Fairway Mortgage Review 2020

Fairway Mortgage rates

ProductInterest RateAPR
30-year fixed rateContact lender for detailsN/A
15-year fixed rateContact lender for detailsN/A
5/5 ARM rateContact lender for detailsN/A

Fairway Mortgage does not disclose its rates online. While you can get a general idea of current mortgage interest rates, the best route is to speak with a lender directly. Mortgage rates through Fairway are based on a number of factors specific to your financial situation. Your credit score, your income, financials and location are all major factors in your interest rate, according to Fairway’s customer service.

With interest rates at historic lows, now is a great time to consider a purchase or a refinance. One of the lenders you may want to consider for your new mortgage is Fairway Independent Mortgage. Fairway Independent Mortgage is headquartered in both Madison, WI, and Carrollton, TX, and has been offering a wide variety of loan products since 1996. Fairway Mortgage has consistently grown since its inception and now operates as a full-service mortgage company.

Why it might pique your interest

Fairway Mortgage operates as a full-service mortgage company with over 400 branches spread out across all states and Washington D.C. Whether you want to go the conventional mortgage route or opt for an adjustable-rate mortgage, you’re likely to find what you need through Fairway Mortgage. 

You’ll find the application and mortgage process to be convenient and fast either online or on your smartphone. Customer service is available by calling, emailing or reaching out through Facebook and other social channels, so no matter where you are, you can connect with someone who can help.

Fairway Mortgage overview

Loan options:

  • FHA — These loans are insured by the Federal Housing Authority (FHA) and come in several options such as fixed-rate and adjustable-rate loans with several down payment options. 
  • Conventional — A conventional mortgage is not insured by the FHA but allows for greater flexibility with terms, fees and insurance. 
  • Jumbo — A jumbo loan, also referred to as a non-conforming loan, is a loan for more expensive homes, generally over $510,400. You need a higher credit score and low debt-to-income (DTI) ratio to qualify. 
  • Fixed-rate — Fixed-rate mortgages are mortgages in which the interest rate on your loan will remain the same throughout the entire term. Popular options include 15-, 20- or 30-year terms.
  • Adjustable-rate — Adjustable-rate loans have rates that fluctuate throughout the term of the loan. Although somewhat unpredictable, the rates can be lower versus fixed rates and are often considered an option for those who want to be in a home for less than five years.
  • Renovation loans — Fairway offers several options for those who want to renovate and need a loan to help pay for the project. You can choose from a HomeStyle renovation loan or a 203(k) rehabilitation loan.
  • USDA — These are loans guaranteed by the United States Department of Agriculture (USDA) based on eligibility requirements. These loans are an option for low-to-moderate-income applicants with no down payment.
  • VA — Fairway offers no-down-payment options for VA loans. You have to present your certificate of eligibility (COE) to begin the application process.
  • Refinance — With Fairway, you have the option for a normal refinance or cash-out refinance.

Pros and cons

Pros

  • Multiple loan options — With everything from fixed-rate loans to reverse mortgages, Fairway likely has a mortgage product to fit your financial situation.
  • Convenient application process — With both the mobile and online application processes, you can start the loan application within a matter of minutes.
  • Resources for consumers — Whether you need a mortgage calculator or a more in-depth understanding of mortgages, Fairway offers a library of resources to help you throughout your mortgage journey.
  • Locations throughout the country — Not only are there over 400 locations and 6,000 employees ready to help you with your mortgage, but you can find a branch in every state and Washington D.C.
  • High customer satisfaction — Fairway Mortgage has an A+ BBB rating and was also ranked second overall in customer satisfaction, according to the JD Power 2019 U.S. Primary Mortgage Origination Satisfaction Survey.

Cons

  • Current mortgage rates are not readily available — For those of you who love to do research online, you’ll be disappointed to learn Fairway’s rates aren’t easy to find. To obtain accurate rate information, you’ll need to contact a loan officer in the state where you want to purchase.
  • Fees are not readily available — If you are curious about closing costs, origination fees and any other costs associated with your loan, you’ll have to work with a loan officer for specific information. This info isn’t readily available on the Fairway site.
  • No line of credit or home equity loans — If you’re looking for a line of credit or home equity loan instead of a traditional refinance, Fairway doesn’t offer this option.

FAQs

Is Fairway Independent Mortgage a mortgage broker? 

Yes, Fairway Independent Mortgage is a mortgage broker and lender. This lender works with buyers across all income levels and offers a wide variety of loans, though its available services vary by state, according to the Nationwide Multistate Licensing System, a free consumer service that confirms whether companies in the financial-services industry are authorized to conduct business by state.

In Arkansas, for example, Fairway holds a combination mortgage banker/broker/service license, meaning it can offer services to consumers from all three categories. In other states, Fairway is licensed as a lender or a lender/broker.

Who owns Fairway Independent Mortgage?

Steve Jacobson founded Fairway in Texas in 1996. Within five years, Jacobson grew the company to over $1 billion in closed loans annually. Today, Jacobson oversees and directs operations for the company’s full-service mortgage lending operation, which is based out of both Madison, Wis., and Carrollton, Texas — but the company is owned by its employees and has been as of 2016. 

Prior to establishing Fairway, Jacobson held several executive positions in the mortgage industry. 

Is Fairway Independent Mortgage a direct lender?

Yes, Fairway Independent Mortgage is an independent mortgage broker and lender based in Madison, Wisconsin. The company consistently ranks among the top retail lenders in the country. 

Fairway’s services vary by state. For example, in some states, the company operates as a combination banker-broker-service, meaning it can offer consumers a wide variety of services. In other states, Fairway is licensed as a lender or a lender/broker.

The final word

If you want to work with a lender that offers you multiple options for loans and you place a high value on convenience and customer service, then Fairway Independent Mortgage is a solid choice. You’ll have to pick up the phone and talk to a local loan officer to get an idea of the rates this lender offers, but in return, you’ll find that Fairway has an extensive selection of loans and down payment options while providing outstanding customer service as you go through the mortgage process.

Sara Coleman

Contributing Writer

Sara Coleman is a personal finance freelance writer based in Charlotte, NC. A Journalism Major who studied at the University of Georgia, she enjoys creating approachable content. She’s written for sites such as WorkingMother, BetterYouMag, and SmartMoneyMamas. She loves spending time with her husband and 3 kids, and has a healthy obsession with coffee.