Are you in the market for a mortgage loan and trying to decide between Fairway Independent Mortgage and First Choice Mortgage? If so, you may be wondering which will be the better solution for your needs.
Both have similar offerings, but there are a few differences. To help you decide, here is an in-depth review and comparison of Fairway Independent Mortage vs. First Choice Mortgage.
Fairway Independent Mortgage company is an internet-savvy mortgage lender that has been in business for over 20 years. It was founded in Madison, Wisconsin in 1996 and grew into a national independent brokerage network. Now, it has more than 4,300 employees, and there are over 300 Fairway Independent Mortgage locations.
- 20+ years experience in the mortgage industry
- A wide variety of loan products
- Licensed in all 50 states
- Ranked as one of the top 10 mortgage companies in the U.S. by Mortgage Executive Magazine
- Funded over $50 billion in loans
- Online application and comprehensive mobile app
What does Fairway Independent Mortgage offer? Here’s the list:
- Conforming fixed-rate mortgages
- Conforming adjustable-rate mortgages
- Conventional loans
- Reverse mortgages
- Jumbo mortgages
- FHA loans
- USDA loans
- VA loans
- Mortgage refinancing
- Renovation mortgages
On the website, you’ll find detailed information about each loan product, mortgage calculators, branch locations, learning resources, and a full online application.
Further, Fairway also has a comprehensive mobile app with the following functions:
- Quick loan application (takes about 10 minutes)
- Scan loan documents with your phone’s camera
- Calculate loan scenarios
- Learn about mortgages
- Connect to home searching sites
- Receive push notifications to track loan progress
- Call loan officers or realtors with one click
What differentiates Fairway Independent Mortgage from other lenders? The company says it’s their commitment to customer service.
Fairway Independent Mortgage customer service
The company puts its focus on providing customers with low rates, diverse loan options, and fast turn-around times. It also aims to be a trusted advisor to clients, helping them from the application to the closing and beyond.
Support channels include:
- 24/7 online loan administration portal
- Comprehensive mobile app
- Call center
- Email support
Sounds great, but are there any Fairway Independent Mortgage complaints? While the company fares decently when it comes to online reviews, there are a few issues mentioned.
One recurring complaint from customers is regarding the practice of selling loans to other companies and servicers. Additionally, some customers mention having trouble getting loan officers to return their calls.
However, there are also many positive reviews that report a seamless process and wonderful assistance.
If you are interested in applying for a loan through Fairway Independent Mortgage, you can do so on its website.
Here are the steps involved:
Enter your basic information, co-borrower information, real estate agent information, and credit check authorization.
Provide the details about the loan you want.
Enter your personal and demographic information.
Share the details about your employment and income.
Provide details about your assets and liabilities.
Answer each question regarding declarations.
Agree to the electronic disclosure agreement.
Review your information and submit your application.
That’s it! After this step, you will get a response on whether you are approved or denied, as well as the rates for which you are qualified.
Fairway Independent Mortgage pros and cons
In summary, here are the main pros and cons of Fairway Independent Mortgage.
- A wide range of loan solutions
- Over 20 years experience in mortgage lending
- Mobile app with many helpful functions
- Easy online application
- Online educational resources
- Seamless buying process
- Many good online reviews
- No mortgage rates posted on their website
- Some complaints about selling off loans and passing on servicing
In summary, here are the pros and cons of this company:
Now, let’s take a closer look at First Choice Mortgage and how it compares.
First Choice Mortgage was founded in 2009 and has since helped more than 200,000 customers. It now has more than 500 employees with offices in six states and originates over $2 billion in loans per year.
- Almost 20 years in business
- Over $2 billion in annual originations
- Serves customers in almost every state
- A preferred mortgage lender in the Mortgage Services Program for Costco members
First Choice Loan Services offerings
Here you’ll find the loan products First Choice Loan Services (FCLS) offers:
- Conforming fixed-rate mortgages
- Adjustable-rate mortgages
- DU Refi Plus
- FHA loans
- VA loans
- USDA loans
- Jumbo loans
- Renovation loans (203K Full & Streamlined)
- Permanent Construction loans
- Float down option
On the website, you will find an explanation of the products, a mortgage payment calculator, a list of First Choice Loan Services locations, educational resources, loan descriptions, FAQs, and a blog.
Additionally, FCLS has a mobile app called the Mortgage Advisor. It allows you to:
- Learn about FCLS loans
- Estimate your monthly loan payments
- Scan/upload documents
- Enable your realtor to track your loan
- Contact your FCLS loan originator
- Track your loan with real-time notifications
All of these features make it easier for customers to get their loans and manage them.
What makes FCLS stand out from the competition? The company aims to make a positive and sincere impression on every client it serves.
FCLS customer service
FCLS customer support representatives can be contacted via several channels. These include:
- Via the mobile app
- By e-mail at firstname.lastname@example.org
- Through the online form on the website
- Phone: 855-532-2047
- E-fax: 866-932-4626
- By mail at One Tower Center, Floor 18, East Brunswick, NJ 08816
- Through social media channels including Twitter, Facebook, and LinkedIn
How happy are past customers? Online reviews are generally positive, with reports of fast and easy mortgage processing and favorable outcomes.
First Choice Mortgage for Costco members
FCLS is also a preferred mortgage lender in the Mortgage Services Program for Costco members. As a result, Costco members can get discounts on FCLS rates and fees when purchasing or refinancing a home.
Start your loan process
FCLS does not have a full application online. However, they do have a loan inquiry form which starts the loan process.
After providing your loan and personal details, the company will contact you.
However, Costco members can get a quote online.
FCLS pros and cons
In summary, here are the main pros and cons of First Choice Mortgage.
- Helpful mobile app
- Good online reviews
- Multiple customer support channels
- A wide variety of loan options
- Costco members can get a discount
- No online application
- No rates advertised on the website
Fairway Independent Mortage vs. First Choice Mortgage: Which is better?
If you are deciding between Fairway Independent Mortgage and First Choice Mortgage, both offer various loan products which will suit almost any borrower. Additionally, both have mobile apps and good reviews from past customers.
Where Fairway Independent pulls ahead is with its full online application. This will make it easier to find out what you qualify for.
Costco members may want to consider First Choice Mortgage. It also has more positive online reviews from past customers. The right choice will depend on your preferences and what rates and terms each offers you.
Want to compare these two companies to the best mortgage lenders of 2018? Click here.
Then, review and compare a comprehensive list of mortgage lenders side-by-side to see if there’s an even better option for you.
Jessica Walrack is a personal finance writer at SuperMoney, The Simple Dollar, Interest.com, Commonbond, Bankrate, NextAdvisor, Guardian, Personalloans.org and many others. She specializes in taking personal finance topics like loans, credit cards, and budgeting, and making them accessible and fun.