Fairway Independent mortgage review

What types of loans does Fairway Independent offer?

Fairway Independent offers conventional loans, FHA loans, VA loans, USDA loans, jumbo loans, reverse mortgages and mortgage refinancing.

• Conventional. Fairway Independent offers both fixed- and adjustable-rate mortgages with terms of 10 to 30 years.
• FHA. Government-backed Federal Housing Administration loans come with more lenient lending requirements and terms that range from 15 to 30 years.
• 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.
• 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.
• Jumbo. Nonconforming jumbo loans at Fairway Independent typically start at $510,400. 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.

Other loans offered by Fairway Independent:

• Reverse mortgages. Borrowers older than 62 with sufficient equity in their homes may qualify. A reverse mortgage allows borrowers to access the equity of their home as a lump sum, line of credit or fixed monthly payment.
• Refinancing options. Fairway Independent also offers fixed-rate, adjustable-rate and cash-out refinancing options for those looking to take advantage of a lower rate or better term, or to access home equity as cash.
• HomeStyle renovation. Purchase a fixer-upper with additional capital to cover repairs, renovations or upgrades.

Fairway Independent fees

You won’t find any information 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 usually 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

Requirements

While Fairway Independent let us know that credit score and down payment requirements vary for each of its home loan products, it was unable to confirm 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.

Documentation

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

How to get a home loan with Fairway Independent

1. Go to Fairway Independent’s website and click Apply Now.
2. Enter your full name, email address, coborrower’s 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.

Pros and cons of Fairway Independent

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More details

Features	Loan types: Conventional, Refinance, Home Equity, HELOC, Jumbo, Reverse, FHA, VA, USDA Minimum credit score: 620 Minimum down payment: 3.5%

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What is Fairway Independent?

Fairway Independent 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 wing.

Despite its unfavorable BBB reviews, it was deemed one of the 30 Best Places To Work in Madison, Wisconsin by Madison Magazine in 2019.

Frequently asked questions

• How do I get in touch with Fairway Independent?

  Contact a member of the Fairway Independent team through Facebook Messenger, by email at customerservice@fairwaymc.com or by filling out the corporate contact form on Fairway’s website. You can also call 800-201-7544 weekdays from 8:30 a.m. to 5:30 p.m. CST.

• What can I do with the FairwayNow mobile app?

  With the FairwayNow mobile app, you can search for properties, apply for loan preapproval, calculate payments, upload documentation and directly contact your loan officer.

• What can I do with a Fairway Independent renovation loan?

  Fairway’s HomeStyle loan allows you to cover repairs, renovations or energy-efficient improvements on either a primary or investment property. There are no restrictions on repairs so long as the improvements are permanently affixed to the property, add value to the property and are completed by a licensed contractor.