Fairway Independent Mortgage Corporation Review - Mortgage Loans

Application & Approval Process
10.0/10
Rates & Fees
9.0/10
Payment Terms
8.0/10
Customer Support & Benefits
9.0/10

About Fairway Independent Mortgage Corporation

Founded in 1996, Fairway Independent Mortgage Corporation provides a personalized service offering a suite of loan products and support to help simplify the mortgage process. Fairway offers applicants with fixed-rate and adjustable-rate mortgages as well as other types of mortgages like FHA, USDA, VA, Jumbo loans and more. The company has grown into a large network of branches, 7,000 employees, and over 3,000 loan officers operating across over 800 branches. Fairway has funded more than $129.4 billion in loans and has financed over $4.2 billion in just 2019.

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Excellent

9.1/10

Pros

  • Wide variety of loan products
  • Quick mobile application
  • In-depth resources and guides available
  • HomeStyle renovation loan

Cons

  • Home equity loan or line of credit offered as brokered loans
  • Rates are not posted online

Key Highlights

  • Minimum credit score ranges from 620 and up depending on the type of loan.
  • Minimum down payment of 5% excluding VA, FHA and USDA loans.
  • Offers Purchase, Refinance, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA mortgage loans and more.
  • FairwayNow App is available to download on iOS and Android devices. It can be used to contact your loan officer or complete your mortgage application in under 10 minutes.
  • Best for borrowers looking for a wide selection of mortgage products to choose from.

Application & Approval Process

There are three ways you can apply for a loan with Fairway, either through their mobile application, website, or at one of their office locations. All of them have a similar step-by-step approach when applying for a mortgage loan.

Fairway’s 8-step online application makes applying for a loan easy and straightforward. It starts by asking for the borrower’s name and email address. Applicants also need to share the co-borrower’s details (if applicable) and accept the terms and conditions related to the Patriot Act agreement, credit check authorization, authorization to receive electronic disclosures, and privacy policy.

The next few steps require additional details such as:

Loan Information

  • Loan purpose and amount
  • Property address and purchase price
  • Other property details like the number of units, year built, etc.

Personal Information

  • Name
  • Phone number
  • Email address
  • Date of birth
  • Address
  • Marital status

Employment and Income

  • Employment type
  • Employer details
  • Gross annual income
  • Other sources of income
  • Available assets
  • Monthly non-mortgage debt payments

Assets and Liabilities

  • Assets to the borrower’s name
  • Any debt, mortgage, loan or liabilities issued by the borrower

Once you fill in the necessary details, Fairway will request that you answer a few declaration questions regarding your financial history or residential status. Applicants have to sign off the consent form and then proceed to the summary of their loan application.

Agreement

Upon completion of the application, Fairway will conduct a hard pull inquiry which may affect your credit score. This is done to assess your financial history and provide you with rates and loan details suitable to your profile. The company will get back to you after looking into your application and gather information on the best rates possible for you. A mortgage officer will get in touch with personalized rates and if the APRs match your requirements, you can close the loan by uploading documents like W-2s, pay stubs, bank statements and more. You must sign off the loan application to ensure release of your funds.

Rates & Fees

Fairway does not publish its mortgage rates or fees on their website as they are personalized to each individual. It is important to be aware that there are third-party fees involved regardless of whichever mortgage provider you choose, they are not limited to:

  • Appraisal fees
  • Home inspection fees
  • Document preparation fees
  • Title fees
  • State taxes
  • Application fees
  • Attorney’s fees
  • Prepaid interest
  • Assumption fees

There are fees associated with different types of loans like a VA funding fee for VA loans. We suggest that you look into the fee structure in detail once you receive the quotations.

The company offers fixed and adjustable rates with a range of mortgage products. However, these are determined according to your credit score and your profile. The mortgage rates do fluctuate according to market conditions. Here are some of the market APRs (as of May 2020) for various types of loans, expect to see rates somewhat similar to:

  • 30-Year Fixed – 3.76%
  • 20-Year Fixed – 3.75%
  • 15-Year Fixed – 3.35%
  • 10/1 ARM – 3.84%
  • 7/1 ARM – 3.82%
  • 5/1 ARM – 3.89%

ARM or adjusted rates are mortgages that have a fixed interest for the first few years and then transitions to a variable APR for the remaining period of the loan.

Payment Terms

Fairway offers fixed-rate loans with term options like 10, 15, 20, 25 or 30 years depending on the loan type. As previously mentioned, the company offers adjustable-rate loans as well, however, they haven’t mentioned the payment terms associated with ARM. It’s better to get in touch with one of their customer support representatives for further details.

Customer Support & Benefits

If you have any complaints or feedback, you can reach out to Fairway through their online contact form and fill in details such as your full name, contact number, email address, and your message. A customer service representative or an agent will reach out to you as soon as possible. Alternatively, you can get in touch through their dedicated customer service line during business hours of 8:30 AM to 5 PM Monday to Friday, FairwayNow mobile application, or contacting your dedicated loan officer. Users can connect with Fairway through their social media platforms which act as a means of staying updated about the mortgage world.

In addition, the website features a resources section with home-buying guides, glossary and calculators to help individuals be more financially independent. It is a great place for beginners to start and understand the terminologies associated with mortgages. The website also has an FAQ section about the home-buying process addressing concerns related to rates, private mortgage insurance and more.

Contact Details

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Excellent

9.1/10

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