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Fairway Independent Mortgage Corporation review: Choose from a variety of home loans and term lengths

Table of Contents: Masthead StickySummary List Placement  Fairway offers multiple types of mortgages and terms, so it's easy to explore your options. You can close on your loan digitally, making Fairway a safe option during the COVID-19 pandemic. Fairway doesn't list mortgage rates online, but customer reviews indicate its rates are competitive. See Insider's...

Fairway Independent Mortgage review 4x3

Table of Contents: Masthead StickySummary List Placement 

  • Fairway offers multiple types of mortgages and terms, so it’s easy to explore your options.
  • You can close on your loan digitally, making Fairway a safe option during the COVID-19 pandemic.
  • Fairway doesn’t list mortgage rates online, but customer reviews indicate its rates are competitive.
  • See Insider’s picks for the best mortgage lenders »

Editor’s rating 4.5 / 5
Minimum credit score 620
Minimum down payment 3%
Types of mortgages Conforming, FHA, USDA, VA, ARM, jumbo, reverse, renovation, refinance

Fairway Independent Fairway Independent Mortgage

Credit score and down payment information are for conforming mortgages

Should you use Fairway?

You might like Fairway if you …  You might not like Fairway if you … 
  • Need a conforming, jumbo, FHA, USDA, VA, or reverse mortgage, or a renovation loan
  • Want a variety of term length options
  • Have a low or no credit score, and need to apply with alternative credit data
  • Want to close digitally instead of in person
  • Need a home equity loan, HELOC, or construction loan
  • Want to see interest rates online before applying for preapproval

Fairway interest rates

Fairway Independent doesn’t display interest rates on its website. Many lenders show typical rates for a 30-year and 15-year mortgage, and some even let you customize your rate by entering your credit score, down payment amount, and zip code. But Fairway doesn’t let you see rates without first applying for preapproval.

On the bright side, customer reviews on Zillow reveal that most borrowers’ rates were “as expected” or “lower than expected.” So Fairway does offer competitive mortgage rates.

How Fairway works

Fairway Independent Mortgage Corporation offers loans in all 50 US states. You can apply online or visit a branch. The lender has locations in every state except Alaska and West Virginia.

Fairway offers the following types of home loans:

You can refinance into a fixed-rate or adjustable-rate mortgage, or do a cash-out refinance. You may also streamline refinance your FHA or VA mortgage, but Fairway doesn’t offer USDA streamline refinances.

Fairway offers more term length options than some lenders. For example, for a fixed-rate conforming mortgage, you can choose a 10, 15, 20, 25, or 30-year term.

Fairway doesn’t offer home equity loans or HELOCs, and it doesn’t have construction loans.

Fairway could be a good option if you have a poor credit score, or none at all. Most lenders pull your credit score when you apply for a mortgage. But Fairway lets you show alternative credit data, such as proof that you pay bills on time. So you could qualify for a mortgage even if your score isn’t great. If you do have a good score, though, you can still opt for a credit pull.

You have the option to close on your loan digitally with Fairway, which is especially useful during the COVID-19 pandemic.

To contact customer support, call or email Monday through Friday from 8:30 a.m. to 5:00 p.m. CT.

Is Fairway trustworthy?

The Better Business Bureau gives Fairway Independent Mortgage Corporation an A+ in trustworthiness. A strong BBB score indicates a company responds effectively to customer complaints, advertises honestly, and is transparent about business practices.

Fairway hasn’t had any recent public scandals. Between its clean history and good BBB grade, you may decide you’re comfortable borrowing from this lender.

How Fairway compares to similar lenders

We’ve compared Fairway Independent Mortgage Corporation with two other lenders that offer a variety of home loans in all 50 states: Rocket Mortgage and Bank of America.

rocket mortgage logo Bank of America

Types of home loans

Conforming, jumbo, FHA, USDA, VA, reverse, renovation

Types of home loans

Conforming, jumbo, FHA, VA

Types of home loans

Conforming, jumbo, FHA, VA, HELOC

Alternative credit data

Yes

Alternative credit data

No

Alternative credit data

No

Fairway Independent Mortgage Rocket Mortgage by Quicken Loans Bank of America Mortgage

Fairway review vs. Rocket Mortgage review

Fairway and Rocket Mortgage both offer more term length options than many lenders. You’ll want Fairway for a USDA mortgage, reverse mortgage, or renovation loan, though, because Rocket Mortgage doesn’t offer these loans.

You’ll also prefer Fairway if you have a low or no credit score. Fairway lets you apply with alternative forms of credit, like proof that you pay bills, whereas Rocket Mortgage requires a credit check.

Your choice between the two could come down to which term length you want. Rocket Mortgage has terms as short as eight years. You also may like Rocket Mortgage if you want more accessible customer service, because it has live online chat seven days per week.

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Fairway review vs. Bank of America review

Bank of America doesn’t have USDA mortgages, reverse mortgages, or renovation loans, so you’ll need to use Fairway or another lender for any of these. But Bank of America does have HELOCs, a type of second mortgage Fairway doesn’t offer.

Fairway lets you apply with alternative credit data if you don’t have a good credit score. But Bank of America will perform a credit check.

You may prefer Bank of America if you already bank with the institution. Bank of America offers discounts to existing customers.

Laura Grace Tarpley is an editor at Personal Finance Insider, covering mortgages, refinancing, bank accounts, and bank reviews. She is also a Certified Educator in Personal Finance (CEPF). Over her four years of covering personal finance, she has written extensively about ways to save, invest, and navigate loans.

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