Last Updated: 04/18/2025
Fairway Mortgage Refinance
Unaffiliated
Last Updated: 04/18/2025
SuperMoney User Recommendation Score +25
Mostly recommended8 total votes
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Highlights
Community Rating
Mostly recommended
Credit Score Range
N/A
Amount Range
Up to $3,000,000
Loan Term (Years)
10 - 30
Number of Reviews
Fairway Mortgage Refinance Review
Fairway Mortgage Refinance is offered by Fairway Independent Mortgage Corporation (NMLS #2289), a direct lender founded in 1996 and based in Madison, WI. Fairway Mortgage are available in 50 states and Washington, DC.
Key Takeaways
- Wide selection of mortgage programs offered. Fairway Mortgage Refinance refinances FHA, FHA 203k, USDA, VA, conforming, and conventional mortgages.
- Specializes in multi-family properties. Only offers mortgages for multi-family properties, but not for single-family homes or manufactured homes.
- Non-standard interest rates available. Fairway Mortgage Refinance only offers hybrid mortgages.
- Considers personal use and investment properties. Refinancing available for primary residences, secondary homes (e.g. vacation properties), and even investment homes such as rentals.
- Charges a prepayment fee. This means you will be charged an additional fee if you repay the mortgage early.
Fairway Mortgage Refinance Pros & Cons
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Fairway Mortgage Refinance FAQ
What is the maximum loan term for a mortgage refinance via Fairway Mortgage?
The term of a mortgage refinance will impact the cost of your monthly payments. Longer terms will typically reduce your monthly payments but it will also increase the interest you pay. Fairway Mortgage Refinance offers mortgage refinancing with terms ranging from 10 to 30 years.
How long does Fairway Mortgage take to refinance?
Fairway Mortgage does not provide details on the average time to close a refinance. However, it typically takes 30 to 45 days to complete a refinance. Of course, a lot depends on the market, the lender, and how long appraisals and inspections take.Does Fairway Mortgage charge a mortgage origination fee?
Yes, Fairway Mortgage Refinance will charge a loan origination fee .
What mortgage programs does Fairway Mortgage offer?
Fairway Mortgage Refinance offers the following mortgage types:
- Conventional mortgages: This includes any mortgage that is not insured or guaranteed by the federal government.
- FHA: Mortgages insured by the FHA, which usually have less stringent eligibility requirements, but borrowers must pay a mortgage insurance premium. Co-applicants are allowed and you can qualify for a down payment as low as 3%.
- FHA 203k: An FHA mortgage you can also use to finance home improvements.
- USDA: A zero down payment mortgage loan with low rates for suburban and rural homebuyers.
- VA: A zero down payment mortgage or a refinance of up to 120% of the home's value for American military members, veterans, and their spouses.
What property usage types does Fairway Mortgage allow?
Some mortgage lenders restrict the type of usage borrowers give mortgaged properties. Fairway Mortgage Refinance allows the following property usage types:
- Primary home
- Secondary homes and vacation properties
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Hours of Operation
Sunday
Closed
Monday
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Saturday
Closed