Fairway Independent Mortgage Review: Excellent Service and Flexible Loan Options

Taking out a mortgage can be a stressful experience, but Fairway Independent Mortgage does its best to make it easy. The lender incorporates modern technology with old-fashioned customer service. With more than 650 branches nationwide and billions of dollars in loan origination, Fairway has its system down to an art. This in-depth review will help you determine if Fairway Independent Mortgage is the right lender for you.

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.

Top perks

Lots of options

Fairway offers pretty much every type of mortgage you'd want -- except interest-only loans (and even those are available through partner lenders). 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 jobs 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 is a top FHA lender.

Branch locations

With more than 650 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 4.95 out of 5-star average (based on over 34,000 customer reviews). And the most commonly cited thing is how helpful Fairway's employees are. Yelp reviews show similar borrower comments.

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. 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.

Home equity loans

Fairway doesn't currently offer home equity loans or HELOCs. If you want to borrow against your equity, Fairway offers a cash-out refinance mortgage, which replaces your current mortgage.

In order to qualify for a mortgage with Fairway Independent Mortgage, 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.

Fairway's refinance rates depend on borrowers' credit scores and loan types. 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.

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.

• 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.