Fairway Independent Mortgage Corporation is a massive national mortgage lender headquartered in Madison, Wisconsin. Founded in 1996, Fairway has grown to over 700 locations nationwide and employs more than 10,500 people. The company does not post their rates online and did 80,337 mortgage units in 2024.
See today’s mortgage interest rates on TrueRate.
How Fairway Independent compares to other lenders
| Headquarters | Madison, WI |
| Website | https://www.fairwayindependentmc.com/ |
| Rate | 0.02% higher than the median rate |
| Lender fees | $1,595 (median) |
| Savings after 1 year, compared to the median interest rate | $307 |
| Added cost after 10 years, compared to the median interest rate | $277 |
| Added cost after 1 year (vs. Tomo Mortgage) | $2,271 |
| Added cost after 10 years (vs. Tomo Mortgage) | $11,462 |
For a $400,000 mortgage, Fairway Independent’s nearly market-average rates and $1,595 in lender fees would result in about $300 in first-year savings, but roughly $277 in added cost over 10 years compared to the median lender. That puts them squarely in the middle of the pack, but when compared to ultra-low-cost lenders like Tomo Mortgage, borrowers could be leaving more than $11,000 on the table—making rate shopping well worth the effort.
What customers are saying
Fairway Independent is highly rated for its knowledgeable, communicative loan officers and a smooth, efficient mortgage process, particularly for first-time buyers. Customer satisfaction is reflected in top scores on Zillow, Bankrate, and NerdWallet, with the vast majority of reviewers recommending Fairway.
However, some borrowers report last-minute document requests, delayed or canceled closings, and occasional inconsistent communication, especially from loan processors. Rate transparency is also average, as rates aren’t always posted online. Borrowers should clarify timelines and documentation needs early.
How to compare mortgage lenders
Interest rates. Comparing rates between lenders isn’t always straightforward. Many promote low headline rates that require paying “points” upfront to buy down the interest rate. To make a true comparison, focus on the par rate (0 points) and the APR, which reflects both the interest rate and any lender fees. Even small differences can translate into significant savings over the life of the loan.
Lender fees or loan origination fees. Many lenders charge fees that add thousands to the cost of a loan. It’s important to look at both the rate and the fees together to understand the true cost of borrowing. For a $400,000 mortgage, avoiding even a $1,000 fee could contribute to meaningful savings in the first year and over the long term.
On-time close rate. Most lenders do not publicly share their on-time close rates. However, it’s a critical factor—especially if your home contract has tight deadlines. Asking about their process for meeting close dates, including underwriting and document review timelines, can give you more confidence when choosing a lender.
Pre-approval and offer letters. Some lenders offer fast pre-qualifications that may not be fully underwritten, which can weaken your offer in competitive markets. It’s important to ask whether a lender’s pre-approvals are fully underwritten and how credible their letters are when presented with an offer.
Customer satisfaction. If detailed customer review data isn’t readily available, check third-party review sites or ask the lender for references. It’s important to understand how they handle communication, responsiveness, and issue resolution throughout the loan process.
Employee reviews. Company culture often influences how clients are treated. A lender with strong employee satisfaction typically delivers better service, more organized processing, and a smoother overall experience for borrowers.
To better understand how we compare mortgage rates fairly, see our TrueRate Methodology.
If you’re ready to start your journey to homeownership, get pre-approved with Tomo Mortgage today.