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About Fairway Independent Mortgage Corporation
Fairway Independent Mortgage Corp. (NMLS #2289) is a nonbank mortgage lender headquartered in Wisconsin. It originates loans in all states and has over 750 branches and satellite offices in 48 states and Washington, D.C. The company has been in business for over 25 years and funded more than $72 billion in loans in 2021.
- Originates loans in all 50 states
- Branches in 48 states and Washington, D.C.
- Many types of loans
- Helpful online resources
- No home equity loans
- No weekend customer service
Fairway Independent Mortgage Corporation details
Rates
Fairway offers both adjustable- and fixed-rate mortgages; ARMs are growing in popularity with interest rates rising because they tend to start with a lower rate than a fixed loan; you might consider an ARM if you plan to own your property only for a short time, or you are willing to risk of higher rates in the future.
Over the past few years, Fairway Independent Mortgage’s home purchase rates have been slightly higher than the national average.
Fairway Independent Mortgage Corp. average home purchase rate vs. national average
Year | Difference from national average |
---|---|
2021 | +0.08% |
2020 | +0.03% |
2019 | +0.19% |
Information pulled from public Home Mortgage Disclosure Act data. Rates reflect noncommercial home purchase loans only.
Application process
The next step is applying for preapproval, which determines your loan offers. You’ll need to send in documentation relating to identification, income, assets and property. After you’re preapproved and plan to purchase a home, your loan officer submits your file for processing and underwriting.
You can use the FairwayNow app to complete many steps in the application process:
- Submit necessary documents
- Uploading documents
- Calculating payments
- Tracking your loan status
- Messaging Fairway
Fairway Independent Mortgage Corp. application features
Features | Availability |
---|---|
Online application | Available |
Mobile document upload | Available |
Physical branches | 48 states and D.C. |
Publishes minimum rate on website | X |
Rate lock | Available |
Pre-qualification (no hard credit pull) | X |
Certified approval letter | Available |
Loan types
In 2021, Fairway Independent Mortgage Corp. received 188,344 home purchase applications total. That year it closed 141,220 home purchase loans (about 75%) and denied 11,408 home purchase applications (6%).
Loan applications for home purchases only by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase applications | 188,143 | 180,706 | 138,878 |
Home purchase loans closed | 141,220 | 133,125 | 107,018 |
Home purchase applications denied | 11,408 | 9,260 | 5,272 |
Home purchase preapprovals denied | 1,780 | 810 | 688 |
Information pulled from public Home Mortgage Disclosure Act data. Includes conventional, USDA, VA and FHA mortgages.
Refinancing
Home purchase vs. refinance loans by year
2021 | 2020 | 2019 | |
---|---|---|---|
Home purchase loans | 63.55% | 60.50% | 75.74% |
Refinance loans | 21.59% | 29.34% | 15.23% |
Cash-out refinance | 14.30% | 9.95% | 8.60% |
Information pulled from public Home Mortgage Disclosure Act Data. Includes conventional, USDA, VA and FHA mortgages.
Requirements
National mortgage requirements by type
Min. credit score | Min. down payment | Compare with other lenders | |
---|---|---|---|
Conventional | Typically 620 | Typically 3% | Mortgage lenders |
FHA | 500 | 3.5% with 580 credit score | FHA lenders |
VA | Set by lender (often 580) | 0% | VA lenders |
USDA | Set by lender (often 640) | 0% | USDA lenders |
Cost and fees
Closing costs with Fairway Independent Mortgage usually range from 2% to 3% of the loan amount, according to the company. The closing costs might include:
- Loan origination fee
- Discount points
- Appraisal costs
- Charges related to the legal transfer of property
Featured Reviews
FAQ
How does Fairway Independent Mortgage Corp. work?
Start with Fairway by filling out a form online, using the FairwayNow app, calling or visiting a branch. You then work with a loan officer to go over your mortgage goals and submit an application for preapproval. Once you have preapproval, you can search for a home. Once you have an accepted offer, your loan officer will submit your loan file for processing and underwriting.
Is Fairway Independent Mortgage Corp. legit?
Yes, Fairway Independent Mortgage Corp. is a legitimate mortgage lender. The company has been in business since 1996 and is authorized at the time of publishing to do business in all 50 states and Washington, D.C., according to NMLS.
Where is Fairway Independent Mortgage Corp. available?
Fairway Independent Mortgage Corp. originates loans in all states and has over 750 branches and satellite offices in 48 states and Washington, D.C.
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A link has directed you to this review. Its location on this page may change next time you visit.
- 4,626,608 reviews on ConsumerAffairs are verified.
- We require contact information to ensure our reviewers are real.
- We use intelligent software that helps us maintain the integrity of reviews.
- Our moderators read all reviews to verify quality and helpfulness.
Sources
- NMLS, “ NMLS Consumer Access .” Accessed Aug. 23, 2022.
- Federal Financial Institutions Examination Council, “ HMDA Data Publication .” Accessed Aug. 23, 2022.
Fairway Independent Mortgage Corporation Company Information
- Company Name:
- Fairway Independent Mortgage Corporation
- Website:
- www.fairwayindependentmc.com
