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Fairway Independent Mortgage is an overall affordable lender with a variety of mortgage options for borrowers to choose from. It also ranks high in customer satisfaction, earning the No. 1 spot in J.D. Power's 2023 borrower satisfaction study. But it doesn't provide information about its interest rates online.
Fairway Independent Mortgage On Bankrate's website Insider’s Rating A five pointed starA five pointed star
A five pointed star
A five pointed star
A five pointed star
Icon of check mark inside a promo stamp It indicates a confirmed selection. Perks Offers the option to close on your loan digitally Recommended Credit Minimum Down Payment Types of Loans Offered Conforming, jumbo, FHA, USDA, VA, reverse, renovation, physicianFairway Independent Mortgage is one of Personal Finance Insider's best online mortgage lenders. It's an overall affordable lender with a variety of mortgage options for borrowers to choose from.
Fairway Independent Mortgage Corporation offers loans in all 50 US states and Washington, DC. You can apply online or visit a branch. The lender has physical branch locations in every state except Alaska and West Virginia.
Fairway Independent Mortgage Corporation was founded in 1996 by Steve Jacobson. Jacobson is currently the CEO.
A conventional loan is a mortgage that isn't backed by a government agency. Fairway's conventional offerings include:
Physician loans make it easier for medical professionals, who often have high debt-to-income ratios due to their student loan debt, to qualify for a mortgage.
Fairway also has jumbo loans, a type of mortgage that allows loan amounts that exceed the conforming loan limit.
Fairway offers the three main types of government-backed mortgages, which include:
Reverse mortgages let you take equity out of your home. Instead of paying a monthly mortgage payment, a reverse mortgage lender will pay you each month. Over time, your equity shrinks.
Fairway offers three different reverse mortgage options:
Fairway has both conforming and government-backed renovation loans.
Fairway works with state and local housing programs to connect borrowers with affordable mortgage programs, including HFA loans and down payment assistance. It also offers its own $7,000 grant through the Fairway Community Access program.
Fairway Community Access is available to first-time homebuyers in eligible census tracts throughout the country. It can be used to cover your down payment or closing costs, and it doesn't need to be repaid. Fairway lists eligible metro areas on its website.
Based on Business Insider's review of Home Mortgage Disclosure Act data, Fairway Independent's mortgage rates are slightly higher than average.
Fairway Independent Mortgage Corporation doesn't display sample mortgage rates on its website or let you see customized rates online.
If you want to see what rate you might get with this lender, you'll need to apply for mortgage preapproval.
In 2022, the average borrower getting a conventional loan with this lender paid $3,358 in origination charges, according to our review of HMDA data. This is around average compared to other lenders.
Loan Types: 4 out of 5
Fairway offers a strong range of loans to choose from, including all major government-backed mortgage options and a few more niche mortgage types. However, it doesn't have home equity loans or HELOCs.
Affordability: 5 out of 5
Overall, we think Fairway is an affordable mortgage lender. It offers FHA loans, which are often better for first-time or low-income borrowers thanks to their low credit score requirements. Plus, if you don't have a credit score, you may be able to apply with non-traditional credit (such as rent payment history) on some of its loans. And its $7,000 Fairway Community Access grant can help borrowers in eligible areas overcome a common hurdle for first-time homebuyers.
Customer Satisfaction: 4.98 out of 5
Fairway Independent Mortgage Corporation earned the No. 1 spot in J.D. Power's 2023 US Mortgage Origination Satisfaction Study, which measures customer satisfaction.
On its Zillow lender profile, Fairway has a 4.95 out of 5-star rating, based on more than 34,000 online customer reviews.
Trustworthiness: 5 out of 5
Fairway has an A+rating from the Better Business Bureau. A strong BBB score indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
Fairway hasn't had any recent public scandals. Between its clean history and good BBB grade, we think that Fairway Independent is an overall trustworthy lender.
If you're looking for a mortgage lender that offers a lot of different types of loans, Fairway might be a good option to explore. We also like that it offers a $7,000 grant for first-time homebuyers in eligible census tracts.
Depending on your location and the type of loan you're getting, you may also be able to do a hybrid or fully remote closing with this lender.
But this lender lacks rate transparency, and when we looked at publicly available data, we found that Fairway's rates are slightly higher than average.
You can get preapproved directly with Fairway online or use the search tool on the lender's website to find a loan officer near you.
When you find a local Fairway loan officer, you can submit an application to them online or get started over the phone. If there's a physical branch near you, you can also go in person to apply.
Business Insider looked at positive and negative customer reviews, online forums, BBB complaints, and other sources to understand what borrowers think about Fairway Independent Mortgage Corporation.
Overall, previous borrowers appear to to be extremely satisfied with their experience with this lender. We had a hard time finding any complaints, and the ones we did find didn't seem to suggest larger, recurring problems with the lender.
Many of the positive comments and customer reviews we looked at said Fairway offers a smooth lending experience with knowledgeable local loan officers. Many borrowers commented that their loan officers were communicative and easy to reach, and that the loan officers made sure they understood each step of the process.
Fairway and Rocket Mortgage both stand out in customer satisfaction. Fairway offers a few types of mortgages that Rocket doesn't, so you might prefer Fairway depending on the type of mortgage you want.
But Rocket offers home equity loans, and it has a specialty mortgage product called a ONE+ mortgage, which allows 1% down payments.
Both are overall affordable lenders that offer products that can make homeownership more achievable for first-time or low-income buyers. Between these two lenders, the right one for you might depend on the type of loan you want and what you qualify for. To get a ONE+ mortgage, you'll need to earn 80% or less of your area's median income, while Fairway's grant is limited by census tract, not income.
Bank of America offers slightly fewer types of mortgages compared to Fairway, though it does have HELOCs.
Bank of America is one of our favorite lenders for first-time homebuyers thanks to its affordable loan program, the Community Affordable Loan Solution. It requires no down payment and has no closing costs. Like Fairway's $7,000 down payment grant, this loan from Bank of America is only available in certain census tracts.
Overall, both are strong lenders with high customer satisfaction. While Fairway ranked No. 1 in J.D. Power's 2023 study, Bank of America ranked No. 5. It may be worth applying for preapproval with both lenders to see which one can offer you the better deal.
Is Fairway Independent Mortgage legit? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Fairway Independent Mortgage Corporation is one of the largest lenders in the US, according to HMDA data, and it ranks very high in customer satisfaction.
How long has Fairway Independent Mortgage been in busines? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Fairway Independent Mortgage Corporation was founded in 1996, meaning it's been in business for close to three decades.
What makes Fairway Independent Mortgage Corporation unique in the mortgage industry? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Fairway is a highly flexible lender that accepts non-traditional credit from borrowers with no credit score. It also allows hybrid and remote closings.
How does the application process work with Fairway Mortgage? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
You can apply online, over the phone, or in person if there's a physical branch near you.
Are Fairway Mortgage's rates competitive? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Fairway's rates are slightly higher than average.
What are the fees associated with getting a mortgage through Fairway? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Most lenders charge fees to originate a mortgage. Fairway doesn't disclose the exact fees it charges, but according to HMDA data its average fees are comparable to other lenders.
Who owns Fairway Independent Mortgage? Chevron icon It indicates an expandable section or menu, or sometimes previous / next navigation options.
Fairway is a direct lender, and it isn't owned by a bank or another company. Steve Jacobson founded Fairway and still acts as the CEO.
For our review of Fairway Independent Mortgage Corporation, we used our methodology for reviewing mortgage lenders.
We look at four factors — loan types, affordability, customer satisfaction, and trustworthiness — and give each a rating between 1 and 5, then we average these individual ratings for the overall lender rating. Lenders get higher ratings if they offer a large number of loan types with affordable features, have positive customer reviews, and don't have any recent public controversies.