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Fairway Independent Mortgage operates a network of more than 700 branches nationwide, and prioritizes good old-fashioned customer service, but don't make the mistake of thinking it is an "old-school" mortgage company just because of its large physical presence. The company incorporates modern technology into its lending process to make the stressful process of obtaining a mortgage as smooth and easy as possible. It has originated billions in loans for customers. Find out if it's the right lender for your mortgage in this in-depth review.
Best for: Customer service, lots of loan options
Fairway
Rating image, 4.0 out of 5 stars.
We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor.
Bottom Line
The combination of high customer satisfaction and a large branch network makes Fairway a solid pick. What's more, the lender offers a wide range of fixed-rate and adjustable rate mortgage terms across an array of mortgage products.
Full Fairway Independent Mortgage review
This lender is a good fit for: A variety of borrowers, including those who need to make a lower down payment, are looking for a renovation loan, or are medical professionals.
Pros
- Excellent marks for customer service
- Wider variety of loan options than some other lenders
- Good mobile app
Cons
- No mortgage rates online
- No conventional low down payment loan
Top perks
Lots of options
Fairway offers pretty much every type of mortgage you'd want -- except interest-only loans. Fairway offers renovation loans and reverse mortgages in addition to the standard loan types. Most of Fairway's loans have fixed or adjustable-rate options. And there's flexibility with loan terms, too. Fairway has loans with 10-, 15-, 20-, 25-, or 30-year terms.
Fairway also offers physician loans. These are mortgages for medical professionals who may have high salaries but are newer to their job and haven't had time to amass a large down payment yet. These loans may be available with a low down payment or no down payment, and typically do not have private mortgage insurance (PMI).
Focus on low- to middle-income borrowers
While many lenders focus most of their efforts on conventional mortgage loans, Fairway emphasizes loan options that help make homeownership affordable for low and moderate-income Americans. In fact, Fairway was the No. 1 FHA and USDA lender in terms of volume in 2019, the most recent year for which we have data.
Branch locations
With more than 500 branches throughout the United States, it's easy for most people to get in-person help if they need it.
Customer service
Fairway prides itself on customer service, and it scores excellent marks in this area. According to reviews on Zillow, Fairway holds a 4.96 out of 5 star average (based on nearly 30,000 customer reviews). And the most commonly-cited thing is how helpful Fairway's employees are. Yelp reviews show similar borrower comments.
Mortgage servicing
Besides being a lender, Fairway is also a mortgage servicer. A mortgage servicer is the company to which you actually send your mortgage payments. In most cases, your loan is sold to a third-party servicer by your mortgage lender soon after closing, and this can create confusion. There's no guarantee that Fairway will service your loan after closing, but there's a better chance than with most other lenders.
Mobile app
Fairway has a highly-rated mobile app, FairwayNOW. It allows borrowers to apply for a loan, get approved, track the status of their loan in real time, communicate with their lending professional, scan and upload documents, and more. The FairwayNOW app has a 4.8 out of 5 star rating on the App Store and claims that borrowers can apply for a loan in less than 10 minutes.
What could be improved
Online application process
Fairway allows borrowers to apply online, but it isn't a tech-focused mortgage lender. Fairway primarily originates loans through its network of mortgage professionals, located throughout the United States. Fairway's biggest strength is its focus on in-person customer service.
If you prefer a streamlined digital system, you might want to look elsewhere. For example, Fairway doesn't publish its rates until you give personal information. Some competitors allow you to check your personalized rates very quickly online, and without a hard credit pull.
Fee and rate transparency
If you want to know your mortgage rates, you'll need to fill out an application and submit to a hard credit check. Unlike many competitors, Fairway does not have a "today's rates" list on its website. And you won't find out your loan's origination fee until you apply either. Some competitors have no origination fees at all, while others are more upfront about what they charge.
Proprietary loans
Several of Fairway's competitors offer their own loan products. These often include low down payment loans for first-time home buyers without any mortgage insurance requirement. Fairway boasts a wide variety of standard loan options, but doesn't offer proprietary loan products.
Alternatives to consider
There's no such thing as a perfect mortgage lender. Here are a couple of examples from our list of the best mortgage lenders that you might want to consider as alternatives to Fairway.
Better is an online-focused mortgage lender. It's great for borrowers who want the process to be as quick and streamlined as possible and don't really care about in-person help. Better.com allows borrowers to check their rates quickly and easily without any impact to their credit scores. It also aims to close all loans much quicker than the average lender.
Bank of America Mortgage might be worth a look for borrowers who don't have a large down payment. It offers a proprietary program called the Affordable Loan Solution®, which combines a 3% down payment without requiring private mortgage insurance for borrowers who qualify. Bank of America also has a down payment assistance center. This helps connect borrowers with cash grants and closing credits to help reduce the out-of-pocket cost even more.
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How to qualify
In order to qualify for a mortgage with Fairway, you'll need to meet the lender's requirements for the specific type of loan you're applying for. With a conventional mortgage, you'll need a minimum credit score of 620. If you're planning to go the FHA loan route, you'll need a 580 to get approved with a 3.5% down payment.
However, there's more to getting approved than just meeting the credit scoring requirements. You'll need to show an acceptable employment history, have your assets examined, and show a debt-to-income ratio that justifies the loan. The best way to see what loans and terms you qualify for is to fill out Fairway's mortgage application.
Fairway has a few different ways borrowers can qualify:
- In person: Fairway's large network of hundreds of branches staffed by thousands of mortgage professionals sets it apart from many other lenders. On the company's website, there's an easy-to-use search tool that can help you find the branch that's closest to you -- or you can even choose a loan officer.
- Online: Fairway has an online application process. It's on par with what you'd expect from a big bank. Unfortunately, it's not nearly as savvy as other modern-day, tech-focused mortgage lenders, but it's not a bad process by any means.
- Mobile: Borrowers can apply through the FairwayNOW mobile app, and can use it to complete much of the application process.
How are Fairway's refinance rates?
Fairway's refinance rates are competitive and clock in near the national average. You may have to pay for mortgage discount points. The only way to find out what rate you might get at Fairway is to apply for a loan. The lender doesn't disclose its rates otherwise.
When you do apply, it's a good idea to apply with at least two lenders so that you can compare offers. Try to apply on the same day for the best comparison.
How are Fairway's rates compared to the national average?
Fairway's mortgage rates trend about the same as the national average. This is a big national lender and you can expect competitive mortgage offers. That said, you won't find any information about mortgage rates online, and it can be difficult to find out what they are in a general way. Fairway wants you to apply and get a personalized rate. That makes it tough to do preliminary research when you're early in the process.
Fairway is right for you if:
- You want a wide variety of loan options and terms to choose from.
- You want a loan officer to walk you through the process, especially if you want to be able to get in-person help.
- You want a renovation loan or are looking for a reverse mortgage.
FAQs
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Fairway's rates trend about the same as the national average. But you may have to pay for mortgage discount points to get Fairway's lowest rate. Also, you can't find out Fairway's rates without applying.
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For most borrowers, yes. For one thing, Fairway has an excellent reputation for good customer service. So you're likely to have a good experience. For another, Fairway offers some loans that not all lenders offer, which is nice. But Fairway's low down payment loan options are limited (not counting the VA and USDA loans, which not every borrower will qualify for). The FHA loan comes with substantial mortgage insurance requirements. If you want a more affordable low down payment option, you might want to shop and compare.
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Yes. Fairway is a large lender that offers competitive rates and good customer service.
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You'll need a 620 credit score for a conventional loan from Fairway. You might qualify for an FHA loan if your credit score is lower. It's best if your debt-to-income ratio is below 43% but you might qualify with a higher DTI. You need a down payment of at least 3.5% unless you qualify for a VA loan or USDA loan. Those programs do not require a down payment.
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Fairway offers a good variety of loan types to meet the needs of most borrowers.
- Conventional
- FHA
- VA
- USDA
- Jumbo
- Renovation loan
- Physician loan
- Fixed-rate mortgage
- Adjustable-rate mortgage
- Reverse mortgage
About the Author
Matt is a Certified Financial Planner® and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for The Ascent and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column ("Ask a Fool") that is syndicated in USA Today, and his work has been regularly featured on CNBC, Fox Business, MSN Money, and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.
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