Founded in 1996, Fairway Independent Mortgage Corporation has grown to become one of the larger mortgage lenders in the United States. The company has funded over $50 billion in mortgage loans in its history with over a third of that (approximately $17.5 million) in 2016 alone. Fairway Independent Mortgage has over 300 branch offices across 47 states and offers a wide variety of mortgage loans as highlighted below.
Fairway Independent Mortgage Types
Fixed-Rate Mortgage: Fairway Independent Mortgage offers a traditional fixed-rate mortgage option with interest rates set for the entire term of the loan. Fairway customers typically choose this option to lock in competitive rates and protect themselves against rising variable rates. The Fairway fixed-rate mortgage is best for customers planning on staying in the same home for the foreseeable future.
Conventional Mortgage: For customers willing to put down a larger down payment Fairway Independent Mortgage offers a conventional mortgage product. Under the conventional mortgage customers can select between a variable or fixed-rate interest. This option has much lower fees and potential penalty costs. Only customers with great credit are eligible for the conventional mortgage.
Jumbo Mortgage: For those seeking mortgages in excess of $417,000, Fairway Independent Mortgage offers a Jumbo Mortgage program. The Jumbo Mortgage is fairly flexible when it comes to terms and can be of the fixed-rate or variable rate variety.
Adjustable-Rate Mortgage (ARM): Fairway Independent Mortgage main adjustable-rate mortgage program is designed for those seeking lower interest payments upfront and those are willing to risk higher interest rate payments on the back end. Fairway’s ARM program typically provides for a 3 to 10 year fixed rate period followed by annual adjustments to term. This product is best for those planning on selling or refinancing in a few years.
Reverse Mortgage: Under Fairway Independent Mortgage Reverse Mortgage program, homeowners age 62 or more can efficiently withdraw a portion of their home’s equity while remaining in the home. We discuss the ins and outs of the reverse mortgage process in this article. The main appeal of the reverse mortgage is eliminating monthly mortgage payments, especially for seniors entering prime retirement years.
Renovation Mortgage: Fairway offers a renovation mortgage product that allows homeowners or potential homeowners the ability to roll the cost of renovations in with a home purchase or refinance. This is popular for those looking to purchase a fixer-upper property.
FHA Mortgage: Fairway Independent Mortgage offers a low down payment option under its FHA mortgage program. This program allows first time home buyers with reasonable credit the opportunity to purchase a home with a down payment significantly below the standard 20%. Fairway Independent Mortgage rates under the FHA program can be structured as fixed-rate or variable rate.
Refinance: Fairway Independent Mortgage offers a standard refinance mortgage product that allows homeowners to replace their current mortgage with a lower interest rate mortgage. Under this option homeowners can refinance and use the excess cash to consolidate debt or pay off other expenses amongst other things.
Veteran Affairs (VA) Mortgage Program: Active duty military, veterans or military spouses are eligible for Fairway’s VA mortgage loans. Under this program customers are required to provide little to no down payment with very few income and credit requirements. In addition, customers under the VA mortgage program are not required to purchase mortgage insurance.
USDA: For customers looking to purchase a home in a designated rural area, Fairway offers a USDA mortgage loan. A USDA home mortgage loan is a no down payment mortgage for eligible rural and suburban homebuyers. USDA loans are issued through the USDA loan program, also known as the USDA Rural Development Guaranteed Housing Loan Program, by the United States Department of Agriculture. In addition to no down payment, the USDA mortgage loan has low credit score requirements and offers flexible underwriting requirements.
Fairway Independent Mortgage Reviews & Complaints
As of 2016, Fairway Independent Mortgage maintained an A+ rating according to the Better Business Bureau in Wisconsin. The company does have 26 complaints registered at the Consumer Financial Protection Bureau (CFPB), but all in all the reviews across a number of online review sites such as Lending Tree have been largely favorable.
Fairway Independent Mortgage Rates
Fairway Independent Mortgage offers competitive rates across the board but as a common practice we suggest homeowners and potential homeowners shop around for the best rates and as such recommend checking out our 60-second rate wizard to find the best mortgage rates available for you today.
Fairway Independent Mortgage Launches FairwayNOW Mobile App for 2017
In December of 2016 Fairway Independent Mortgage Corporation announced the launch of its FairwayNOW mobile application. The FairwayNOW app allows customers to close their loan in as little as 10 days all from the convenience of a mobile app. In regards to the launch, Fairway CEO Steve Jacobson said,”Fairway is dedicated to providing speed of service with consistent communication to our clients. We want customers to be able to close when they want, so why not offer a solution that allows them flexibility in closing.”