The Yahoo vision: Fairway Independent Mortgage Corporation offers a variety of lending options and has locations in 48 U.S. states. It features a wide range of mortgage and home buying tools, making it one of the best mortgage lenders for bad credit.
Fairway Independent Mortgage Corporation is an experienced mortgage lender offering a variety of loan products nationwide. The company offers the standard conventional, FHA, VA and USDA loans, as well as more specialized options such as physician and renovation loans.
Fairway has brick-and-mortar branches in 48 states and Washington, DC, and ranks above average in J.D. Power’s 2024 Mortgage Origination Satisfaction Study.
More information: How mortgage loans for doctors work
Main benefits:
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Fairway Independent Mortgage has hundreds of locations in 48 states and Washington, DC
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You can apply online, in person or by telephone.
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The lender offers many loan options, including renovation loans and loans for medical professionals.
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Borrowers have access to many home buying resources and calculation tools.
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The Fairway Community Access™ program offers affordable housing subsidies that can help you lower your closing costs or down payment.
Must know:
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There are no locations in Alaska or West Virginia; However, Fairway is still licensed to offer mortgages in these states.
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The lender does not offer home loans or HELOCs.
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Fairway claims the number 1 position in JD Power’s Mortgage Originator Satisfaction Survey.
Visit the Fairway Independent Mortgage website to get started.
Fairway Independent Mortgage offers the following types of home loans:
Fairway Independent Mortgage does not offer the following types of home loans:
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Interest-only mortgages
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Lots of loans
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Construction loans
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Loans for boarding houses
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Second home loans
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Non-Qualified Mortgages
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Loans in investment properties
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Energy-efficient mortgages
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Mortgages with a 1% down payment
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Purchase loans
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Bridging loans
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Manufactured Mortgages
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Piggyback Loans
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ITIN Mortgages
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HELOCs
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Mortgage loans
Dig deeper: 4 types of home renovation loans and how to choose
Fairway Independent Mortgage Corporation offers FHA loans for home purchases, refinancing and home renovations. FHA loan options include FHA adjustable and fixed rate loans, FHA 203(k) loans and FHA Streamline Refinances, which allow you to easily refinance one FHA loan into another.
FHA loans account for just over 25% of all Fairway mortgage business, according to 2023 Home Mortgage Disclosure Act data. They are the lender’s second most popular mortgage product after conventional loans, and Fairway is currently one of the top FHA mortgage lenders.
More information: Best FHA Lenders of 2025
Fairway Independent Mortgage Corporation does not offer home equity loans or home equity lines of credit (HELOCs), although it does have cash-out refinance options. This is another tool you can use to borrow against your home equity.
With a cash-out refinance, you get a new mortgage loan with a larger balance than your current one, and then use that money to pay off the old loan. You get the difference back in cash and can use it for anything you want. Homeowners choose this option to pay for home repairs or pay off credit card debt – if they can also improve the interest rate on their existing mortgage.
Dig deeper: What is a cash-out refinance and how does it work?
Fairway is not very transparent about its interest rates. There are no advertised rates or sample rates on the website, so you’ll need to submit an application or talk to a lender to get a quote.
Yahoo Finance uses data from the Home Mortgage Disclosure Act of 2023, consisting of 10 million home loan applications, to rate mortgage lenders on mortgage rates issued and total loan costs. We score each lender on a scale from 1 (lowest) to 5 (highest).
For example, when it comes to mortgage interest, a lender can use a lower score charged one mortgage interest rate that is higher than the average mortgage interest rate for loans issued in 2023. A higher score would indicate that a lender has granted this lower than the average mortgage interest rate to borrowers in 2023.
For total home loan costs, a lower score would indicate that a lender charged higher total home loan costs than the median in 2023. A high rating would mean that a mortgage provider offered lower all-in costs for home loans in 2023 than the median. .
What this means: Fairway Independent Mortgage offered a mortgage rate that was higher than the average mortgage rate 6.75% and a near average total borrowing cost of $6,999.75 to borrowers in 2023.
To apply for a mortgage with Fairway Independent Mortgage Corporation, you must complete an online application through the lender’s website, call 800-201-7544 (or your local branch number) or one of hundreds of locations nationwide of the company visit. Please note that there are no locations in Alaska or West Virginia, but a digital application process is available for these states.
The homepage features a prominent “Get Pre-Approved” button. A disclaimer clarifies that the process is strictly a preliminary assessment and that final approval of the loan can only occur after full acceptance.
Turns out the “pre-approval” is nothing more than a contact form. You enter basic information (nothing personal) until the final step, when your name, email address, and phone number activate a contact.
The button should probably be relabeled as “Contact Us.”
Read more: How to Get a Mortgage Permit in Advance
Fairway has many helpful resources for borrowers, including the following:
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A podcast with insights into homeownership
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An informative video series
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A home ownership hub with tips and strategies
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Guides to Buying a House
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Frequently asked questions about mortgages
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A mortgage glossary
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Credit sources
The calculation tools include:
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Calculating monthly mortgage payments
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Renting versus buying a calculator
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Refinancing Calculator
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Housing affordability calculator
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Mortgage Comparison Calculator
More information: How much house can you afford? Use Yahoo Finance’s affordability calculator
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Fairway earns our highest score of 5 stars in the Online Features category for excellent digital learning resources.
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It also earns 4 stars for affordability by offering a wide range of loan options.
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Fairway Independent Mortgage falls short in rate transparency. There are no sample mortgage interest rates available on the website.
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A mortgage from Fairway is probably a bit too expensive. According to our analysis of HMDA data, loan costs are average, but Fairway mortgage rates are slightly higher than average.
More information: 5 Strategies to Get the Lowest Mortgage Rate Possible
Fairway independent mortgage vs loan deposit
Fairway and LoanDepot offer similar types of mortgage loans, although LoanDepot offers HELOCs while Fairway does not. Fairway offers renovation loans and loans for medical professionals, which can make it easier for doctors and other medical professionals to qualify despite high student loan costs. Which mortgage best suits your needs depends on the mortgage that suits you best.
LoanDepot has more potential incentives for borrowers, offering everything from cash bonuses and closing credits to waived future refinance costs. Unfortunately, LoanDepot has a below-average rating in JD Power’s satisfaction survey, while Fairway has a better-than-average ranking. Neither lender clearly advertises its rates.
LoanDepot mortgage review
Fairway and Pennymac offer slightly different loan options. Pennymac offers mortgage loans, real estate investment loans and a mortgage interest buyback program, while Fairway has a medical professional loan and renovation loan.
Pennymac offers more incentives for borrowers and also advertises its mortgage rates more clearly. Fairway does not advertise its rates, but does score much higher in the JD Power satisfaction survey.
Pennymac Mortgage Review
Fairway Mortgage is generally considered a good mortgage company. It received an above-average customer satisfaction rating in J.D. Power’s 2024 survey and #1 in the 2023 survey.
Fairway Independent Mortgage has been in business for almost three decades. The company was founded in 1996.
Fairway minimum credit scores vary by loan program. Typically, you’ll need a 620 for conventional loans, a 580 for FHA loans, a 580 for VA loans, and a 640 for USDA loans.
Methodology:
Yahoo Finance rates and rates mortgage lenders with a quintile score in five main categories: 1) Interest rates. Based on data from the Home Mortgage Disclosure Act 2023, consisting of 10 million home loan applications, we score mortgage lenders on mortgage interest rates provided below or above the annual median of reporting lenders. 2) Affordability. A measure of the availability of loan products and a lender’s willingness to offer government-backed loans, low down payments, down payment assistance, and consideration of non-traditional credit. 3) Loan costs. HMDA data is reanalyzed and lenders are rated based on total loan costs compared to the annual median. 4) Rate transparency. The ability of a website user to obtain a mortgage interest rate estimate. We evaluate lenders based on whether rates have been increased by discount points or high credit score requirements, disclaimers disclosing rate assumptions, view advertised rates, and whether or not customizable discount point estimates are available. 5) Online features. An analysis of the educational materials, calculators and additional resources available to users.
Review of Nationwide Multistate Licensing System (NMLS) regulatory action data may result in a penalty on the score of any lender that has taken an administrative or enforcement action related to a consumer mortgage within the past five years.
Advertisers or sponsorships have no influence on the ratings.
Editorial Disclosure for Mortgages:
The information in this article has not been reviewed or approved by any advertiser. Details of financial products, including interest rates and fees, are accurate as of the date of publication. All products or services are offered without warranty. Check the lender’s website for the most current information. This site does not contain all currently available offers.
This article was edited by Laura Grace Tarpley.
