Fairway Independent Mortgage has been working with homebuyers for 25 years. In 2020, it funded more than $65.8 billion in home loans. With corporate headquarters in Madison, Wisconsin, Fairway is licensed to operate in all 50 states.
As one of the leading mortgage servicers in the nation, Fairway Independent Mortgage is known for its variety of home loan offerings and its hands-on customer service. Once loans are closed, however, Fairway transfers the loan to another mortgage company.
Fairway also has a subsidiary called Homefinity, which offers a more tech-based, online home lending process.
- Offers many mortgage options, including conventional, adjustable-rate and government-backed loans
- Provides a good balance of personal customer service and digital tools
- Offers renovation mortgages, which roll repairs and upgrade costs into the home loan
- No home equity loans or lines of credit available
- No posted rates or information about fees upfront
What Types of Mortgage Loans Does Fairway Independent Mortgage Offer?
Fairway Independent Mortgage offers most major home loan options, including:
- Fixed-rate (including 10-, 15-, 20-, 25- or 30-year terms) and adjustable-rate mortgages
- Conventional mortgages
- Jumbo mortgages
- Veterans Affairs mortgages
- U.S. Department of Agriculture mortgages
- Federal Housing Administration mortgages
- Renovation mortgages
For homeowners, Fairway Independent Mortgage also offers:
- Mortgage refinancing
- Cash-out refinancing
- Reverse mortgages
How Does Fairway Independent Mortgage Work?
Borrowers who are considering a loan with Fairway Independent Mortgage can start the process online by either filling out a prequalification questionnaire, applying for a home loan or applying for a refinance. Or you can start by providing your contact information, and a representative will call you.
Whichever route you take, you will likely speak in person or by phone with a Fairway representative who can assess your needs and your financial situation and explain the loan options available to you. You won’t be able to see any rates until you have submitted your information.
Once your loan closes, Fairway will transfer your loan to a new mortgage servicer and let you know where the first payment should be sent.
What Are Fairway Independent’ Mortgage’s Terms, Fees and Conditions?
Fairway does not disclose any information about its fees, terms or conditions on its website, and a company spokesperson declined to provide more details.
What Discounts Does Fairway Independent Mortgage Offer?
Because Fairway transfers the loans to other mortgage providers, discount programs will vary depending on where the loan ends up. Some lenders may offer a small discount for setting up automated payments, for example.
How Can You Qualify?
Fairway Independent Mortgage qualifications will vary depending on the loan program you are seeking. Conventional loans follow the Fannie Mae and Freddie Mac guidance, while FHA loans and other programs have their own criteria.
What Credit Score Do You Need?
Credit score requirements vary slightly among the major loan programs. For example:
- For FHA and VA loans: 580-620 minimum FICO credit score
- For conventional loans: 620 minimum FICO credit score
For those who have borderline credit, a Fairway loan officer may suggest that you speak with Fairway’s Creditool team. A representative will review your credit report and suggest a credit improvement plan free of charge.
Where Does the Lender Operate?
Fairway Independent Mortgage operates in all 50 states and Washington, D.C. It does not have physical branches in West Virginia or Alaska.
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Is Fairway Independent Mortgage Reputable?
Fairway Independent Mortgage received 4.7 out of 5 stars from U.S. News & World Report. This rating is calculated based on the lender’s affordability, eligibility criteria for potential borrowers and customer service. The average rating for lenders in the mortgage category is 4.3 stars.
Fairway Independent Mortgage is rated A+ by the Better Business Bureau and is a BBB-accredited business. The Consumer Financial Protection Bureau received 43 complaints in 2020 related to Fairway’s mortgage offerings. The company responded to all in a timely manner.
How Is Fairway Independent Mortgage’s Customer Service?
Fairway Independent Mortgage’s customer service phone line is open Monday-Friday from 8:30 a.m. to 5 p.m. Central Time. Customers can also submit questions via email.
What Are Some of Fairway Independent Mortgage’s Online Features?
Though Fairway Independent Mortgage touts its strong person-to-person customer service, it also offers a number of digital features. For instance, the FairwayNOW mobile app allows borrowers to fill out their loan applications in less than 10 minutes, upload scans of documents, keep on top of the loan process, and connect with their loan officer.
Some loans may also qualify to be closed remotely (called an eClose) using the Fairway ExpressClose platform.