Fairway Mortgage Review

Joseph Meyer
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Fairway Mortgage History

The business was started by two friends who met while working at a bank. In 1985, Jim Abrams and Wes Miller decided to start their own business because they couldn’t get the loans that they needed. That was the start of Fairway Mortgage, a company that provides home mortgage loans to borrowers who are unable to get them from banks.

The company’s first office was started in Spokane, Washington and then moved to Seattle in 1988. In 1990, Fairway Mortgage owned its own data center, which is still the company’s data center today. Since starting in 1985, Fairway Mortgage has grown from a handful of employees to more than 500 employees in three states: Washington, California and New Mexico.

Fairway Mortgage works with home buyers that are unable to get financing from big banks and mortgage lenders. They offer many different types of home loans, including fixed rate, adjustable rate, interest only, construction, FHA, VA, Fannie Mae, and Freddie Mac loans.

In October 2015, Fairway Mortgage was acquired by LendingTree.

Fairway Mortgage Facts

Fairway mortgage is a mortgage lender in Utah. The company is fully licensed and insured. It is known for its fairness and transparency in its interest rates. The company also has a number of awards under its belt. In 2003, it was awarded the title of the Lender of the Year by the Utah Association of Mortgage Lenders.

In 2009, it was awarded the Home Lender of the Year award by the Utah Mortgage Brokers Association. In 2015 Fairway Mortgage got licensed by Utah Housing as a certified Affordable Housing Lender. The company has a rating of A+ from the Better Business Bureau.

Current Fairway Mortgage Rates

Points Points are a type of fee that is paid to the lender at closing. The points are based on a percentage of the loan amount, and they typically range from 0.5 points to 3 or 4 points. A typical “buyer-only” mortgage would carry zero points, while a typical “interest rate purchase” loan would carry one point, and two points on a 30-year fixed loan.

Lenders charge points to cover the costs they incur for the origination of the loan. In today’s market, however, some mortgage lenders have made it a habit to pass the costs of adding points onto borrowers because they already have the money in hand. So, you may see a 6-point loan.

Points are not deductible for taxes in most instances, although the IRS has made it easier for homeowners to deduct the cost of mortgage points with the introduction of the Mortgage Forgiveness Debt Relief Act of 2007. The law allows taxpayers to deduct the points that they pay at closing (as well as prepaid interest and the costs of refinancing) as long as the points are deductible under the Alternative Minimum Tax (AMT).

It’s on the IRS to clarify this rule, and before you use it as a reason to buy a home, make sure you check with your tax advisor.

Fairway Loan Specifics

Fixed-Rate Loans

Fairway Mortgage is a national mortgage lender with locations in 18 US states. Fairway specializes in offering fixed-rate mortgages and is an FHA Origination System Institution. FHA insures non-conforming loans, meaning a borrower can receive FHA approval for non-conforming loans. In addition, Fairway is a NRMLA member, which means they use a network of mortgage analysts to provide customers with tailored lending solutions.

Fixed-rate loans are loans whose rates remain constant over the life of the loan. Fairway offers fixed-rate mortgages in terms of 15 or 30 years. For the Fairway 30-year fixed-rate mortgage, the interest rate ranges from 6.65 to 7.65%. For the 15-year fixed-rate mortgage, the rates range from 3.375 to 3.99%.

Fairway also offers a hybrid adjustable-rate mortgage, where the principal and interest rate changes every 5 years for 15 years. The rates for the Fairway hybrid adjustable-rate mortgage are based on the current market level interest rate. The average rate for the loan ranges from 4.625% to 6.625%.

Adjustable-Rate Loans

Adjustable-rate mortgages (ARMs) are home loans with fluctuating interest rates. The interest rate on a fixed-rate loan, by contrast, is fixed over the life of the loan and therefore remains predictable. Adjustable-rate loans are generally less expensive than fixed-rate loans because fixed rates are almost always higher. However, adjustable-rate mortgages do pose some unique risks, which we’ll discuss further in this post.

The Consumer Financial Protection Bureau cautions that ARMs may be the right choice if you are confident you will be able to pay off the loan before the end of its term. If you’re not sure, a fixed-rate loan may be a better choice.

Jumbo Loans

An easy way to become a homeowner is to buy a single-family home, but the cost is a serious factor. Many families buy a home that’s beyond their budget in order to buy their first home. A regular mortgage can be difficult, especially if you have a modest income.

To get the best mortgage rates possible, you need to have a good credit score. Different factors determine your credit score such as the slope of your income and outgo.

With Fairway Finance Jumbo mortgage loans, in Fairway Finance, you can have access to a great loan program.

Fairway Finance is one of the Nation’s largest residential mortgage lenders. They are located at 4650 S. 900 East, Suite 300, Salt Lake City, Utah, 84117.

Here are some of the reasons to choose Fairway Finance for jumbo loan:

They have a new mortgage program that can help a variety of borrowers qualify. It doesn’t matter if you have poor credit status. They can help you bridge the gap between a conventional mortgage and a jumbo mortgage.

They have low rates and rates that are much lower than conventional loans.

FHA Loans

The process of getting a home loan has changed a lot in the last few years. And although the mortgage process hasn’t necessarily gotten harder to manage, it’s definitely gotten more expensive. Underwriting standards are tougher, so it takes longer to get approval for a loan. There are more vetting events and conditions that slow down closings. And buyers are expected to bring more to the table across the board.

But for buyers with the right credit and income history, there’s no better type of loan than an FHA loan. The FHA is a government-backed mortgage insurance program that makes it easier for more people to get mortgages. And it mandates certain standards to lower your risk as a borrower and lower the costs to you as a buyer.

A lender that particularly shines when it comes to getting FHA loans? That would be Fairway Mortgage.

VA Loans

3 Secrets You Need To Know!

If you have ever considered purchasing a home, you have probably heard of the term "VA loan." This type of loan is becoming very popular because it does not have the same requirements that other conventional loans do. This may seem like a pretty straight forward type of loan, but there are some things that you should know about this loan. That is why I am here to share with you the three secrets you need to know about VA loans:

Education Will Help You Get Approved For A VA Loan. When you meet with a VA representative, the first thing you need to do is go through your schooling and make sure that they can back up what you have told them. If need be, you should get college transcripts or military documents that will show that you have completed the education required.

The Pay History Is Vital. If you are trying to get approved for a VA loan, you need to make sure that you have a job history. This only makes it easier for you to pay off the loan.

Your Credit Profile Is More Important Now. If you are trying to get a VA loan, the credit profile that you have is going to play a huge part in whether you are approved or not. If you are trying to make sure that you get a VA loan, you must try to have a good credit profile. This will help a great deal.

USDA Loans

The government acquired a mortgage loan system through the FHA (Federal Housing Authority), GNMA (Ginnie Mae), and FHLMC (Freddie Mac) which induced Fannie Mae and Freddie Mac to be set up.

A basic difference between Fannie Mae and Freddie Mac mortgage loans is that Fannie works as a private mortgage bank, while Freddie Mac is independently set up by the government. HUD requires Fannie Mae and Freddie Mac to facilitate mortgage loan opportunity for people as affordable.

By knowing more about the marketplace, the investment community is provided with a sense of adequacy with the view of expanding the mortgage loan market.

It’s the Department of Housing and Urban Development’s job to prevent the collapse of housing markets and to protect consumers from unsavory lenders. In doing so, the government created strict standards regarding who can qualify for a mortgage, how much can be lent and the type of mortgage loan.

Another crucial government function is to guarantee investor protection. To attain this, mortgage loans need to be insured. This way the mortgagee is safeguarded against the possibility of default.

To be the anchor of the country’s economy, a lot of factors were taken into consideration. Mainly, it’s the government’s task to facilitate an easy circulation of the money.

Fairway Mortgage Customer Experience

Founded in 2000, Fairway Mortgage has earned the reputation of a reliable trusted broker with a background in FHA lending.

Fairway Mortgage is the brand name of the company that you will see on their website. The company officially became a unit of ANB Financial/American Benefit Services in 2010 and since 2014, serves as a wholly owned subsidiary of GMAC.

There are over 400 licensed representatives that work from 22 strategically located branch offices across the country. Since Fairway Mortgage is a mortgage broker, you can expect to be treated as a person and not a number (unlike their competitors). Their website offers thorough information on a wide variety of financing products, clearly explained in easily understandable language.

More importantly, the website is very clean and navigable. There is a lot of content, but the website is organized in a way that can help you quickly find the information you need.

Fairway Lender Reputation

Fairway Independent Mortgage Corporation is a direct bank established in 2006 by the NACHA (the Electronic Payments Association), an online credit products industry trade group that was formed to develop innovation in the payments industry. NACHA’s member companies created the NACHA Operating Rules and processes in place to determine ways to produce innovative solutions and efficient services for the industry as a whole while benefiting the consumer.

How does NACHA work with Fairway Lender? Here’s a detailed description of the company’s philosophy. Fairway Independent Mortgage Corporation works under the NACHA Operating Rules and the Bank¦Sponsored FIs that offer payment and business processing services. Fairway IVM offers more options for borrowers than the traditional environment by reducing fees and the costs of using bank accounts. The shorter loan process results in quicker funds being available to the borrower. Its low cost processing fees enable Fairway IVM to offer lower interest rates on its loans and reduce the overall cost.

Fairway IVM is a direct lender that provides floor plans for borrowers purchasing manufactured homes. It also offers mortgage processing and servicing, as well as those banking and repair solutions that are necessary for borrowers to restore, repair and maintain their manufactured homes.

Fairway Mortgage Qualifications

With Fairway Mortgages, you can get your home loan even if you have (or have had) a bankruptcy in your past. Plus, for qualified borrowers, there are a range of down payment options and credit score flexibilities. Fairway can provide a variety of loan options to fit the needs of those with NOT so good credit history. You can choose to get a secured loan …or an unsecured loan. Perhaps you have a decent credit rating, but need to borrow more than 450K. Or perhaps you want to refinance your existing mortgage and get a lower rate to save money each month. Whatever the case, Fairway can help you get a mortgage to buy or refinance a home.

Fairway Phone Number & Additional Details

Fairway Mortgage is one of the largest private mortgage banking companies in the U.S. It was founded in 1973 by entrepreneur Israel Fairway and is headquartered in Overland Park, Kansas.

Before becoming a private mortgage corporation in the 1980s, Fairway Mortgage operated as a traditional savings and loan association. After transforming into a private lender in the late 80’s, Fairway began to make a name for itself in the mortgage industry. The company was one of the top competitors in the subprime lending arena during the mid 2000’s.

The company’s business strategy is to service and provide loans to borrowers who may be declined by other institutions. Over the years, Fairway has built a reputation within the industry for providing sound financial solutions to specialized and under-served markets. Fairway is best known for its mortgage offerings, though the company also offers a wide range of lending products, including title, insurance and home equity loans.