Yahoo view: Fairway Independent Mortgage Corporation offers several loan options and has locations in 48 US states. It has a wide variety of sources for mortgages and home purchases, 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 standard conventional loans, FHA, VA and USDA loans, as well as more specialized options such as physician and renovation loans.
Fairway has physical locations in 48 states and Washington, DC, and is above average in the JD Power’s 2024 Mortgage Source Satisfaction Study.
Learn more: How Physician Mortgage Loans Work
Key advantages:
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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 phone.
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The lender offers many loan options, including renovation loans and those 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 grants that can lower your closing costs or down payment.
You need to know:
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No branches in Alaska or West Virginia; however, Fairway is still licensed to originate mortgages in those states.
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Lender does not offer home equity loans or HELOCs.
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Fairway ranks first in JD Power’s mortgage originator satisfaction survey.
To get started, visit the Fairway Independent Mortgage website.
Fairway Independent Mortgage offers the following types of home loans:
Fairway Independent Mortgage does not we offer the following types of housing loans:
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Interest-only mortgages
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Lots of credit
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Construction loans
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Loans for pensions
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Loans for a second home
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Non-qualified mortgages
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Loans for investment properties
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Energy efficient mortgages
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Mortgages with a down payment of 1%.
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Purchase loans
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Bridging loans
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Mortgages for manufactured homes
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Refundable loans
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ITIN mortgage
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HELOCs
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Housing loans
Dig deeper: 4 types of loans for home renovation and how to choose
Fairway Independent Mortgage Corporation offers FHA loans for home purchases, refinances and renovations. Its FHA loan options include adjustable and fixed rate FHA loans, FHA 203(k) loans and FHA Streamlined Refinances, which allow you to easily refinance one FHA loan into another.
FHA loans account for just over 25% of Fairway’s overall mortgage business, according to the 2023 Mortgage Disclosure Act. They are the lender’s second most popular mortgage product after conventional loans, and Fairway is currently one of the top FHA mortgage lenders.
Learn more: Top FHA Lenders 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 from your equity.
In a cash-out refinance, you’ll get a new mortgage loan with a higher balance than your current one, and then use those funds to pay off the old loan. You will get the difference back in cash and you can use it for whatever 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 cash refinancing and how does it work?
Fairway is not very transparent about its interest rates. There are no advertised or sample rates on the site, so you’ll need to fill out an application or speak to a lender to get a quote.
Yahoo Finance uses Mortgage Disclosure Act of 2023 data consisting of 10 million home loan applications to rank mortgage lenders by mortgage rates issued and total loan costs. We rate each lender on a scale from 1 (lowest) to 5 (highest).
For example, regarding mortgage rates, the lender with lower achieve charged a mortgage interest rate higher than the median for loans issued in 2023. A higher score would mean that the lender has approved lower interest rates on housing loans than the median borrowers in 2023.
With total home loan costs, a lower score would mean the lender charged a higher than median total home loan cost in 2023. A high rating would mean that the mortgage lender offered lower than the median total home loan costs in 2023.
What does this mean: Fairway Independent Mortgage offered a higher than average mortgage rate 6.75% and an almost average total cost of credit of $6999.75 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 visit one of the company’s hundreds of locations nationwide. Please note: There are no locations in Alaska or West Virginia, although a digital application process is available for those states.
The home page features a prominent “Get Pre-Approved” button. The disclaimer clarifies that the procedure is only a preliminary review, and the final approval of the loan can only happen after the loan is fully taken over.
It turns out that “pre-approval” is nothing more than a contact form. You enter basic information – nothing personal – until the last step, when your name, email address and phone number initiate the contact.
The button should probably be labeled “contact us”.
Read more: How to get pre-approved for a mortgage
Fairway has many helpful resources for borrowers, including the following:
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Home Ownership Information Podcast
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Informative video series
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Homeowner’s hub with tips and strategies
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Home buying guides
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Frequently asked questions about mortgages
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Glossary of mortgages
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Loans
Its calculator tools include:
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Monthly mortgage payment calculator
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Rent vs. Buy Calculator
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Refinancing calculator
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Home affordability calculator
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Mortgage comparison calculator
Learn more: How much house can you afford? Use the Yahoo Finance home affordability calculator
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Fairway earns our highest rating of 5 stars in the online features category for excellent digital educational resources.
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It also earns 4 stars in affordability by offering a wide range of loan options.
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Fairway Independent Mortgage lags behind on rate transparency. There are no sample mortgage rates available on the site.
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The mortgage at Fairway is likely to be slightly overpriced. According to our analysis of HMDA data, loan costs are average, but Fairway mortgage rates are slightly higher than average.
Learn more: 5 strategies for getting the lowest possible mortgage rate
Fairway Independent Mortgage vs. loanDepot
Fairway and loanDepot offer similar types of mortgage loans, although loanDepot offers HELOCs while Fairway does not. Fairway offers renovation loans and medical professional loans, which can make it easier for doctors and other medical professionals to qualify despite high student loan amounts. A better fit depends on the best mortgage for your needs.
LoanDepot has multiple potential incentives for borrowers, offering everything from cash bonuses and closing credits to waiving future refinancing fees. Unfortunately, loanDepot scores below average in the JD Power satisfaction study, while Fairway earns better than average. No lender clearly advertises its rates.
Fairway and Pennymac offer slightly different loan options. Pennymac offers mortgage loans, real estate investment loans and a mortgage buyback program, while Fairway offers medical professional loans and renovation loans.
Pennymac offers more incentives to borrowers and advertises its mortgage rates more clearly. Fairway doesn’t advertise its prices, but it scores much higher in the JD Power satisfaction study.
Fairway Mortgage is generally considered a good mortgage company. It was rated above average for customer satisfaction in the 2024 JD Power study and #1 in the 2023 study.
Fairway Independent Mortgage has been around for almost three decades. The company was founded in 1996.
Fairway’s minimum credit score varies by loan program. You’ll typically 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 reviews and rates mortgage lenders by quintile scoring in five primary categories: 1) Interest rates. Using data from the 2023 Mortgage Lending Disclosure Act consisting of 10 million home loan applications, we rate mortgage lenders based on issued mortgage rates below or above the annual median of reporting lenders. 2) Affordability. A measure of loan product availability and the lender’s willingness to offer government-backed loans, low down payments, down payment assistance and non-traditional loan consideration. 3) Loan costs. HMDA data is reanalyzed and lenders are rated based on total loan costs compared to the annual median. 4) Rate the transparency. The ability of the website user to get an estimate of the mortgage interest rate. We evaluate lenders based on whether rates are enhanced with discount points or high credit requirements, disclaimers disclosing rate assumptions, sample advertised rates, and whether discount rate estimates are available or not. 5) Online features. Analysis of educational material, calculators and additional resources available to users.
A Nationwide Multistate Licensing System (NMLS) review of regulatory action data can trigger a penalty on the score of any lender with consumer mortgage-related administrative or enforcement actions in the past five years.
Ratings are not influenced by advertisers or sponsorships.
Publication of the editorial office 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 correct as of the date of publication. All products or services are presented without warranty. Check the lender’s website for the latest information. This page does not include all currently available offers.
This article was edited by Laura Grace Tarpley.
