Although you might have to choose from their smaller selection, Fairway Independent Mortgage has a program that works for many people and is characterized by high-quality customer service.
Specialty provides other loan alternatives and loans with lower-than-typical down payments influenced by the top mortgage lender, Fairway Independent Mortgage. Fairway financing options could also benefit doctors, homeowners finishing extensive repairs, and those looking for a discounted property.
Types of Home Loans Fairway Offers:
Fairway has more loan options than many other lenders, including physician loans and government-backed mortgages. A company representative says a 620 (or more) credit score is usually the minimum needed.
Borrowers with scores up to about 580 can potentially qualify for an FHA loan. The minimum score is 580 (Eligible for an FHA loan).
- Fairway: With a Fairway conventional mortgage, you can choose between an ARM and a fixed-rate loan.
- VA: Veterans with VA loan eligibility who meet all criteria could get 100% financing.
- USDA: USDA loans are for moderate-income borrowers who want to buy homes in rural areas with no down payment.
- Jumbo: For 2024, the highest conforming limit is $766,550 ($1,149825 in high-cost areas).
But if you want to buy a pricier home, that won’t be enough; you will also need a jumbo mortgage. What is Physician Financing for Doctors with No Mortgage Insurance? Now, you can avail yourself of the same low down payment option doctors should have without mortgage insurance through physician financing!
Fellowship-eligible physicians may finish or have completed a fellowship within ninety days of the effective date in their employment offer.
Lenders can purchase a home with them that requires repair and do so using rehab loans.
Fairway Independent Mortgage Loan Features:
Here are the benefits that Fairway offers homeowners who need a mortgage:
Credit instruments: Most loan officers will review your application along with an activity of credit reports when you apply for a Fairway mortgage. When it comes time to get a loan and if you need help with your credit, the lender will introduce you to Fairway Credit Tools.
| Plagstar Bank | Mortgage | Rocket Mortgage | |
| Rating | 3.86 | 3.37 | 4.80 |
| Application | Yes | Yes | Yes |
| Average day | 37.5 | 21 | 37.5 |
| Credit Score | Not disclosed | 620 | 680 |
Team members then set to work using the tool’s free Credit Tools feature, devising a custom plan on how you can improve your credit.
Materials: The Fairway website offers several tools and resources for home buying. Use the calculators to compute your monthly mortgage payment, and download the homebuyer’s handbook for extra wisdom.
Applying for a Fairway Independent Mortgage:
Unlike many other lenders, Fairway makes you go through these steps to apply for a mortgage:
Details to enter here: The website will ask you for some basic info about yourself, such as your name, email address, and phone number (as well as ZIP code), along with specifics on the type of house you want to buy.
After you submit your information, a Fairway loan officer will contact you by phone or email to review your needs.
Application: After determining what type of loan is best for your circumstances, the loan officer will show you how to complete an application. Find it all and get ready with Fairway’s document checklist to be even more safeguarded.
Set a closing date: If approved, the loan officer will help set up a closing day and guide you through any necessary inspection or appraisal processes. Depending on your area and the type of mortgage, some will even let you close the loan digitally.
Fairway Independent Mortgage rates and fees:
Fairway Mortgage rates and fees are not provided online. For current rates, you must consult with a loan counselor.
Consider obtaining multiple quotes when you are seeking a house loan. According to a Freddie Mac analysis, borrowers save an average annual total of $1,200 in different practically quadruple quotes.
A work by the Federal Reserve Bank of Philadelphia found that getting even one more rate quote would reduce interest rates by 18 basis points (by 28 for borrowers with lower incomes).
Online Adventure:
The Fairway website has a wealth of teaching materials, such as credit aids, mortgage calculators, and step-by-step home-buying advice.
Remember that when you get a mortgage from Fairway Independent Mortgage, it is not your loan servicer. The lender will notify you that your loan was transferred to a new company.
After you have started your mortgage, the Fairway Now app can also be used to submit required documents after e-signature, check in on where your loan is at with status updates, and contact your Loan Advisor.
Client Contentment:
Fairway is known for its top-notch customer service, period. The lender claimed the top spot for customer satisfaction among 30 lenders in J.D. Power’s 2023 U.S. Primary Mortgage Origination Satisfaction Study, released Friday morning.
The report rated client satisfaction based on communication, loan closing process, application & approval methods, and on provides by lenders.
Management of Accounts:
This other entity is your loan servicer—the company you will contact if you have any questions or concerns about your account. You will also learn to receive your loan documentation and repay the servicer.
Furthermore, Fairway does not offer any other banking services or loans, and it is migrating from institutions that are only mortgage lenders.
Techniques:
We surveyed 500 current or prospective homebuyers and mortgage borrowers in March 2024. We learned this by asking them 41 questions about their experience trying to find/apply for a mortgage and shopping/buying—what features and services were the most important.
Our research team identified 55 points through which we could score each lender and compiled a list of the top 38 lenders based on those criteria.
Next, we interviewed mortgage lenders and acquired data through websites, media contacts, and customer service over the four weeks between May 31 and June 28. The 36 individual criteria we weighted are the ones that matter most to borrowers, and they shape our rankings of the top mortgage lenders.
- Client Experience: 48 percent
- Features of Operations: 16%
- Reputation: 14%
- Loan Categories: 11%
- Loans and loans with fee: 11%.
Star ratings for each company are based on the weighted average of the criteria shown in this table.
Pros Described:
There are plenty of government-backed mortgage types to choose from. Lenders need not offer all loan products but tend to be equal-opportunity lenders. Meanwhile, Fairway offers all three government-backed financing options that allow borrowers to take advantage of low down payment programs.
Affordable housing program: Fairway’s affordable house plan offers scholarships and credits to help buyers fulfill their dream of home ownership.
Specialty loans offered: Fairway provides specialty mortgage options, such as jumbo mortgages, home renovation loans, and doctor-only loan programs. These programs allow you to utilize higher loan maximums, reasonable rates, and other benefits.
Fairway was ranked first in the J.D. Power Mortgage Originator Customer Satisfaction Study of companies for customer service.
Cons Described:
Fairway mortgage rates and more: Fairway does not publish mortgage or other loan rates or rates and fees online. Rates are available on a call with a Fairway mortgage expert.
To start a mortgage application, you must provide details such as a phone number and email. This restriction can seem frustrating to borrowers who are first in their exploration.
Third-Party Administrated Loans: Fairway does not administer the loans it originates. Instead, the mortgages are serviced by independent businesses such as Chase or Round Point Mortgage and Flagstar Bank/Mr.
Cooper, it will be challenging to know what customer service standards are in place until you receive your loan servicer, as different companies may have varying expectations.
Final Thoughts: Fairway Independent Mortgage Corporation is a good lender. It offers a variety of loan selections and has positive reviews from borrowers and impartial consumer ratings agencies.
The same applies to customers looking for certain types of home loan products, such as renovation loans, jumbo mortgages, or doctor loans.
However, there is not much information online about Fairway loans, and you have to fill out your details before you can start the application process or see rates.
The website does not contain much information, making it useless to someone who has just started the home-buying process.
FAQs:
Fairway Independent Mortgage Minimum Credit Score Needed to Process a Mortgage Application.
Different Credit Score Requirements for Fairway Loan Packages You can get a mortgage with a 580 credit score.
Which Credit Reports Does Fairway Independent Mortgage Pull?
While Fairway and some other lenders take different approaches to credit scoring, they stick with the FICO score when making mortgage decisions.
How Do I Make My First Payment With Fairway Independent Mortgage?
Your initial mortgage closing will likely occur on your Fairway loan and/or with a third-party servicer. Your first payment could be following the original close date.
You will receive a green envelope with information about your loan servicer and the company to whom your mortgage servicing will be transferred.
The envelope will contain payment instructions. If you don’t know where to make your first payment, call the concierge team at Fairway.
Who owns Fairway Independent Mortgage?
Fairway Independent Mortgage Corporation is privately owned and not a public company. In 2016, it introduced an employee stock ownership plan.
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