Fairway Independent Mortgage Corporation Review

ByTop10.com StaffDec. 19, 2019

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In a Nutshell

Fairway Independent is one of the largest independent mortgage providers in the US, with more than 400 branches throughout the country. It offers a variety of mortgage products, including fixed rate mortgages, adjustable rate mortgages, jumbo mortgages, and reverse mortgages. If you’re looking for an independent mortgage provider with a lot of products and which you can access from around the country, then Fairway is a great bet.

Fairway Independent Mortgage Corporation at a Glance

Loan types Mortgages
Featured loansAdjustable rates, refinancing, renovations, reverse mortgages
Repayment termsGenerally monthly
Minimum down payment0% - 10% depending on loan type
Minimum credit score The site advertises “low” credit score requirements, but applications are determined on a one-by-one basis
Best for Those seeking a wide variety of loan options

Overview

Fairway Independent Mortgage Corporation is a nationwide independent loan provider that offers clients a wide variety of financing options to help with a home purchase. The range of loans the company offers ranges from FHA mortgages with low down payment options to jumbo mortgages exceeding the conforming loan limit.

Best For

Those interested in niche financing options. Additionally, the company has a nationwide presence – although for legal reasons it cannot offer services to residents of New York, Nevada, Hawaii, or Alaska.

Types of Loans

Fairway offers a wide variety of loans. These include:

  • Adjustable rate mortgages

Mortgages with periodic rate adjustments after an initial fixed rate period. Fairway offers lower initial monthly payments on these loans and gives borrowers the opportunity to qualify for higher loan amounts. 

  • Conventional mortgages

Fairway also offer conventional mortgages, which are not backed by the government. These typically have a slightly higher down-payment requirement than those which are backed by a government agency. These are suitable for borrowers with a good credit score and a steady monthly income. 

  • Federal Housing Administration (FHA)

Mortgages for purchasing or refinancing a home. This type of loan has flexible qualification requirements. Fairway can offer loans for one to four unit properties and condos, depending on the applicant.

  • Jumbo loans

Jumbo loans, also known as non-conforming mortgages, allow borrowers top borrow loans above the conforming limit set down by the Federal Housing Finance Agency.

  • Refinancing

Fairway offers refinancing solutions to allow borrowers to repay their current mortgages with an entirely new loan — or to restructure the mortgage to fit their borrowing needs. This type of loan is commonly used by borrowers that wish to combine first and second lien loans into one financing vehicle for simplicity — and to realize savings.

  • Renovation loans

Fairway offers special loans for those wishing to undertake repairs, renovations, and remodels of existing properties. These can also be used by borrowers that want to increase the energy efficiency of their homes. All repairs, however, need to be completed by a licensed contractor.

  • Reverse mortgages

Reverse mortgages allow borrowers to liquidate (turn into cash) a portion of their home equity. This product is only available to borrowers who are aged 62 or older. The type of home being borrowed against must also be a single family home and the borrower needs to meet minimal credit and property requirements.

  • USDA / rural development

If you want to escape the hustle and bustle of the city, then Fairway offers home loans guaranteed by the United States Department of Agriculture.

  • VA loans

Fairway works with the Department of Veteran Affairs (VA) to offer affordable home financing options for eligible service members, veterans, and surviving spouses. VA loans offer no prepayment penalties and are available as both fixed-rate and adjustable-rate mortgages.

The Application Process

Fairway Independent Mortgage Corporation is a relatively easy institution to work with, according to user reviews. 

To get the ball rolling, users should visit their nearest branch. Fairway has offices throughout the United States. Once borrowers decide on which mortgage vehicle they are interested in using, they will be required to submit a number of items of paperwork so that the company can decide on their eligibility to borrow.

Users can also initiate the process over the internet. They will receive a loan application package in return. Documentation that must be submitted includes:

A disclosure statement which borrowers sign to indicate that they have received the obligatory information about the product and its terms and conditions from Fairway.

Bank statements. Online bank statements will only be accepted if they contain the bank logo, name, and correct account number. 

Once users have submitted the documentation to fairway they will be approved/denied as soon as possible

Rates and Fees — The Bare Basics

Fairway mortgage rates depend on the type of product being applied for, your credit history and financial standing, as well as the property itself. 

Generally rates are around:

Product Rate
USDA / VA-issued mortgages 0%
FHA issued mortgages 3.5%
Conventional mortgages 3-5%
Jumbo 10%

The finance charge and the closing costs are both stated on the Disclosure Statement after borrowers’ applications have been approved.

Repayment Terms

The repayment terms vary by loan type and are generally agreed in the payment schedule for each product. 

The adjustable rate mortgage is suitable for those planning on moving within seven years as they feature a low introductory APR. Those looking for longer term mortgages, however, might be better looking at the provider’s fixed rate lending option.

Help and Support

Fairway Independent Mortgage Corporation offers support to borrowers via email and telephone. The telephone loan servicing line can be reached Monday to Friday between 08:30 to 17:30 CT.

Summary

Fairway Independent Mortgage Corporation is a great choice for prospective homeowners that are looking for a lender with a variety of financing options. Zero percent down-payment are available — but only on a narrow selection of financing products. On the plus side, the company has nationwide coverage and email and phone support.

Fairway Mortgage FAQs

Q: What is the new loan estimate (NLE)?

A: The NLE replaces the company’s good faith estimate (GFE) and provides borrowers with clear estimates on loan terms and estimates on closing costs. 
Q: What is the annual percentage rate (APR)?

A:The APR is the cost of borrowers’ credit expressed in terms of an annual rate

Q: Does Fairway sell its borrowers’ loans?

A: Yes. Fairway engages in transferring. Borrowers receive full information about the investors they have been matched up with.

Q: Does Fairway accept online bank statements?

A: Yes, but only when the statements contain the bank’s logo, its name, and correspond with the account of the borrower

Physical Address

Fairway Independent Mortgage Corporation

4750 S. Biltmore Lane

Madison, WI 53718

Fairway Mortgage Corporation