Please ensure Javascript is enabled for purposes of website accessibility

This device is too small

If you're on a Galaxy Fold, consider unfolding your phone or viewing it in full screen to best optimize your experience.

Skip to main content
Advertiser Disclosure Many of the offers that appear on this site are from companies from which The Motley Fool receives compensation. This compensation may impact how and where products appear on this site (including, for example, the order in which they appear) and may influence which products we write about, but our product ratings are not influenced by compensation. We do not include all companies or offers available in the marketplace.
    |    Accessibility Options

Fairway Independent Mortgage Review: Excellent Service and Flexible Loan Options

Review Updated
Matt Frankel, CFP®
Author: Matt Frankel, CFP®
Matt Frankel, CFP®
Matt Frankel, CFP®
Writer, Analyst

Matt is a Certified Financial Planner™ and investment advisor based in Columbia, South Carolina. He writes personal finance and investment advice for Motley Fool Money and its parent company The Motley Fool, with more than 4,500 published articles and a 2017 SABEW Best in Business award. Matt writes a weekly investment column for the Motley Fool ("Ask a Fool") that is syndicated in USA Today, and his work with Motley Fool Money has also been syndicated to MSN and Yahoo! Finance. He has been regularly featured on Fox Business and many other major outlets. He’s a graduate of the University of South Carolina and Nova Southeastern University, and holds a graduate certificate in financial planning from Florida State University.

See Full Bio

| 2 others [ + ]
Kimberly Rotter, AFC®
Reviewer: Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Kimberly Rotter, AFC®
Accredited Financial Counselor®

Kimberly is a career writer and editor with more than 30 years' experience. She's a bankruptcy survivor, small business owner, and homeschool parent. In addition to writing for The Motley Fool, she offers content strategy to financial technology startups, owns and manages a 350-writer content agency, and offers pro-bono financial counseling.

See Full Bio

Eric McWhinnie
Fact Checked: Eric McWhinnie
Eric McWhinnie
Eric McWhinnie

Eric McWhinnie has been writing and editing digital content since 2010. He specializes in personal finance and investing. He also holds a bachelor’s degree in Finance.

See Full Bio

Many or all of the products here are from our partners that compensate us. It’s how we make money. But our editorial integrity ensures that our product ratings are not influenced by compensation. Terms may apply to offers listed on this page.

Taking out a mortgage can be a stressful experience, but Fairway Independent Mortgage does its best to make it easy. The lender incorporates modern technology with old-fashioned customer service. With more than 650 branches nationwide and billions of dollars in loan origination, Fairway has its system down to an art. This in-depth review will help you determine if Fairway Independent Mortgage is the right lender for you.

Ratings Methodology
Fairway Independent Mortgage

Best for: Customer service, lots of loan options

Fairway Independent Mortgage

Rating image, 4.5 out of 5 stars.
4.5/5 Circle with letter I in it. Our ratings are based on a 5 star scale. 5 stars equals Best. 4 stars equals Excellent. 3 stars equals Good. 2 stars equals Fair. 1 star equals Poor. We want your money to work harder for you. Which is why our ratings are biased toward offers that deliver versatility while cutting out-of-pocket costs.
 = Best
= Excellent
= Good
= Fair
= Poor

Bottom Line

The combination of high customer satisfaction and a large branch network makes Fairway a solid pick. What's more, the lender offers a wide range of fixed-rate and adjustable-rate mortgage terms across an array of mortgage products, including USDA loans.

Min. Credit Score 580 FHA 620 other mortgage products

  • 580 - 620

Min. Down Payment 0% for USDA loans and VA loans 3.5% for VA loans (minimum 580 credit score) 3% for conventional loans

  • 0% - 3.5%

Key Features

  • Customer satisfaction.
  • 650+ branches across the U.S.
  • Educational resources for first time borrowers.
  • Fast turnaround times.

Loan Types

  • Conventional
  • FHA
  • VA
  • USDA
  • Jumbo
  • Reverse

Fixed Rate Terms

  • 10y, 15y, 20y, 25y, 30y

Adjustable Rate Terms

  • 5-, 7-, 10-year initial rate term

Top Mortgage Lender

It's important to consider multiple mortgage lenders to find a good fit for you. We've listed one of our favorite lenders below so you can compare your options:

Lender Min. Down Payment Credit Score Next Steps
  • 0% - 3.5%
  • 580
Circle with letter I in it. 580 FHA 620 Conventional and VA 700 Jumbo
Apply Now for Better

Full Fairway Independent Mortgage review

This lender is a good fit for: A variety of borrowers, including those who need to make a lower down payment, are looking for a renovation loan, or are medical professionals.

Pros

  • Excellent marks for customer service
  • Wider variety of loan options than some other lenders
  • Good mobile app

Cons

  • No mortgage rates online
  • No home equity loans

Top perks

Lots of options

Fairway offers pretty much every type of mortgage you'd want -- except interest-only loans (and even those are available through partner lenders). Fairway offers renovation loans and reverse mortgages in addition to the standard loan types. Most of Fairway's loans have fixed or adjustable-rate options. And there's flexibility with loan terms, too. Fairway has loans with 10-, 15-, 20-, 25-, or 30-year terms.

Fairway also offers physician loans. These are mortgages for medical professionals who may have high salaries but are newer to their jobs and haven't had time to amass a large down payment yet. These loans may be available with a low down payment or no down payment, and typically do not have private mortgage insurance (PMI).

Focus on low- to middle-income borrowers

While many lenders focus most of their efforts on conventional mortgage loans, Fairway emphasizes loan options that help make homeownership affordable for low and moderate-income Americans. In fact, Fairway is a top FHA lender.

Branch locations

With more than 650 branches throughout the United States, it's easy for most people to get in-person help if they need it.

Customer service

Fairway prides itself on customer service, and it scores excellent marks in this area. According to reviews on Zillow, Fairway holds a 4.95 out of 5-star average (based on over 34,000 customer reviews). And the most commonly cited thing is how helpful Fairway's employees are. Yelp reviews show similar borrower comments.

Mobile app

Fairway has a highly rated mobile app, FairwayNOW. It allows borrowers to apply for a loan, get approved, track the status of their loan in real time, communicate with their lending professional, scan and upload documents, and more. The FairwayNOW app has a 4.8 out of 5-star rating on the App Store and claims that borrowers can apply for a loan in less than 10 minutes.

What could be improved

Online application process

Fairway allows borrowers to apply online, but it isn't a tech-focused mortgage lender. Fairway primarily originates loans through its network of mortgage professionals, located throughout the United States. Fairway's biggest strength is its focus on in-person customer service.

If you prefer a streamlined digital system, you might want to look elsewhere. For example, Fairway doesn't publish its rates until you give personal information. Some competitors allow you to check your personalized rates very quickly online, and without a hard credit pull.

Fee and rate transparency

If you want to know your mortgage rates, you'll need to fill out an application. Unlike many competitors, Fairway does not have a "today's rates" list on its website. And you won't find out your loan's origination fee until you apply either. Some competitors have no origination fees at all, while others are more upfront about what they charge.

Home equity loans

Fairway doesn't currently offer home equity loans or HELOCs. If you want to borrow against your equity, Fairway offers a cash-out refinance mortgage, which replaces your current mortgage.

How to qualify

In order to qualify for a mortgage with Fairway Independent Mortgage, you'll need to meet the lender's requirements for the specific type of loan you're applying for. With a conventional mortgage, you'll need a minimum credit score of 620. If you're planning to go the FHA loan route, you'll need a 580 to get approved with a 3.5% down payment.

However, there's more to getting approved than just meeting the credit scoring requirements. You'll need to show an acceptable employment history, have your assets examined, and show a debt-to-income ratio that justifies the loan. The best way to see what loans and terms you qualify for is to fill out Fairway's mortgage application.

Fairway has a few different ways borrowers can qualify:

  • In person: Fairway's large network of hundreds of branches staffed by thousands of mortgage professionals sets it apart from many other lenders. On the company's website, there's an easy-to-use search tool that can help you find the branch that's closest to you -- or you can even choose a loan officer.
  • Online: Fairway has an online application process. It's on par with what you'd expect from a big bank. Unfortunately, it's not nearly as savvy as other modern-day, tech-focused mortgage lenders, but it's not a bad process by any means.
  • Mobile: Borrowers can apply through the FairwayNOW mobile app, and can use it to complete much of the application process.

How are Fairway Independent Mortgage's refinance rates?

Fairway's refinance rates depend on borrowers' credit scores and loan types. You may have to pay for mortgage discount points. The only way to find out what rate you might get at Fairway is to apply for a loan. The lender doesn't disclose its rates otherwise.

When you do apply, it's a good idea to apply with at least two lenders so that you can compare offers. Try to apply on the same day for the best comparison.

How are Fairway Independent Mortgage's rates compared to the national average?

Fairway's mortgage rates trend about the same as the national average. This is a big national lender and you can expect competitive mortgage offers. That said, you won't find any information about mortgage rates online, and it can be difficult to find out what they are in a general way. Fairway wants you to apply and get a personalized rate. That makes it tough to do preliminary research when you're early in the process.

Fairway Independent Mortgage is right for you if:

  • You want a wide variety of loan options and terms to choose from.
  • You want a loan officer to walk you through the process, especially if you want to be able to get in-person help.
  • You want a renovation loan or are looking for a reverse mortgage.

FAQs

  • Fairway's rates trend about the same as the national average. But you may have to pay for mortgage discount points to get Fairway's lowest rate. Also, you can't find out Fairway's rates without applying.

  • For most borrowers, yes. For one thing, Fairway has an excellent reputation for good customer service. So you're likely to have a good experience. For another, Fairway offers some loans that not all lenders offer, which is nice.

  • Yes. Fairway is a large lender that offers competitive rates and good customer service.

  • You'll need a 620 credit score for a conventional loan from Fairway. You might qualify for an FHA loan if your credit score is lower. It's best if your debt-to-income ratio is below 43% but you might qualify with a higher DTI. You need a down payment of at least 3.5% unless you qualify for a VA loan or USDA loan. Those programs do not require a down payment.

  • Fairway Independent Mortgage offers a good variety of loan types to meet the needs of most borrowers.

    • Conventional
    • FHA
    • VA
    • USDA
    • Jumbo
    • Renovation loan
    • Physician loan
    • Fixed-rate mortgage
    • Adjustable-rate mortgage
    • Reverse mortgage