Fairway Independent Mortgage Corporation Interest Rate and Cost Review

Is Fairway Independent Mortgage Corporation a cheap or expensive mortgage lender? We compare the interest rates and closing costs charged by Fairway Independent Mortgage Corporation with other lenders for comparable mortgages. Nationally, here is what we find:

Interest Ratesimilar to average (+0.04%)
Loan Related Closing Costssimilar to average (-$108)
National Rate and Closing Cost Rating(3.5)

On average, Fairway Independent Mortgage Corporation’s interest rates were similar to those of other lenders (+0.04%) for a comparable set of borrowers. Its average total loan related closing cost was similar to those of other lenders, with a difference of -$108. Overall, combining interest rates and closing costs we estimate that Fairway Independent Mortgage Corporation tends to be an average cost lender, and give it a National Rate and Closing Costs Rating of 3.5 out of 5.0 stars.

Fairway Independent Mortgage Corporation’s Rates by Area

Mortgage lenders often set different rates in different geographical markets. In particular, among the markets we track Fairway Independent Mortgage Corporation was most active in:

  1. Phoenix, AZ
  2. Seattle, WA
  3. Denver, CO
  4. Boston, MA
  5. Chicago, IL

Furthermore, Fairway Independent Mortgage Corporation is our top ranked mortgage lender in terms of interest rate and closing costs in:

  1. St. Joseph, MO, overall
  2. Bozeman, MT, overall
  3. Lincoln, AL, overall
  4. Athens, GA, for FHA mortgages
  5. Beaumont, TX, for Jumbo mortgages
  6. McCall, ID, for VA mortgages
  7. Ottumwa, IA, for Jumbo mortgages
  8. Fruitland, ID, for FHA mortgages
  9. Village of Four Seasons, MO, for Jumbo mortgages
  10. Butte-Silver Bow (balance), MT, for FHA mortgages

You can click through to check out Fairway Independent Mortgage Corporation’s mortgage rate competitiveness by area. Or, for our data driven ranking of all the top mortgage lenders by area, click here.

Fairway Independent Mortgage Corporation’s Rates by Mortgage Type

Mortgage lenders also tend to charge different interest rates and closing costs depending on the type of mortgage. In our data, Fairway Independent Mortgage Corporation originated Conforming, FHA, Jumbo, USDA and VA mortgages for new home purchases and refinances. We breakdown its interest rate and total loan related closing cost difference relative to other lenders for comparable mortgages by type in the table below.

New Purchase MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference+0.04%+0.08%+0.07%+0.02%+0.09%
Loan Related Closing Cost Difference-$50-$332+$309-$159-$137
Cost Adjusted Rate Difference+0.04%+0.05%+0.08%+0.01%+0.08%
Star Rating(3.5)(3.0)(3.0)(3.5)(3.0)
Refinance MortgagesConformingFHAJumboUSDAVA
Interest Rate Difference-0.03%+0.03%+0.04%-0.00%+0.01%
Loan Related Closing Cost Difference-$26+$157+$322-$20-$383
Cost Adjusted Rate Difference-0.03%+0.04%+0.04%-0.00%-0.01%
Star Rating(3.5)(3.5)(3.5)(3.5)(3.5)

As a summary, Fairway Independent Mortgage Corporation is similar to other lenders for Conforming and USDA purchase mortgages. It is more expensive than other lenders for FHA, Jumbo and VA purchase mortgages. For refinancing, Fairway Independent Mortgage Corporation is similar to other lenders for Conforming, FHA, Jumbo, USDA and VA mortgage refinance. Nevertheless, individual circumstances can matter, and we always recommend shopping among several lenders in your area before signing.

Other information about Fairway Independent Mortgage Corporation:

Registered name: Fairway Independent Mort Corp
Registered city and state: MADISON, WI, 53718
Regulator: United States Department of Housing and Urban Development (HUD)

* Source of the data is Federal Financial Institutions Examination Council (FFIEC) and is for mortgages originated in the past year. Our comparable mortgages analysis controls for Fairway Independent Mortgage Corporation’s distribution of loan term (e.g. 30 year vs 15 year), loan-to-value (LTV), debt-to-income (DTI), loan amount, loan program (e.g. Conforming/FHA), loan purpose (e.g. purchase/refinance), and commuting zone. Cost adjusted rates were computed based on each percent of the loan amount in above average loan related closing costs being worth +0.15 of a percentage point in interest rate. Furthermore, the amounts are regularized using a Bayesian approach to control for small samples.