Fairway Independent Mortgage Corporation was founded in 1996 and has provided over $50 billion in loans over the past 20 years. The company operates over 400+ branches around the U.S., which are solely dedicated to home loan products.
Fairway received Fannie Mae direct seller approval in 2012 and has provided customer-focused mortgage services to borrowers in all 50 states.
The company is headquartered in Madison, Wisconsin.
Fairway Mortgage History
Fairway Independent Mortgage has been in business for less than 30 years but has quickly established itself as a national leader in home loan solutions.
The company is committed to providing affordable mortgage rates to homebuyers across the country and offers a wide range of mortgage products, including convention fixed- and adjustable-rate loans, along with government-backed options like FHA, VA, and USDA.
Fairway was ranked among the Consumer Finance Protection Bureau’s top mortgage originators for 2017, with a total of 90,000 originations.
The company is fully accredited with the Better Business Bureau (BBB) and has built a strong reputation by providing consistent customer-focused service and support. The company also earned a higher-than-average score on JD Power’s Primary Mortgage Origination Satisfaction Study, beating out many of the nation’s largest mortgage lenders.
Additionally, Mortgage Executive Magazine recognized Fairway as a top 10 mortgage company for its impressive distribution of $21.2 billion in home loans during 2017. This lender is a great choice for borrowers looking to partner with a highly reputable company that can facilitate mortgage applications and payments online.
Fairway Mortgage Facts
- Ranked as a top 10 mortgage company by Mortgage Executive Magazine
- Works with borrowers from all 50 states to secure affordable home loans
- Offers a variety of conventional and government-backed mortgages including fixed- and adjustable-rate, jumbo, FHA, VA, and USDA loans
- Rated “better than most” in JD Power’s 2017 Primary Mortgage Origination Satisfaction Study
- Fully accredited by the Better Business Bureau since 2003
- Lacks specific online details on down payment minimums, credit score conditions, median income limits, and debt-to-income requirements
Current Fairway Mortgage Rates
Fairway Loan Specifics
The company’s lending solutions are designed to suit a variety of home loan needs, ranging from low-to-moderate income borrowers and first-time homebuyers to the financing for high-end properties and vacation homes.
This conventional mortgage option protects borrowers against rising costs by locking down a fixed interest rate and monthly payment amount for the entire term of the loan. Homebuyers can select from loan terms of 10, 15, 20, 25, or 30 years. Fixed-rate loans are particularly suited for borrowers that plan to stay in their home for a long period of time.
In contrast to other conventional mortgage options, this loan type features variable interest rates and monthly payments that can change periodically after the initial fixed-rate period.
Borrowers can secure a stable rate for the first 3 to 10 years of the repayment term, though interest is susceptible to increases or decreases based on market fluctuations. Adjustable-rate mortgages usually come with lower interest rates and flexible terms, making them a great option for homebuyers that do not plan to settle down long term.
Borrowers looking to purchase expensive homes can obtain this non-conforming mortgage option as either a fixed or adjustable-rate loan. Jumbo mortgages are typically used to purchase properties that exceed the conforming limits set by the Federal Housing Finance Agency (FHFA), which is currently set at $484,350 for most areas.
Homebuyers with low debt-to-income ratios and high credit scores are encouraged to apply because the qualification guidelines for this loan type are more restrictive than other options.
Low-to-moderate income borrowers and first-time homeowners can take advantage of this government-backed mortgage, which features a low down payment minimum and flexible credit score requirements.
This mortgage option is insured by The Federal Housing Administration and can be secured as either a fixed- or adjustable-rate loan. Borrowers can put as little as 3.5 percent down, even if their credit score is as low as 580.
This loan option was created to support U.S. veterans and service members who may not be able to afford a high down payment. Qualified homebuyers can put as little as 0 percent down without the need for private mortgage insurance.
These loans can be established as fixed- or adjustable-rate, with no prepayment penalties and 100 percent financing options on townhomes and VA-approved condos. Additionally, all VA mortgages are insured by The Department of Veterans Affairs.
This mortgage program is facilitated by The United States Department of Agriculture to support moderate-to-low income homebuyers who are interested in moving to certain rural and suburban areas of the country. Fairway offers 100 percent financing on this 30-year, fixed-rate mortgage, though location-based restrictions do apply.
Homebuyers with credit scores as low as 640 can qualify with no money down and gift funds can be used to cover closing costs. Eligibility is determined based on the property size, location, and borrower income.
Fairway Mortgage Customer Experience
Fairway manages over 400 physical branches throughout the U.S., all of which specialize in mortgage and home refinancing services. The company is solely dedicated to supporting all types of homebuyers in their efforts to secure a fair and affordable mortgage and refinance rates.
In fact, Fairway ranked as “better than most” in JD Power’s Primary Mortgage Origination Satisfaction Study with an index rating above the industry average. To date, the company has distributed over $50 billion in home loans to borrowers from all 50 states, with $21.2 billion in mortgage lending during 2017 alone.
The company provides its online customers with a vast array of free educational resources and tools, including blogs, home buying guides, FAQ pages, and mortgage calculators. Borrowers can use these resources to obtain unofficial rate quotes and learn about which mortgage options they may be eligible for.
The FairwayNow mobile app allows users to apply for pre-approval, sign up for property alerts, upload application documents and message lending agents directly. Homebuyers can apply for a mortgage in person through Fairway’s website or by downloading the company’s mobile app.
Unfortunately, Fairway’s website does not have side-by-side mortgage comparisons nor does it list any rate estimates alongside its many mortgage options. For an accurate rate estimate, users must contact a Fairway representative and provide personal information such as name, address, phone number, and Social Security number.
Fairway Lender Reputation
While Fairway Independent Mortgage has only operated commercially for 22 years, it’s been consistently recognized as one of the leading home loan originators in the country. The company has been accredited by the Better Business Bureau since 2003 and currently holds an A+ rating with the bureau.
Over the past few years, Fairway only had 17 customer complaints filed with the BBB, though most reference poor customer service as an issue. Fairway ranked ninth on the list of top mortgage originators in the Consumer Finance Protection Bureau’s Q1 2018 report with 90,000 total originations.
- Information collected on Jan. 25, 2019
Fairway Mortgage Qualifications
|Loan Type||Rate Type||Mortgage Insurance Requirements|
|Fixed-Rate Loans||Fixed||Yes, if down payment is <20%|
|Adjustable-Rate Loans||Variable||Yes, if down payment is <20%|
|Jumbo Loans||Fixed or Variable||Yes, if down payment is <20%|
|FHA Loans||Fixed or Variable||Yes, if down payment is <20%|
|VA Loans||Fixed or Variable||No|
This makes it difficult to compare mortgage options and determine which loan is best for a specific borrower. Instead, Fairway encourages online users to contact the company directly, either by phone, email or by visiting one of its physical branches.
Fairway’s mortgage offerings have a range of eligibility guidelines, though its conventional loans appear to share similar qualifications. One of the downsides of Fairway’s website is the lack of specific information about down payment minimums, credit score conditions, median income limits, and debt-to-income requirements.
Most mortgage lenders request down payments of at least 5 percent on conventional fixed- and adjustable-rate loans, though jumbo loans typically require higher upfront payments. Private mortgage insurance is required on all loans secured with less than 20 percent down.
In contrast, Fairway’s government-backed mortgages follow the standards set by their corresponding agencies, like its FHA loan, which features a 3.5 percent down payment minimum. VA and USDA mortgages can be obtained with no money down, with 100 percent financing options available to qualified borrowers.
Specific information about credit score requirements is also unavailable on Fairway’s website. According to FICO, a credit score of 740 is considered the industry standard, but homebuyers with lower scores may qualify for a mortgage at a higher interest rate.
FHA loans are open to borrowers with credit scores as low as 580, while VA loans can be secured by eligible veterans and service members with a credit score of 620 or higher. It is unclear whether Fairway accepts non-traditional credit histories during the application process, so be sure to ask a lending agent directly for more details.
Fairway Phone Number & Additional Details
- Homepage URL: https://www.fairwayindependentmc.com/
- Company Phone: 1-866-912-4800
- Headquarters Address: 4801 South Biltmore Lane, Madison, WI 53718