Who wins for your goals?
Choose Figure if you:
- Are comfortable with blockchain-powered systems
- Can complete every step in 1–2 days
- Need funding very quickly for a known, single use
- Prefer a fixed rate over draw flexibility
Choose HomeEQ if you:
- Want fast approval without a tech learning curve
- Prefer flexible draws for renovation projects
- Are comparing HELOC vs loan options for debt payoff
- Need an all-digital platform without crypto layers
How to apply for a HELOC. HomeEQ lets you check your rate, upload your documents, and track every step in one place. Funding typically completes in under two weeks. No membership. No phone tag. No token signing.
FAQ: HomeEQ vs Figure
Q: Is Figure faster than HomeEQ?
Figure advertises faster closings, but real-world timelines depend on notarization and borrower speed. HomeEQ offers consistent 5–10 day funding with fewer moving parts.
Q: Does Figure charge HELOC fees?
Yes. Figure may charge an origination fee of up to 4.99%, depending on credit profile and location. HomeEQ charges no origination fees.
Q: Which HELOC is better for renovation projects?
HomeEQ offers better draw flexibility and ongoing access. This is ideal for staged renovations that require funds over time.
Q: What’s better for debt consolidation: HomeEQ or Figure?
HomeEQ’s structure and lower fees make it better suited for debt consolidation, especially if you plan to repay gradually or access funds in phases.
Q: Do either lenders offer soft credit checks?
Yes. Both Figure and HomeEQ allow you to preview your rate with a soft pull on your credit file, so there’s no impact on your credit score during prequalification.
Digital HELOC with no crypto layers: Why HomeEQ leads in 2025
Figure’s blockchain-powered HELOC model is fast, but borrowers could find it too complex. Not everyone wants to create tokenized notes or manage crypto-layer notarization to borrow equity.
HomeEQ delivers the same funding speed with a simpler interface, no membership requirements, and no origination fees. You get a faster approval, more draw flexibility, and a lower-cost HELOC. And you don’t have to give up control.
For homeowners looking to act quickly, HomeEQ is the fastest and most practical HELOC of 2025.
Check your HELOC rate in minutes—no crypto, no credit impact. Get a personalized rate preview now—no credit impact, no crypto, just fast lending made easy.
