Fairway Independent Mortgage Review 2024
580 to 620
0% to 3.5%
Conventional, FHA, VA, USDA, renovation, reverse mortgage, jumbo, and physician loans
- More loan options than other lenders, 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 HELOC products
Fairway Independent Mortgage overview
Fairway Independent Mortgage Corporation is a full-service mortgage lender with branches in all 50 states and headquarters in Madison, Wisconsin, and Carrollton, Texas. It was founded in 1996.
- Areas of service: All 50 states and the District of Columbia
- Digital service: Digital and in-person mortgages offered
- Headquarters: 4750 S. Biltmore Lane, Madison, WI 53718
- Website: Fairway.com
Fairway Independent rates, terms and fees
Rates
Fairway Independent doesn’t publish its rates online, so you’ll need to contact a loan officer to figure out what rates you might qualify for.
We do know that Fairway’s mortgage rates are decently competitive, though you can find lenders with lower average rates. Fairway’s rates averaged 0.49 percentage points above the average prime offer rate (APOR) in 2023. The APOR is a benchmark rate based on low-risk loans, and a loan isn’t considered higher-priced unless it’s at least 1.5 percentage points above the APOR.
From 2022 to 2023, Fairway saw a 23% decrease in its rate spread.
Fees
The average total loan cost at Fairway Independent was $8,170 in 2023, according to Federal Financial Institutions Examination Council (FFIEC) data. This is on the high end compared to other mortgage lenders.
While Fairway doesn’t disclose its fee structure, it does state that average closing costs range from 2% to 3% of the mortgage amount. This amount includes a loan origination fee, appraisal costs, discount points and other closing costs. Fairway’s origination fees averaged $3,717 in 2023, according to data from the Home Mortgage Disclosure Act (HMDA).
What discounts does Fairway Independent offer?
The Fairway Community Access program offers $7,000 grants to qualifying first-time homebuyers living in eligible metropolitan areas. The grant does not have to be repaid, and it’s meant to promote affordable housing by covering part of the down payment and closing costs.
What types of mortgage loans does Fairway Independent offer?
Fairway Independent offers a variety of home loans including:
Conventional loans
Fairway 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 payments ranging from 3% to 20%
- Private mortgage insurance (PMI) required with a down payment of less than 20%
FHA loans
Fairway Independent offers Federal Housing Administration (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 for funding necessary renovations or home improvements.
FHA loan qualification requirements
- 580 minimum credit score required with a 3.5% minimum down payment
- 500 to 579 credit score required with a 10% down payment
- FHA mortgage insurance required
VA loans
Fairway offers VA loans guaranteed by the U.S. Department of Veterans Affairs (VA) and open to eligible veterans, service members and surviving spouses. Fairway’s VA loans include fixed-rate mortgages, adjustable-rate mortgages, cash-out refinances and interest-rate reduction finances.
VA loan qualification requirements
- 580 minimum credit score
- No down payment required if borrower has full VA entitlement and the loan amount is within VA county limits
- No private mortgage insurance (PMI) required
USDA loans
Fairway offers United States Department of Agriculture (USDA) loans to qualifying borrowers in designated rural areas. These loans are backed by the USDA and feature lower interest rates and closing costs. Fairway’s USDA loans are offered as 30-year fixed-rate mortgages.
USDA loan qualification requirements
- 640 suggested minimum credit score
- No down payment for qualified applicants
- 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 the area’s median household income
- Guarantee fee paid as an upfront and monthly fee instead of mortgage insurance
Jumbo loans
Fairway offers jumbo loans with loan amounts that exceed loan limits set by the U.S. government. These loans are designed for homes worth around $800,000 or more and 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 aged 62 or older with a lot of equity in an expensive home.
Jumbo loan qualification requirements
- 680 suggested minimum credit score
- Down payments as low as 10% for a primary residence, higher for second homes and rental properties
Fairway Independent mortgage qualifications
| Credit score minimum | 580 to 620 |
| DTI ratio Debt-to-income (DTI) ratio compares your monthly gross income to your monthly debt payments. maximum | Conventional: 50%FHA: 50%VA: 41%USDA: 43% |
| Down payment minimum | Conventional: 3%FHA: 3.5%VA: 0%USDA: 0% |
Don’t know your credit score? Get your free score on LendingTree Spring today.
How to boost your loan approval odds
Fairway Independent doesn’t publish all of the requirements you need to get your loan approved. However, according to national HMDA data from 2023, the average loan-to-value (LTV) ratio of approved applicants was 86.8% 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 6.4% of loan applicants in 2023. That’s one of the lowest rejection rates amongst major mortgage lenders, with most others denying anywhere from 10% to 50% of applicants.
How to apply for a Fairway Independent mortgage
1. Choose your loan type
Go to Fairway.com and navigate to “Loan Products” at the top of the page. From there, you can choose your loan type and select “View Product” underneath it.
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 select any of the “Get Started” or “Let’s Connect” 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 on application the lender’s mobile app, FairwayNow. Fairway Independent 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 can be wise to ask your loan officer about the preapproval process, which carries more weight than prequalification. Preapproval involves offering proof of your financial situation to a loan officer, who will review it and pull your credit report to verify how much money 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.
Documents you’ll need for prequalification or preapproval
- Identification
- Tax documents
- Bank statement
- Pay stubs
- Debt and asset statements
- Gift letters (if you’re using gifted funds)
Find out more about how to apply for a home loan.Is it safe to get prequalified with Fairway Independent?
It is safe to get prequalified with Fairway Independent. Prequalification typically does not involve a hard pull on your credit report, so it will not impact your credit. However, if you move forward with the preapproval process, Fairway will pull your full credit report, which may have an impact on your credit score. That said, credit pulls are a necessary step in the loan process, and the impact is temporary and usually minimal.
It’s important to go through the preapproval process both to understand what you qualify for and to increase your chances of having your offer on a home accepted. Sellers are more likely to consider your offer if it’s accompanied by a preapproval.
Fairway Independent’s customer service experience
You can contact Fairway Independent through the website’s contact form or by phone at the number below. Fairway’s customer service operates Monday to Friday, 8 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 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 compare to other lenders?
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|---|---|---|---|
| LendingTree’s rating | Back to our Fairway Independent summary |  Read our Fairway vs. Mr. Cooper comparison |
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| Minimum credit score | 580 to 620 | 580 to 620 | Not published |
| Minimum down payment | 0% to 3.5% | 0% to 3% | 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. | 0.49% | 0.73% | 0.81% |
| 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. | Homebuyers who like convenient digital applications and lenders that publish regularly updated rates. | Borrowers looking for an online lender that offers interest rate discounts. |
Read our Fairway Independent vs. Rocket Mortgage
While both lenders have similar credit score and minimum down payment requirements, they operate differently. Rocket Mortgage is an online mortgage lender that publishes its rates online, has extended customer service hours and may offer a more extensive and user-friendly digital experience. This lender has no physical branches. Fairway Independent’s digital experience and customer service hours may fall short of what Rocket Mortgage offers, but it does operate over 650 branches nationwide.
Fairway also focuses on government-backed loans with low down payment requirements and offers options that Rocket Mortgage doesn’t, such as USDA loans and renovation loans.
→ Read more in our full Rocket Mortgage review.
Fairway Independent vs. Mr. Cooper
Mr. Cooper is another online mortgage lender with no brick-and-mortar locations, making it better for people who don’t need in-person service. This lender also runs regular interest rate promotions, like a Mortgage Markdown program that offers 1% off your interest rate for the first year on a new home purchase.
Unlike Fairway Independent, Mr. Cooper provides daily updated rate information, however, it doesn’t publish credit score requirements. Neither lender discloses its fees, but according to national HMDA data, the average total cost of a home loan from Mr. Cooper was $10,138 in 2023 compared to $8,170 for Fairway Independent.
→ Read more in our full Mr. Cooper mortgage review.
Ready to compare lender offers on LendingTree? Get Your Rates TodayHow 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’s scorecard:
Publishes rates online
Offers standard mortgage products
Includes detailed product info online
Shares resources about mortgage lending
Provides an online application
= 0 points = 0.5 points = 1 point
Frequently asked questions
Fairway Independent offers online prequalification 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 this app.
Fairway Independent is legitimate and one of the largest mortgage lenders in the U.S. It’s licensed to operate in all 50 states and has an A+ rating with the Better Business Bureau (BBB).
You can view more info about Fairway Independent’s state licenses and registrations through the Nationwide Multistate Licensing System and Registry (NMLS) website.
Home loans affect your credit score in various ways. Loan applications create a new inquiry on your credit report, which can cause a temporary dip in your score, and your credit score may temporarily dip again if you’re approved for the loan. However, in the long run, a home loan from Fairway Independent or any other lender can help you build credit and improve your credit score as long as you make on-time payments. Our credit score study shows that while buying a home can hurt your credit score initially, the impact is minimal, and scores typically return to pre-loan levels within a year.
Fairway Independent has an A+ rating with the BBB and received 3.6 stars (out of 5) on TrustPilot, although this rating is based on only two reviews.
Fairway has received 38 total complaints in the last three years with the BBB. Some customers complain about not qualifying for a loan or receiving a hard pull on their credit report, but they seem to be confused about the loan application process. The company has received several complaints regarding human error, such as loan officers providing borrowers with incorrect information regarding their debt-to-income ratio or sending an email containing the last four digits of a customer’s account number to the wrong address.