Fairway Independent Mortgage Corporation Review 2023

How Bankrate scored Fairway Independent Mortgage

To determine Fairway Independent Mortgage’s Bankrate Score, Bankrate’s editorial team rated it and other 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.) We derived its overall score by considering three basic factors:

• Affordability: Fairway Independent Mortgage’s rates might not be as competitive as those of other lenders; you’ll need to contact a loan officer to determine the cost for your specific loan.

• Availability: This lender works with borrowers in all states and offers a range of financing solutions, including loans specifically designed for physicians.

• Borrower experience: You can initiate a request for a rate quote via the Fairway Independent Mortgage website or app. The lender routinely ranks near the top of J.D. Power’s rankings for customer satisfaction.

• Methodology

  Bankrate’s expert editorial team collects lender information through a variety of methods. We contact lenders directly, and we also turn to regulatory filings and to assessments by third parties. Our research takes into account three main factors – affordability, availability and borrower experience.

  Bankrate’s reporters and editors have decades of experience covering the mortgage industry. They’re skilled at gathering information through interviews and by scouring regulatory filings. Bankrate evaluates more than 85 lenders for factors relating to affordability, availability and customer experience, assigning each a Bankrate Score out of five stars. Here’s how we assess each of the categories:

  • Affordability. Loan cost is a deciding factor for many borrowers. We look at two metrics: 1) a lender’s lowest advertised annual percentage rate (APR) based on Bankrate’s sample scenario, which assumes a 740 or higher credit score and a 20 percent down payment, among other factors and 2) established-customer discounts or incentive pricing, when applicable.
  • Availability. Another factor is how quickly your loan application will be approved, and how many loan programs the lender offers. So we evaluate approval and closing timelines and diversity of loan products.
  • Customer experience. Finally, we delve into what it’s like to deal with the lender as a consumer. We look at the lender’s application process and availability of customer service support. We also consider the results of J.D. Power’s 2022 Mortgage Origination Satisfaction Survey.

  Bankrate’s editorial team confirms the accuracy of data at the time of publication. Our team is dedicated to maintaining the timeliness of information – the mortgage industry is changing constantly, so we regularly revisit these reviews to update them.

  Bankrate’s methodology page spells out our rating process in greater detail.

Affordability: 3/5

Fairway Independent Mortgage doesn’t display its mortgage rates online, and you’ll need to contact a loan officer to obtain a personalized quote. Its lender fees might include an origination fee, rate-lock fee and other closing costs.

Availability: 5/5

Fairway Independent Mortgage provides conventional loans as well as government-insured loans (FHA, VA and USDA), along with options to refinance your existing mortgage. The lender also offers construction loans, reverse mortgages and loans tailored to the unique needs of medical professionals.

Borrower experience: 5/5

Fairway Independent Mortgage Corporation is accredited by and has an A+ rating from the Better Business Bureau, and the lender consistently ranks highly in J.D. Power’s U.S. Primary Mortgage Origination Satisfaction Study. (Fairway tied for third in the 2022 version of the survey.) The lender funded more than $40 billion in loans in 2022, according to federal data. Fairway’s website contains features that might 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.

How to apply for a mortgage with Fairway Independent Mortgage

If you’re interested in a loan through Fairway, you can get the process started via the lender’s website with an online prequalification or the lender’s Advantage Pre-Approval, which is a fully underwritten approval. Simply input 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 a mortgage, you can begin that process online or through the app, as well. Applying through the app takes just 10 minutes, according to the lender.

Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.

2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.

3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Fairway Independent Mortgage

Fairway Independent can help you refinance your existing mortgage. Before you start, think about your goals. Are you refinancing to adjust your current mortgage’s rate and term? Do you want to tap into home equity? Do you want to change loan programs, such as refinancing out of an FHA loan into a conventional mortgage? Once you’ve settled on those details, you can apply through the lender’s website, by phone or at a branch.