Fairway Independent Mortgage review: rates, costs & calculator
A large retail lender built on a national network of local branches and loan officers, strong in purchase lending.
Fairway Independent Mortgage rates: what borrowers actually paid
Fairway Independent Mortgage prices each borrower individually, but federal loan-level records show what its borrowers actually got. On 14,721 conventional 30-year fixed purchase loans with at least 20% down closed in 2025, the median rate was 6.75% and the median APR was 0.17 percentage points above the typical lender's, with $5,779 in loan costs.
| 2025 home purchases | Loans | Median rate | APR vs benchmark | Loan costs | With points |
|---|---|---|---|---|---|
| Conventional · Fairway Independent Mortgage | 14,721 | 6.75% | +0.19 | $5,779 | 61% |
| Conventional · all lenders | 700,082 | 6.50% | +0.02 | $5,476 | 53% |
| FHA · Fairway Independent Mortgage | 13,103 | 6.50% | +0.73 | $11,185 | 54% |
| FHA · all lenders | 516,729 | 6.25% | +0.42 | $11,291 | 59% |
| VA · Fairway Independent Mortgage | 5,205 | 6.25% | −0.28 | $6,628 | 62% |
| VA · all lenders | 291,383 | 6.125% | −0.36 | $6,554 | 59% |
| Jumbo · Fairway Independent Mortgage | 554 | 6.75% | +0.09 | $9,161 | 50% |
| Jumbo · all lenders | 30,788 | 6.625% | +0.00 | $10,251 | 38% |
What the numbers say
- On conventional loans, Fairway Independent Mortgage's median APR ran 0.17 percentage points above the typical lender's (+0.19 vs +0.02 percentage points against the benchmark) — roughly $38 a month on a $325,000 loan at today's 7.18% average rate.
- Other loan types: FHA 0.31 percentage points above the market (13,103 loans); VA 0.09 percentage points above the market (5,205 loans); Jumbo 0.09 percentage points above the market (554 loans).
- Borrowers paid a median $5,779 in loan costs — $303 more than the $5,476 typical across all lenders.
- Lender credits were uncommon: 14% of its loans, versus 33% overall.
How Fairway Independent Mortgage compares on conventional loans
| Lender | Loans | Median rate | APR vs benchmark | Loan costs | Lender credits |
|---|---|---|---|---|---|
| Fairway Independent Mortgage | 14,721 | 6.75% | +0.19 | $5,779 | 14% |
| United Wholesale Mortgage | 57,444 | 6.50% | +0.02 | $7,032 | 46% |
| Rocket Mortgage | 35,588 | 6.50% | +0.01 | $5,816 | 3% |
| CrossCountry Mortgage | 22,973 | 6.75% | +0.24 | $6,675 | 30% |
| Guild Mortgage | 14,742 | 6.625% | +0.08 | $5,918 | 15% |
| All lenders | 700,082 | 6.50% | +0.02 | $5,476 | 33% |
Source: 2025 HMDA loan-level records (FFIEC/CFPB), 30-year fixed home purchases compared like for like. APR vs benchmark = median APR minus the average prime offer rate the week the rate was set; loan costs are borrower-paid. How we measured this.
Fairway Independent Mortgage calculator
Estimate a Fairway Independent Mortgage payment: enter the rate from your Loan Estimate, or start from today's 7.18% average 30-year fixed rate. For reference, Fairway Independent Mortgage's 2025 conventional purchase loans closed at a median 6.75%.
Prefer a full-page version? Open the mortgage calculator.
Fairway Independent Mortgage by the numbers
| Home loans originated (2025) | 74,450 |
|---|---|
| Total lending (2025) | $24.5B |
| Average loan size | $329,606 |
| Approval rate* | 93.9% |
| Volume rank (our roster) | #12 of 60 |
| Largest market | Texas |
Source: federal HMDA data (2025), FFIEC/CFPB. *Approval rate = loans originated ÷ (originated + denied). It reflects a lender's channel and borrower mix — wholesale, online and refi-heavy lenders run lower because many applications are rate shops that never close — not how hard it is to work with. See our lender-approval analysis.
What Fairway Independent Mortgage actually lends
22.1% of Fairway Independent Mortgage's 2025 loans were FHA loans, versus 13.2% nationally. Fairway Independent Mortgage lists USDA loans, but they were under 2% of its 2025 originations — if you need one, ask how many the loan officer closes.
| Share of 2025 loans | Fairway Independent Mortgage | U.S. |
|---|---|---|
| Conventional | 68.1% | 78% |
| FHA | 22.1% | 13.2% |
| VA | 8.8% | 8.2% |
| USDA | 1% | 0.6% |
| Home purchase | 86.3% | 52.5% |
| Rate-and-term refinance | 7% | 15.3% |
| Cash-out refinance | 4.2% | 14% |
Shares of originated loans by loan type and purpose, federal HMDA data (2025). They describe the lender's business mix, not the terms you would be offered.
Fairway Independent Mortgage at a glance
Fairway Independent Mortgage Corporation is a privately held nonbank lender founded in 1996 and headquartered in Madison, Wisconsin, with a major operations hub in Carrollton, Texas. C.
That branch-and-originator model is the defining feature of the company: the person you work with is usually a neighborhood loan officer, and the experience is deliberately high-touch and relationship-driven.
The lender is overwhelmingly a purchase shop. In 2025 it originated 74,450 loans worth roughly $24.5 billion, at an average loan size near $329,600, and its top markets were Texas (10,434 loans), Arizona (6,844), Illinois (6,310), Georgia (5,278) and Indiana (4,918).
Fairway's reported HMDA approval rate of about 93.9% is high, but that mostly reflects a retail, purchase-heavy mix of pre-qualified buyers working with a dedicated officer rather than an unusually lax underwriting standard.
Where Fairway Independent Mortgage's approval rate sits
Fairway Independent Mortgage's 2025 approval rate of 93.9% sits against the 76.6% national average. Read it as a signal of channel, not strictness — wholesale, online and refinance-heavy lenders run lower because so many applications are rate shops that never close.
Fairway's product range is broad, spanning conventional and government-backed loans, jumbo and super-jumbo financing, renovation mortgages and reverse mortgages, and it markets specialty programs for physicians and first-time buyers.
One recent development borrowers should be aware of: in October 2024 Fairway settled redlining allegations with the CFPB and Department of Justice tied to lending in majority-Black neighborhoods around Birmingham, Alabama, agreeing to a $1.9 million penalty and a $7 million loan-subsidy program.
Fairway resolved the matter without admitting wrongdoing and said it disagreed with the allegations.
Who Fairway Independent Mortgage is best for
Fairway suits purchase borrowers who want a local, hands-on loan officer rather than a purely online transaction, and it is a natural fit for buyers leaning on FHA, VA, USDA or renovation financing.
Veterans, first-time buyers exploring down-payment assistance, and homeowners considering a reverse mortgage will find dedicated programs and staff here, especially in Fairway's strongest markets across the South and Southwest.
Loan programs at Fairway Independent Mortgage
Its most notable programs and specialties:
- Conventional fixed- and adjustable-rate mortgages
- Government-backed FHA, VA and USDA rural loans
- Jumbo, super-jumbo and jumbo reverse mortgages for high-value homes
- FHA 203(k) and other renovation loans that finance a home plus improvements
- Reverse mortgages (HECM) for homeowners age 62 and older
- Physician home loans and first-time-buyer / down-payment-assistance programs
Typical industry minimum down payment by core loan type — Fairway Independent Mortgage's own minimums or credit overlays may run higher:
| Loan program | Typical min. down |
|---|---|
| Conventional | 3% |
| FHA | 3.5% |
| VA | 0% |
| USDA | 0% |
Strengths
- Nationwide network of local branches and loan officers for in-person, high-touch service
- Deep bench of purchase, VA, renovation and reverse products in one place
- Available in all 50 states with online applications and digital closings
- Strong footprint and staffing across the South and Southwest purchase markets
Considerations
- Rates and lender fees are not published online, so you must request a personalized quote to compare
- Settled a 2024 CFPB/DOJ redlining case over Birmingham, Alabama lending (resolved without admitting wrongdoing)
- Fairway's online branch directory lists no West Virginia location, although the company says it is licensed in all 50 states.
- Its median FHA APR in 2025 ran 0.31 percentage points above the typical lender's (+0.73 vs +0.42 against the APOR benchmark)
Where Fairway Independent Mortgage lends most
By federal HMDA records, Fairway Independent Mortgage's largest 2025 markets were Texas, Arizona, Illinois, Georgia and Indiana. Explore local rates, home prices and down-payment assistance for each:
States where Fairway Independent Mortgage is a top-15 lender
Ranked by home loans originated in 2025 (HMDA). Each state page compares Fairway Independent Mortgage with the other leading lenders there, including FHA and VA leaders and what their borrowers paid.
The verdict
Fairway is a strong option for purchase borrowers who value a local, relationship-driven loan officer and want access to VA, FHA, renovation and reverse products under one roof. Its high approval rate reflects a retail, purchase-heavy book rather than easy underwriting.
Because rates and fees aren't posted publicly, compare at least one other quote, and weigh the 2024 redlining settlement as part of the picture.
How to compare Fairway Independent Mortgage
Shopping a few lenders is the single most reliable way to save. Before you commit to Fairway Independent Mortgage:
- Get three or more Loan Estimates in a two-week window — the bureaus treat it as one inquiry.
- Compare the APR, not just the headline rate — it folds in the fees.
- Weigh service and loan-type fit, not price alone.
- Verify licensing: search Fairway Independent Mortgage on NMLS Consumer Access and match the NMLS ID to the one on your Loan Estimate. (Its LEI in federal HMDA data, 549300MGPZBLQDIL7538, is not a license number.)
Benchmark whatever you're quoted against today's this week's rate averages.
Fairway Independent Mortgage FAQ
Is Fairway Independent Mortgage a good mortgage lender?
Fairway Independent Mortgage is a licensed U.S. mortgage lender and one of the largest, roughly #12 of 60 in our roster by 2025 volume, best for local loan officers.
On price, its 2025 conventional borrowers' median APR was 0.17 percentage points above the typical lender's, with $5,779 in loan costs against $5,476 market-wide.
Whether it's right for you comes down to the rate and fees it quotes — compare its Loan Estimate with two or three others.
What are Fairway Independent Mortgage's rates today?
Fairway Independent Mortgage sets rates daily by loan type, credit score, down payment and points, so the rate that counts is the one on your Loan Estimate.
For context, the average 30-year fixed rate was 7.18% in Freddie Mac's survey for the week of November 5, 2026; in 2025, Fairway Independent Mortgage's conventional purchase loans closed at a median 6.75%, against 6.50% for all lenders.
How many mortgages does Fairway Independent Mortgage originate?
In 2025, Fairway Independent Mortgage originated about 74,450 home loans, roughly $24.5 billion in lending, per federal HMDA data — an average loan of about $329,606.
What loan types does Fairway Independent Mortgage offer?
Fairway Independent Mortgage offers Conventional, FHA, VA, USDA. Notable programs include conventional fixed- and adjustable-rate mortgages; Government-backed FHA, VA and USDA rural loans; jumbo, super-jumbo and jumbo reverse mortgages for high-value homes.
How do I verify Fairway Independent Mortgage is licensed?
Search the company's name on NMLS Consumer Access (nmlsconsumeraccess.org), the official registry of licensed mortgage companies and loan officers; the NMLS ID it shows is also printed on every Loan Estimate the lender issues. (The ID 549300MGPZBLQDIL7538 used on this page is the company's LEI, which identifies it in federal HMDA data — not a license number.)
This review is editorial and independent — Fairway Independent Mortgage did not pay for or approve it, and all figures are from public federal data. It is general information, not a recommendation or personalized advice. Confirm all terms directly with the lender.
Lenders by loan type and state