Fairway Independent Mortgage Review 2022

Fairway Independent Mortgage Corp. is a mortgage lender founded in 1996, with headquarters in Madison, Wis. The company currently has branches in 48 states and the District of Columbia.

8/10 LendingTree’s Mortgage Lender Rating

LendingTree’s mortgage lender rating is based on a 10-point scoring system that factors in several features, including digital application and closing processes, available loan products and online and in-person accessibility. LendingTree’s editorial team calculates each rating.

  = 1 pt    = 0 pts

1.   Application online
2.   Product information is provided online
3.   Rates listed online
4.   Helpful articles about mortgages and homebuying
5.   Standard product offerings (FHA/VA/Conventional/USDA)
6.   Special programs
7.   Info about how to qualify for products offered online
8.   E-closing availability
9.   Branches available in at least 35 states
10.   After-hours/weekend access to loan officers

Fairway Independent Mortgage pros and cons

Pros

  You’ll have plenty of loan programs to choose from

  You can take out a reverse mortgage if you’re eligible

  You may be able to renovate your home with several different home improvement programs

Cons

  You won’t find rate information on the website

  You can only find first mortgage options — home equity loans and HELOCs are not available

  You’ll need to call a Fairway loan officer for specific qualifying information on offered loan programs

Fairway Independent Mortgage borrowing requirements

Fairway Independent Mortgage mortgage rates and fees

Fairway Independent Mortgage doesn’t publish rate or fee information on its website. However, the FAQs section indicates total closing costs will range between 2% and 3% of the mortgage amount.

Fairway Independent Mortgage products

PURCHASE AND REFINANCE

Loan products. Fairway offers conventional and jumbo loans for borrowers with good credit and stable income. Available government loan programs include loans insured by the Federal Housing Administration (FHA), the U.S. Department of Veterans Affairs (VA) and the U.S. Department of Agriculture (USDA ).

Jumbo loans are for borrowers who need more borrowing power than the conforming loan limits allow (over $647,200 in most areas), and typically require higher credit scores and down payments. The FHA loan may be a better match for borrowers with credit scores below 620. VA loans are only available to eligible military borrowers with no down payment. Low- to moderate-income borrowers buying in eligible rural areas don’t usually need a down payment with a USDA mortgage.

Loan terms include 10, 15-, 20-, 25- and 30-year fixed-rate options. Fairway also offers adjustable-rate mortgages (ARM), but the website doesn’t provide any details on available ARM terms.

First-time homebuyers can choose a conventional loan with a 3% down payment or an FHA loan with a 3.5% down payment.

Special mortgage programs

Fairway Independent Mortgage offers reverse mortgages and fixer-upper loans. Reverse mortgages are designed to allow qualified borrowers at least 62 years of age to convert equity into a lump sum of money, monthly cash payments, a line of credit or a combination of both. Fairway offers the following programs if you want to roll the cost of improving your home into one loan:

HomeStyle renovation loan. The Fannie Mae HomeStyle renovation loan gives your more freedom to make desired renovations and comes with cheaper mortgage insurance costs compared to FHA renovation loans if you have good credit.

Limited FHA 203(k) loan. Homeowners with spotty credit can tackle projects up to $35,000 but will be “limited” to FHA permissible improvements like kitchen upgrades or new flooring.

Standard FHA 203(k) loan. For bigger projects that require FHA credit flexibility, the standard FHA 203(k) loan may give you enough funds to move or remove walls, make pool repairs and add landscaping to your yard.

How does Fairway Independent Mortgage compare to others?