Fairway Independent Mortgage Corp. is a community-focused lender specializing in tailored home lending solutions. It’s well-known for the exceptional level of service provided to borrowers, as evidenced by the award from J.D. Power for #1 in Mortgage Origination Customer Satisfaction. Fairway’s closing times are also some of the fastest in the industry, which means your homeownership or refinance goals are within reach.
About Fairway Independent Mortgage
Fairway Independent Mortgage Corp is a Better Business Bureau-accredited entity with 28 years of industry experience. It is headquartered in Madison, Wisconsin and Carrollton, Texas, with several physical branches nationwide. Licensed to do business in all 50 states, Fairway offers home purchase and refinance solutions to meet your unique needs.
What Loan Products Does Fairway Independent Mortgage Offer?
Fairway offers several home purchase and refinance loans to choose from.
Conventional Loans
This traditional mortgage product is accessible to prospective buyers with fair to excellent credit and a consistent, verifiable income source. The rate you’ll receive is heavily influenced by your credit score, so it’s worth improving it as much as possible before applying. You’ll also need a down payment of at least 3% to qualify for financing.
Adjustable and Fixed-rate Mortgage Loans
As the name suggests, you’ll get a fluctuating interest rate with an adjustable-rate mortgage (ARM). The primary draw is the ability to snag a lower rate during the introductory period, which is typically five, seven or 10 years. Once it ends, the rate is based on market conditions, and your monthly mortgage payments will change over time. Still, an ARM could be a good fit if you plan to refinance or relocate soon or if you need a larger loan amount than you qualify for with a fixed-rate mortgage.
Fixed-rate mortgages come with a set interest rate. They are ideal if you want the same monthly mortgage payment (principal and interest only) for the entire loan term.
Government-backed Mortgage Loans
Fairway features three government-backed home loan options in its home lending arsenal:
- FHA Mortgage Loans: Insured by the Federal Housing Administration, FHA mortgages cater to first-time or low- to moderate-income homebuyers. You can qualify with a 3.5% down payment, and the credit and debt-to-income (DTI) guidelines are more lenient than you’ll find with conventional home loans.
- USDA Mortgage Loans: These loans are backed by the United States Department of Agriculture (USDA) and are available to finance home purchases in rural areas. Rates and closing costs are competitive, and you may qualify with fair credit.
- VA Mortgage Loans: If you’re an active duty service member, veteran or surviving spouse, you could be eligible for a VA loan. Backed by the Department of Veterans Affairs, it comes with no down payment or private mortgage insurance (PMI) requirement.
Jumbo Mortgage Loans
Jumbo mortgages are reserved for borrowers seeking loans that exceed the conforming loan limit set by the Federal Housing Financing Agency (FHFA). For 2024, it’s $766,550 (or up to $1,149,825 in high-cost areas).
Renovation Loans
A renovation loan lets you include the home purchase and renovation costs into the same mortgage. The options available through Fairway include Standard 203(k) Rehabilitation Mortgages, HomeStyle Renovation Loans and Limited 203(k) Rehabilitation Mortgages.
Refinance Loans
Homeowners often refinance to get a lower monthly payment, a better interest rate or change the loan term. Other common reasons to refinance include switching from an adjustable-rate to a fixed-rate mortgage or converting home equity into cash through a cash-out refinance.
Reverse Mortgage Loans
If you are at least 62 and have a substantial amount of home equity or own your home outright, you can use a reverse mortgage to supplement your retirement income. Reverse mortgages let you tap into home equity without taking on added debt.
Fairway Independent Mortgage Details
Here’s a closer look at the specifics of Fairway home loans.
What are Fairway’s Mortgage Rates?
Fairway does not publish mortgage rates. However, you can request a loan quote to view potential rates based on your credit score, down payment, assets and DTI.
Fees and Other Associated Costs
Most borrowers pay closing costs between 2% and 3% on Fairway’s home loan products. You’ll receive a closing disclosure at least three days before closing outlining these costs, which generally includes loan origination fees, discount points (if applicable) and home appraisal fees.
Eligibility and Application Process
Your eligibility for a home loan with Fairway depends on the loan program you’re considering.
When you’re ready to apply, complete the online questionnaire, visit a physical branch or contact a loan officer by phone to learn more about your options and the next steps in the lending process.
Pros and Cons: Fairway Independent Mortgage
As with any mortgage lender, there are pros and cons to consider before applying.
Advantages of Choosing Fairway Mortgage
- Tailored home purchase and refinance products
- Brick-and-mortar locations nationwide
- First-time homebuyers can access affordable housing solutions
- Grants of up to $7,000 are available to eligible borrowers
Potential Drawbacks
- No home equity loans or HELOCs
- Borrowers must apply to view loan rates
- No online rate disclosures
Fairway Mortgage Review: What Customers Are Saying
“Mark is Awesome! My husband and I learned so much about the house buying process from him, he walked through every fee and Credit on our Loan. He was available to us any time of day. I will highly recommend him to any of my Friends or Family looking for a great, personable Lender.“
-Catalina (website review)
“Every one in the team was amazing!! Fairway staff made sure to explain any questions and doubts I had every step of the way. They went above and beyond in order to help me reach my goal in buying my first home!“
-Alondra (website review)
Competitor Comparison: How Does Fairway Independent Mortgage Stack Up?
Fairway has extensive experience in the mortgage industry, so you can have peace of mind knowing you’re working with a team of seasoned professionals. The lender also boasts several positive reviews online and was recently recognized by J.D. Power as the top mortgage originator, demonstrating its commitment to providing exceptional service.
You also get the option to work directly with a loan officer face-to-face, which is not a luxury all direct mortgage lenders offer. The major downside is that home equity loans and home equity lines of credit (HELOCs) aren’t options for Fairway.
How to Get Started with Fairway Independent Mortgage
Complete the online questionnaire to get started, or reach out by phone to speak with a loan officer who can assist. You can also make an appointment if you’d prefer to visit a physical branch and speak with a loan officer in person.
