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Our lowest rates are only available for our most credit qualified borrowers and contain our .25% auto pay discount from a checking or savings account. Fairway Independent Mortgage Corporation is a reputable lender. It has received positive reviews from both customers and third-party consumer rating agencies, and it has a variety of loan options. It’s especially useful for borrowers looking for specific mortgage products, such as physician loans, jumbo mortgages, or renovation loans. There are multiple types of physician loan mortgages. Some of them allow Fairway to ignore your student loans altogether when calculating your DTI as long as they are deferred for another 12 months from the time of the mortgage loan application.
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. Fees and rates vary depending on the type of loan and the borrower’s qualifications. Even though you might qualify for a loan amount of up to $2 million with Fairway, it doesn’t mean that it’s the right choice for you. A small down payment, plus a large mortgage, can lead to regular payments that might strain your budget. Fairway lets you apply with alternative credit data if you don't have a good credit score.
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In some cases, physicians may be able to close on their home loan up to 90 days before the first day of residency with proof of a signed employment offer. You will receive a $1,250 bonus if you refinance $150,000 or more, or a $100 to $400 bonus if you refinance an amount from $20,000 to $149,999.99, depending on the amount refinanced. For the $1,250 Welcome Bonus offer, $500 will be paid directly by Student Loan Planner® via Giftly.
In addition to months with members earning more than property taxes, homeowners insurance and an annual fee must also be affordable. For a set period, an ARM has a fixed interest rate, after which the rate fluctuates periodically. Ratesfeed connects the key players in the world of finances. We facilitate the connection between financial specialists with individuals who need the services.
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In general, Fairway has a positive reputation for customer service. The lender was rated 5th out of 23 lenders in the J.D. Once you have identified the type of loan you need, the loan officer will send you instructions on how to complete an application. You can also use Fairway’s document checklist to ensure you have all the necessary information and documentation handy. The digital application lets you upload documents, track the progress of your loan and electronically sign documents.
Homeowners who are looking for a mortgage refinance loan can choose between a rate-and-term refinance or cash-out refinancing. The Fairway Mortgage website offers home buying resources and guides, mortgage calculators, and an online mortgage preapproval process. It also lets you securely upload loan documents and check on your loan progress. So you never have to wonder what stage your application is at. However, Fairway does not require you to meet with a loan officer in person.
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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. Depending on the loan program, a borrower’s qualifications, and sometimes state law, the minimum credit score may vary.
But remember that interest rates vary a lot from one borrower to the next and Fairway could end up being the most affordable option for you depending on your circumstances. We also conducted a survey of 1,195 mortgage borrowers to learn about the most important features from a customer perspective and how satisfied customers are with various lenders. Mortgage lenders were rated objectively in the categories above to help readers make informed decisions about home loans. When you take out a mortgage through Fairway, it’s important to know that Fairway isn’t your loan servicer.
Better provides detailed information about its loan rates and fees online, including personalized breakdowns based on your desired home loan. Fairway has a variety of mortgages, but it has little information on its website about its terms, rates, and fees. And you have to work with a home loan advisor to apply for a mortgage. Borrowers should consider the balance between lender fees and mortgage rates. While it's not always the case, paying upfront fees can lower your mortgage interest rate. Some lenders will charge higher upfront fees to lower their advertised interest rate and make it more attractive.
My loan officer was dealing with her son who had kidney failure. But unfortunately, there was not any time when she initiated a call to me and said she would send me documents to sign or schedule a time so we could go over them. I happened to realize that I was calling her on her cellphone and not her office phone. When you apply for a mortgage with Fairway, you will receive a Loan Estimate form that includes the costs and fees of your loan, including closing costs.
If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Are also on the menu, including HomeStyle, Choice Renovation, FHA and VA renovation mortgages. In addition, Fairway offers reverse mortgages as well as mortgages tailored to physicians, self-employed borrowers and borrowers without Social Security numbers.
Fairway operates approximately 700 branch locations in the U.S. We’ll find you a highly rated lender in just a few minutes. Many or all of the products featured here are from our partners who compensate us.
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You'll also prefer Fairway if you have a low or no credit score. Fairway lets you apply with alternative forms of credit, like proof that you pay bills, whereas Rocket Mortgage requires a credit check. The application process with Fairway went by fairly quickly. There were some questions because I just moved in state and has a new job but other than that, it was easy. The deal was a lot higher than my previous mortgage but with the increase in rates, it was nationwide.
Common Questions About Medical Professional Loans …
The interest rate reduction for Auto Pay will be available only while your loan is enrolled in Auto Pay. Interest rate incentives for utilizing Auto Pay may not be combined with certain private student loan repayment programs that also offer an interest rate reduction. For multi-party loans, only one party may enroll in Auto Pay. Let’s take a look at some of Fairway Independent Mortgage Co.’s requirements for a physician loan so you can decide if it’s right for you. However, there are some lenders that offer access to special home loanfinancing for doctors.
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