Fairway Independent Mortgage Corporation: A Seasoned Mortgage Lender with a Wide Range of Options
Fairway Independent Mortgage Corporation is a well-established mortgage lender that offers a diverse array of loan products nationwide. With physical branch locations in 48 states and Washington, D.C., Fairway provides borrowers with convenient access to its services. The company’s extensive range of loan options includes conventional, FHA, VA, and USDA loans, as well as specialized loans for medical professionals and renovation projects.
Key Benefits and Features
- Hundreds of locations across 48 states and Washington, D.C.
- Online, in-person, and phone application options
- Many loan options, including renovation loans and ones for medical professionals
- Access to home-buying resources and calculator tools
- Fairway Community Access™ program offers affordable housing grants
Loan Options
Fairway Independent Mortgage Corporation offers a wide range of loan options, including:
- Conventional loans
- FHA loans
- VA loans
- USDA loans
- Purchase mortgages
- Refinance loans
- Cash-out refinance loans
- Fixed-rate mortgages
- Adjustable-rate home loans
- Jumbo loans
- Renovation loans
- Medical professional loans
What’s Not Offered
Fairway Independent Mortgage Corporation does not offer:
- Interest-only mortgages
- Lot loans
- Construction loans
- Guest house loans
- Second home loans
- Nonqualified mortgages
- Investment property loans
- Energy efficient mortgages
- 1% down payment mortgages
- Buydown loans
- Bridge loans
- Manufactured home mortgages
- Piggy-back loans
- ITIN mortgages
- HELOCs
- Home equity loans
FHA Loans
Fairway Independent Mortgage Corporation offers FHA loans for purchasing, refinancing, and renovating properties. Its FHA loan options include adjustable- and fixed-rate FHA loans, FHA 203(k) loans, and FHA Streamline Refinances.
Cash-Out Refinancing
Fairway Independent Mortgage Corporation offers cash-out refinancing options, which allow borrowers to tap into their home equity. This can be a useful tool for paying off credit card debt or financing home repairs.
Interest Rates and Transparency
Fairway Independent Mortgage Corporation does not advertise its interest rates on its website. Borrowers must fill out an application or speak with a lender to receive a rate quote. According to 2023 Home Mortgage Disclosure Act data, Fairway offered a higher-than-median mortgage rate of 6.75% and a near-median total loan cost of $6,999.75 to borrowers in 2023.
Application Process
To apply for a mortgage with Fairway Independent Mortgage Corporation, borrowers can fill out an online application, call 800-201-7544 (or their local branch’s number), or visit one of the company’s hundreds of locations nationwide. Note that there are no locations in Alaska or West Virginia, although a digital application process is available for these states.
Resources and Tools
Fairway Independent Mortgage Corporation offers a range of helpful resources for borrowers, including:
- A homeownership insights podcast
- An informative video series
- A homeownership hub with tips and strategies
- Home-buying guides
- Mortgage FAQs
- A mortgage glossary
- Credit resources
- Calculator tools, including a monthly mortgage payment calculator, rent vs. buy calculator, refinance calculator, home affordability calculator, and mortgage comparison calculator
Comparison to Other Lenders
Fairway Independent Mortgage Corporation is similar to loanDepot in terms of the types of mortgage loans offered, although loanDepot offers HELOCs, which Fairway does not. Fairway’s renovation loans and medical professional loans make it a good option for doctors and other medical professionals. Pennymac, another competitor, offers home equity loans, investment property loans, and a mortgage rate buydown program, which Fairway does not. However, Fairway has a higher rating on J.D. Power’s satisfaction study.
Methodology
Yahoo Finance reviews and scores mortgage lenders based on five primary categories: interest rates, affordability, loan costs, rate transparency, and online features. The scoring is based on 2023 Home Mortgage Disclosure Act data and other factors.
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