Fairway Independent Mortgage Corporation is an independent mortgage lender serving borrowers in all 50 states and DC. It was founded in Wisconsin in 1996 and is now a major lender, with more than 3,000 loan agents and 400 branches nationwide. Fairway underwrote $40 billion in home loans in 2019, making it one of America’s largest independent mortgage lenders.
When it comes to communicating with borrowers, Fairway has every angle covered. It has loan agents and branches stationed all around the country. It also has a full-service website and mobile app where borrowers can apply for a mortgage, communicate with their loan agent, track the status of their application, and upload and sign documentation.
Judging by thousands of customer reviews, Fairway’s loan agents fulfil their commitment to guide borrowers through the homebuying and mortgage process. The Fairway website offers extensive information about the dos and don’ts of the mortgage process, as well as a checklist of documentation you’ll need to provide to apply for a mortgage.
Pros
Wide range of loan products
Local agents in every part of the country
Highly-rated mobile app
Cons
No rates without lengthy application
No low-down payments on conforming loans
The thing Fairway most stands out for is its Fairway Now mobile app. Not only is Fairway in a minority of mortgage lenders that have an app, but it turns out the app is actually really useful. In fact, you can do pretty much everything on the app, including getting pre-approved in minutes, searching for a home, securely uploading documents, messaging your agent, and tracking your status. Fairway isn’t exaggerating when it calls the app your all-in-one home buying experience.
While Fairway stands out on a number of fronts, there is one major weakness: the lack of transparency on rates and terms. Nowhere on Fairway’s website does it give even a hint to what sort of interest rate borrowers can expect to find. The only way to see rates is to begin an application – which is quite a lengthy process.
Fairway offers an extensive selection of mortgage products, from conventional loans to government-backed loans and niche loan products. Many of these loan products apply to purchasing and refinancing. Fairway offers both fixed-rate and adjustable rate mortgages.
Here’s the full breakdown:
- Fixed-rate conforming loan: Regular conforming loan with 20% down payment
- Adjustable-rate conforming loan: Regular conforming loan, but with a rate that adjusts every year after a fixed introductory period of 3-7 years
- Jumbo mortgage: For large loan amounts (varies by location, usually at least $500k)
- FHA loan: Government-backed loan for borrowers with 500-619 credit, with down payment of 3-10%
- VA loan: Government-backed loan for eligible servicepeople, Veterans, and their families, with zero down payment and no private mortgage insurance
- USDA/Rural Development: Government-backed loan for borrowers in USDA-designated rural areas, with zero down payment
- Renovation: Three types of renovation loans – Fairway’s own HomeStyle renovation loan, plus the FHA-backed Standard and Limited 203(k) Rehabilitation loans
- Reverse mortgage: Special government-backed loan for home owners aged 62+ which lets you borrow against your home equity.
As an independent bank with 20+ years’ experience working with borrowers, Fairway offers personalized assistance to help you with your next mortgage.
Here are some of the top features:
- Fairway Now, a full-service mobile app where you can apply for and track your loan status
- Free learning resources and tools to help you calculate the cost of your loan and make an informed decision
- Loan agents are available through several channels, including in-branch, phone, and via the mobile app.
Unfortunately, Fairway doesn’t offer any information about loan rates on its website. Judging from customer reviews, its loans are competitive. However, the only way to get an accurate rate is to request pre-approval (which requires filling out a fairly length application form). As for repayment terms: the options are for 10, 15, 20, or 30 years. Fairway also has ARMs that adjust after the first 3, 5, or 7 years.
As we have already mentioned a couple of times, one of the highlights of Fairway’s service is the range of communication options. The mobile app has a 4.8/5 rating from 3,000+ reviews on the App Store, a testament to Fairway’s and the app’s popularity with users. The Fairway website has a search tool where you can locate agents and branches in your area. The customer support line operates Monday to Friday, 8:30 AM – 5:30PM CST.
Phone: (800) 201-7544
Email: Servicing@fairwaymc.com
Branches: 400+ offices nationwide
Corporate office: 4750 S. Biltmore Lane, Madison, WI 53718
For an independent lender, Fairway offers a comprehensive mortgage service. Only a handful of lenders can claim to offer in-branch service, online platform, and full-scale mobile platform. Fairway makes you jump through a few hurdles to get a quote, but once that part is over you can be sure of getting A+ service.