Fairway Independent Mortgage Review 2020

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Fairway Independent Mortgage Corp. is based in Madison, Wisconsin, and has funded nearly $130 billion in loans since the company began in 1996 – and more than $21.8 billion in 2018 alone. The lender offers several mortgage products, including conventional, Federal Housing Administration, U.S. Department of Agriculture, U.S. Department of Veterans Affairs and refinancing loans. Fairway Independent Mortgage also provides jumbo loans for home purchases in high-cost markets, renovation loans, adjustable rate mortgages and reverse mortgages. Fairway is an independent mortgage company and serves as a mortgage broker and direct lender.

Best Features

  • Selection of mortgages includes VA and USDA loans, which have no down payment requirements.
  • A+ customer service rating with the Better Business Bureau.
  • Renovation loan options include the HomeStyle Renovation Loan, which combines the cost of remodeling and the mortgage into one loan.

Drawbacks

  • No home equity loans or lines of credit available.
  • Down payment of at least 5% required, except for VA, FHA and USDA loans and first-time homebuyer programs.

Which Mortgage Products Does Fairway Independent Mortgage Offer?

  • Conventional loans
  • Adjustable-rate mortgages
  • FHA loans
  • USDA loans
  • VA loans
  • Refinancing
  • Renovation loans
  • Reverse mortgages
  • Jumbo loans

How Can I Qualify for a Fairway Independent Mortgage Home Loan?

Fairway Independent Mortgage doesn’t publicly disclose qualification requirements, but as with other mortgage companies, Fairway will review your credit history. Typically, borrowers who want a conventional mortgage need a credit score of 620 or higher, and some lenders require a credit score of 660 or higher.

Expect to pay a down payment of at least 5% for most Fairway Independent Mortgage home loans. Loans insured by the federal government, including VA, FHA and USDA loans, have low or no down payment requirements.

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What Mortgage Fees Does Fairway Independent Mortgage Charge?

Closing costs include the loan origination fee, discount points, appraisal costs and other property transfer expenses. You can expect these costs to total about 2% to 3% of the loan amount.

How Is Fairway Independent Mortgage’s Customer Service?

Fairway Independent Mortgage has an A+ rating with the Better Business Bureau, with an average five-star rating from customer reviews

In 2019, the Consumer Financial Protection Bureau received 21 mortgage-related complaints about Fairway Independent Mortgage. The most common issues were connected to:

  • Applying for or refinancing a mortgage
  • Closing on a mortgage
  • Trouble during the payment process

Fairway Independent Mortgage provided a timely response to the CFPB on all issues.

Does Fairway Independent Mortgage Offer Online Features?

Fairway Mortgage has a mobile app called FairwayNow so you can message your real estate agent and lender. You can get approved for a Fairway mortgage through the app, and it allows you to upload documents, get property alerts, calculate payments and track progress.

Aside from the app, you can apply online for a loan with Fairway Independent Mortgage. However, the closing process is typically done in person.

Is Fairway Independent Mortgage a Good Company?

Fairway lending has excellent customer service ratings and offers conveniences like its FairwayNow app. Plus, you’ll find a selection of mortgage and loan products, including renovation loans and refinancing. While you can’t get a home equity line of credit with Fairway Independent Mortgage and you’ll need 5% down for a conventional loan, the company provides lots of choices to different types of borrowers.

Fairway Independent Mortgage Loans Are Best for:

  • Borrowers who expect great customer service.
  • Homebuyers who want government-backed VA, FHA or USDA loans.
  • Borrowers who want a selection of mortgage products.



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