Flagstar Bank vs. Figure HELOC
Flagstar Bank and Figure 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.
Both lend nationally. Flagstar pays customary closing costs and offers a low intro rate if you draw at least half the line at opening. Figure is faster and fully online.
On this page
Side by side
| Flagstar Bank | Figure | |
|---|---|---|
| Type | National bank | Online lender |
| Rate | Variable, prime plus a margin; 4.99% intro APR for 6 billing cycles with a required initial draw; cap 21% | As low as 7.35% APR, per the lender's homepage |
| Credit score | 680+ | Not published by Figure as of October 23, 2026; ask the lender |
| Max borrowing | Not published by Flagstar Bank as of October 26, 2026; ask the lender. 15%–20% equity required | Not published by Figure as of October 23, 2026; ask the lender |
| Line size | $10,000–$1,000,000 | Up to $750,000 |
| Terms | 10-year draw, 20-year repayment | Not published by Figure as of October 23, 2026; ask the lender |
| Fees | Flagstar pays customary closing fees; $75 annual fee after year one; closing fees owed back if closed within 36 months | Not published by Figure as of October 23, 2026; ask the lender. Ask about any origination fee |
| Fixed-rate option | Not published by Flagstar Bank as of October 26, 2026; ask the lender | Not published by Figure as of October 23, 2026; ask the lender |
Sources: Flagstar Bank (checked October 26, 2026) and Figure (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
Flagstar charges a $75 annual fee after year one and requires repaying closing fees if you close within 36 months. Ask Figure about origination fees, which aren't on its homepage.
Choose Flagstar Bank if
- You'll draw a large amount right away
- You want closing costs paid
- You want a bank with branches
Choose Figure if
- You want approval in minutes and funding in days
- You prefer an all-digital process
- You won't draw much at opening, so an intro rate doesn't help
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
- Regulation Z §1026.40: Requirements for home equity plans · Consumer Financial Protection Bureau