Pros Explained  

• Multiple government-backed mortgage options: Not all lenders offer government-backed loans like Federal Housing Administration (FHA), United States Department of Agriculture (USDA), or Department of Veterans Affairs (VA) loans. By contrast, Fairway offers all three government-backed loans, allowing borrowers to take advantage of programs with low down payment requirements. 
• Affordable housing program: Fairway has an affordable housing program that provides grants and credits to help people achieve their homeownership goals. 
• Specialty loans available: Fairway operates several specialty mortgage programs, including loans designed for physicians, home renovations, and jumbo mortgages. You can take advantage of higher loan maximums, competitive rates, and other incentives through these programs. 
• Top-ranked for customer service: In the 2023 J.D. Power Mortgage Originator Customer Satisfaction Study, Fairway was the top-ranked company. 

Cons Explained 

• Does not list rates or fees online: Fairway does not disclose its fees or mortgage rates online. The only way to view rates is to contact a Fairway mortgage professional. 
• Must submit personal information to start the process: Before starting the mortgage application process, you must submit your details, including your phone number and email. That requirement can frustrate borrowers in the early stages of shopping around. 
• Loans serviced by other companies: Fairway doesn’t service the loans it originates. Instead, its mortgages are serviced by other companies such as Chase, RoundPoint Mortgage, and Flagstar Bank/Mr. Cooper. Customer service levels can vary by company, so knowing what to expect is difficult until you’re assigned a loan servicer.

Types of Mortgage Loans Offered by Fairway 

Fairway has more mortgage options than many other lenders, including government-backed loans and mortgages designed for physicians. A company spokesperson told us its minimum credit score is usually 620. An FHA loan may be an option for borrowers with scores below that. It allows borrowers to qualify with scores as low as 580. 

Borrowers can choose𓆏🎉 from the following options: 

• Adjustable-rate mortgage (ARM): With an adjustable-rate mortgage (ARM), you can take advantage of a lower introductory rate. However, the rate is tied to an interest rate benchmark, so it may increase over time. 
• Conventional: With a Fairway conventional mortgage, you can choose a loan term of 10 to 30 years and choose between a fixed-rate loan and an ARM. 
• Fixed-rate mortgage: If you opt for a fixed-rate mortgage, your rate stays the same for the duration of the loan.
• FHA: As a government-backed loan, an FHA mortgage allows you to buy a home with as little as 3.5% down. 
• VA: Eligible military veterans can qualify for up to 100% financing with a VA loan. 
• USDA: USDA loans are for low- to moderate-income borrowers looking to buy a home in a rural area with a low down payment.
• Jumbo: The limit for conforming loans is $766,550 in 2024 ($1,149,825 in designated high-cost areas). If you need to borrow more than that for the home you want to buy, you need a jumbo mortgage.
• Physician loans: Physician loans give doctors a low down payment option without mortgage insurance. And doctors can qualify within 90 days of a job offer’s start date. 
• Renovation: Renovation loans can be used to purchase and repair a home in need of rehabilitation.
• Reverse mortgage: Borrowers 62 or older can utilize a reverse mortgage to supplement their retirement income.

Fairway Independent Mortgage Loan Features 

Fairway offers the following benefits to indi👍viduals s💦hopping for a mortgage: 

• Affordable housing programs: Fairway operates an affordable housing program in some areas. If you qualify, you may be eligible for up to $7,000 in grants for the down payment or closing costs on your new home. Additionally, you could qualify for added benefits, such as appraisal credits or title insurance credits. 
• Credit tools: When you apply for a Fairway mortgage, the loan officer will review your application and credit reports. The loan officer may refer you to a Fairway Credit Tools team member if your credit needs work. Credit Tools is a free program where team members will develop a personalized credit improvement plan for you. 
• Educational resources: On Fairway’s website, you will find several educational resources and tools that can help you as you begin the home-buying process. You can use the calculators to determine your monthly mortgage payments and download the homebuyer's guide for step-by-step tips. 

How to Apply for a Fairway Inꩲdependent Mortgage 

Unlike some other lenders, Fairway✃ doesn’t ඣallow you to apply for a mortgage entirely online; instead, you have to follow these steps: 

1. Enter information: Online, the website prompts you to enter basic information about yourself—such as your name, email, phone number, and ZIP code—and details about your desired home. 
2. Speak with a representative: After you submit your information, a Fairway loan officer will contact you via phone or email to discuss your needs. 
3. Complete an application: Once you have identified the type of loan you need, the loan officer will send you instructions on how to complete an application. You can also use to ensure you have all the necessary information and documentation handy. 
4. Schedule a closing date: If you're approved, the loan advisor will guide you through the appraisal and inspection process and work with you to set a 澳洲幸运5开奖号码历史查询:closing date. Depending on your location and the type of mortgage you're applying for, you may be able to close the loan digitally. 

Fairway Independent Mortgage Rates and Fees

Fairway doesn't disclose any of its mortgage rates or fees online. The only way to view current rates is to work with a loan advisor.

Online Experience

Fairway's website contains robust educational materials, including mortgage calculators, credit guides, and step-by-step homebuying tips. Once you've begun the mortgage process, you can also use the FairwayNow app to update the necessary documents, track the status of your mortgage, and contact your loan advisor. 

Customer Service 

Fairway doesn’t offer 24/7 customer support. However, ♌you can reach customer service in several ways, including by phone, email, or by v🥀isiting a local branch.

Customer Satisfaction 

In general, Fairway has a positive reputation for customer service. The lender was ranked first out of 30 lenders in the J.D. Power 2023 U.S. Primary Mortgage Origination Satisfaction Study. The study evaluated customer satisfaction෴ based on the application and approval processes, communication, loan closing, and loan offerings.

Account Management 

When you take out a mortgage through Fairway Independent Mortgage, it’s important to know that it isn’t your loan servicer. You will receive a notification from the lender informing you that your loan was transferred to another company. This other company is your loan servicer, and you will contact that company with issues or questions about your account. You’ll also receive instructions on how to make payments to that ser꧒vicer and download loan documents. 

Other Banking Services and Loans Offeredꦇ by Fairway Independent Mortgage

Unlike mortgage lenders that are part of major banks, Fairway doesn't offer any other banking services or loans. 

Compare Fairway Independent Mort🍌gage With Other Mortgage Loan Lenders

The Bottom Line

Fairway Independent Mortgage Corpora🅘tion is a reputable lender. It has received positive reviews from borrowers and consumer rating agencies and has various loan options. It’s especially useful for 💦borrowers looking for specific mortgage products, such as physician loans, jumbo mortgages, or renovation loans.

However, Fairway has limited information about its loans online, and you have to submit your personal contact informᩚᩚᩚᩚᩚᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ⁤⁤⁤⁤ᩚ𒀱ᩚᩚᩚation before you can start the mortgage process or view rates. For those just starting the home buying process, Fairway’s site may be too sparse on information to be helpful.

Frequently Asked Questions (FAQs)

What Cre🐻dit Score Is Needed to Get a Mortgage With 𒁃Fairway Independent Mortgage?

Some of Fairway's loan programs have lower credit score requirements; you can qualify for a mortgage w🍌ith a score a✱s low as 580. 

What C🦄redit Reporting Does Fairway Independent Mortgag💫e Use? 

Several 澳洲幸运5开奖号码历史查询:credit-scoring models exist, but like many mortgage companies, Fairway uses the FICO scorinꦬg system. 

How Can I Mꦚake My First Paym🔯ent With Fairway Independent Mortgage? 

After your mortgage closing date, your first payment may be made to Fairway, or it may be made to a loan servicer. You'll receive a green envelope with details about your 澳洲幸运5开奖号码历史查询:loan servicer—the company that handles your mortgage going fo🐲rward. The envelope will include instructions on how to make a payment. If you aren't sure who to make your first payment to, you can contact Fairway's concierge group at 781-719-4664. 

Is Fairway Independent Mortgage Also a Broker?

Fairway isn't a broker; it's a lender. It's one of the largest mortgage lenders in the country.

Who Owns Fairway Independent Mortgage?

Fairway Independent Mortgage Corporation isn't a publicly traded company; it's privately owned. In 2016, it launched an 澳洲幸运5开奖号码历史查询:employee-owned stock ownership plan. 

Methodology

In March 2024, we conducted a consumer survey of 500 current or prospective homebuyers and mortgage borrowers. We asked them 41 questions about their home-buying and mortgage-shopping experience and learned what features and services were most important to them. Our research team analyzed the results, and this information fueled our 💖list of 38 mortgage lenders and 55 criteria for our rubric.

We then collected over 2,000 data points, surveying mortgage lenders and collecting data via websites, media contacts, and customer service between May 31 and June 28, 2024. To develop our list of the best mortgage lenders, we weighted 36 of the 55 individual criteria, giving higher weight to those criteria that mean the most to borrowers. The score for each company’s overall star rating is a weighted ave🍰rage of those criteria in the following categories:

• Customer Experience: 48%
• Operational Features: 16% 
• Reputation: 14%
• Loan Types: 11%
• Loan Costs and Requirements: 11%

Read more about our process in our full 澳洲幸运5开奖号码历史查询:mortgage lender methodology.