July 31, 2021

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Fairway Independent Mortgage Lender Review 2021

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Fairway Independent Mortgage Corp. is the Swiss Army Knife for mortgage lenders: it finances almost any type of mortgage you can imagine, connects borrowers with loan and down payment assistance, and offers a variety of ways to submit a mortgage application.

You can apply for a loan through the lender’s website, their fancy app, or in person at any of the 400 offices in the US, regardless of which state you live in.

With so many options, the lender needs to have exactly what you need. We even named Fairway one of them best mortgage lender of 2021Thanks to its large credit selection and good customer service. Here’s what you should know about the lender before you apply.

Pros and Cons of an Independent Fairway Mortgage

advantages

  • Offers all of the major mortgage types along with home equity loans and home equity lines of credit

  • Works in all 50 states

  • Borrowers can apply for a mortgage at an office, through the Fairway app, or on the lender’s website

  • Can fund loans 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 take out a second mortgage. Fairway currently offers:

Fairway offers the choice between fixed price and Variable rate mortgage (ARM) loan for most of its products. You can choose from several fixed loan terms, including 10, 15, 20, 25 or 30 years. For an ARM, the rate is set for the first five, seven, ten or 15 years. After the set period has expired, the interest rate may increase or decrease annually for the remainder of the loan term.

In addition to their conventional mortgages, the lender also offers government-supported home loans. In fact, Fairway was the largest lender by loan size for FHA and USDA mortgages in 2019 and VA mortgages in 2020.

Home renovation loans are also available to help cover the purchase and the cost of remodeling. There are several types to choose from including the Fannie Mae HomeStyle HomeStyle Home Renovation Loan, FHA 203 (k) Home Home Home Loan, FHA 203 (k) Limited Loan, USDA Home Home Renovation Loan, and Jumbo Home Home Renovation Loan at certain locations.

If you need to borrow a large amount, Fairway can fund jumbo mortgage loans of up to $ 5 million for qualified borrowers. That’s far more than other lenders who often cap mortgage loans at $ 3 million.

Fairway also offers a unique program called a “Doctor Loan”. This is a mortgage for medical professionals who are actively working, have completed a medical residency program, or have completed a medical / clinical fellowship. The credit comes with a low one depositIn some cases, the lender waives the down payment altogether.

Fairway Independent Mortgage Transparency

Fairway has an easy-to-navigate website that clearly states what types of mortgages are on offer and who might be suitable for each loan product. The website also includes mortgage calculators and home buying resources, as well as guides that explain loan types and mortgage terms. You can also find information on what to do after graduation, such as: B. Understanding your loan service provider, first payment, and removing home mortgage insurance.

One of the lender’s standout offerings is the FairwayNOW mobile app, which allows borrowers to apply for a loan, scan and upload financial documents, find a local loan officer, and calculate monthly mortgage payments.

However, the lender does not advertise Mortgage rates on the app or website, and does not publish a list of lender fees that borrowers may pay upon completion. There is also no information about the minimum credit rating required to qualify for a mortgage.

Fairway Independent Mortgage: Prices and Fees

Fairway Independent Mortgage does not advertise daily refinance and purchase rates, nor does it publish a list of lender fees borrowers may pay on a home loan. However, a fairway rep provided us with a list of creditworthiness requirements that vary by product type:

  • Conventional Loans: 620
  • FHA loan: 600
  • VA loan: 600
  • Jumbo Loan: 660

If your credit score falls below one of the minimum requirements, Fairway may be able to help you build a credit history. You work with the lender’s “Creditool” team for free. Fairway can also connect you with agencies to offer assistance with down payment and closing costs.

For an accurate quote and a breakdown of all lender fees and closing costs, you need to contact the lender and submit a loan application or prequalify. To get the best rates, you may need credit, good to excellent.

Pro tip

To save money on your home loan, submit a mortgage application to at least three lenders and request a loan estimate. Take the best offer and send it to another lender. Ask him to beat the interest rate or the closing cost (or both). Getting a lower interest rate can save you hundreds or thousands of dollars over the life of the loan.

Fairway Mortgage does not charge any application fees or prepayment penalties on any of its loans, and you can set your interest rate for free. However, you will pay a fee to extend the tariff lock.

Refinancing with Fairway Independent Mortgage

If you have a mortgage and want to save money or withdraw cash at a lower interest rate, you can refinance a traditional loan, a government sponsored loan, or a jumbo loan with Fairway Mortgage.

When refinancing, you pay fees that typically average 2% to 3% of the loan amount. However, the specific cost will depend on factors such as the type of loan. You will therefore need to apply for an accurate estimate.

If you want to minimize your upfront costs, Fairway can Roll the closing costs in the loan amount. While this can be handy, you will end up paying more in the long run because you end up paying interest on the closing costs.

Fairway Independent Mortgage compared to other mortgage lenders

Fairway independent Better.com SoFi
Minimum score 620 for conventional loans; 660 for jumbo loans; 600 for FHA loans; 600 for VA loans 620 660
Minimum deposit 0% to 5% 3% 5%
Where does the lender operate? 50 43 42
Major Loan Types Conventional, Jumbo, VA, FHA, USDA, Various Home Improvement Loans, Floating Rate, Fixed Rate, Refinance, Payout Refinance, Reverse Mortgage, Home Loans, Home Equity Lines Conventional Loans, Jumbo Loans Conventional Loans

How To Shop Around To Get The Best Mortgage Rate

Getting a good deal on your mortgage rate is important as it could save you thousands of dollars over the life of the loan.

For example, let’s say you received two mortgage rate offers on a home valued at $ 200,000 with a 20% down payment and a 30 year term. At an interest rate of 3.25%, the monthly principal and interest payment is $ 696. However, at a 3% interest rate, you will save $ 22 per month in interest costs. That might not sound like a lot, but it adds up to $ 7,920 in savings over 30 years.

But you won’t know if you’re getting the best deal if you don’t shop. It’s a good idea to submit mortgage applications to at least three lenders and ask for one Mortgage loan estimate. Use these documents to compare the interest rate, annual percentage rate, and lender fees for each loan. Send the best offer to another lender and ask them to beat the interest rate or closing cost. If you have strong credit, lenders may be ready to compete for your business.

These mortgage applications can cause a tough query on your credit reports, but the credit rating companies know that consumers are looking. FICO treats all mortgage inquiries made within 45 days as just one inquiry. Try to submit your mortgage applications in this window to minimize the impact on your bankroll.

Bottom line

With so many options, Fairway Independent Mortgage is a tough competitor when looking to take out a mortgage or refinance an existing loan. While you can’t check rate quotes or lender fees online, you can apply through the website, through an app, by phone call, or at one of hundreds of offices across the country. The application process can be completed within approximately 10 minutes and you will be quickly connected to a loan officer.