Fairway Independent Mortgage Review 2024 Updates

Getting money isn’t easy, but the amazing thing is that there are platforms that could provide you with a loan. One such platform is the Fairway Independent Mortgage, and you wouldn’t want to miss out on the relevant details about them.

Fairway Independent Mortgage Review

Fairway Independent Mortgage Review

Fairway Independent Mortgage was founded in 1996 and is headquartered in Madison, Wisconsin, and Carrolton, Texas. By 2017, it was licensed in all 50 states and had over 6,000 employees under its wings.

This brand offers a variety of loan products that appeal to a broad range of borrowers.

The establishment, however, doesn’t disclose mortgage rates or terms online, and it declined to answer questions about its loan offerings and other programs.

Well-qualified Fairway applicants may be qualified for Fairway’s Advantage Pre-Approval or Cash Guarantee programs, which are designed to make its customers more competitive in the housing market.

What are Fairway’s Mortgage Loan Types?

Fairway presents a broad selection of mortgages, including some hard-to-find options, such as ITIN loans for consumers without Social Security numbers and a mortgage tailored to physicians.

The mortgage for medical professionals has lesser payment requirements and doesn’t count student loans in an applicant’s debt-to-income ratio.

Fairway’s website makes it uncomplicated to browse through the main types of loans the lender offers. 

Fairway Independent provides conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, reverse mortgages, and mortgage refinancing listed below:

1. Conventional. Fairway Independent offers both fixed- and adjustable-rate mortgages with terms of 10 to 30 years.

2. FHA. Government-backed Federal Housing Administration loans come with more lenient lending requirements and terms that range from 15 to 30 years.

3. VA. Eligible veterans, service members, and their families may qualify for a Veterans Affairs loan with a valid Certificate of Eligibility from the US Department of Veterans Affairs.

Fairway Independent VA loans feature no prepayment penalties or private mortgage insurance and offer $0 down payment options.

4. USDA. If the property you’re interested in purchasing is located in a qualifying rural area, you may be eligible for a 30-year fixed-rate USDA loan with no down payment options.

5. Jumbo. Nonconforming jumbo loans at Fairway Independent typically start at $484,350. These jumbo loans are available as both fixed- and adjustable-rate loans, but a high credit score and low debt-to-income ratio are required.

In addition, Fairway delivers reverse mortgages for seniors who want to tap into their home equity. Fairway however does not offer home equity loans or lines of credit.

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Pros & Cons of Fairway Independent Mortgage

Fairway Independent Mortgage Review

Pros

  • Delivers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages, and loans for self-employed borrowers.
  • Obtains high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Mortgage rates for different kinds of loans aren’t posted online.
  • Origination fees and mortgage rates are on the high side compared with other lenders, based on the latest federal data.

How to Qualify for a Fairway Independent Mortgage

Fairway Independent Mortgage lets FICO credit scores as low as 580 for FHA loans but doesn’t specify a minimum credit score for conventional loans.

However, you typically need a FICO credit score of at least 620 to get approved for such a loan. The lender’s maximum debt-to-income ratio can vary depending on the situation.

Self-employed borrowers, for instance, may qualify with a higher ratio. Fairway Independent Mortgage requires a down payment of at least 5% for most of its loans.

Loans insured by the federal government, including VA, FHA, and USDA loans, have low or no down payment requirements. The lender is licensed in all 50 states.

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Fairway Independent Mortgage Fees

Fairway Independent Mortgage Review

You won’t find any info about loan fees on Fairway Independent’s website. Instead, you’ll need to fill out an application in person or online to receive an estimate of potential rates and fees.

Lenders normally charge origination fees that amount to 2% to 5% of the total loan cost. During the closing process, be ready to encounter any of the following fees:

  • Appraisal
  • Credit report
  • Document preparation
  • Home inspection
  • Private mortgage insurance
  • State taxes
  • Title charges
  • Taxes

Fairway Independent Mortgage Requirements

Though Fairway Independent has made it known that credit score and down payment requirements differ for each of its home loan products, it was incapable of confirming specific credit score requirements.

Typically, conventional loans require a minimum credit score of 620, while credit scores of 580 may qualify for VA and FHA loans. Before you start the online application process, gather the following:

  • Full name and personal contact information
  • Social Security number
  • Pay stubs from the past 30 days
  • W2s and 1099s from the past two years
  • Personal tax returns from the past two years
  • Profit and loss statements, if self-employed
  • List of your assets — including savings, real estate, car titles, retirement accounts, and other investment records

Stepways on How to Get Loans with Fairway Mortgage

Below are the steps you should follow to get loans with Fairway;

1. Go to Fairway Independent’s website and click Apply Now.

2. Enter your full name, email address, co-borrower information, and real estate agent’s information.

Review Fairway Independent’s Patriot Act Agreement, Electronic Disclosure Agreement, and Privacy Policy. Click Next.

3. Tell Fairway Independent more about the property you’d like to purchase, including the property’s location, its purchase price, and what type of loan you’d like to apply for. Click Next.

4. Tell Fairway Independent more about yourself, including your date of birth, Social Security number, and current residential address.

You’ll also need to provide Fairway with your employment and income information, including the name of your employer and your monthly income. Click Next.

5. Tell Fairway Independent more about your assets and liabilities, including real estate holdings, child support, and job-related expenses. Click Next.

6. Review Fairway Independent’s eDisclosure Agreement and click I Agree. Review your application information and click Submit.

A Fairway Independent loan officer contacts you within one business day to follow up on additional documentation and the next steps in the lending process.

We hope this resource has given you all the relevant details you need. Endeavor to share with your friends too. Good luck!

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