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Fairway Independent Mortgage Corporation (more commonly known simply as Fairway) is a national mortgage lender. For borrowers who need personalized assistance, Fairway may be a better choice than other companies. We can provide in-person support at every step of the process or work with a mortgage advisor over the phone. increase.
Third-party consumer rating agencies (such as JD Power) rate Fairway highly for customer service and have a wide range of loan options. Whether a borrower wants a jumbo loan for their dream home or an FHA loan to buy a home with a small down payment, Fairway has options available.
Buying a mortgage can be a hassle. Save time by starting with our list of the best mortgage lenders available today.
Description of strengths
- Multiple government-backed mortgage options: Not all lenders offer government-backed loans, such as Federal Housing Administration (FHA), United States Department of Agriculture (USDA), or Veterans Administration (VA) loans. In contrast, Fairway offers all three of his government-backed loans, allowing customers to avail the program with low down payment requirements.
- Loans available for fixer uppers: Many lenders offer mortgages only for the cost of purchasing the property. If you need a refurbishment fee, you will need to make a separate loan. However, there are several refurbishment options, including FHA 203(k) loans, to fund both repairs and property purchases.
- We offer mortgage options exclusively for doctors. New doctors may struggle to qualify for a mortgage because they have a significant amount of debt or don’t have enough money to pay a down payment. doing. In some states, qualified doctors can finance up to 95% of the home value and never have to worry about mortgage insurance.
Disadvantage description
- No fees or charges listed online: Fairway does not disclose fees or mortgage interest rates online. The only way to view rates is to contact a Fairway mortgage expert.
- Loans from third party companies: Fairway does not service loans it initiates. Instead, its mortgages are provided by third-party companies such as PNC, RoundPoint Mortgage and NewRez. The level of customer service can vary from company to company, so it’s hard to know what to expect until you’ve been assigned a loan servicer.
Types of Mortgages Offered by Fairway
Fairway has more mortgage options than many other lenders, including government-backed loans and mortgages designed specifically for doctors. A company spokesperson said the minimum credit score is usually 620. For borrowers with lower scores, FHA loans may be an option. Borrowers can qualify with a score as low as 580.
Borrowers can choose from the following options:
- Traditional: Fairway Traditional Mortgages offer a choice of 10- to 30-year loan terms, and you can choose between Fixed Rate Loans and Adjustable Rate Home Loans (ARMs).
- FHAMore: A government-backed loan, the FHA Mortgage, lets you buy a home for as little as 3.5% down.
- VA: Eligible veterans are eligible for up to 100% financing with VA loans.
- USDA: USDA loans are for low to moderate income borrowers looking to buy a rural home with a low down payment.
- jumbo: The qualifying loan limit is $510,400 ($765,600 in designated high cost areas). If you need to borrow more than that for the home you want to buy, you need a Jumbo Mortgage.
- doctor loan: Physician loans offer doctors a low down payment option without mortgage insurance. Also, a doctor can qualify within her 90 days from the start date of the recruitment.
- renovation: Renovation loans can be used to purchase and repair homes in need of rehabilitation.
- Reverse Mortgage: Borrowers over the age of 62 can take a reverse mortgage to supplement their retirement income.
FAIRWAY FEATURES AND BENEFITS
Fairway offers the following benefits to individuals purchasing a mortgage:
- Credit Tool: When you apply for a Fairway mortgage, a loan officer reviews your application and credit report. If a credit check is required, the loan officer may refer her to a member of her Fairway CrediTools team. CrediTools is a free program that allows team members to create personalized credit improvement plans.
- Educational resources: Fairway’s website has several educational resources and tools to help you get started in the home buying process. You can use the calculator to determine your monthly mortgage payment. You can also download our homebuyer’s guide for step-by-step tips.
Fairway operates over 700 branches nationwide. Use Fairway’s locator tool to find a branch near you and get face-to-face support.
How to Apply for a Fairway Mortgage
Unlike other lenders, Fairway does not allow you to apply for a mortgage entirely online. Instead, you’ll be asked to enter basic information such as name, email, phone number, zip code, and details of the desired home. After you submit your information, a Fairway loan officer will contact you by phone or email to discuss your needs.
Once the type of loan you need is identified, the loan officer will send you instructions on how to complete the application. You can also use Fairway’s documentation checklist to make sure you have all the information and documentation you need.
customer service
Fairway does not offer 24/7 customer support. However, you can contact customer service in several ways, including by phone, email, or by visiting your local branch.You can also use the FairwayNow app to submit information and track the status of your loan.
Our phone hours are 8:30am to 5:00pm CST, Monday through Friday.
customer satisfaction
In general, Fairway has a good reputation for customer service. Lender rated him #5 out of 23 lenders in JD Power’s 2021 U.S. Primary Mortgage Origination Satisfaction Survey. The study evaluated customer satisfaction based on the application and approval process, communication, loan closing, and loan provision.
In a survey of 1,195 mortgage customers conducted by Investopedia, Fairway performed quite well. Lenders ranked him 10th out of 45 lenders.
regulatory measures
Due to the complexity of the mortgage industry, it is not uncommon for major mortgage companies to face regulatory action and lawsuits.
In 2018, Fairway entered into a settlement in a lawsuit brought by a former employee who alleges that the lender violated certain provisions of the California Labor Code and the Board of Industrial Welfare wage order.
account management
When taking a mortgage through Fairway it is important to know that Fairway is not the servicer of your loan. You will receive a notification from your lender informing you that your loan has been transferred to another company. This other company is the servicer of the loan and we will contact that company if we have any issues or questions regarding the account. You will also receive instructions on how to pay the servicer and download the loan documents.
another choice
Fairway has a wide variety of mortgages, but the website has little information about terms, interest rates, and fees. You will also need to work with a mortgage advisor to apply for a mortgage.
Those who want more information before submitting a loan application, or who prefer to apply online, should consider using a lender like Better. Through Better, you can get your loan pre-approved in just 3 minutes and complete all steps of the mortgage process online.
Better provides detailed information online about loan interest rates and fees, including a personalized breakdown based on the mortgage you want.
| Fairway Independent Mortgage Corporation | Better | |
|---|---|---|
| type of mortgage | Conventional FHA VA USDA Jumbo Doctor Loan Renovation | Conventional FHA Jumbo |
| average time to close | 30-45 days | 21-42 days |
| JD power ranking | 5/23 | 7/23 |
Choosing a Mortgage Lender
Getting a mortgage is one of the biggest financial decisions you’ll ever make. Consider the following variables before choosing a mortgage lender.
- Annual Rate (APR): Mortgage APR reflects the interest rate, mortgage points, and other fees a lender charges on a loan.
- Loan type: Both traditional and jumbo mortgages have fixed or adjustable interest rates. Fixed-rate loans tend to have higher interest rates than variable-rate loans, but they don’t fluctuate. In contrast, variable rate loans can increase over time.
- Repayment period: When you take out a mortgage, you can choose the loan term you want. Lenders typically offer terms of 10 to 30 years. Shorter loan terms mean higher monthly payments, but lower interest rates may apply. In contrast, the longer the loan term, the lower the payments, but the higher the interest rate can be.
- point: Points refer to the lender’s fees separate from the mortgage interest rate and down payment. Be sure to ask for the dollar value of your points so you know how much cash you need.
- down payment: Mortgage lenders want to make sure you are financially stable, so you usually need to save a down payment before you qualify for a mortgage. Traditionally, experts recommend a 20% down payment was doing. However, there are options that allow you to qualify for a mortgage at just 3.5% down, while VA and USDA loans require 0%. Note that options with lower down payment requirements will likely require private mortgage insurance (PMI).
Estimate your costs: When comparing mortgage options, use our mortgage calculator to see how factors such as down payment, interest rate, and loan term impact monthly payments and overall loan costs please.
final verdict
Fairway Independent Mortgage Corporation is a reputable lender. It has received positive reviews from both customers and third-party consumer rating agencies, and has a variety of loan options. This is especially useful for borrowers looking for specific mortgage products, such as doctor loans, jumbo mortgages, and home improvement loans.
However, Fairway offers limited information about loans online, and borrowers must work with a loan advisor to apply. For those just beginning the home-buying process, Fairway’s site may have too little information to help. It tends to be better for those who know exactly what type of mortgage they have.
How mortgage lenders are screened
Investopedia is dedicated to providing consumers with unbiased and comprehensive reviews of mortgage lenders. We evaluated 45 mortgage lenders and collected approximately 1,500 data points including:
- Quality of service (customer experience, online applications, benefits/subsidies, etc.)
- Operational characteristics (state license coverage, number of loan officers, etc.)
- Type of loan offered (fixed rate, FHA, USDA, etc.)
- Accessibility (days to close, minimum debt-to-income ratio, etc.)
We also conducted a survey of 1,195 mortgage borrowers to find out the most important features from a customer’s perspective and how satisfied customers are with various lenders. Mortgage lenders were objectively rated in the above categories to help readers make informed decisions about mortgages.
Learn more about how to review a full mortgage lender.
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