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Fairway Independent Mortgage Corp. is the Swiss Army Knife of mortgage lenders: it finances just about any type of mortgage you can think of, connects borrowers with credit and down payment assistance, and offers multiple ways submit a mortgage application.
You can apply for a loan on the lender’s website, on their sleek application, or in person at any of the 400 branches across the United States, no matter what state you live in.
With so many options, the lender is bound to have what you need. We even named Fairway one of the best mortgage lenders of 2021, thanks to its wide selection of loans and good customer service. Here’s what to know about the lender before you apply.
Pros and Cons of the Fairway Independent Mortgage
Offers all major types of mortgages as well as home equity loans and home equity lines of credit
Works in all 50 states
Borrowers can apply for a mortgage at an office, through the Fairway app, or on the lender’s website
Can finance loans up to $ 5 million
Fairway Independent Mortgage: Types of Loans and Products
Fairway Independent Mortgage offers a wide variety of mortgages for borrowers who want to buy a home, refinance an existing mortgage, renovate a home, or take out a second mortgage. Here’s what Fairway is offering right now:
Fairway offers a choice of fixed rate and variable rate (ARM) mortgages on most of its products. You can choose from several fixed loan terms including 10, 15, 20, 25 or 30 years. With an ARM, the rate will be fixed for the first five, seven, 10 or 15 years. After the end of the fixed period, the rate may increase or decrease each year for the remainder of the term of the loan.
In addition to its conventional mortgages, the lender also offers government guaranteed home loans. In fact, Fairway was the leading lender in terms of loan volume for FHA and USDA mortgages in 2019 and for VA mortgages in 2020.
Home improvement loans, which allow you to cover the purchase and the cost of the renovation, are also available. You can choose from several types including the Fannie Mae HomeStyle Home Improvement Loan, FHA 203 (k) Home Improvement Loan, FHA 203 (k) Limited Loan, USDA Home Improvement Loan, and Jumbo Home Improvement Loan in some locations. .
If you need to borrow a large amount, Fairway can fund giant mortgages of up to $ 5 million for eligible borrowers. That’s a lot more than what you could get with other lenders, who often cap mortgages at $ 3 million.
Fairway also offers a unique program called “Physician Loan,” which is a mortgage for actively working healthcare professionals, who have completed a medical residency program, or who have completed a clinical medical research fellowship. The loan comes with a small down payment, and in some cases the lender will forgo the down payment altogether.
Fairway Independent Mortgage Transparency
Fairway has an easy-to-navigate website that clearly specifies what types of mortgages it offers and who might be suitable for each loan product. The website also includes mortgage calculators and home buying resources, along with guides explaining loan types and mortgage terms. You’ll also find information on what to do after closing, such as understanding your loan manager, making your first payment, and removing private mortgage insurance.
One of the lender’s most notable offerings is the FairwayNOW mobile app, which borrowers can use to apply for a loan, scan and download financial documents, find a local loan officer, and calculate monthly mortgage payments.
However, the lender does not advertise mortgage rates on the app or on the website, and it does not publish a list of lender fees that borrowers could pay on closing. There is also no information on the minimum credit score required to qualify for a mortgage.
Fairway Independent Mortgage: Rates and Fees
Fairway Independent Mortgage does not advertise daily refinance and purchase rates, nor does it publish a list of lender fees that borrowers could pay on a home loan. But a Fairway representative provided us with a list of credit score requirements, which vary by product type:
- Conventional loans: 620
- FHA Loans: 600
- VA Loans: 600
- Jumbo Loans: 660
If your credit score is below any of the minimum requirements, Fairway says it may be able to help you build a credit history. You will work for free with the “Creditool” team of the lender. Fairway may also connect you with agencies to offer you a down payment and assistance with closing costs.
To get an accurate rate quote and receive a breakdown of all lender fees and closing costs, you will need to contact the lender and submit a loan application or request prequalification. To get the best rates, you may need good to great credit.
To save money on your home loan, apply for a mortgage with at least three lenders and request a loan estimate. Take the best offer and send it to another lender, asking them to beat the interest rate or the closing costs (or both). Getting a lower interest rate can save you hundreds or thousands of dollars over the life of the loan.
Fairway Mortgage does not charge an application fee or prepayment penalty on any of its loans, and you can lock in your interest rate for free. However, you will pay a fee to extend the rate lock-in.
Refinancing with Fairway Independent Mortgage
If you have a mortgage and want to save money with a lower interest rate or withdraw money, you can refinance a conventional loan, government guaranteed loan, or jumbo loan with Fairway Mortgage.
When you refinance, you will pay fees, which typically average between 2% and 3% of the loan amount. But the specific costs vary depending on factors like the type of loan, so you will need to submit an application to get an accurate estimate.
If you are looking to minimize your upfront costs, Fairway can factor closing costs into the loan amount. While it can be handy, you’ll pay more in the long run because you’ll end up paying interest on closing costs.
Fairway’s Independent Mortgage vs. Other Mortgage Lenders
|Minimum credit score||620 for conventional loans; 660 for jumbo loans; 600 for FHA loans; 600 for VA loans||620||660|
|Minimum deposit||0% to 5%||3%||5%|
|Where does the lender operate?||50||43||42|
|Main types of loans||Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Adjustable Rate, Fixed Rate, Refinance, Cash Refinance, Reverse Mortgages, Home Equity Loans, Home Equity Lines of Credit||Conventional loans, jumbo loans||Conventional loans|
How To Shop For The Best Mortgage Rate
Getting a good deal on your mortgage rate is important because it can potentially save you thousands of dollars over the life of the loan.
For example, let’s say you receive two mortgage rate quotes on a home worth $ 200,000 with a 20% down payment and a 30-year term. With an interest rate of 3.25%, the monthly principal and interest payment is $ 696. But with an interest rate of 3%, you save $ 22 per month on interest charges. It may not seem like a lot, but it represents $ 7,920 in savings over 30 years.
But you won’t know if you’re getting the best deal unless you shop around. It’s a good idea to submit mortgage applications to at least three lenders and ask for a mortgage estimate. Use these documents to compare the interest rate, APR, and lender fees on each loan. Send the best offer to another lender and ask them to beat the interest rate or closing costs. If you have high credit, lenders may be willing to compete for your business.
These mortgage loan applications can trigger a thorough investigation of your credit reports, but credit reporting companies know consumers are shopping for it. FICO will treat all mortgage applications made within 45 days as one application. Try to submit your mortgage applications in this window to minimize the impact on your credit.
At the end of the line
With so many options, Fairway Independent Mortgage is a serious contender whether you are looking to take out a mortgage or refinance an existing loan. While you can’t check lender rates or fees online, you can apply through the website, through an app, by phone call, or at one of the hundreds of offices across the country. The application process can be completed in about 10 minutes and you will be quickly put in touch with a loan officer.