Mortgage

Fairway Unbiased Mortgage Overview for 2020

overview

Fairway Independent Mortgage is headquartered in Madison, WI and founded in 1996. Since then, it has been one of the best mortgage lenders in the country.

Fairway is eligible for mortgage lending in all 50 states and Washington DC. And it's known for exceptional customer service.

This company found in the 2019 Mortgage Customer Satisfaction Study by J.D. Power finished second overall and was rated A + by the Better Business Bureau.

Fairway has also invested heavily in technology so customers can apply for a mortgage online or via app and track loan progress.

In terms of mortgage rates and fees, Fairway appears to be more competitive than the industry leader. However, prices vary depending on the customer. So you need to get a quote to see if Fairway pricing is best for you.

Fairway mortgage rates

Our table shows the average interest rates and loan costs as of 2019.

Your own interest rate will likely be lower as mortgage rates have come down significantly since then.

However, our chart shows you how fair Fairway's mortgage rates and fees are compared to other top lenders.

Average 30 year mortgage rate from major lenders

Fairway independent mortgage
Wells Fargo
Accelerate Loans
chase
30-year average interest rate, 2019

4.33%
4.22%
4.16%
4.22%

Monthly P&I payment *

$ 993
$ 980
$ 973
$ 980

Median Loan Costs, 2019

$ 3,954
$ 3,484
$ 5,075
$ 3,440

Median Origination Charge, 2019

$ 1,195
$ 1,199
$ 2,085
$ 1,279

It's worth noting that Fairway helps more people with lower credit scores than many other lenders. And that can increase rates on average.

If you like what Fairway has to offer, you should apply to see how cheap this company can be for you.

* Monthly principal and interest payment based on a home price of $ 250,000 down 20% assuming an average 30 year interest rate for each business for 2019. Your own interest rate and monthly payment will vary.

Check your new plan (September 4, 2020)

Fairway Mortgage Review for 2020

Fairway Mortgage has to do a lot right. It is at the forefront of the industry for its customer satisfaction and the growth of its business has been impressive.

What is the secret of fairway success? Well it probably breaks down into three parts:

The breadth of his loan portfolio means it can find the right mortgage for almost any applicant – from those who want multi-million dollar loans to those with little savings and bad loansFairway offers a very personal service over the phone or in its branches – but you can also use the online self-service technologies (including an app) as you likeThere seems to be a real focus on customer satisfaction – Unlike the lenders who only talk

The main disadvantage from our point of view is that you have to apply to see prices; They are not advertised online.

However, the prices quoted are only an example and you will still need to apply to see your actual price. So that's not a huge disadvantage.

Working with Fairway Independent Mortgage

Fairway has over 500 stores, with at least one in 48 states and Washington DC.

This means you have a better chance of meeting a loan officer in person than with many other lenders who may have fewer branches in fewer states.

However, Fairway does not require you to meet with a loan officer in person.

According to Fairway, you can fill out an online application in just 10 minutes.

Many applicants simply speak to a loan officer by phone or apply online through the lender's website or mobile app.

According to Fairway, you can fill out an online application in just 10 minutes.

The Fairway Mortgage website is also a secure place to upload loan documents and review your loan progress. So you never have to ask yourself what stage your application is at.

Fairway can help borrowers with lower credit purchase a home

Let's say your mortgage application fails because your credit rating is too low. The company's website states:

"If your loan officer determines that you may benefit from a credit improvement, you may be referred to Fairway's in-house Creditool team at which point you will be asked to join our program."

“One of our highly qualified credit analysts will be hired to review your credit report and create a credit improvement action plan for you. There are no costs for this. "

Creditworthiness is one of the most important factors when applying for a mortgage. Therefore, personal advice on improving your credit score is a huge benefit.

Fairway Mortgage Customer Service Reviews

We have already praised Fairway's customer service. But here are some details.

Companies
Mortgage origins 2019
CFPB complaints 2019
Complaints per 1,000 mortgages
2019 JD nominal power
Fairway independent mortgage

198,516
16
0.08
865/1000

Wells Fargo

1,026,800
342
0.33
837/1000

Accelerate Loans

774,900
187
0.24
880/1000

chase

527,600
188
0.36
850/1000

Fairway Independent Mortgage found in the 2019 mortgage satisfaction survey by J.D. Power took second place and was right behind Quicken Loans (the 10 year old winner).

In addition, less than one customer in every thousand complains to the consumer protection bureau (which records official mortgage complaints) about fairway.

Fairway also scores in consumer forums. It gets 5 stars on SocialSurvey and Zillow and four or five stars on various Yelp review sites.

Overall, this makes it a top company for the service of the major mortgage lenders.

Mortgage loan products at Fairway

Fairway has an extensive list of mortgage options:

Fixed rate mortgages – The most popular type of mortgage with one interest rate and one payment fixed for the life of the loan Variable rate mortgages – These start with a fixed interest rate for a few years, then your interest rate can move up or down annuallyConventional mortgages – Loans from private lenders or sponsored by Fannie Mae or Freddie Mac. These start with a 3% depositJumbo mortgages – Loans above the conventional limit which is $ 510,400 in most of the US.FHA mortgages – Good for those with less credit. Already a 3.5% depositVA mortgages – Eligible veterans and service members receive great prizes and a 0% depositUSDA Rural Development Mortgages – No deposit if you are shopping in an eligible rural area and have a qualified incomeRefinancing programs – Get some cash or get a lower mortgage rate and lower monthly paymentLoan program for doctors – Medical professionals can save just 5% with no mortgage insurance requiredReverse mortgages – For people aged 62 and over who want to free up some of their home equity to improve their retirement. No monthly paymentsHome renovation loan – It's all in the nameHome loan – When you want to build your house instead of buying oneHome loan – Used to buy a piece of land that a house can be built on Investment property mortgages – Buy a house to rent to othersDebt Consolidation Mortgages – AKA disbursement refinancing

Chances are, one of these will suit you. It's all about finding the right type of loan based on your credit, down payment, location, and funding goals.

Check your new plan (September 4, 2020)

Where can I get a mortgage at Fairway?

You can get a loan from Fairway Mortgage anywhere in the US. It is licensed in all 50 states.

And there is likely an office near you, as there are one or more in 48 states and Washington DC.

Fairway has offices in 48 states (shown in light green above). Only Alaska and West Virginia (dark green) are without branches.

The two states that Fairway is not physically present in are Alaska and West Virginia. The latter may allow you to access a branch office by jumping over the border into a neighboring state.

But it's not that easy for Alaskans. So you have to rely on the phone and mail or the internet – or any combination of these.

Is Fairway Independent Mortgage the Best Lender for You?

Fairway Mortgage may turn out to be the best lender for you.

Fairway has a broad enough home loan range to suit most people and their customer service gets top marks.

We especially recommend checking out this company if your credit score is too low or at the limit for mortgage qualification. In that case, the company's free credit counseling could be of great help.

To decide if Fairway Independent Mortgage is best for you, check out the interest rates and terms of a few different lenders, and carefully consider your options.

Check your new plan (September 4, 2020)

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