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Fairway Independent Mortgage Corporation Review 2024

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At a glance

Fairway Independent Mortgage Corporation
Editor's take

Fairway Independent Mortgage is one of the top 10 largest lenders in the U.S. It’s not a bank, so you’ll only come here for a home loan, but it offers plenty of options for a variety of borrowers, including jumbo loans with just 10 percent down and physician loans. If you’re an older homeowner with most or all of your mortgage paid off, you can also come to Fairway for a reverse mortgage.

Bankrate Score
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3.9
Rating: 3.9 stars out of 5
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Customer Rating
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5.0
Rating: 5 stars out of 5

1 ratings

Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Credit Good

Min. credit score required

Undisclosed

Location

Nationwide availability

All U.S. states

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Min. down payment

3%-5% for conventional loans, 3.5% for FHA loans, none for VA loans

At a glance

Fairway Independent Mortgage Corporation

3.9

Rating: 3.9 stars out of 5
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Mortgage Percent

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Location

Nationwide Availability

All U.S. states

Credit Good

Min. credit score required

Undisclosed

Fairway Independent Mortgage Corporation overview

Fairway Independent Mortgage Corporation is one of the top mortgage lenders in the U.S., available to borrowers nationwide and with 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.

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Bankrate insight

Fairway Independent Mortgage was the nation's fifth-largest lender in 2022, according to federal data.

Pros and cons of Fairway Independent Mortgage Corporation

Pros
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    More than 700 branch and satellite locations

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    Streamlined electronic submission of documents

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    FairwayNow mobile app for easier communications and tracking

Cons
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    Doesn’t offer home equity lines of credit (HELOCs)

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    Specific rates not available online

Our Editor’s Take on Fairway Independent Mortgage Corporation

Fairway Independent Mortgage is one of the top 10 largest lenders in the U.S. It’s not a bank, so you’ll only come here for a home loan, but it offers plenty of options for a variety of borrowers, including jumbo loans with just 10 percent down and physician loans. If you’re an older homeowner with most or all of your mortgage paid off, you can also come to Fairway for a reverse mortgage.

How Bankrate scored Fairway Independent Mortgage

  • 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.
  • 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.

Affordability: 6.8/10

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: 9.6/10

Fairway Independent Mortgage provides conventional loans as well as government-backed 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: 7.2/10

Fairway Independent Mortgage Corporation is accredited by and has an A+ rating from the Better Business Bureau, and the lender ranked first in J.D. Power’s U.S. Primary Mortgage Origination Satisfaction Study for 2023. 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

You can apply for a mortgage with Fairway Independent Mortgage in person at a branch location, online or by phone at 877-699-0353. 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 Mortgage offers both rate-and-term and cash-out refinancing options.

Compare Fairway Independent Mortgage Corporation to other lenders

Fairway Independent Mortgage Corporation
Rating: 3.9 stars out of 5
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3.9

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Bethpage Federal Credit Union
Rating: 4.9 stars out of 5
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4.9

Bankrate Score
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Read full review
First Mortgage Direct
Rating: 4.8 stars out of 5
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4.8

Bankrate Score
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Read full review

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Loans offered

Conventional, jumbo, FHA, refinancing and more

Loans offered

Conventional, jumbo, FHA, VA, USDA, refinancing and more

Min. credit score required

Undisclosed

Min. credit score required

620 for conventional loans, 500 for FHA loans

Min. credit score required

620 for conventional loans, 580 for FHA loans, 580 for VA loans

Down payment

3%-5% for conventional loans, 3.5% for FHA loans, none for VA loans

Down payment

3% for conventional loans, 3.5% for FHA loans

Down payment

3% for conventional loans, 3.5% for FHA loans, none for VA loans and USDA loans

Nationwide availability

All U.S. states

Nationwide availability

Available in all U.S. states except Texas

Nationwide availability

All U.S. states

Fairway Independent Mortgage Corporation customer ratings and reviews

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5.0

Rating: 5 stars out of 5

1 ratings

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This lender has 0 recent reviews.

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Rating: 5 stars out of 5
Level of service
Rating: 5 stars out of 5
Professionalism
Rating: 5 stars out of 5
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100% of customers would recommend this lender.