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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.
Pros & Cons
Pros
- Originates loans in all 50 states
- Branches in 48 states and Washington, D.C.
- Many types of loans
- Helpful online resources
Cons
- No home equity loans
- No weekend customer service
Bottom Line
Fairway Independent Mortgage Corp. offers a variety of home loan options. It has a mobile app and website for applying for and tracking loans. You can apply in person in 48 states and Washington, D.C. and online or by phone anywhere. The company sells its loans to investors after closing.
Top Fairway Independent Mortgage Corporation Reviews
The application process was super easy. Our loan officer was really helpful. I got a competitive rate. They provided feedback and insight into the numbers behind the interest rate...
Read full reviewThe application was easier than I thought. I was happy with my experience with them. ... The rate and terms I received are good. It's a little longer than I would like it to be bu...
Read full reviewRates
Fairway Independent Mortgage Corp. doesn’t publish its rates. A loan officer gives you the rates you qualify for once they collect your information. They’ll quote an interest rate and an APR. The APR is the most important, because it takes into consideration additional fees and costs associated with the loan.
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% |
Application process
You can apply for a loan with Fairway Independent Mortgage Corp. in person, online or by phone. The first step is an initial consultation with a loan officer. You can set this up by filling out the information form online, calling Fairway or visiting a branch in person.
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 | |
| Mobile document upload | |
| Physical branches | 48 states and D.C. |
| Publishes minimum rate on website | X |
| Rate lock | |
| Pre-qualification (no hard credit pull) | X |
| Certified approval letter |
Loan types
Fairway Independent Mortgage Corp. offers many home purchase and refinance loan options, including conventional, FHA, VA and USDA loans. You can also get a jumbo loan or a reverse mortgage through the company. It doesn’t offer home equity loans or home equity lines of credit (HELOCs).
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 |
Refinancing
Fairway Independent Mortgage Corp. specializes in home purchasing, but it also offers refinance loans. Even though refinancing was a popular option due to low rates in recent years, a majority of the loans Fairway has originated are purchase loans. In 2021, three-quarters of its loans were purchase loans, while 21.59% were refis and 14.3% were cash-out refis.
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% |
Requirements
A Fairway loan officer can help you determine whether you meet the qualifications for a mortgage and how much home you can afford. Requirements and loan amounts differ by loan type.
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
When you apply for a mortgage with Fairway, you will receive a Loan Estimate form that includes the costs and fees of your loan, including closing costs.
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
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.
Fairway Independent Mortgage Corporation Reviews
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The process with Fairway was a lot easier than we thought. It was quick. It took maybe four weeks, and we were in our home. Our loan officer was so helpful. He was there every step of the way. Everybody was so helpful. We bought our home back in 2008, and that was the last time that we bought a home, so we didn't remember how the whole process went. They walked us right through everything.
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The application process with Fairway went by fairly quickly. There were some questions because I just moved in state and has a new job but other than that, it was easy. The deal was a lot higher than my previous mortgage but with the increase in rates, it was nationwide. It was understandable.
We used Fairway to buy our last house, we refinanced through them, and we just used them to purchase a new house. They're awesome. They were able to get us in a rate lock and we wouldn't have been able to buy our house without their help. We have nothing but good things to say about Mandy, my lender, and her team. I give other people Mandy's number all the time.
My first-time home buying experience with Fairway was easy compared to all the horror stories that I've heard because of the way that everything worked smoothly. Everything came in sections, which made it easiest. It was a step-by-step process instead of just a ton of paperwork and everything all at once until we did the final closing. It was amazing working with Fairway.
Gina, the rep, was incredible. I've recommended two people to her and I wouldn't do that unless I knew that they were in good hands. I was calling her all the time, asking her a million questions and she answered every question. She was very patient and understanding. Nothing was inconvenient. They gave you an allotted amount of time to submit certain documents. And if I didn't have those documents right away because I was waiting for my boss or whoever to send something else in, they were very patient. It was a very smooth and understanding process instead of them just looking at you like you're a number.
The application was easier than I thought. I was happy with my experience with them. Morty was the rep who started my home-buying process but sometimes his secretary takes a long time to get back to me with information. I asked her if he could improve on that a little bit. The rate and terms I received are good. It's a little longer than I would like it to be but we'll work through that when the time comes.
Fairway Mortgage in Portland Oregon is a joke. This company is made up of sisters and family member. No idea what they might be doing. I asked for help on numerous occasions and appointments were set up but never ever kept. Don’t be this company if you can avoid it. If your real estate agent wants this company run from them as well!
It seemed as everything was starting out great, having problems with my debt to income. Someone was telling me how to work through it and then all the sudden nothing. No return calls. No emails except for system emails. I haven't even gotten to do a job letter saying I'm not approved yet. Makes me feel really really important to be blown off such as this.
I liked the service and rates that Fairway had. I did a 30-year fixed loan program with them and the process was painless and smooth. The process took about 20 days or so. There were a few folks I worked with and they had timely communication.
The application process was fairly easy. I'm a professional so I'm used to stuff like that. So it wasn't daunting in that way. But if I wasn't familiar with it, it would have been a little overwhelming because I didn't receive a lot of direction on what to do and how to do it. I just pulled on my knowledge from last year. My loan officer was dealing with her son who had kidney failure. So I tried to give some grace on that. But unfortunately, there was not any time when she initiated a call to me and said she would send me documents to sign or schedule a time so we could go over them. So there was no contact like that. I happened to realize that I was calling her on her cellphone and not her office phone.
I was not trying to call her cell at all hours of the night. But I work throughout the day and sometimes I don't think of questions until in the evening. So I would call her, thinking that I was gonna get her voicemail. But then she would answer the phone and it would always feel like a rushed conversation. It was like she wasn't letting me get my questions out. It never felt easy. She said, "You were calling me and I wouldn't be at my computer. So, I couldn't answer your questions exactly." But I told her that at any time, she could have told me that I could call on her office phone tomorrow and we could go over it.
I would find a discrepancy on the form but I wouldn't necessarily get the new application with the correction. I would just be told, "It will be fixed on your closing document." I never wanted to feel as if I was misleading on any applications concerning anything, especially a mortgage application. So when someone is going through this process, they should make sure that they're matched up with a loan officer that is able to really cater to their needs and what they need as a consumer. This is a really long, stressful, complicated process and you have to have someone that you feel is on your team.
Fairway responded quickly. They were a good company to deal with.
- Sources
- ConsumerAffairs writers primarily rely on government data, industry experts and original research from other reputable publications to inform their work. To learn more about the content on our site, visit our FAQ page. Specific sources for this article include:
- 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