Fairway Independent Mortgage Corporation offers a variety of loan products to help borrowers looking to purchase, refinance, or tap in to their home’s equity. Some of these products include fixed rate mortgages, adjustable mortgages, jumbo mortgages, and reverse mortgages. They have more than 400 branches across the United States, as well as over 7,000 employees and 3,000 producers, all dedicated to helping the borrower along the mortgage process. And since they are licensed to do business in all 50 states plus Washington D.C., no matter where you live in the US, you may be able to work with them.
| Minimum Required Down Payment | Minimum Required Credit Score | Mortgage Loan Products Offered |
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ARM Jumbo FHA, VA, USDA Renovation Reverse |
| Pros | Cons |
| Multiple loan products offered. Rated highly for customer service. Licensed in all 50 states. Mortgage options for those with lower credit scores. Creditool credit score improvement for those with credit scores too low to qualify. |
Rates aren’t listed on their website. Rates tend to be average. |
Fairway was founded in 1996 by Steve Jacobson, and the company was named by his colleague and childhood best friend. With a beginning based on friendship, it was almost destined that Fairway would become a helpful place for families to turn to for home loans. They have helped thousands of borrowers find mortgages. Fairway has two headquarters: one in Wisconsin and one in Texas.
Ratings and Awards
Fairway has quickly made its way to the top of many national lists and won multiple awards. Mortgage Executive Magazine has listed it in the Top 10 mortgage companies in the US. It’s also been voted as one of the Best Companies to Work For, and ranked in the Top 10 for Retail Lenders and total Retail Volume. The Better Business Bureau has also given Fairway an A+ Rating.
Interest Rates
Some lenders give a few rate examples on their website; however, Fairway is not one of them. For this reason, if you are interested with Fairway, you will need to contact them to get an idea of the rates you may be eligible for. Fairway mortgage rates tend to be average, however, rather than very low. Fairway does work with borrowers who have credit scores in a lower-than-average range, which means that if your credit score isn’t the best, you might be able to work with Fairway. Lower credit scores correspond with higher interest rates, which is part of the reason why Fairway’s rates are only average.
Credit Score
If your credit score is very poor and you’re having trouble getting approved, you may still be eligible to work with Fairway to help improve your credit score through their “Creditool” team. The team member assigned to your case will then review your information and come up with a credit improvement plan for you to follow. The great thing about this service is that it’s free! Fairway offers this with the hope that those who may not qualify for a mortgage now will be able to improve their credit enough to qualify for a loan later.
If you decide to work with Fairway, you may be able to visit on of their branches in person, as they have physical locations in 48 states as well as DC. You can also work with them online or over-the-phone, which means that in-person meetings are not necessary. Their application can be completed online or in their app, and can be done in about 10 minutes, if you have all your required information handy.
History
In 2019, Fairway funded over $39 billion in loans. Visitors to their website can see their progression over the years; in 2018 they funded over $26 billion, in 2016 they funded more than $17 billion, they funded more than $11 billion in 2015, and way back in 2001 they funded just $1 billion. With enough dedication, hard work, and a little luck, the amount they fund may continue to increase.
Fairway’s Servicing Department was established in 2012, and they make it clear that, even if they transfer your loan to a new servicer, they’re always available to help with any questions or concerns you have. As they state on their website, “You’re always a part of the Fairway family.”
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