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Fairway Independent Mortgage review 2024

Aly J. Yale
·Freelance writer
Updated 5 min read

The Yahoo view: Fairway Independent Mortgage Corporation offers several loan options and has locations in 48 U.S. states. It’s also highly rated in customer satisfaction and has a wide array of mortgage and home-buying resources, making it one of the best mortgage lenders for bad credit.

Fairway Independent Mortgage Corporation is a seasoned mortgage lender offering a variety of loan products nationwide. The company offers the standard conventional, FHA, VA, and USDA loans, as well as more specialized options like physician and renovation loans.

Fairway has physical branch locations in 48 states and Washington, D.C., and is ranked No. 1 in J.D. Power’s 2023 Mortgage Origination Satisfaction Study.

Fairway 3/5 stars

In this article:

Key benefits:

  • Fairway Independent Mortgage has hundreds of locations across 48 states and Washington, D.C.

  • You can apply online, in person, or over the phone.

  • The lender offers many loan options, including renovation loans and ones for medical professionals. It's also one of the best USDA loan lenders out there.

  • Borrowers have access to many home-buying resources and calculator tools.

  • The Fairway Community Access™ program offers affordable housing grants, which can reduce your closing costs or down payment.

Need to know:

  • There are no branch locations in Alaska or West Virginia; however, Fairway is still licensed to offer mortgages in these states.

  • The lender does not offer home equity loans or HELOCs.

  • Fairway claims the No. 1 spot on J.D. Power’s Mortgage Originator Satisfaction Survey.

Fairway Independent Mortgage Corporation offers FHA loans for purchasing a home, refinancing, and renovating a property. Its FHA loan options include adjustable- and fixed-rate FHA loans, FHA 203(k) loans, and FHA Streamline Refinances, which allow you to refinance one FHA loan into another easily.

FHA loans account for just over 25% of all Fairway’s mortgage origination business, according to 2023 Home Mortgage Disclosure Act data. They are the lender’s second-most popular mortgage product after conventional loans, and Fairway is one of the best FHA mortgage lenders right now.

Learn more: How does an FHA loan work?

Fairway Independent Mortgage Corporation doesn’t offer home equity loans or home equity lines of credit (HELOCs), though it does have cash-out refinancing options. This is another tool you can use to borrow from your home equity.

In a cash-out refinance, you’ll get a new mortgage loan with a larger balance than your current one, then use those funds to pay off the old loan. You’ll get the difference back in cash and can use it for anything you wish. Many homeowners choose this option to pay for home repairs or pay off credit card debt.

Read more: Cash-out refinance vs. HELOC

Fairway is not very transparent about its interest rates. There are no advertised or sample rates on the website, so you’ll need to fill out an application or talk to a lender to get a rate quote.

To apply for a mortgage with Fairway Independent Mortgage Corporation, you must fill out an online application through the lender’s website, call 800-201-7544 (or your local branch’s number), or visit one of the company’s hundreds of locations nationwide. Keep in mind: There are no locations in Alaska or West Virginia, though there is a digital application process available for these states.

Fairway has lots of helpful resources for borrowers, including the following:

  • 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

Its calculator tools include:

  • Monthly mortgage payment calculator

  • Rent vs. buy calculator

  • Refinance calculator

  • Home affordability calculator

  • Mortgage comparison calculator

Learn more: How much house can you afford? Use Yahoo Finance’s home affordability calculator

Fairway and loanDepot offer similar types of mortgage loans, though loanDepot offers HELOCs, while Fairway does not. Fairway offers renovation loans and medical professional loans, which can make it easier for doctors and other medical pros to qualify despite high student loan balances. The better fit depends on the best mortgage for your needs.

LoanDepot has more potential borrower incentives, offering everything from cash bonuses and closing credits to waived future refinancing fees. Unfortunately, loanDepot has a below-average rating on J.D. Power’s satisfaction study, while Fairway took the No. 1 spot. Neither lender clearly advertises its rates.

loanDepot mortgage review

Fairway and Pennymac offer slightly different loan options. Pennymac offers home equity loans, investment property loans, and a mortgage rate buydown program, while Fairway has a medical professional loan and renovation loan.

Pennymac offers more borrower incentives and also advertises its mortgage rates more clearly. Fairway does not advertise its rates, but it does have a much higher rating on J.D. Power’s satisfaction study.

Fairway Mortgage is generally considered a good mortgage company. It was rated No. 1 for customer satisfaction in J.D. Power’s 2023 study and No. 4 in its 2022 study.

Fairway Independent Mortgage has been around for nearly three decades. The company was founded in 1996.

Fairway’s credit score minimums vary by loan program. You’ll usually need a 620 for conventional loans, a 580 for FHA loans, a 580 for VA loans, and a 640 for USDA loans.

This article was edited by Laura Grace Tarpley