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Fairway Independent Mortgage Corp. is the Swiss army knife of mortgage lenders: it finances just about every type of mortgage you can think of, connects borrowers with credit and initial assistance, and offers multiple ways to apply for a mortgage.
You can apply for the loan through the lender’s website, on their fancy app, or in person at one of 400 branches throughout the United States, regardless of which state you live in.
With so many options available, the lender is bound to have what you need. We even named Fairway one of the top mortgage lenders of 2021, thanks to a large selection of loans and good customer service. Here’s what you need to know about a lender before applying.
Pros and Cons of Fairway Independent Mortgage
Offers all major types of mortgages, as well as loans secured by real estate and lines of credit secured by real estate.
Works in all 50 states
Borrowers can apply for a mortgage in the office, through the Fairway app, or on the lender’s website.
Can finance a loan of up to $ 5 million
Fairway independent mortgage: loan types and products
Fairway Independent Mortgage offers a wide range of mortgages for borrowers looking to buy a home, refinance an existing mortgage, renovate a home or get a second mortgage. Here’s what Fairway is offering right now:
Fairway offers a choice between a flat rate and adjustable rate mortgage (ARM) loans for most of its products. You can choose from several fixed loan terms, including 10, 15, 20, 25 or 30 years. With ARM, the rate will be fixed for the first five, seven, 10 or 15 years. After a fixed period, the rate may increase or decrease annually until the end of the loan term.
Besides the regular mortgage loan, the lender also offers government-backed mortgage loans. In fact, Fairway was the top lender in terms of volume for FHA and USDA mortgages in 2019 and for VA mortgages in 2020.
Renovation loans are also available to cover the purchase and renovation costs. You can choose from several types, including Fannie Mae HomeStyle Repair Loan, FHA 203 (k) Repair Loan, FHA 203 (k) Limited Loan, USDA Repair Loan, and Major Site-Specific Repair Loan.
If you need to borrow a large amount, Fairway can finance giant mortgages up to $ 5 million for eligible borrowers. This is significantly more than you would get with other lenders, who often cap mortgage loans at $ 3 million.
Fairway also offers a unique program called a Physician Loan, which is a mortgage for healthcare professionals who are actively working, have completed a residency program or internship in clinical medicine. The loan is provided with a low an initial fee, and in some cases, the lender refuses the down payment altogether.
Fairway Independent Mortgage Transparency
Fairway has a user-friendly website that clearly states what types of mortgages it offers and who might be best suited for each loan product. The website also has mortgage calculators and resources for buying a home, as well as guides explaining mortgage types and conditions. You will also find information on what to do after closing, such as how to understand your loan provider, make your first payment, and cancel private mortgage insurance.
One of the lender’s standout offerings is the FairwayNOW mobile app, which borrowers can use to apply for a loan, scan and download financial documents, find a local loan officer, and calculate monthly mortgage payments.
However, the lender does not advertise mortgage rates in the app or website, and it does not post a list of lender fees that borrowers can pay at close. There is also no information on the minimum credit rating required to obtain a mortgage.
Fairway independent mortgage: rates and commissions
Fairway Independent Mortgage does not advertise daily refinancing rates and purchases, nor does it publish a list of fees that borrowers can pay on a home loan. But a Fairway representative provided us with a list of credit rating requirements that differ depending on the product type:
- Regular loans: 620
- FHA Credits: 600
- VA Credits: 600
- Large loans: 660
According to Fairway, if your credit rating is below one of the minimum requirements, it can help you build up your credit history. You will be free to work with the lender’s Creditool team. Fairway can also put you in touch with agencies to offer a down payment and help in closing a deal.
To get an accurate rate and breakdown of all lender fees and closing costs, you need to contact the lender and apply for a loan or request prequalification. To get the best rates, you may need good to excellent credit.
To save on a home loan, apply for a mortgage from at least three lenders and ask for a loan quote. Take your best offer and send it to another lender, asking them to beat the interest rate or closing cost (or both). Getting a lower interest rate can help you save hundreds or thousands of dollars over the life of your loan.
Fairway Mortgage does not charge application fees or prepayment penalties for any of its loans, and you can lock in your interest rate for free. However, you will pay a fee to extend the blocking rate.
Refinance with Fairway Independent Mortgage
If you have a mortgage and want to save money with a lower interest rate or get cash, you can refinance a regular loan, a government-backed loan, or a large loan with Fairway Mortgage.
When refinancing, you will be charged a commission, which usually ranges from 2% to 3% of the loan amount. But the specific costs vary depending on factors such as the type of loan, so you will need to apply to get an accurate estimate.
If you want to minimize your upfront costs, Fairway can roll up closing costs in the loan amount. While this can be convenient, you will pay more in the long run because you end up paying interest to close the deal.
Fairway Independent Mortgage Compared to Other Mortgage Lenders
|Minimum credit rating||620 for conditional loans; 660 for large loans; 600 for FHA loans; 600 for VA credits||620||660|
|Minimum down payment||0% to 5%||3%||five%|
|Where does the lender work?||fifty||43 years old||42|
|Main types of loans||Regular, Large, VA, FHA, USDA, Miscellaneous Renovation Loans, Adjustable Rate, Fixed Rate, Refinancing, Cash Payout Refinancing, Reverse Mortgages, Real Estate Loans, Home Equity Loans||Ordinary loans, large loans||Conventional loans|
How to shop around to get the best mortgage rate
Getting a good mortgage rate is important because it can potentially save you thousands of dollars over the life of the loan.
For example, suppose you received two mortgage bids for a $ 200,000 home with a 20% down payment and 30 years maturity. At an interest rate of 3.25%, the monthly principal and interest payments are $ 696. But with an interest rate of 3%, you save $ 22 per month in interest expenses. It might not sound like a lot, but overall, you can save $ 7,920 over 30 years.
But you won’t know if you’ll get the best deal if you don’t shop. It is recommended that at least three lenders apply for a mortgage and ask Mortgage loan appraisal… Use these documents to compare the interest rate, annual interest rate, and lender’s commission for each loan. Submit your best offer to another lender and ask them to beat the interest rate or closing costs. If you have good creditworthiness, lenders may want to compete for your business.
These mortgage applications can cause serious scrutiny of your credit reports, but credit rating companies know consumers are shopping. FICO will treat all mortgage requests made within 45 days as one request. Try to apply for a mortgage from this window to minimize the impact on your loan.
With so many options available, Fairway Independent Mortgage is a strong contender if you are looking to get a mortgage or refinance an existing loan. While you cannot check rate quotes or lenders’ commissions online, you can apply through the website, through the app, by phone, or from one of hundreds of offices across the country. The application process can be completed in about 10 minutes and you will quickly get in touch with a loan officer.