Fairway Independent Mortgage Corporation Review 2021

Fairway Independent Mortgage Corporation overview

Fairway Independent Mortgage Corporation is one of the top mortgage lenders in the U.S. in terms of loan volume, funding more than $65 billion in mortgages in 2020 alone. The lender’s loan products are available to borrowers nationwide, and it has branch locations in 48 states (not Alaska or West Virginia) and Washington, D.C. Its loan options include conventional and government loans, refinancing, and physician loans for doctors and other medical professionals. The lender currently maintains dual headquarters in Madison, Wisconsin, and Carrollton, Texas, and was founded in 1996.

Good for 

Borrowers looking to work with a major national lender or for a convenient app experience

Loan types 

• Conventional
• Jumbo
• FHA
• VA
• USDA
• Fixed-rate
• Adjustable-rate
• Rate-and-term, cash-out and streamline refinancing
• Construction and renovation loans
• Reverse mortgage
• Physician loan 

Lender fees

Fairway Independent Mortgage Corporation’s lender fees can include an origination fee, rate-lock fee and other closing costs. These expenses can vary by loan type, taxes and other factors.

Rates 

Fairway Independent Mortgage Corporation doesn’t advertise mortgage rates online, and you’ll need to contact a loan officer to obtain a rate quote.

Reputation

Fairway Independent Mortgage Corporation is accredited by and has an A+ rating from the Better Business Bureau, and the lender ranked second for customer satisfaction in J.D. Power’s 2019 U.S. Primary Mortgage Origination Satisfaction Study.

Online services

Borrowers interested in a loan through Fairway Independent Mortgage Corporation can get the process started with an online prequalification or the lender’s Advantage Pre-Approval, which is a fully underwritten approval. To get preapproved, you can enter information about yourself and the loan you’re seeking online; connect with a loan officer, which is easy to find through the lender’s website; or use the FairwayNow app, which also allows you to track your loan’s status, among other perks. When you’re ready to apply for the mortgage, you can begin that process online or through the app, as well. According to the lender, applying through the app takes just 10 minutes.

There are also features on Fairway’s website that can help inform what type of loan you get, including an amortization and payment calculator and an FAQ and homebuyers guide. If you’re looking for help online, you can fill out a form on the website, email the lender or navigate to your loan officer’s profile and reach out that way.

Fairway’s online capabilities also extend to closings. The lender provides ExpressClose e-closings that allow for e-signatures either on all closing documents or in conjunction with an in-person signing, depending on loan type.

Minimum borrower requirements 

While Fairway Independent Mortgage Corporation doesn’t publish its borrower requirements online, it does offer mortgages approved by government-sponsored enterprises (GSEs) Fannie Mae and Freddie Mac, as well as those backed by the Federal Housing Administration (FHA), the Department of Veterans Affairs (VA) and the Department of Agriculture (USDA), each of which have minimum requirements. While VA and USDA loans generally do not require a down payment, conventional loans ask for a minimum down payment of 3 percent, and FHA loans require 3.5 percent.

Refinancing with Fairway Independent Mortgage Corporation 

Fairway Independent Mortgage Corporation offers refinancing, including rate-and-term refinancing, in which you change your interest rate, loan term or both; cash-out refinancing, which refinances your current loan and provides you with extra funds based on your level of home equity; and streamline refinancing, which allows you to refinance an FHA or VA loan with less paperwork. The lender doesn’t display refinance rates or fees on its website, so you’ll need to get in touch with a loan officer to learn what the cost and savings might be.

Not sure if Fairway Independent Mortgage Corporation is right for you? Consider these alternatives 

• Bank of America mortgage review: A big-bank lender with low-down payment options and customer discounts
• Caliber Home Loans review: Another independent lender boasting 10-day closings and offering servicing
• LoanDepot review: A major online lender with fewer locations nationwide, but reduced costs for repeat refinancers
• Quicken Loans review: The biggest lender in the U.S. by volume, but with less loan options
• Wells Fargo Home Mortgage review: Another big-bank lender with thousands of branches and online cost estimates

Breakdown of Fairway Independent Mortgage Corporation overall review score

• Affordability: 14.75/15
• Availability: 9/15
• Borrower experience: 8/10

Review methodology 

To determine a mortgage lender’s Bankrate Score, Bankrate’s editorial team rates lenders on a scale of one to five stars based on a variety of factors relating to the lender’s products and services. Bankrate’s partners compensate us, but our opinions are our own, and partner relationships do not influence our reviews. Here is our full methodology.