Fairway Independent Mortgage Review | 2022

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While Fairway Independent Mortgage Corporation might not be a household name, when it comes to mortgages, it’s one of America’s largest lenders. With 147,000 loan originations in 2019 alone, Fairway is in the same league as companies like Chase, Wells Fargo, and Quicken Loans, and even originated more loans last year than Bank of America.

Fairway’s ExpressClose and FairwayNow technologies aim to provide an efficient digital loan process that helps customers close quickly. Your closing can be 100% virtual if you have an eligible loan. Keep reading to learn more about Fairway’s mortgage offerings and find out if they’re the right lender for you.

In this review:

• Fairway mortgage purchase review
• Fairway mortgage refinancing review
• How Fairway can improve
• Compare multiple lenders first

Fairway mortgage purchase review

Best if:

• You’re purchasing a home in need of a renovation
• You’re a first-time homeowner with limited cash for a down payment
• You want a 100% virtual closing

Fairway Independent Mortgage Corp. offers the standard types of loan products, including conventional, jumbo, and government-backed loans. Three different renovation loans are also available:

• HomeStyle: Can be used on a primary home, second home or investment property. No minimum spend required, but repairs must be permanent and performed by licensed contractors.
• FHA Limited 203(k): Finances the purchase and renovation. Can be used for appliances as well as structural repairs/remodeling. Maximum of $35,000.
• FHA Standard 203(k): Finances the purchase plus renovations. No $35,000 limit.

One notable feature of Fairway’s products is the variety of terms available for adjustable-rate mortgages. Although 5/1, 7/1, and 10/1 loans are fairly common, 3/1 loans are not, but Fairway has one.

Here’s a quick look at Fairway’s mortgage purchase loans:

Mortgage purchase programs	Conventional, jumbo, FHA, USDA, VA, renovation
Fixed-rate loan terms	10, 15, 20, 25, 30 years
Adjustable-rate loan terms	3/1, 5/1, 7/1, 10/1
Rates and fees	Rates and fees vary by loan and borrower’s qualifications. VA funding fee: 1.40% with 10% down payment, 1.65% with 5% down payment, 2.30% with $0 down for first-time benefit users FHA upfront mortgage insurance premium: 1.75% USDA guarantee fee: 3.5% max. upfront fee; 0.5% max. annual fee
Min. credit score	Varies by loan program, borrower’s qualifications and, in some cases, by state. Contact a loan officer for more information.
Min. down payment	Conventional: 5% (3% for first-time buyer); higher for jumbo loans, second homes, multifamily properties, investment properties FHA: 3.5% USDA: 0% VA: 0% FHA 203(k): 3.5%
Fairway Independent Mortgage isn't our partner, but you can use Credible to compare prequalified rates from other mortgage lenders all at once. Find Rates Now

Fairway mortgage refinancing review

Best if:

• You want to do a cash-out refinance
• You’re seeking a reverse mortgage
• You’re interested in reducing your current interest rate

Refinancing your mortgage can reduce your interest rate or change the term of your loan. Fairway’s mortgage refinance loans include a cash-out option, available with conventional and VA loans, and a reverse mortgage.

The cash-out refinance repays your current mortgage and gives you additional cash from your equity. A reverse loan, for borrowers age 62 and older, also pays out cash, whether in a lump sum, monthly payments, or a line of credit. However, you don’t have to make mortgage payments with a reverse mortgage, and you don’t have to repay the loan as long as you live in your home.

Here’s a quick look at Fairway’s mortgage refinance loans:

Mortgage refinance loan programs	Conventional, cash-out, FHA, VA, reverse mortgage
Fixed-rate loan terms	15, 20, 30 years
Adjustable-rate loan terms	3/1, 5/1, 7/1, 10/1
Rates and fees	Rates and fees depend on type of loan, borrower’s qualifications, discount points, and lender credits. VA funding fee: 0.5% to 2.30% for first use of benefit, depending on loan FHA mortgage insurance premium: 1.75% upfront fee1; annual fee varies according to loan-to-value ratio USDA guarantee fee: 3.5% max. upfront fee; 0.5% max. annual fee
Min. credit score	Varies by loan program and by state. Contact a loan officer for more information.
1Upfront mortgage insurance premium of 0.01% applies to Streamline Refinance and Simple Refinance loans used to refinance an FHA mortgage endorsed on or before May 31, 2009.
Fairway Independent Mortgage isn't our partner, but you can use Credible to compare prequalified rates from other mortgage lenders all at once. Find Rates Now

Learn More: How to Refinance Your Mortgage in 6 Easy Steps

How Fairway can improve

Fairway has a good selection of loans at competitive rates. A few improvements could make Fairway even more attractive to borrowers:

• Home equity loans and lines of credit: The only loan Fairway offers that allows you to tap into your home equity is the reverse mortgage, available to individuals age 62 and up.
• Loan information: Fairway’s website would be more helpful if it offered more specific details about the company’s loans, such as minimum down payments, credit requirements, and available terms.
• More easily accessible rates: The website doesn’t list Fairway’s mortgage rates. You’ll have to contact a loan officer for that information.

Compare multiple lenders first

It’s a good idea to compare several different mortgage lenders before you decide whether Fairway is the right one for you. First, weigh Fairway Independent Mortgage reviews against reviews of other lenders. Then compare mortgage rates and other loan details.

Credible makes it easy to compare rates from our partner lenders. You can see prequalified rates in just three minutes without leaving our platform.

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