Fairway Mortgage Review
Fairway Independent Mortgage Corporation is a top mortgage company with more than two decades of experience. Through its variety of loan options, the company has funded more than $129.4 billion in loans since its founding in 1996. Let’s take a closer look at the company and at Fairway mortgage reviews from customers to give you a clear picture of what it offers.
Pros and Cons of Fairway
- Full suite of mortgage loans
- Some loans have no down payment
- Useful mobile app
- Available in all 50 U.S. states
- Need to get a quote to see mortgage rates
- Doesn’t offer home equity loans
What Does Fairway Mortgage Offer?
Fairway serves as both a direct provider of home loans and an educational platform. As far as its mortgage options go, Fairway offers both fixed-rate and adjustable-rate mortgages. Additionally, its wide range of options includes jumbo mortgages, VA loans, FHA loans, and USDA loans.
For fixed-rate mortgages, Fairway offers 10-, 15-, 20-, 25-, or 30-year terms. However, it doesn’t make public on its website which terms are available for adjustable-rate mortgages. In order to more fully understand Fairway’s mortgage options, refer to the table below.
|Loan Options||Interest Rates||Highlights||Best if you...|
|Fixed-Rate Mortgage||Fixed||Interest rate and monthly payments remain the same for the entire term of the loan / Protection against rising interest rates||Plan on staying in your home for an extended period of time|
|Adjustable-Rate Mortgage (ARM)||Adjustable||Homeowner could potentially lower their monthly payments with lowered interest rates / Initial interest rate is fixed typically for 3-10 years||Plan on selling or refinancing within a few years|
|Conventional Mortgage||Fixed or Adjustable||Lower interest rates / Fewer penalties and fees / Second-home purchase options||Have good credit and a larger down payment to possibly receive lower rates with more flexible terms|
|Jumbo Mortgage||Fixed or Adjustable||Purchase a more expensive property / Variety of terms available||Purchase a property above the conforming loan limits ($453,100 in most areas)|
|FHA||Fixed or Adjustable||Low down payment options / Flexible income and credit requirements||Are a first-time homebuyer or have a limited amount of funds for a down payment|
|USDA||Fixed||No down payment / Low credit score requirements / Flexible underwriting requirements||Purchase a home in USDA designated rural areas|
|VA||Fixed or Adjustable||Low to no down payment / Low income and credit requirements / No mortgage insurance||Are active-duty military, a veteran, or military spouse|
|Refinance||Fixed or Adjustable||May be able to refinance at a lower interest rate / Consolidate debt / Turn your home equity into cash||Already own a home and want to restructure your mortgage to fit your current financial situation|
|Renovation Mortgage||Fixed or Adjustable||Rolls the cost of upgrades and home purchase or refinance into one loan||Own or want to purchase a home that needs repairs or renovations|
|Reverse Mortgage||Fixed or Adjustable||Withdraw a portion of your home's equity / Paying monthly mortgage payments is optional (must continue paying taxes, insurance & maintenance payments)||Are 62 or better and want to turn your home equity into tax-free cash without having to make monthly mortgage payments. (Must continue to pay taxes and insurance and maintain the home)|
As we mentioned, Fairway is also an educational hub. Its resources can help first-time homebuyers and homeowners interested in moving or refinancing. The Fairway site’s tools and informational materials include:
- Homebuyers Guide: This hefty guide contains valuable information to help prepare you for the loan process. It has a checklist of commonly required documents and the steps of the loan process.
- Payment Calculator: Calculate your monthly payment and see how the principal is paid over time.
- Rent vs. Own Calculator: Calculate the difference between renting and buying a home.
- Annual Percentage Rate Calculator: Calculate the APR for fixed-rate or adjustable-rate loans.
- Prepayment Savings Calculator: Find out how soon you can pay off your mortgage by making a prepayment.
- Early Payoff Calculator: Determine the additional monthly payment amount needed to pay off the loan sooner.
- Glossary: Deciphering mortgage terms can be overwhelming. Fortunately, Fairway offers a Mortgage Glossary you can use to learn about frequently used mortgage terms.
What To Expect on the Site
In order to get an offer, complete Fairway’s online pre-qualification application. It can be completed in 15 minutes or less. Fairway asks a few pertinent questions, including:
- What’s the highest amount you’re looking to borrow?
- How much do you have for a down payment?
- Where’s the money for the down payment coming from?
- Are you applying for joint credit with another person?
- What’s your name and email address?
Note: Conventional loans require a minimum credit score of 620. However, credit scores of 580 may qualify for VA and FHA loans.
What you pay depends on your situation and loan type, but you can expect to pay a down payment of at least 5% for most Fairway home loans. If you qualify for a government-backed loan, then you may have no down payment. Additionally, you can expect to pay 2% to 3% of your loan amount in closing costs. Closing costs can include an origination fee and appraisal fee.
What People Are Saying About Fairway Mortgage
Fairway has strong customer satisfaction ratings. For instance, as of June 2021, customers rate it 4.97 out of 5 stars on the Better Business Bureau website. That impressive score is based on more than 3,000 Fairway mortgage reviews from customers. Plus, Fairway has an A+ BBB rating and has been accredited since 2003.
The company has also earned several industry awards. For example, it was rated “among the best” lenders for customer satisfaction in the J.D. Power 2019 U.S. Primary Mortgage Origination Satisfaction Study. J.D. Power measures several factors including application and approval process, interaction, loan closing, and loan offerings.
The Bottom Line
Not only does Fairway offer a wide array of loan products, but the company also makes a concerted effort to educate homebuyers. It accomplishes this by offering in-depth homebuying guides, free calculators, and a handy mobile app. Plus, customers who share Fairway mortgage reviews overwhelmingly report positive experiences.
If you’re in the market for the perfect home loan, then Fairway is a good option to include in your comparison of top mortgage lenders.