Fairway Independent Mortgage Corporation Review 2024

Fairway Independent Mortgage Corporation overview

Fairway Independent Mortgage Corporation is one of the top mortgage lenders in the U.S., available to borrowers nationwide and with branch locations in 48 states (not Alaska or West Virginia) and Washington, D.C. Its loan options include conventional and government loans, refinancing and physician loans for doctors and other medical professionals. The lender currently maintains dual headquarters in Madison, Wisconsin, and Carrollton, Texas, and was founded in 1996.

Pros and cons of Fairway Independent Mortgage Corporation

How Bankrate scored Fairway Independent Mortgage

Affordability: Fairway Independent Mortgage’s rates might not be as competitive as those of other lenders; you’ll need to contact a loan officer to determine the cost for your specific loan.

Availability: This lender works with borrowers in all states and offers a range of financing solutions.

Borrower experience: You can initiate a request for a rate quote via the Fairway Independent Mortgage website or app. The lender routinely ranks near the top of J.D. Power’s rankings for customer satisfaction.

Affordability: 6.8/10

Fairway Independent Mortgage doesn’t display its mortgage rates online, and you’ll need to contact a loan officer to obtain a personalized quote. Its lender fees might include an origination fee, rate-lock fee and other closing costs.

Availability: 9.6/10

Fairway Independent Mortgage provides conventional loans as well as government-backed loans (FHA, VA and USDA), along with options to refinance your existing mortgage. The lender also offers construction loans, reverse mortgages and loans tailored to the unique needs of medical professionals.

Borrower experience: 7.2/10

Fairway Independent Mortgage Corporation is accredited by and has an A+ rating from the Better Business Bureau, and the lender ranked first in J.D. Power’s U.S. Primary Mortgage Origination Satisfaction Study for 2023. The lender funded more than $26 billion in loans in 2023, making it one of the nation’s largest lenders, according to federal data. Fairway’s website contains features that might help inform what type of loan you get, including an amortization and payment calculator, and an FAQ and homebuyers guide. If you’re looking for help online, you can fill out a form on the website, email the lender or navigate to your loan officer’s profile.

How to apply for a mortgage with Fairway Independent Mortgage

You can apply for a mortgage with Fairway Independent Mortgage in person at a branch location, online or by phone at 877-699-0353. Here are some tips to prepare for the process:

1. Check your credit report. It’s important to check your credit report before your lender does, in case there are errors that could impact not only whether you get preapproved but also your ability to get the best mortgage rate. Knowing your credit score also helps you decide what type of loan to apply for. If your score is in the very low 600s, for instance, an FHA mortgage might be best for you, as its standards are more lenient than those for conventional loans.
2. Gather personal and financial documents. With any lender, you must supply documentation about your income, assets and debts. This includes pay stubs and W-2s and account and loan statements.
3. Provide details about the property. You’ll need to provide the address of the home and submit to an appraisal. (If you’re refinancing, you might or might not need an appraisal.)

Refinancing with Fairway Independent Mortgage

Fairway Independent Mortgage offers rate-and-term and cash-out refinancing options. You can see Fairway’s refinancing options on its website.

Learn more: Choose the right kind of refinance

• Methodology

  To determine a mortgage lender's Bankrate Score, Bankrate rates lenders on a scale of one (1) to five (5) stars — with five (5) the highest rating — based on a variety of factors relating to the lender's products and services. To assign our ratings, we assessed each mortgage lender across three core areas:

  • Affordability. Annual percentage rate (APR) - 80%; assistance for first-time homebuyers - 10%; down payment - 10%

  • Availability. Loan products - 50%; licensing - 40%; credit score - 10%

  • Borrower experience. Rate transparency - 45%; customer service - 25%; convenience - 10%; days to close - 10%; rate locks - 10%; reputation (bonus)

  Learn more about our methodology.