Fairway Independent Mortgage Corporation is based in Madison, WI and has over 400 branch locations nationwide. Fairway emphasizes the importance of working personally with a mortgage professional throughout the process of obtaining a loan and promises to make things as simple as possible for the customer.

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The Good

  • VA Loans Advantages
  • VA Loan Types Offered

VA Loans Advantages

Fairway’s VA Loans Advantages include the following:

  • No down payment in most situations
  • Lower closing costs
  • No prepayment penalties
  • No private mortgage insurance
  • VA financing fees can be rolled into the loan amount
  • Variety of eligible property types, including townhomes and VA-approved condos

VA Loan Types Offered

  • ARMs (Adjustable-rate mortgage) — If you are currently serving in the military with a chance of relocating in the next few years, an ARM is a good option as it offers flexibility. The lower introductory rates can change after the initial fixed-rate period.
  • Fixed-rate mortgages — protect you against rising rates. Fairway offers 30- and 15-year loan terms. 
  • Cash-Out Refinance loans — can help you pay for major expenses. You take cash out of your home by replacing your current mortgage with a new loan. You can also finance a non-VA loan into a VA loan. 
  • Interest Rate Reduction Refinance Loan (IRRRL) —This refinances your existing VA loan and may help lower interest rate and reduce your monthly payment. You can refinance an ARM into a fixed-rate mortgage but you can’t receive cash from loan proceeds with an IRRRL. 

The Bad

  • No Automation

No Automation

Rather than an AI-powered system, Fairway operates with a traditional lender model where you work one-on-one with a loan officer to apply for, get approved and close on a loan. To get any information about Fairway’s interest rates, you need to contact a representative. It appears you need to manually fill out asset and income information, whereas with online-only lenders that process is automated when you enter your bank information.

Of course, this personalized aspect can be seen as a positive depending on your preference.

The Bottom Line

Customer service is a priority with Fairway. It boasts great rates, highly personalized service, and fast turn times.

Fairway also has an impressive presence as far as the number of brick and mortar offices throughout the United States and the lender seems like an excellent choice for VA loans if you’re looking for a highly communicative, dedicated loan rep. However, if you’re not in the vicinity of a Fairway office, you may want to go with a different lender.

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