Fairway Mortgage Review 2022

Good for: borrowers who want access to a wide variety of mortgages, including renovation loans and ITIN loans.

Many or all of the products featured here are from our partners who compensate us. This may influence which products we write about and where and how the product appears on a page. However, this does not influence our evaluations. Our opinions are our own. Here is a list of our partners and here's how we make money.

Our Take

3.5

NerdWallet rating 

The bottom line:

Fairway Independent Mortgage Corporation has a wide variety of loans, but comparing mortgage rates for different mortgage types requires supplying personal information.

Fairway Independent Mortgage
Min. credit score
620
Min. down payment
3%
Loan types and products
Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA
Learn more

at Fairway Independent Mortgage

Pros & Cons

Pros

  • Offers a robust suite of loan products, including ITIN loans for borrowers without Social Security numbers, renovation loans, government-backed mortgages and loans for self-employed borrowers.
  • Receives high marks for customer satisfaction, according to J.D. Power and Zillow.

Cons

  • Mortgage rates for different types of loans aren't posted online.
  • Origination fees are on the high side compared with other lenders, according to the latest federal data.

Compare to Other Lenders

NerdWallet rating 
NerdWallet rating 
NerdWallet rating 
Min. credit score

620

Min. credit score

620

Min. credit score

620

Min. down payment

3%

Min. down payment

3%

Min. down payment

3%

Loan types and products

Purchase, Refinance, Home Equity, Reverse, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Loan types and products

Purchase, Refinance, Jumbo, Fixed, Adjustable, FHA, VA

Loan types and products

Purchase, Refinance, Home Equity, Jumbo, Fixed, Adjustable, FHA, VA, USDA

Get more smart money moves — straight to your inbox

Become a NerdWallet member, and we’ll send you tailored articles we think you’ll love.

Full Review

What borrowers say about Fairway mortgage

NerdWallet’s lender star ratings assess objective qualities, including rates, fees and loan offerings. To assess borrowers’ subjective experiences with lenders, NerdWallet has gathered customer satisfaction ratings from J.D. Power and Zillow. 

  • Fairway receives a score of 871 out of 1,000 in J.D. Power’s 2021 Primary Mortgage Origination Satisfaction Study. The industry average for origination is 851. (Mortgage origination covers the initial application through closing day.) 

  • Fairway receives a customer rating of 4.95 out of 5 on Zillow, as of the date of publication. The score reflects more than 32,000 customer reviews.

Fairway mortgage loan types

  • 5 of 5 stars

Fairway offers fixed-rate mortgages with several term options: 10, 15, 20, 25 or 30 years, depending on the loan type. The lender also offers adjustable-rate mortgages, which have interest rates that change after the initial fixed-rate periods. 

Mortgage choices include conforming and jumbo conventional mortgages, as well as government-backed home loans. In fact, Fairway was among the top 10 lenders by loan volume for FHA mortgages, according to 2021 Home Mortgage Disclosure Act data.

Renovation loans are also on the menu, including HomeStyle, Choice Renovation, FHA and VA renovation mortgages. In addition, Fairway offers reverse mortgages as well as mortgages tailored to physicians, self-employed borrowers and borrowers without Social Security numbers.

Fairway does not offer home equity loans or lines of credit.

Fairway mortgage ease of application

  • 5 of 5 stars

Fairway Independent Mortgage Corporation provides a variety of ways to apply. You can use the FairwayNOW mobile app, apply through the Fairway website or call or visit a branch. The website features a map to find branches near you and view profiles of local loan officers.

The digital application lets you upload documents, track the progress of your loan and electronically sign documents. A digital closing process lets buyers and sellers preview and approve documents electronically before settlement to save time at the final closing. 

Fairway mortgage rates and fees

  • 2.5 of 5 stars

  • Fairway mortgage earns 2 of 5 stars for average origination fee.

  • Fairway mortgage earns 3 of 5 stars for average mortgage interest rates.

Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive. Some lenders just charge higher upfront fees.

Fairway mortgage rate transparency

  • 1 of 5 stars

Fairway does not publish customized mortgage rates on its website. Borrowers wanting to see mortgage rates based on credit score or other factors will need to contact a Fairway loan officer or begin an application online.

Alternatives to Fairway mortgage

Here are some comparable lenders we review that borrowers can consider.

LoanDepot offers renovation loans, and Pennymac offers FHA mortgages.

Getting ready to buy a home? We’ll find you a highly rated lender in just a few minutes.

Enter your ZIP code to get started on a personalized lender match.

 

More from NerdWallet

at Fairway Independent Mortgage

Methodology

NerdWallet’s overall ratings for mortgage lenders are evaluated based on four major categories: variety of loan types (purchase, refinance, fixed and adjustable, for example), ease of application, rates and fees and rate transparency. Among the factors we consider when scoring these categories are options to apply for and track loans online, the level of detail about mortgage rates on lender websites and our analysis of the rates and fees lenders reported in the latest available Home Mortgage Disclosure Act data. These scores generate ratings from 1 star (poor) to 5 stars (excellent).