What Fairway Independent Mortgage does

Fairway Independent Mortgage is a mortgage lender that originates home loans — meaning they work directly with borrowers to process and fund mortgages. They are a non-bank lender, which means they are not a traditional bank but a mortgage company that specializes in home financing. Fairway operates in all 50 states and handles conventional loans, FHA loans, VA loans, and USDA loans.

When you work with Fairway, a loan officer helps you through the process process, orders an appraisal, verifies your income and assets, and coordinates with an underwriter who reviews your file for approval. Once approved, Fairway funds the loan and you close on your home. After closing, Fairway may keep your loan in their portfolio or sell it to another servicer — either way, you will make your monthly payments to whoever services the loan.

Key Takeaways

  • Fairway is a mortgage lender that processes loans in all 50 states and offers conventional, FHA, VA, and USDA loan products.
  • You will work with a loan officer who guides you through process, documentation, underwriting, and closing.
  • Fairway charges origination fees, discount points, and other closing costs that vary based on your loan type, credit profile, and down payment.
  • The underwriting process typically takes one to two weeks after you submit full documentation, though timelines vary by loan complexity.
  • After closing, your loan may be serviced by Fairway or sold to another company, but either way you make monthly payments to the servicer.

How to start the mortgage process with Fairway

You can begin by contacting a Fairway loan officer through their website, by phone, or in person at a local branch. The loan officer will ask about your financial situation — income, debts, savings, credit history, and the home you want to buy. They will give you a pre-qualification estimate, which is not a formal approval but shows roughly how much you might borrow and what your monthly payment could be.

If you want to move forward, you will submit a formal process. Fairway will order a credit report and ask you to provide documents: recent pay stubs, W-2s or tax returns, bank statements, and proof of employment. The loan officer will also order a property appraisal to confirm the home's value. All of this information goes to an underwriter, who reviews it to decide whether to approve the loan.

What documents you will need to provide

Fairway will ask for proof of income, which usually means your last two months of pay stubs and your last two years of tax returns. If you are self-employed, you will need business tax returns and possibly a profit-and-loss statement. You will also need to show your assets — bank statements from the last two months showing your down payment and reserves (savings you have after closing).

You must provide a signed purchase agreement or contract for the home. Fairway will order the appraisal directly, so you do not order it yourself. You will also need to authorize a credit check and provide identification. If you have had credit problems, late payments, or bankruptcy in the past, be ready to explain them in writing — the underwriter will want to understand what happened and why it will not happen again.

Understanding Fairway's fees and costs

Fairway charges an origination fee, which is typically 0.5% to 1% of the loan amount and covers the cost of processing your process and underwriting your file. You will also pay an appraisal fee (usually $400 to $600), a credit report fee, and title insurance. These are standard across most lenders, though the amounts vary.

You may also choose to buy discount points, which lower your interest rate in exchange for an upfront fee — each point typically costs 1% of the loan amount and reduces your rate by roughly 0.25%. This is optional and makes sense only if you plan to stay in the home long enough to recoup the cost. Fairway will provide a Loan Estimate within three business days of your process, which lists all fees and your projected monthly payment. You can use this to compare Fairway against other lenders.

The underwriting and approval timeline

After you submit your complete process and all required documents, underwriting typically takes one to two weeks. The underwriter reviews your credit, income, assets, and the property appraisal to confirm you meet the loan program's requirements. If everything is in order, you receive a conditional approval, which means the loan is approved pending final verification of a few items — for example, confirmation that you still have your job or that no new debts have appeared on your credit report.

You will then clear those conditions by providing updated documents or explanations. Once the underwriter is satisfied, you receive a clear-to-close notice, which means you are ready to schedule your closing appointment. The entire process from process to closing typically takes 30 to 45 days, though it can be faster or slower depending on how quickly you provide documents and how complex your financial situation is.

What happens at closing

At closing, you will meet with a title company representative or attorney (depending on your state) to sign the final loan documents. You will receive and review your Closing Disclosure, which is a final summary of your loan terms, monthly payment, and all closing costs. You must receive this document at least three business days before closing so you have time to review it.

At the closing appointment, you will sign the promissory note (your promise to repay the loan), the mortgage or deed of trust (which gives the lender a claim on the property if you do not pay), and other documents required by your state. You will also pay your down payment and closing costs — either in cash, by wire transfer, or sometimes by cashier's check. Once everything is signed and funds are transferred, the title company records the mortgage with the county and you receive the keys to your home.

After closing: loan servicing and payment

After closing, Fairway may service your loan (meaning you send your monthly payment to Fairway) or may sell your loan to another servicer. If your loan is sold, you will receive a notice telling you where to send your payments. Either way, your monthly payment includes principal (the amount borrowed), interest, property taxes, homeowners insurance, and possibly mortgage insurance if your down payment was less than 20%.

You can make payments online through the servicer's website, by phone, by mail, or through automatic bank draft. If you ever have questions about your loan balance, payment history, or need to discuss a hardship, contact your servicer directly — they handle all customer service after closing, not Fairway's original loan officer.

Frequently Asked Questions

How much down payment does Fairway require?

Fairway offers loans with down payments as low as 3% for conventional loans and 3.5% for FHA loans. VA and USDA loans may allow 0% down if you meet the program requirements. The minimum down payment depends on the loan type, your credit score, and your debt-to-income ratio. Your loan officer will tell you what down payment options you have based on your situation.

Can I lock in my interest rate with Fairway?

Yes. Once you have a loan estimate, you can lock your interest rate for a set period — typically 30, 45, or 60 days. If rates drop during your lock period, you cannot take advantage of the lower rate. If rates rise, your rate stays the same. Fairway will explain the lock options and any fees when you explore.

What if I have bad credit or a low credit score?

Fairway works with borrowers across a range of credit profiles. FHA loans, for example, may be available with credit scores as low as 580. Conventional loans typically require a score of 620 or higher, though some programs go lower. If your credit is damaged, be ready to explain late payments, collections, or bankruptcy to the underwriter in writing. A larger down payment can also help offset a lower credit score.

What is the difference between pre-qualification and pre-approval?

Pre-qualification is an informal estimate based on information you tell the loan officer — it does not involve a credit check or document verification. Pre-approval is a formal review of your credit, income, and assets, and it carries more weight when you make an offer on a home. Most sellers want to see a pre-approval letter before they will negotiate with you.

Can I pay off my Fairway mortgage early without a penalty?

Most mortgages, including those from Fairway, do not have prepayment penalties, which means you can pay extra toward principal or pay off the loan early without owing a fee. However, confirm this with your loan officer before closing. Your loan documents will state whether a prepayment penalty applies.