Pros & Cons
Offers a robust range of loan products, including a variety of home improvement loans.
There is a digital application that can be done in 10 minutes.
Partner with some government mortgage lenders to provide down payment mortgage and settlement cost assistance.
Mortgage rates are not published online.
According to the latest data, origination fees tend to be high and are not offset by low interest rates.
Fairway Independent Mortgage Overview
Fairway Independent Mortgage offers borrowers a robust range of loan products and customer service touchpoints to simplify the mortgage process.
From standard fixed-rate conventional loans and adjustable-rate mortgages to FHA, USDA, VA, renovations, reverse mortgages, and jumbo loans, Fairway can meet the needs of nearly every type of borrower. Founded in 1996, Fairway has grown to a nationwide network of more than 10,000 employees, including more than 3,000 loan officers, in more than 1,500 locations. It is headquartered in Madison, Wisconsin and Carrollton, Texas.
Here’s a breakdown of the fairway totals:
- Various Credit Types: 5 out of 5 stars
- Ease of use: 5 out of 5 stars
- Rates and Fees: 2 out of 5
- Rating Transparency: 1 out of 5
Fairway Mortgage Types
If you’re looking for a fixed rate loan, Fairway offers a variety of tenure options: 10, 15, 20, 25 or 30 years, depending on the type of loan. If you want an adjustable rate mortgage, Fairway also offers 5/6, 7/6, and 10/6 terms that can be adjusted every six months (or even a year) after the initial set term.
The lender offers compliant and traditional large mortgages as well as government-backed home loans. According to the Home Mortgage Disclosure Act of 2020, Fairway ranks among the top 10 lenders by FHA mortgage volume.
Fairway works with a number of government mortgage lenders to provide first-time homebuyers with down payment mortgage and settlement cost assistance. It also considers non-traditional loans to qualify borrowers for specific loans.
Renovation loans are also on the menu, including HomeStyle, Choice Renovation, Jumbo, FHA and VA renovation mortgages.
Fairway Independent Mortgage HELOC: Lenders also offer home equity lines of credit, or HELOCs. These secondary mortgages are a way for homeowners to gain equity on their existing home without having to refinance or sell their home. Funds obtained through a secondary mortgage can be used for expenses such as home renovations, college expenses, or debt consolidation. Fairway’s HELOC isn’t obvious on its website, but lenders say second mortgages are available in a variety of terms. You must ask the loan officer for details.
Easy application on fairways
The fairways offer a variety of application options. you can:
- Use the FairwayNOW mobile app. Launched in 2017, the app differentiates Fairway from many other lenders. With the app, borrowers can apply for a loan, securely scan and upload financial documents, find a local loan officer, calculate monthly mortgage payments and connect to housing search sites in less than 10 minutes.
- Apply through the Fairway website. Fairway’s eight-step online application process is comparable to other major mortgage lenders.
- Call or visit a branch for personal service. The site includes a map to find branches near you. You can refine your search to find branches that offer specific services; you can also view loan officer profiles and email them directly.
Fairway has a digital closing process that allows buyers and sellers to electronically preview and approve documents prior to settlement. The company says the technology simplifies the shutdown process. Borrowers have the opportunity to view everything at their leisure to see what they are signing, and final settlement can be done in 15 minutes or less.
If Fairway customers have questions or concerns, they can contact the company through their loan officer, mobile app, customer service call center, or email form on the website. Customers can also check loan status and view messages from loan officers through the 24/7 online loan management portal.
Fairway Mortgage Interest and Fees
One of the most important considerations when choosing a mortgage lender is knowing the cost of the loan. To give consumers a rough idea of what fees lenders may charge, NerdWallet ranks lenders based on two factors related to fees and mortgage rates, based on the most recent data available from the Home Mortgage Disclosure Act:
- Average charter rate for fairways earns 2 out of 5 stars.
- Fairway’s mortgage rates received a 2 out of 5 rating compared to the best rates on comparable loans.
Borrowers should consider the balance between lender fees and mortgage interest. While not always the case, paying an upfront payment can lower your mortgage rate. Some lenders charge higher upfront payments to lower advertised rates and make them more attractive. Some lenders simply ask for a higher upfront payment.
You can choose to buy rebate points (fees paid along with your settlement costs) to lower your mortgage rate.
When deciding whether to pay a higher down payment, you’ll need to consider how long you plan to live in your home and how much cash you’ll need to pay for closing costs when you sign your loan documents.
Fairway Mortgage Rate Transparency
Borrowers wishing to compare Fairway mortgage rates with other lenders must contact a Fairway loan officer or apply online. Fairway does not publish mortgage rates on its website.
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