Fairway Independent Mortgage Review 2026
Fairway Independent Mortgage offers a wide variety of home loan options, including government-backed loans and home renovation loans. With branches in most states, this lender may appeal to borrowers who value in-person service and flexibility.
See how we reached our verdict below.
- Wide variety of loan options, including renovation loans and super-jumbo loans
- Brick-and-mortar locations in most states
- Low application denial rates
- Doesn’t publish rates or fees online
- Higher fees than many competitors
- No home equity lines of credit (HELOCs) or home equity loans
Fairway Independent Mortgage overview
Fairway Independent Mortgage Corporation is a full-service mortgage lender serving all 50 states and the District of Columbia. It has headquarters in Madison, Wis., and Carrollton, Texas. It was founded in 1996.
- Areas of service: All 50 states and Washington, D.C.
- Digital service: Digital and in-person mortgages offered
- Headquarters: 4750 S. Biltmore Lane, Madison, WI 53718
- Website: Fairway.com
Fairway Independent Mortgage rates and fees
Rates
Fairway Independent Mortgage doesn’t share detailed information about its mortgage rates online. However, we know this lender’s average interest rate for all loan types in 2024 was 6.71%, according to data from the Home Mortgage Disclosure Act (HMDA). Its average rate spread that year was 0.46%, which is the difference between the average prime offer rate (APOR) and the average annual percentage rate (APR) that Fairway Independent Mortgage offered to mortgage customers that year. The higher the average rate spread, the more expensive the loan. Fairway Independent Mortgage’s rate spread is on the low end compared to the average rate spreads of similar mortgage lenders, which range from -0.12% to 3.84%, with an average of 0.74%.
In 2023, Fairway Independent Mortgage’s average interest rate was 6.72% with a rate spread of 0.49%.
Fees
Fairway Independent Mortgage doesn’t list fees online. Based on HMDA data, however, we know that average origination fees were $3,597 in 2024, which is just above the average of similar lenders we evaluated, whose average origination fees ranged from $795 to $6,745. Fairway Independent Mortgage’s average total loan cost was $8,002, which is on the higher end compared to the average total loan cost of other similar lenders, which range from $2,368 to $12,406.
The Fairway Community Access program offers grants up to $7,500 for qualifying first-time homebuyers living in eligible metropolitan areas. It includes a $7,000 credit toward the down payment or closing costs and up to $500 for an appraisal if one is required. The money doesn’t have to be paid back.
What types of mortgage loans does Fairway Independent Mortgage offer?
Fairway Independent Mortgage offers a variety of home loans including:
Fairway Independent Mortgage offers conventional loans in the form of adjustable-rate mortgages (ARMs), fixed-rate mortgages, rate-and-term refinances and cash-out refinances.
Conventional loan qualification requirements
- 620 minimum credit score
- Down payment minimums ranging from 3% to 20%
- Private mortgage insurance (PMI) is required with less than a 20% down payment
Fairway Independent Mortgage offers Federal Housing Administration (FHA) loans, which are mortgages insured by the federal government. FHA-backed mortgages offer competitive interest rates, lower down payments and lower credit score requirements than some other types of home loans.
Fairway offers a variety of FHA loans, including fixed-rate, adjustable-rate and streamline refinance loans. Fairway also offers loans for one- to four-unit properties and FHA Limited 203(k) loans designed to fund necessary renovations or home improvements.
FHA loan qualification requirements
- Minimum 3.5% down payment with a 580 credit score or higher
- Minimum 10% down payment with a 500 to 579 score
- Maximum 50% debt-to-income (DTI) ratio
- FHA mortgage insurance is required
Fairway Independent Mortgage offers VA loans, which are mortgages backed by the Department of Veterans Affairs (VA) and are available to U.S. service members, veterans and their families. VA loans offer lower interest rates and don’t require a down payment or PMI, making homeownership more affordable for those who qualify.
VA loan qualification requirements
- 580 minimum credit score
- Typically no down payment required for borrowers with full VA entitlement
- No private mortgage insurance (PMI) required
Fairway Independent Mortgage offers USDA loans, which are mortgages backed by the U.S. Department of Agriculture (USDA). USDA home loans can help to make homeownership more affordable for homebuyers in rural areas with zero-down-payment options, lower credit scores accepted and no cash reserves required.
USDA loan qualification requirements
- Minimum credit score not specified
- Typically no down payment required for eligible borrowers
- House must be in a designated rural area. Check the U.S. Department of Agriculture (USDA) eligibility map to see if your area qualifies
- Applicant’s income can’t exceed 115% of their area’s median household income
- Upfront and annual guarantee fee required
Fairway Independent Mortgage offers jumbo loans, which are mortgages with loan amounts exceeding the current conforming loan limit ($806,500 in 2025). These loans often come with higher interest rates and stricter qualification requirements.
Fairway’s jumbo loans can be used for primary residences, second homes or rental homes and are available as adjustable-rate mortgages, fixed-rate mortgages, VA loans, conventional loans and renovation loans. Fairway also offers super-jumbo loans for borrowers looking at homes worth $1 million or more and jumbo reverse mortgages for homeowners age 62 or older with a lot of equity in an expensive home.
Jumbo loan qualification requirements
- Down payments as low as 10% for a primary residence, higher minimums for second homes and rental properties
- Minimum credit score not specified
- Minimum DTI ratio not specified
Fairway Independent mortgage qualifications
| Credit score minimum | Conventional: 620 FHA: 500 or 580, depending on down payment VA: 580 USDA: Not specified Jumbo: Not specified |
| DTI ratio
Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments.
| Conventional: Not specified FHA: 50% VA: 41% USDA: 43% Jumbo: N/A |
| Down payment minimum | Conventional: 3% FHA: 3.5% VA: 0% USDA: 0% Jumbo: 10% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
Fairway Independent Mortgage doesn’t publish all of the requirements you need to get your loan approved. However, according to national HMDA data from 2024, the average loan-to-value (LTV) ratio of approved applicants was 86.3% across all loan types. Applicants with a debt-to-income (DTI) ratio below 40% were slightly more likely to be approved, but Fairway approved almost as many applicants with a DTI ratio above 43%.
Overall, Fairway denied only 5.7% of loan applicants in 2024, which is a low rate of denial. For comparison, many large lenders have denial rates in the low teens up through the mid-30s.
How to apply for a Fairway Independent mortgage
1. Choose your loan type
Go to Fairway.com and select “Loan Products” from the main menu. This will take you to a product page where you can browse loan options. Select the loan type you’re interested in and tap “View Product” to learn more.
2. Get prequalified
Going through the prequalification process can help you understand what mortgage rates and loan amounts you might qualify for based on some cursory information. You can tap the “Get Started” or “Get Pre-Approved Today” buttons on the Fairway website to begin this process. Once you complete this information, Fairway will connect you with a loan officer.
3. Submit a loan application
You can begin the application process over the phone, in person or online. You can also start an application using the lender’s mobile app, FairwayNow. Fairway Independent Mortgage does not have branches in Alaska or West Virginia, but residents of these states can still apply online or by phone. After you complete the initial application, a loan officer will guide you through the rest of the loan process and gather any other necessary documentation.
It’s smart to ask your loan officer about the preapproval process, which carries more weight than prequalification. Preapproval involves providing proof of your financial situation to a loan officer, who will review it and pull your credit report to determine how much you qualify to borrow. You can use your preapproval to put an offer on a house, and if your offer is accepted, your loan officer will help you finalize your mortgage application.
Find out more about how to apply for a home loan.
- Identification
- Tax documents
- Bank statements
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Is it safe to get prequalified with Fairway Independent Mortgage?
Yes, it’s safe to get prequalified or preapproved for a mortgage with Fairway Independent Mortgage. Getting preapproved helps you to settle on an affordable purchase price and loan type before you start shopping. A preapproval letter also shows real estate agents and sellers that you’re a serious buyer.
Prequalification is typically based on estimated information, while preapproval is based on verified information, which will result in a hard inquiry on your credit report. Both prequalification and preapproval have many benefits, including making you more competitive with other buyers.
Fairway Independent Mortgage’s customer service experience
You can contact Fairway Independent Mortgage through the website’s contact form or by phone at the numbers below. Fairway’s customer service hours are Monday to Friday from 8:30 a.m. to 5 p.m. CT.
- Loan servicing: 800-201-7544
- Complaints: 877-699-0353
- Corporate: 866-912-4800
You can also contact your local Fairway Independent Mortgage branch directly. Go to Fairway.com, select “Locations” and navigate to the branch nearest you for contact information. Each branch has a local phone number you can call and a list of its loan officers. If you’d like to contact a specific loan officer, you can select one and email them.
How does Fairway Independent Mortgage compare to other lenders?
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| LendingTree’s rating |
Expert review from LendingTree.
Back to our Fairway Independent Mortgage summary |
Expert review from LendingTree.
Read our Fairway Independent Mortgage vs. Pennymac comparison |
Expert review from LendingTree.
Read our Fairway Independent Mortgage vs. AmeriSave comparison |
| Minimum credit score | 500 to 620 | 580 to 620 | 500 |
| Minimum down payment | 0% to 10% | 0% to 3.5% | 0% to 3.5% |
| Rate spread
Rate spread is the difference between the average prime offer rate (APOR) — the lowest APR a bank is likely to offer any private customer — and the average annual percentage rate (APR) the lender offered to mortgage customers in 2023. The higher the number, the more expensive the loan.
| 0.46% | 0.81% | 2.63% |
| Loan products and programs |
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| Better for: | Borrowers who want access to a wide variety of loan options and brick-and-mortar locations. | Buyers looking for an easy way to secure and manage traditional or government-backed loans. | Buyers looking for a home equity loan or HELOC. |
Fairway Independent Mortgage vs. Pennymac
Fairway Independent Mortgage and Pennymac both offer a wide range of mortgage products, including conventional and government-backed loans. There are some key differences, however. For example, Pennymac offers home equity loans, while Fairway Independent Mortgage doesn’t.
Pennymac’s rate spread is higher than that of Fairway Independent Mortgage (0.81% vs. 0.46%, respectively), making Pennymac loans more expensive on average than Fairway Independent Mortgage loans.
Read more in our full Pennymac mortgage review.
Fairway Independent Mortgage vs. AmeriSave
Fairway Independent Mortgage and AmeriSave both offer a variety of mortgage products. However, there are some key differences. AmeriSave offers HELOCs and home equity loans, which Fairway Independent Mortgage doesn’t. Fairway Independent Mortgage has offices in 48 states, while AmeriSave is an online-only lender.
AmeriSave’s rate spread is significantly higher than Fairway Independent Mortgage’s (2.63% vs. 0.46%, respectively), making Fairway Independent Mortgage loans more affordable on average.
Read more in our full AmeriSave mortgage review.
How LendingTree rated Fairway Independent Mortgage
LendingTree’s mortgage lender rating is based on a five-point scoring system that factors in several features, including digital application processes, available loan products and the accessibility of product and lending information.
LendingTree’s editorial team calculates each rating based on a review of information available on the lender’s website. Lenders receive a half-point on the “offers standard mortgage products” criterion if they offer only two of the three standard loan programs (conventional, FHA and VA). In some cases, additional information was provided by a lender representative.
Fairway Independent Mortgage’s scorecard:
❌ Publishes rates online
✅ Offers standard mortgage products
✅ Includes detailed product info online
✅ Shares resources about mortgage lending
✅ Provides an online application
Frequently asked questions
Fairway Independent Mortgage offers online preapproval tools, an online application and digital closings. The lender also has a highly-rated mobile app for iOS and Android called FairwayNow. You can start your loan application, track your loan progress, communicate with loan officers and realtors, and scan and upload loan documents through the app.
Fairway Independent Mortgage is legitimate and has been in business since 1996. It’s licensed to operate in all 50 states and has an A-plus rating with the Better Business Bureau (BBB).
You can view more info about Fairway Independent Mortgage’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
A Fairway Independent Mortgage home loan may affect your credit score. Completing a full application for a mortgage leads to a hard pull on your credit, meaning the lender formally checks your credit history. This typically causes a slight dip in your credit score. A LendingTree study on homebuying and credit scores shows homebuyers’ scores usually fall by no more than 20 points on average and typically rebound within a year.
Fairway Independent Mortgage has received less than 3 stars (out of 5) on Trustpilot; however, this is based on a handful of reviews.
While Fairway has an A-plus rating with the BBB, it’s received more than 20 complaints over the last three years. Some customers complain of delays or a lack of communication during the loan process and issues with insurance escrow accounts. In the last year, Fairway Independent Mortgage has closed nearly 10 complaints.
Compare Multiple Prequalification Offers