Fairway Independent Mortgage Review

Fairway Independent Mortgage Review

Fairway Independent Mortgage streamlines the mortgage lending process by offering borrowers a comprehensive selection of loan products and customer service options.

Fairway offers a variety of loans, from conventional fixed-rate loans to ARMs, FHA, USDA, VA, home renovation loans, and reverse mortgages.

About Fairway Independent Mortgage Review

FIMCO is one of the most prominent leaders in America by lending volume. Physicians can apply for conventional loans as well as government loans. Our offices are located in 48 states (apart from Alaska and West Virginia) and Washington, D.C.

Fairway Independent Home Loan Types and Rates

Fairway Independent Mortgage Corp. offers a broad range of loan products, including conventional, jumbo, and GSE loans. Renovation loans are also available in three forms:

Buying a house conventionally, jumbo, FHA, USDA, VA, renovating

Ten, fifteen, twenty, twenty-five, and thirty-year fixed-rate loans

Three-year, five-year, seven-year, and ten-year adjustable-rate loans

Fees and rates vary depending on the type of loan and the borrower’s qualifications.

Veterans Affairs funding fee: 1.40% with 10% down payment, 1.65% with 5% down payment, and 2.30% with no money down for first-time benefit recipients

The premium for FHA upfront mortgage insurance: 1.75%

The USDA charges a maximum of 3.5%. Upfront fee; 0.5% max. annual fee

Depending on the loan program, a borrower’s qualifications, and sometimes state law, the minimum credit score may vary. Find out more by contacting your lender.

A conventional loan requires a 5% down payment (3% for first-time buyers); jumbo loans, second homes, multifamily properties, and investment properties require higher costs.

FHA: 3.5%

USDA: 0%

VA: 0%

FHA 203(k): 3.5%

Conventional

Contrary to the Federal Housing Administration (FHA), Veterans Administration (VA), and United States Department of Agriculture, the federal government does not provide conventional mortgage insurance or guarantees.

Conventional loans are more flexible and have fewer restrictions than government loans, requiring a larger down payment.

Conventional Highlights

Conventional loans may be an option if you have good credit and a steady income:

  • Low-interest rates are offered to borrowers with good credit
  • Mortgage insurance options that are flexible
  • Penalties and fees reduced
  • The terms of the loan are flexible

Adjustable-Rate Mortgages

For a set period, an ARM has a fixed interest rate, after which the rate fluctuates periodically.

After this introductory period, the monthly payment may increase or decrease depending on the market conditions.

If your fixed-rate mortgage interest rate is too high, if your income will increase in the future, or if you plan to remain in the home for just a few years, an adjustable-rate mortgage could make sense.

Fixed-rate

Regardless of changes in the market, a fixed interest rate remains the same, and the fee remains the same whether you play it for the entire life of the loan or only part of it. In addition to fixed rates for most of the term, a fixed-rate mortgage can also have adjustable rates.

FHA

The FHA may approve you for a loan if you purchase or refinance with an FHA-insured loan. These loans offer flexible qualification requirements for people who do not qualify for a conventional mortgage.

Government-backed loans are popular among first-time homebuyers and those with low or moderate incomes because:

  • Down payment as low as possible
  • Flexible requirements for income and credit
  • Adjustable-rate mortgages and fixed-rate mortgages
  • Loans may be available for properties with two to four units, as well as for condominiums
  • Contributions from family members or employers are acceptable for down payments
  • A seller of a house can cover closing costs up to 6%

USDA

Small towns, suburbs, and suburbs outside metropolitan areas can apply for USDA home loans at affordable interest rates. A down payment is not required for families with low-to-moderate incomes.

Loan requirements for USDA loans are flexible, including:

  • 102 per cent of appraised value equals 100 per cent financing plus guarantee fee
  • Scores below FICO minimum
  • Interest rates are low.
  • There are low closing costs.
  • You can pay for closing costs with gift funds.
  • For 30 years, the interest rate is fixed.

USDA Loan Eligibility

The eligibility of each property is determined by various factors, including size, location, condition, and income. To illustrate:

  • There must be a USDA-designated rural area on the property.
  • Locations have different loan limits.
  • In some neighbourhoods, households earn 115% of the neighbourhood’s median income.
  • In addition to months with members earning more than property taxes, homeowners insurance and an annual fee must also be affordable.

Jumbo

Households, where members earn up to 115% of the neighbourhood’s median income, exist limit of the Federal Housing Finance Agency.

InSome households range from $647,200 to $970,800. However, there are higher limits in costly regions.

Some households earn an income ratio but not enough funds to meet the conforming loan limits; jumbo loans may be an excellent option.

Renovation

Households, where members earn up to 115% of the neighbourhood’s median income, exist improvements; it might become your dream home.

HomeStyle Renovation Loan

Some households earn ing and energy-efficient improvements on primary residences, second residences, and investment properties.

Some households earn limits on the type of repair or the dollar amount of the repair. Licensed contractors must charge a reasonable fee for completing repairs or improvements that add value to the real estate.

Reverse Mortgage

Home equity can be accessed through a reverse mortgage, allowing you to transfer cash from the equity of your home, which will enable you to enhance and extend your retirement.

Reverse mortgages eliminate mortgage payments and allow you to access the equity present in the home to have access to cash that you were unable to gain access to when the equity was current.

Reverse Mortgage Eligibility

  • Sixty-two years of age or older is the minimum age requirement for the borrower.
  • As a homeowner, you must spend at least six months in your primary residence, or your primary home must be worth significantly more than your mortgage.
  • Several types of homes are eligible for FHA financing: single-family homes, two- to four-family houses, or condos.
  • You must meet property and credit requirements.
  • The FHA must approve the property if it is a single-family house, a two-family house, a four-family house, or a condominium.

VA

Our mission is to provide our nation’s service members and veterans with the American Dream of homeownership.

With home loans offered by the Department of Veterans Affairs, service members, Veterans, and their surviving spouses can affordably finance their homes.

VA Loan Highlights

VA loans are designed to help you secure your savings because they often don’t require a down payment* and have lower closing costs. They also provide:

  • Advance payments are not penalized
  • There is no requirement for PMI
  • VA eligibility and 100% financing*
  • Mortgages with a fixed rate and those with an adjustable-rate
  • A loan can include fees that are rolled into it
  • Townhomes and condominiums are eligible for VA benefits

VA Loan Eligibility

COEs must be valid to apply for a VA loan. Based on your service history and commitment and your duty status and type of service, your certificate of evaluation is issued.

VA Loan Programs

Adjustable-Rate Mortgage

For members of the military who plan to move within the next few years, an adjustable-rate mortgage (ARM) may be your best option.

Related:Are VA Loan Limits Unlimited?

Physician Loans

Loans to new medical professionals are intended to assist them in breaking into the field. Suppose doctors have just graduated or just begun residency. In that case, they may be at a disadvantage when applying for a regular mortgage due to a high debt-to-income ratio (DTI) and not having proof of employment or income.

Even though doctors may not have a substantial income early on due to medical school debt, physicians tend to prefer doctor loans because they can buy a home earlier than they would with a conventional mortgage.

While medical school debt can negatively impact income in the early stages of one’s career, doctors are more likely to be more accessible and more affordable options for new medical professionals.

Although medical school debt can result in a lack of income early on, doctors are more likely.

Fairway Independent Pros and Cons

Although doctors may not be able to earn much money upon graduation because of their medical school debt, they are more likely to be attracted to their pros and cons separately.

Pros of Fairway Independent

  • It is possible to download a mobile application. mobile applications are available in addition to its online application on the Fairway website
  • An application for mobile devices unlikely to earn significant income right after medical school due to debt, FairwayNow offers a mobile application process through its FairwayNow mobile app.
  • It is possible to download a mobile application. There are no branches in Alaska.
  • It is possible to download a mobile application. Taking advantage of Fairway Independent’s home renovation loan will open up your property buying options.

Cons of Fairway Independent

  • It isn’t easy to find information on credit checks. The website of Fairway Independent does not provide information about rates, fees, and loan requirements.
  • Credit checks like this are hard to pass. If you apply online or prequalify with Fairway, you may see a few points taken off your credit score, and Prequalification does not allow soft credit checks.
  • There will be a credit check. The sale of loans to another servicing company has resulted in some complaints about billing issues.

Fairway Independent Application Process

Fairway Independent Application Process includes

Step 1: Initial Consultation

Please contact your Fairway loan officer by phone, email, or discuss your homeownership goals.

Step 2: Get Pre-Approved

To move forward, you must first get pre-approved. Pre-approval determines the amount you are eligible to borrow for a mortgage based on the documentation you provide and your credit history.

Step 3: Processing

A mortgage professional submits all your documentation and your loan file to the loan processor after you are pre-approved and have found a property. This lender orders an appraisal of the property.

Then, the lender processes your loan.

After the processor completes your loan file, underwriting approves it.

Step 4: Underwriting

After reviewing your loan file, the underwriter determines whether you meet the requirements for your loan program and issues a loan decision. Upon approval and clearance of all conditions, your mortgage loan is considered “clear to close.”.

Step 5: Pre-Closing

In addition to the loan commitment letter, you will get a written confirmation of your loan, including a rate, amount, term, and any special conditions. Before closing, several issues need to be addressed. The closing department will prepare your final documents after the underwriter has cleared everything.

Step 6: Closing

It is necessary to sign several final documents during the closing. Don’t forget to bring a photo ID and the payment for the down payment, closing costs, prepaid interest, taxes, insurance, and any additional fees. We will hand over the keys to you after all closing documents and funds have been disbursed.

Fairway Independent Refinancing

A refinance allows you to repay your current mortgage with a new loan and restructure it to meet your needs. In addition, you could potentially save a significant amount of money over the loan’s term and improve your financial picture. Use our refinance calculator to determine whether refinancing is a good option.

Refinance Highlights

A refinance may make sense if your home value increases significantly or there are low-interest rates. It might even be possible to:

  • You can save even more money by shortening your loan’s term
  • Reduce your monthly payments by refinancing to a lower interest rate
  • Your payments will be safe if your adjustable-rate mortgage (ARM) is converted to a fixed-rate loan
  • Getting rid of a second lien and combining it with a first lien will simplify the process and save you money
  • Reduce monthly payments by consolidating debt from credit cards or subordinate financed loans with higher interest rates
  • Earn cash from your home equity

Refinance Options

Cash-Out Refinance*

You can access your home equity by refinancing with a new loan more significant than the amount you owe on your current mortgage. College tuition, debt or home improvements can be paid.

Adjustable-Rate Mortgage (ARM)

An adjustable-rate mortgage typically offers low introductory rates and payments that fluctuate after the initial fixed-rate period. You might want to consider an ARM if you plan on living in your home just for a few years, your income is likely to increase shortly, or the current interest rate on a fixed-rate mortgage is too high.

Fixed-Rate Mortgage

Since a fixed-rate mortgage has the same interest rate throughout the term, it protects you from rising interest rates. In addition to the three options mentioned above, you have three-term options to choose from 30, 20, and 15 years. However, you should note that the lower term option will require higher monthly payments so that you can build equity more quickly.

Fairway Independent Alternatives

Bank of America mortgage review: A big bank offering low down payment options and customer discounts

Caliber Home Loans review: The company boasts 10-day closings and offers servicing options

LoanDepot review: Not as many locations nationwide as some other online lenders, but lower refinancing costs for repeat customers

Rocket Mortgage review: A prominent name in the mortgage market with limited loan options

Wells Fargo Home Mortgage review: The company operates thousands of branches and offers online loan estimates

American Financial Network

Through a network of community-based branches across the United States, we serve the lending needs of real estate professionals, builders, and individuals. We also offer USDA, VA, Jumbo, and FHA mortgages and Fannie Mae and Freddie Mac mortgages.

NASB

The lender offers a wide variety of home loan options, including speciality loans that will fit the needs of just about any borrower. There are many reasons to consider a NASB mortgage because it offers several options for homebuyers.

Fairway Independent Transparency

Fairway has a user-friendly website that lists the types of mortgages it offers and who might be a good match for each loan product. In addition to mortgage calculators and resources for buying a home, the site contains guides that explain loan types and mortgage terms. Additionally, you can get information on how to take care of your home after closing.

In addition to its mobile app, FairwayNOW lets borrowers apply for a loan, upload financial documents, find a local loan officer, calculate mortgage payment amounts, and more in addition to its mobile app.

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