Figure vs. Bank of America HELOC
Figure and Bank of America compared on rates, fees, borrowing limits and fixed-rate options, from each lender's published terms.
Reviewed by Shawn Way, NMLS #1007298★ 4.9 from 111 reviewsUpdated
Disclosure: Shawn Way is a loan officer at West Capital Lending, Inc., which competes with these lenders. West Capital Lending also originates HELOCs through Figure's lending platform, so Shawn can offer Figure-powered HELOCs himself. HELOCHQ isn't paid by any lender for reviews, and every fact below comes from the lender's own published terms.
Bank of America is usually cheaper for its own customers: no closing costs, no annual fee and stacked rate discounts. Figure is usually faster and simpler for anyone who wants an online process and doesn't bank with BofA.
On this page
Side by side
| Figure | Bank of America | |
|---|---|---|
| Type | Online lender | National bank |
| Rate | As low as 7.35% APR, per the lender's homepage | Variable, prime minus a discount; 6-month intro rate (amount not published) |
| Credit score | Not published by Figure as of October 23, 2026; ask the lender | 660+ |
| Max borrowing | Not published by Figure as of October 23, 2026; ask the lender | Generally up to 85% |
| Line size | Up to $750,000 | Not published by Bank of America as of October 23, 2026; ask the lender. Pricing assumes $100,000 |
| Terms | Not published by Figure as of October 23, 2026; ask the lender | 10-year draw, 20-year repayment |
| Fees | Not published by Figure as of October 23, 2026; ask the lender. Ask about any origination fee | No application fee, no annual fee, no closing costs on lines up to $1,000,000 |
| Fixed-rate option | Not published by Figure as of October 23, 2026; ask the lender | Convert $5,000 or more to a fixed rate, no fee |
Sources: Figure (checked October 23, 2026) and Bank of America (checked October 23, 2026). Terms change; confirm with each lender.
Use a free calculator, or get your HELOC rate from Shawn.
The difference that matters
Figure's fees aren't on its homepage, so ask about any origination fee. Bank of America's six-month intro rate ends, so compare the rate after it.
Choose Figure if
- Speed matters most
- You don't have a Bank of America relationship
- You're comfortable with an all-digital process
Choose Bank of America if
- You bank with Bank of America
- You'll draw a large amount at opening to earn the initial-draw discount
- You want to convert draws to a fixed rate with no fee
If neither fits
Different lenders draw the line in different places on credit score, loan-to-value, property type and state. A broker can price several lenders with one application. Get your HELOC rate, or if you already have an offer from either lender, see how it compares with HELOCs closed this year.
Full reviews
Shawn Way is a loan officer at West Capital Lending, Inc., which may compete with the lenders reviewed here and may also arrange loans through some of them as a mortgage broker. Facts come from each lender's own website on the date shown and can change; confirm current terms with the lender.
Sources
Official sources behind this guide.
- What is the difference between a home equity loan and a HELOC? · Consumer Financial Protection Bureau
- What you should know about home equity lines of credit (booklet, PDF) · Consumer Financial Protection Bureau