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Fairway Independent Mortgage Corporation offers loans in all 50 US states.
Fairway; Alyssa Powell/Insider
The bottom line: Fairway Independent Mortgage Corporation is an overall affordable lender with a variety of mortgage options for borrowers to choose from. It’s an especially strong choice for renovation loans. But it doesn’t provide information about its interest rates online.
Overall lender rating
FeatureInsider rating (out of 5)Types of loans4Affordability5Customer satisfaction5Trustworthiness5Total4.75
Pros and cons
ProsCons
Offers a wide variety of mortgages, including multiple renovation loan options
Variety of term length options
Lets you apply with alternative credit data if you have a low/no credit score
Digital closing option
Doesn’t offer a home equity loan, HELOC, or construction loanCan’t see mortgages rates online
Fairway Independent Mortgage Corporation interest rates
Fairway Independent Mortgage Corporation doesn’t display interest rates on its website. Many lenders show typical rates for a 30-year and 15-year mortgage, and some even let you customize your rate by entering your credit score, down payment amount, and zip code. But Fairway doesn’t let you see rates without first applying for preapproval.
On the bright side, customer reviews on Zillow reveal that most borrowers’ rates were “as expected” or “lower than expected.” So Fairway does offer competitive mortgage rates.
Compare to other mortgage lenders
Fairway Independent Mortgage Corporation vs. Rocket Mortgage
Fairway
Quicken Loans
Types of home loans
Conforming, jumbo, FHA, USDA, VA, reverse, renovation, physician
Types of home loans
Conforming, jumbo, FHA, VA
Alternative credit data
Yes
Alternative credit data
No
Fairway Independent MortgageRocket Mortgage by Quicken Loans
Fairway and Rocket Mortgage both offer more term length options than many lenders. You’ll want Fairway for a USDA mortgage, reverse mortgage, or renovation loan, though, because Rocket Mortgage doesn’t offer these loans.
You’ll also prefer Fairway if you have a low or no credit score. Fairway lets you apply with alternative forms of credit, like proof that you pay bills, whereas Rocket Mortgage requires a credit check.
Your choice between the two could come down to which term length you want. Rocket Mortgage has terms as short as eight years. You also may like Rocket Mortgage if you want more accessible customer service, because it has live online chat seven days per week.
Fairway Independent Mortgage Corporation vs. Bank of America
Fairway
Bank of America
Types of home loans
Conforming, jumbo, FHA, USDA, VA, reverse, renovation, physician
Types of home loans
Conforming, jumbo, FHA, VA, HELOC
Alternative credit data
Yes
Alternative credit data
No
Fairway Independent MortgageBank of America Mortgage
Bank of America doesn’t have USDA mortgages, reverse mortgages, or renovation loans, so you’ll need to use Fairway or another lender for any of these. But Bank of America does have HELOCs, a type of second mortgage Fairway doesn’t offer.
Fairway lets you apply with alternative credit data if you don’t have a good credit score. But Bank of America will perform a credit check.
You may prefer Bank of America if you already bank with the institution, because it offers discounts to existing customers.
How Fairway Independent Mortgage Corporation works
Fairway Independent Mortgage Corporation offers loans in all 50 US states. You can apply online or visit a branch. The lender has locations in every state except Alaska and West Virginia.
Fairway offers the following types of home loans:
ConformingJumboFHAVAUSDAReverseFixed-rateAdjustable-rateRenovation loansPhysician loans
You can refinance into a fixed-rate or adjustable-rate mortgage, or do a cash-out refinance. You may also streamline refinance your FHA or VA mortgage, but Fairway doesn’t offer USDA streamline refinances.
Fairway offers more term length options than some lenders. For example, for a fixed-rate conforming mortgage, you can choose a 10, 15, 20, 25, or 30-year term.
Fairway doesn’t offer home equity loans or HELOCs, and it doesn’t have construction loans.
Fairway could be a good option if you have a poor credit score, or none at all. Most lenders pull your credit score when you apply for a mortgage. But Fairway lets you show alternative credit data, such as proof that you pay bills on time, on some of its mortgages.
You have the option to close on your loan digitally with Fairway.
To contact customer support, call or email Monday through Friday from 8:30 a.m. to 5 p.m. CT.
Is Fairway Independent Mortgage Corporation trustworthy?
The Better Business Bureau evaluates companies’ responsiveness to customer issues, and it gives Fairway Independent Mortgage Corporation an A+rating. A strong BBB score indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.
Fairway hasn’t had any recent public scandals. Between its clean history and good BBB grade, you may decide you’re comfortable borrowing from this lender.
This lender ranked No. 4 in J.D. Power’s 2022 Mortgage Origination Satisfaction Study. On its Zillow lender profile, it has a 4.95 out of 5-star rating, based on more than 32,000 online customer reviews.
Fairway Independent Mortgage Corporation FAQ
Is Fairway Independent Mortgage a legit company?
Yes, Fairway Independent Mortgage Corporation is a real lender that is licensed in all 50 US states. It’s an Equal Housing Opportunity lender, which means the US Department of Housing and Urban Development (HUD) holds Fairway to certain standards regarding discrimination in the lending process.
What is the minimum credit score for Fairway Independent Mortgage?
You need a 620 credit score for a conforming or USDA mortgage, 600 for a VA mortgage, and 580 for an FHA mortgage. However, you may be able to show alternative credit data, such as utility bills, for Fairway to consider your application even if your score is lower.
Who owns Fairway Independent Mortgage?
Fairway is a direct lender, and it isn’t owned by a bank or another company. Steve Jacobson founded Fairway in 1996 and still acts as the CEO.